REG-Global Ports Holding PLC Preliminary results for the twelve months ended 31 March 2024
11/07/2024 07:00
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Global Ports Holding PLC (GPH)
Preliminary results for the twelve months ended 31 March 2024
11-Jul-2024 / 07:00 GMT/BST
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Global Ports Holding Plc
Preliminary results for the twelve months ended 31 March 2024
Global Ports Holding Plc (“GPH” or “Group”), the world’s largest independent cruise port operator, today announces
its unaudited results for the 12 month period from 1 April 2023 to 31 March 2024 (the “Reporting Period”).
Key Financials & KPIs1 12 months ended 12 months ended YoY change 3 months ended 3 months ended
31-Mar-24 31-Mar-23 (%) 31-Mar-24 31-Mar-23
Passengers (m)2 13.4 9.2 46% 3.24 2.43
Total Revenue ($m) 193.6 213.6 -9% 42.4 39.7
Adjusted Revenue ($m)3 172.7 117.2 47% 36.9 25.0
Segmental EBITDA ($m)4 115.4 80.0 44% 22.5 16.1
Adjusted EBITDA ($m)5 106.9 72.7 47% 19.3 13.5
Segmental EBITDA Margin (%) 66.8% 68.3% 60.9% 64.5%
Adjusted EBITDA Margin (%) 61.9% 62.0% 52.2% 54.2%
Operating Profit ($m) 66.2 28.2 135%
Profit/(Loss) before tax ($m) 14.3 (9.5) n/a
Profit/(Loss) after tax ($m) 10.3 (10.5) n/a
Underlying profit($m) 6 40.7 13.5 202%
EPS (c) 7 15.9 (16.8) n/a
Adjusted EPS (c) 8 61.5 21.4 187%
31-Mar-24 31-Mar-23
Gross Debt (IFRS) ($m) 897.5 672.4 33%
Gross Debt ex IFRS 16 Leases ($m) 835.5 612.3 36%
Net Debt ex IFRS 16 Leases ($m) 674.5 494.0 37%
Cash and Cash Equivalents ($m) 161.0 118.3 36%
Mehmet Kutman, Co-Founder, Chief Executive Office and Chairman, said:
“The 2024 Reporting Period was one of significant achievement for Global Ports Holding. We successfully expanded our
cruise port network, completed our largest-ever investment project, and increased our shareholding at a number of key
ports. In addition, we strengthened our balance sheet through a successful investment grade-rated issuance of secured
private placement notes and extended the concession length at a number of ports.
We have started the 2024 cruise season strongly and we are well positioned to be a key enabler and beneficiary of the
cruise industry’s continued growth and success in the years ahead.”
Key Highlights
• GPH welcomed 13.4 million passengers across the consolidated port network in the Reporting Period, a 46% increase
on the 2023 Reporting Period
• Adjusted Revenue for the Reporting Period was USD 172.7 million, a 47% increase on the USD 117.2 million in the
prior Reporting Period
• Adjusted EBITDA rose 47% to USD 106.9 million, reflecting the positive impact of the higher passenger volumes and
its impact on Adjusted Revenue
• We successfully completed USD 187 million of investment-grade long-term project financing for San Juan
Cruise Port and took over cruise operations in the fourth quarter of the Group’s financial year.
Additionally, we added Bremerhaven Cruise Port to the network
• Based on current call lists across our current consolidated and managed cruise port network, we currently
forecast that we will welcome over 16 million passengers in the 2025 Reporting Period. Including
equity-accounted ports, annual passenger volumes are expected to be nearly 20 million for the 2025 Reporting
Period
• Shortly after the end of the Reporting Period:
◦ Saint Lucia Cruise Port joined the network when operations commenced under a 30-year concession
agreement
◦ Signed and started operations under a 50-year concession agreement for Liverpool Cruise Port
◦ Majority GPH-owned joint venture awarded a preferred bidder status for 15-year concession for
Casablanca Cruise Port
Balance Sheet
At 31 March 2024, IFRS Gross Debt was USD 897.5 million (Ex IFRS-16 Leases Gross Debt: USD 835.5 million), compared
to USD 672.4 million (Ex IFRS-16 Leases Gross Debt: USD 612.3 million) at 31 March 2023.
The main driver of the increase in Gross Debt were two bonds totalling USD 145 million of investment-grade long-term
project financing for San Juan Cruise Port (additional USD 42 million were issued shortly after the end of the
Reporting Period in form of forward committed bonds). USD 110 million was raised through the issuance of a Series A
bonds due 2045, which has been placed in the US municipal bond market at an average coupon rate of 6.6%. USD 77
million was raised through the issuance of a Series B bonds due 2039 to US institutional investors at a fixed coupon
of 7.21%.
The bonds have received an investment-grade credit of BBB- from S&P. The Series A bond will fully amortize over 21
years, with a weighted average duration of c.19 years. The Series B bond will fully amortize over 15 years, with a
weighted average duration of c12 years.
Nassau Cruise Port successfully refinanced its local bond issued in June 2023. The refinancing resulted in an
increase in the nominal outstanding amount to USD 145 million (from USD 134.4 million) and a reduction in the fixed
coupon to 6.0% (from 8.0%), reducing the annual interest payment by USD 2.0 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 unsecured, and non-recourse to GPH or any other Group entity.
Net debt Ex IFRS-16 Leases was USD 674.5 million at the end of the Reporting Period compared to USD 494.0 million as
at 31 March 2023. At 31 March 2024, GPH had cash and cash equivalents of USD 161.0 million, compared to USD 118.3
million at 31 March 2023 with the increase mainly due to the aforementioned bond issuance at San Juan Cruise Port.
Concession Extensions
At the start of the Reporting Period, GPH reached an agreement to extend its concession agreement for Ege Port,
Kusadasi. The original concession agreement was due to expire in July 2033, but following this extension agreement,
it will now expire in July 2052.
In exchange for extending the existing concession agreement, Ege Port has paid an upfront concession fee of TRY 725.4
million (USD 38 million at the then prevailing exchange rate). In addition, Ege Port has committed to invest up to a
further 10% of the upfront concession fee within the next 5 years into improving and enhancing 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.
The up-front concession fee payment was financed by partial utilisation, shortly before the start of the Reporting
Period, of the USD 75 million growth facility provided by Sixth Street. As part of the additional drawdown with Sixth
Street, GPH issued warrants to Sixth Street representing an additional 2.0% of GPH’s fully diluted share capital (in
addition to warrants issued at financial closing in July 2021 equivalent to 9.0% of GPH’s fully diluted share
capital).
The upfront concession fee was funded by a capital increase at Ege Port. This capital increase was provided by GPH
only, and as a result, GPH’s equity stake in Ege Port increased to 90.5% (from 72.5%).
Similar to the extension of Cagliari Cruise Port in 2023, our concession for Catania Cruise Port was extended by two
years to 2028 without any cost to GPH as compensation for the Covid-19 pandemic period.
Issue of New Ordinary Shares
At the start of the Reporting Period, GPH had approximately USD 25 million in outstanding subordinated shareholder
loans from its largest shareholder, Global Yatırım Holding A.Ş (Global Investments Holding, “GIH”). This long-term
funding support was used to finance expansion projects and general corporate purposes.
During the Reporting Period, GPH issued 5,144,445 new ordinary shares of £0.01 each to GIH at a price of 206.5358
pence per ordinary share in partial satisfaction of the debt owed to GIH equivalent to USD 13.8 million. These new
ordinary shares represented approximately 8.2% of the company's issued share capital.
Shortly before the end of the Reporting Period, Sixth Street exercised warrants over an aggregate 8,395,118 new
ordinary shares. Following this warrant exercise, the Company’s issued share capital admitted to trading consisted
of 76,433,126 ordinary shares of GBP 0.01 each.
Increases in ownership percentage at ports
During the Reporting Period, GPH purchased from the minority shareholder a 38% shareholding in Barcelona Port
Investments S.L. (BPI), taking GPH’s holding in BPI to 100%. The transaction terms are confidential, however, the
purchase price was below USD 20 million.
As a result of this transaction, GPH’s indirect holding in Creuers De Port de Barcelona S.A (Creuers) has increased
to 100%, which increases GPH’s interest in both Barcelona Cruise Port and Malaga Cruise Port to 100% from 62%. In
addition, GPH’s effective interest in SATS-Creuers Cruise Services PTE. LTD (Singapore Cruise Port) has risen to 40%
from 24.8% and the effective interest in Lisbon Cruise Port LD (Lisbon Cruise Port) has risen from 46.2% to 50%.
Outlook
Based on call lists across our consolidated and managed cruise port network, we expect to welcome over 16 million
passengers in the upcoming 2025 Reporting Period. Including equity-accounted ports, annual passenger volumes are
expected to be nearly 20 million for the 2025 Reporting Period.
Notes
1. All $ refers to United States Dollar unless otherwise stated
2. Passenger numbers refer to consolidated and managed portfolio consolidation perimeter; hence it excludes equity
accounted ports La Goulette, Lisbon, Singapore, Venice and Vigo.
3. Adjusted revenue is calculated as total revenue excluding IFRIC-12 construction revenue
4. Segmental EBITDA includes the EBITDA from all equity consolidated ports and the pro-rata Net Profit of
equity-accounted associates La Goulette, Lisbon, Singapore, Venice and Vigo and the contribution from management
agreements
5. Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses
6. Underlying Profit is calculated as profit / (loss) for the year after adding back: amortisation expense in
relation to Port Operation Rights, non-cash provisional income and expenses, non-cash foreign exchange
transactions and specific non-recurring expenses and income.
7. Earnings per share is calculated as profit after tax divided by weighted average number of shares
8. Adjusted earnings per share is calculated as underlying profit divided by weighted average number of shares
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: 1 martinb@globalportsholding.com Email: 2 ceylane@globalportsholding.com
Chairman and CEO Statement
The 2024 Reporting Period was one of significant achievements for GPH. We successfully expanded our cruise port
network, completed our largest ever investment project, and increased our shareholding at a number of key ports.
In addition, we strengthened our balance sheet through a successful investment grade rated notes issue and extended
the concession length at a number of ports. Alongside these significant achievements, our consolidated ports welcomed
13.4 million passengers, marking a 46% increase compared to the previous period and driving record EBITDA.
These achievements have been delivered against a background of ongoing geopolitical issues and a challenging economic
environment. The economic environment saw central bankers and the public grapple with the challenges of high
inflation and rising global interest rates, while ongoing conflicts in Ukraine and the Middle East impacted
individuals’ propensity to travel to nearby regions.
The long lead times on cruise bookings compared to land-based tourism mean that passenger demand is largely
unaffected by macroeconomic events. Thus far, the inflationary and rising interest rate environment has no
identifiable impact on passenger demand. The industry is not immune from geopolitical issues, and a number of ships
were redeployed away from conflict areas during the Reporting Period. During these incredibly difficult times, our
thoughts are with those people who have been and continue to be deeply affected by conflicts.
By the end of the Reporting Period, we had achieved a number of significant milestones for the Group:
• Welcomed 13.4 million cruise passengers across our consolidated portfolio, an increase of 46%.
• Two new cruise ports added to our network.
• Successfully concluded the financing and began port operations for San Juan Cruise Port.
• Increased our stakes in several ports (Barcelona Cruise Port, Ege Port, Lisbon Cruise Port, Malaga Cruise Port,
Singapore Cruise Port).
• Extended our concession for Ege Port by 19 years.
• Successfully issued USD 330 million of investment-grade rated private placement notes, a strong endorsement of our
unique business model and strong infrastructure characteristics.
Our people
Central to our business and essential to our continued success are the dedicated 900 employees who work tirelessly
across our global operations. We prioritize hiring local talent at our ports, providing strong links to the local
destination, enhancing our understanding of the local environment and ensuring our talent pool reflects the
destinations where we work. We aim to attract, train, and retain top talent in the sector and to achieve this, we are
committed to investing in our people by offering opportunities for continuous learning and development and
opportunities to grow their careers.
During the Reporting Period, we took steps to further enhance the health and well-being of our employees, equipping
them with the tools and support required to allow them to improve their mental health and wellbeing. Our employees
are key to the success of our business, and providing them with these tools will help them to support the company in
achieving its goals.
Network Growth
Inorganic growth is a core aspect of our strategy, and we are dedicated to the successful execution of our inorganic
growth strategy. We believe that the expansion and scale of our network, along with our unparalleled expertise in
investing in and transforming cruise port infrastructure, has established GPH as the definitive market leader in
cruise port development.
Cruise ports currently face both exciting opportunities and significant challenges. The increasing number and
capacity of cruise ships means that many ports currently lack the infrastructure to accommodate the growing size of
modern cruise ships and the anticipated rise in passenger numbers. Consequently, significant infrastructure
investments will be necessary for these ports to stay competitive and relevant. This need for port infrastructure
investment and the benefits to all stakeholders of global best practices are key drivers of GPH’s pipeline of new
port opportunities.
In addition to adding ports to our network, we extended the concession length at several ports and increased our
shareholding in others. Our concession for Catania Cruise Port was extended by two years to 2028 and the concession
for Ege Port, Kuşadası was increased to 2052 from 2033, while our shareholding increased from 72.5% to 90.5%. We also
increased our shareholding in Barcelona and Malaga Cruise Ports to 100% from 62% and increased our effective interest
in Singapore Cruise Port to 40% from 24.8% and Lisbon Cruise Port to 50% from 46.2%.
These concession extensions and changes in ownership represent substantial growth potential for our business.
Sustainability
During the reporting period, our Sustainability Working Group and Sustainability Committee were setup and
collaborated with external consultants to initiate a project for implementing the Task Force on Climate-related
Financial Disclosures (TCFD) requirements and to conduct a comprehensive review of our current Environmental, Social,
and Governance (ESG) processes and projects.
GPH has always strived to be a good corporate citizen. We are committed to minimising our operations’ environmental
impact, collaborating closely with local stakeholders, and engaging with local charities to raise funds and support
our communities. Our people’s safety, health, and wellbeing remain a top priority for the Board and senior
management.
We recognise that we all face a climate crisis and that there is an urgency to act and for us all to play a part in
the transition to a sustainable low carbon economy. The formalisation of our sustainability strategy and the
introduction of goals and targets recognises our need to go beyond just being a good corporate citizen.
While we continue to work on a number of exciting sustainability projects, including the widespread adoption of solar
power across our cruise ports, we recognise the need for us to do more. As part of the TCFD project, scenario
analysis and planning workshops have considered potential impacts across our business and how we might and could
respond. New climate risks have been integrated into our risk management framework and governance and we are now
better placed than ever to report regularly and manage effectively on our sustainability goals and targets.
Possible offer
On 14 June 2024, GIH, the controlling shareholder of GPH, announced that it was considering a possible cash offer for
the issued and to be issued share capital of GPH. GPH has this morning separately announced notice of its intention
to delist from the London Stock Exchange’s main market and from the Official List of the FCA. GIH, main shareholder
of the Company, as the controlling shareholder intends to seek delisting of the Company and taking it private.
GIH must, by no later than 5.00pm on 12 July 2024, either announce a firm intention to make an offer for the Company
in accordance with Rule 2.7 of the Code, or announce that it does not intend to make an offer, in which case the
announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be
extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
The Future
The global cruise industry reached new highs in calendar year 2023, welcoming 31.7 million passengers, which is 107%
of 2019 levels. The year ahead is expected to see this passenger levels reach new highs, with the major cruise lines
reporting record booking patterns for 2024 and welcoming new ships to their fleets. By 2027, global cruise passenger
volumes are expected to grow to close to 40 million passengers, a CAGR of close to 6%.
The global cruise fleet is currently expected to welcome 62 new ships by 2036, with Norwegian Cruise Line Holdings’
recently announcing it would build eight new ships by 2036, taking its total number of new ships to 13 ships over the
next 12 years. MSC Cruises, will launch eight new ships by the end of 2028.
This positive momentum in the number of ships and passenger volumes, supports continued strong underlying organic
growth in passenger volumes at GPH. More importantly, this growth in the number of ships and size of ships increases
the need for cruise ports to invest in their infrastructure so they can accommodate this growth.
GPH’s experience of transformational cruise port investment and significant experience and know-how in port and
destination development, destination marketing and global cruise port operations means we are very well-positioned to
play a pivotal role in the continued development and growth of the global cruise industry.
We look forward to the future with continued excitement and optimism.
Operational Review
GPH welcomed a record number of cruise ships and passengers across its global operations in the 2024 Reporting Period
and once again expanded its port network by adding several new cruise ports.
During the Reporting Period, we re-aligned the geographical reach of our reporting segments, with Kalundborg, Denmark
and Bremerhaven, Germany moved to the new Central Med and Northern Europe reporting segment.
Regional Breakdown 12 months ended 12 months ended YoY Change
31-Mar-24 31-Mar-23 (%)
Americas
Adjusted Revenue ($m) 62.8 40.3 55.9%
Segmental EBITDA ($m) 42.2 29.0 45.5%
EBITDA Margin (%) 67.2% 72.0%
Passengers (m) 5.9 4.4 33.8%
Revenue per passenger ($) 10.7 9.2 16.5%
West Med & Atlantic
Adjusted Revenue ($m) 39.6 26.7 48.3%
Segmental EBITDA ($m) 31.5 19.4 62.0%
EBITDA Margin (%) 79.6% 72.9%
Passengers (m) 4.5 2.9 56.1%
Revenue per passenger ($) 8.8 9.3 -5.0%
Central Med
Adjusted Revenue ($m) 21.9 14.8 48.6%
Segmental EBITDA ($m) 10.4 7.8 33.3%
EBITDA Margin (%) 47.5% 52.9%
Passengers (m) 1.7 1.0 70.7%
Revenue per passenger ($) 12.7 14.6 -12.9%
East Med & Adriatic
Adjusted Revenue ($m) 34.0 24.1 41.3%
Segmental EBITDA ($m) 26.6 19.4 37.5%
EBITDA Margin (%) 78.3% 80.5%
Passengers (m) 1.3 0.9 40.7%
Revenue per passenger ($) 26.2 26.1 0.4%
Other
Adjusted Revenue ($m) 14.4 11.3 26.9%
Segmental EBITDA ($m) 4.6 4.3 7.0%
EBITDA Margin (%) 32.2% 38.2%
Unallocated (HoldCo)
Adjusted EBITDA ($m) (8.5) (7.3) 16.4%
Group
Adjusted Revenue ($m) 172.7 117.2 47.4%
Adjusted EBITDA ($m) 106.9 72.7 47.1%
EBITDA Margin (%) 61.9% 62.0%
Passengers (m) 13.4 9.2 46.0%
Revenue per passenger ($) 12.9 12.7 1.0%
Americas
For most of the 2024 Reporting Period, GPH’s cruise operations in the Americas included the Company’s two Caribbean
ports, Nassau and Antigua, and Prince Rupert, Canada. San Juan Cruise Port joined the network for around six weeks
before the end of the Reporting Period after reaching financial close on 14 February 2024, and Saint Lucia Cruise
Port joined the network shortly after the end of the 2024 Reporting Period.
Trading in the Americas soared to new heights in the Reporting Period. Passenger volumes rose 34%, reaching 5.9
million, a substantial increase from the 4.4 million recorded in 2023, while call volumes rose a more modest 21%.
This includes a small contribution from the partial operating period of San Juan Cruise Port of 258k passengers.
The 30-year concession for San Juan Cruise Port, Puerto Rico, began towards the end of the Reporting Period. Well
positioned to be included in both Eastern Caribbean and Southern Caribbean itineraries and benefitting from its
status as a US territory with good airport and hotel infrastructure, San Juan Cruise Port is an attractive homeport
destination.
During an initial investment phase, GPH plans to invest in critical infrastructure repairs and upgrades, focusing on
terminal buildings and walkways. San Juan Cruise Port handled 1.8 million unique passenger movements in 2019 and is
expected to become GPH’s third-largest port.
During the Reporting Period, GPH made further progress with its expansion in the Americas region, signing a 30-year
concession, with a 10-year extension option, for Saint Lucia Cruise Port. The port joined the network shortly after
the end of the Reporting Period.
As part of the Saint Lucia Cruise Port concession, GPH is committed to substantial upgrades to the cruise port
facilities, including expanding existing berths. Saint Lucia Cruise Port, which welcomed c800k passengers annually
before the pandemic, is expected to experience a rise in passenger volumes to over 1 million in the medium term due
to these enhancements.
West Med & Atlantic
GPH’s West Med and Atlantic region includes Spanish ports Alicante, Barcelona, Fuerteventura, Lanzarote, Las Palmas,
Malaga, Tarragona, and the equity pick-up contribution from Vigo, Lisbon and Singapore. Shortly after the end of the
Reporting Period, GPH was awarded preferred bidder status for a 15-year concession agreement for Casablanca Cruise
Port, Morocco.
Cruise activity in the West Med and Atlantic region experienced a strong rise in the 2024 Reporting Period,
delivering a 31% rise in call volumes compared to the comparable 2023 Reporting Period, with passenger volumes rising
an impressive 56% to 4.5 million. The comparable 2023 Reporting Period was impacted by pandemic-related restrictions.
These restrictions had been fully removed by the end of calendar year 2022, helping to drive the strong improvement
in the 2024 Reporting Period.
During the Reporting Period, GPH purchased a 38% holding in Barcelona Port Investments S.L., taking its holding to
100%. This transaction resulted in GPH’s indirect holding in Creuers De Port de Barcelona S.A increasing to 100%,
raising GPH’s interest in both Barcelona Cruise Port and Malaga Cruise Port to 100% from 62%. Additionally, GPH’s
effective interest in Singapore Cruise Port rose to 40% from 24.8% and its effective interest in Lisbon Cruise Port
rose from 46.2% to 50%.
During the Reporting Period, we made significant progress with our investment in a new terminal building in
Tarragona. The terminal, with a cafeteria, retail premises and offices, opened in June 2024. It has been designed and
constructed with sustainability and eco-efficiency at the heart of the process. Extensive use of solar panels should
ensure it is self-sustainable in terms of its energy needs, while environmentally friendly practices and technology
will ensure efficient management of natural resources such as water.
Construction work at both Las Palmas Cruise Port and Alicante Cruise Port began during the Reporting Period.
Central Med & Northern Europe
Our Central Mediterranean region encompasses Valletta Cruise Port, Malta, GPH’s four Italian ports (Cagliari,
Catania, Crotone, and Taranto), Kalundborg, Denmark and the equity pick-up contribution from La Goulette, Tunisia,
and Venice Cruise Port, Italy.
In the 2024 Reporting Period, cruise calls in this region experienced a modest 3% increase. However, passenger
volumes surged 71% to 1.7 million, a significant increase from the 973k million passengers welcomed in the comparable
Reporting Period and surpassing the pre-pandemic figure of 1.4 million in calendar year 2019.
This strong growth was primarily driven by the strong volumes across the industry and the impact of pandemic-related
restrictions in the comparable Reporting Period.
During the Reporting Period, GPH successfully extended its concession at Cagliari Cruise Port and Catania Cruise Port
by an additional two years until 2029 and 2028 respectively. Shortly after the end of the Reporting Period, GPH
signed a 50-year concession agreement for Liverpool Cruise Port, UK.
The local authorities are currently investing multimillion Euros in the port's cruise facilities and piers, which are
poised for expansion and renewal. Shortly after the end of the Reporting Period, GPH signed a 50-year concession
agreement Liverpool Cruise Port, UK.
In Malta, the project to bring shore power to five cruise ship quays at Valletta Cruise Port was completed during the
Reporting Period. This initiative, funded by Infrastructure Malta and Transport Malta, is one of the first in the
Mediterranean and will help reduce harmful emissions from cruise ships by up to 90%. GPH hopes this project will act
as a blueprint for other destinations and stakeholders as our ports and the cruise industry moves to a more
sustainable future.
East Med & Adriatic
GPH’s East Med & Adriatic operations include the flagship Turkish port Ege Port, as well as Bodrum Cruise Port,
Türkiye and Zadar Cruise Port, Croatia.
In the East Mediterranean and Adriatic region, cruise calls increased 6% and passenger volumes rose 43% during the
year. This increase brought passenger volumes to 1.3 million, a substantial increase from the less than 600,000
passengers handled in 2019. Ege Port's continued success has been instrumental in driving this growth, solidifying
its position as the premier cruise port in Turkey.
During the Reporting Period, GPH agreed to extend its concession agreement for Ege Port in Kusadasi, adding 19 years
to the concession period, which now ends in July 2052. As part of this agreement, Ege Port paid an upfront concession
fee of TRY 725.4 million (USD 38 million at the then prevailing exchange rate). Additionally, Ege Port committed to
investing an amount equivalent to 10% of the upfront concession fee within the next five years to enhance the port's
cruise port and retail facilities.
A capital increase was implemented at Ege Port to fund the upfront concession fee, with GPH providing the necessary
funds. This capital increase led to GPH increasing its equity stake in Ege Port to 90.5%, up from 72.5%.
Other
GPH's "Other" reporting segment encompasses various operations, including our commercial port, Port of Adria in
Montenegro, our management agreement for Ha Long Cruise Port in Vietnam, and contributions from our Ancillary Port
Services businesses.
GPH’s Ancillary Port Services encompass services such as stevedoring and waste removal, as well as Destination and
Shoreside Services, Area & Terminal management services and Crew Services.
Port of Adria, GPH’s sole commercial port, demonstrated strong performance throughout the Reporting Period. The
Company’s Board continues to actively explore various options regarding Port of Adria, including the possibility of
its sale.
Financial Review
The Group generated Adjusted revenue of USD 172.7 million, a significant increase on the USD 117.2 million in the
prior Reporting Period. This increase was driven by higher passenger volumes stemming from the impact of new ports,
strong cruise call volumes and improved occupancy rates across the industry. We welcomed 13.4 million passengers in
the Reporting Period compared to 9.2 million in the prior Reporting Period, an increase of 46%.
Adjusted EBITDA, which reflects the performance from our ports after unallocated Holding Company expenses, was USD
106.9 million an increase of 47% compared to the USD 72.7 million in comparable Reporting Period. This increase in
Adjusted EBITDA was driven by the increase in cruise activity in the Reporting Period.
Group revenue for the Reporting Period was USD 193.6 million (2023: USD 213.6 million). This includes USD 20.8
million of IFRIC 12 construction revenue (2023: USD 96.4 million), which means the expenditure for certain
construction activities, namely in Nassau and recently acquired Spanish ports, is recognised as operating expenses
and added with a margin to the Group’s revenue. IFRIC 12 construction revenue and margin has no impact on cash
generation and is excluded from Segmental EBITDA.
Passenger volumes, Adjusted revenue and Adjusted EBITDA represented new record levels for the Company’s cruise
operations, a reflection of the success of our ongoing organic and inorganic growth.
After depreciation and amortisation of USD 35.0 million (2023: USD 27.3 million), including USD 26.7 million (2023:
USD 19.7 million) of port operating rights and right-of-use asset amortisation, and specific adjusting items of USD
-1.4 million (2023: USD 12.9 million), the Company reported an Operating profit for the Reporting Period of USD 66.2
million, more than double the Operating profit of USD 28.2 million in the Previous Reporting Period. After net
finance costs of USD 59.0 million (2023: USD 42.0 million), the profit before tax was USD 14.3 million, compared to a
loss of USD 9.5 million in the Previous Reporting Period.
Cruise activity
During the Reporting Period we expanded the Central Med region to now include our recent new ports in Northern
Europe. Liverpool Cruise Port and Bremerhaven Cruise Port will be added to this reporting segment and Kalundborg will
be moved from West Med to this new Central Med & Northern Europe region. The impact to Segmental EBITDA mix in 2023
from the realignment is marginal.
Trading across all our regions improved strongly over the Reporting Period. The main driver of the strong growth was
the full year effect of having no pandemic related restrictions which partially affected 2023. In addition, the
cruise industry continued to grow thanks to new ships being delivered whereas the Group’s marque ports were able to
grow stronger than the overall market. Furthermore, the Adjusted revenue growth is fuelled by continued investment
and expansion into Ancillary revenue opportunities, including highlights like the completion of Nassau upland
development in May 2023.
Segmental EBITDA for the Reporting Period was USD 115.4 million compared with USD 80.0 million in the Previous
Reporting Period.
Revenue per passenger (or overall yield) was USD 12.9 in the Reporting Period, a modest increase on the USD 12.7 in
the Previous Reporting Period. Ancillary yield per passenger varied was USD 2.4 compared to USD 2.3 during the
Previous Reporting Period.
With our continued focus and ongoing investments into upland and terminal infrastructure we expect to increase the
ancillary yield at newly acquired ports towards those of the more established ports in our network.
Adjusted EBITDA
Adjusted EBITDA for the Reporting Period, reflecting the EBITDA performance of our ports, less unallocated expenses,
was USD 106.9 million, compared to USD 72.7 million in the Previous Reporting Period.
Our Adjusted EBITDA margin was 61.9%, in line with the 62.0% in the Previous Reporting Period. Despite the strong
inorganic growth, where new ports generally have lower EBITDA margins when they join the GPH network, our Adjusted
EBITDA margin was in line with the historically achieved 60% plus EBITDA margins.
Adjusted revenues increased by USD 55.6 million compared to the Previous Reporting Period, whereas Adjusted EBITDA
increased by USD 34.2 million – a margin of 61.6% on the incremental Adjusted revenue.
Unallocated expenses
Unallocated expenses, which consist of Holding Company costs, were USD 8.5 million for the Reporting Period an
increase of 16.4% compared with the USD 7.3 million for the Previous Reporting Period as we have fully normalised our
central functions including discretionary activities such as marketing to the post-pandemic period.
More precisely, this increase was primarily driven by the continued normalisation of business activity and
discretionary spending, such as marketing and travel expenses, as industry activity levels returned to pre-covid
levels, as well as increased personal expenses as the Company is investing in building additional capabilities for
future ancillary revenue and inorganic growth. We remain firmly focused on tight cost control, however, as the Group
continues to grow geographically, vertically and in complexity Holding company costs should be expected to continue
to grow year-on-year.
Depreciation and amortisation costs
Depreciation and amortisation of USD 35.0 million (2023: USD 27.3 million), including USD 26.7 million (2023: USD
19.7 million) of port operating rights and right-of-use amortisation. The difference is primarily driven by the
higher amortisation and depreciation from Nassau where the transformational investment was completed (upland portion
handed over in May 2023) and hence amortisation of the entire investment began during the Reporting Period in
addition to the impact of foreign exchange movements.
Specific adjusting items
During the Reporting Period, specific adjusting items were USD -1.4 million compared with USD 12.9 million in the
Previous Reporting Period. This decrease was primarily the result of the significant drop in project expenses, from
USD 11.2 million in the Previous Reporting Period to USD -0.1 million, which is the result of the reversal and
capitalisation of Project Expenses previously incurred for San Juan project at financial closing of this project in
February 2024.
Furthermore, the non-cash IFRIC 12 construction margin adjusted in our Segmental EBITDA declined as the IFRIC 12
construction revenue declined post-completion of Nassau investment project.
Finance costs
The Group’s net finance charge in the Reporting Period was USD 59.0 million compared with USD 42.0 million in the
Previous Reporting Period.
Finance income was higher due to foreign exchange gains of USD 8.0 million, which were USD 3.4 million in the prior
Reporting Period, and higher interest income generated from the cash held on balance sheet increasing to USD 8.5
million driven by the higher interest rate environment during the Reporting Period compared to USD 1.6 million in
2023.
Finance costs rose to 75.8 million from USD 47.7 million last year. This was primarily due to higher interest expense
on loans and borrowings of USD 58.6 million, compared to USD 34.7 million in the Previous Reporting Period. This is
primarily due to increased interest expense as a result of higher borrowing, including USD 145 million of
investment-grade long-term project financing for San Juan Cruise Port and the impact from the completion of
construction at Nassau Cruise Port, with interest now fully expensed rather than capitalised.
In addition, Finance costs include USD 8.7 million Loan commission expenses (USD 3.3 million in 2023) at an elevated
level due to prepayment premiums as a result of refinancing of the Sixth Street loan and issuing the USD 330 million
notes in the Reporting Period.
Net interest expense on a cash basis was USD 51.9 million vs USD 33.1 million in the Previous Reporting Period with
such increase partially driven by the fact that part of our HoldCo financing allowed payment in kind during parts of
2023 Reporting Period (Sixth Street loan allow PIK interest until 31 December 2022).
Taxation
The Group is a multinational group and is liable for taxation in multiple jurisdictions worldwide.
Profit before tax of USD 14.3 million compared to a loss before tax of USD 9.5 million in the prior Reporting Period.
As a result, the Group reported an increased tax expense of USD 4.0 million compared to a USD 1.0 million tax expense
in the Previous Reporting Period.
The Group pays corporate tax due to specific components being profitable and because 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 USD 4.7 million compared to USD 1.4 million in 2023.
Investing Activities
Capital expenditure during the Reporting Period was USD 160.8 million, compared to 100.9 million in the Previous
Reporting Period. Total capital expenditure in the Americas region is USD 100.8 million (compared to USD 98.1 million
in 2023). Most of this expenditure was related to the financial closing including upfront payments of USD 77 million
plus transaction expenses due at such date for San Juan Cruise Port, as well as final stages of the upland
development in Nassau Cruise Port.
Furthermore, the start of the investment activities in our recent Spanish acquisitions (Las Palmas, Alicante and
Tarragona) led to a higher Capital expenditure in West Med & Atlantic region of USD 15.6 million (compared to USD 1.4
million in 2023). Another major driver of Capital expenditure in the Reporting Period came from the East Med region
(USD 40.6 million compared to less than USD 1 million) mainly due to the Ege Port Concession Extension described
below.
On a cash basis and including the impact of advances the net investment cash flow into acquisition of assets (CAPEX)
amounted to USD 159.9 million compared to USD 78.6 million in the Previous Reporting Period.
Ege Port Concession Extension
At the start of the Reporting Period, GPH reached an agreement to extend its concession agreement for Ege Port, by an
additional 19 years to July 2052.
A capital increase at Ege Port funded the upfront concession fee of TRY 725.4 million (ca. USD 38 million at the then
prevailing exchange rate) related to this extension. 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%).
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.
The upfront concession fee and related expenses were financed by GPH’s partial utilisation in an amount of USD 38.9
million of the USD 75 million growth facility provided by Sixth Street. 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 (in addition to the warrants issued at financial closing in July 2021 equivalent to 9.0% of GPH’s fully
diluted share capital). All Sixth Street Warrants were exercised and relevant additional ordinary shares issued
shortly before the end of the Reporting Period. The drawdown of growth financing occurred shortly before the end of
the Previous Reporting Period, whereas the extension was completed shortly thereafter.
Increase in port ownership percentages
During the Reporting Period, GPH purchased from the minority shareholder a 38% shareholding in Barcelona Port
Investments S.L. (BPI), taking GPH’s holding in BPI to 100%.
The transaction terms are confidential, however, the purchase price was below USD 20 million. To finance the
transaction a new loan facility of EUR 15 million was provided by a European bank.
As a result of this transaction, GPH’s indirect holding in Creuers De Port de Barcelona S.A (Creuers) has increased
to 100%, which increases GPH’s interest in both Barcelona Cruise Port and Malaga Cruise Port to 100% from 62%. In
addition, GPH’s effective interest in SATS-Creuers Cruise Services PTE. LTD (Singapore Cruise Port) has risen to 40%
from 24.8% and the effective interest in Lisbon Cruise Port LD (Lisbon Cruise Port) has risen from 46.2% to 50%.
Cash flow
The Group generated an Adjusted EBITDA of USD 106.9 million in the Reporting Period, compared to USD 72.7 million in
the Previous Reporting Period.
Operating cash flow after income tax payment was USD 71.5 million, compared to USD 59.9 million in the Previous
Reporting Period. This improvement primarily reflects the substantial increase in Adjusted EBITDA, negative impact of
working capital of USD 26.5 million (vs positive USD 2.5 million in the Previous Reporting Period), and corrections
for the cash impact of the profit from equity-accounted investees, below EBITDA cash items particularly Project
expenses, with a combined impact of USD 4.1 million compared to USD 4.3 million in the Previous Reporting Period.
Working capital was impacted by the addition of new ports building up working capital there (including San Juan
generating about 6 weeks of high-season revenue at the end of the Reporting Period), growth in the business activity
and a one-off impact from Trade Payables related to payments to the Nassau Contractor amounting to approximately USD
13 million. As a result, the normalised working capital impact from operational activities is around USD 13 million,
as mentioned mainly due to the strong growth in business activities. Any future increases in working capital cash
flow impact will be related to organic or inorganic growth of the business.
Net interest expense of USD 43.3 million (net of interest received) reflects the cash costs of the outstanding gross
debt, the increase, compared with the USD 31.3 million in the Previous Reporting Period, reflects the higher debt as
a result of the new debt issuance and loan drawdowns, investment to increase percentage holdings in a number of ports
and partial PIK payments in the Previous Reporting Period.
Net capital expenditure (net of advances used or paid), of USD 159.5 million, primarily reflects the expansion in the
Caribbean (San Juan) and Ege Port concession extension payment.
Cash flow 12 months ended 31-Mar-24 12 months ended 31-Mar-23
Operating profit 66.2 28.2
Depreciation and Amortisation 35.0 27.3
Specific Adjusting Items (1.4) 12.9
Share of profit of equity-accounted investees 7.1 4.3
Adjusted EBITDA 106.9 72.7
Working capital (26.5) 3.00
Other (4.1) (14.4)
Operating Cash flow 76.2 61.3
Net interest expense (43.3) (31.3)
Tax paid (4.7) (1.4)
Net capital expenditure incl. advances (159.5) (78.5)
Free cash flow (131.3) (49.9)
Investments (13.4) –
Change in Gross debt 194.3 54.1
Dividends (3.4) (0.7)
Related party financing 1.9 21.9
Net Cash flow 48.0 25.0
Debt
Gross debt at 31 March 2024 was USD 897.5 million compared with USD 672.4 million at 31 March 2023. Excluding IFRS 16
lease obligations, gross debt at 31 March 2024 was USD 835.5 million compared with USD 612.3 million at 31 March
2023.
The main drivers for the increase in gross debt were two bonds totalling USD 145 million of investment-grade
long-term project financing for San Juan Cruise Port (additional bonds with a nominal value of USD 42 million were
issued shortly after the end of the Reporting Period in form of forward committed bonds).
USD 110 million was raised through the issuance of a Series A tax exempt bonds due 2045, which has been placed in the
US municipal bond market at an average coupon rate of 6.6%. USD 77 million was raised through the issuance of Series
B bonds due 2039 to US institutional investors at a fixed coupon of 7.21%.
The bonds have received an investment-grade credit of BBB- from S&P. The Series A bond will fully amortise over 21
years, with a weighted average duration of c.19 years. The Series B bond will fully amortise over 15 years, with a
weighted average duration of c.12 years.
Nassau Cruise Port successfully refinanced its local bond issued in June 2023. The refinancing resulted in an
increase in the nominal outstanding amount to USD 145 million (from USD 134.4 million) and a reduction in the fixed
coupon to 6.0% (from 8.0%), reducing the annual interest payment by USD 2.0 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 unsecured, and non-recourse to GPH or any other Group entity.
For the partial financing of the capital expenditure at Las Palmas Cruise Port, a project finance loan facility
provided by a major regional bank with a total facility amount of up to EUR 33.5 million and a tenor of 10 years (in
addition to minor working capital and guarantee facilities) has reached financial closing in December 2023. The CAPEX
facility is funding construction costs and transaction expenses and the drawdown will occur gradually as construction
progresses.
Net debt excluding IFRS 16 Leases was USD 674.5 million at 31 March 2024 compared with USD 494.0 million at 31 March
2023.
The increase in net debt is primarily driven by the USD 145 million of bonds issued at San Juan Cruise Port, offset
by positive operating cash flow.
Issue of new ordinary shares
At the start of the Reporting Period, GPH had approximately USD 25 million in outstanding subordinated shareholder
loans from its largest shareholder, GIH. This long-term funding support was used to finance expansion projects and
general corporate purposes.
During the Reporting Period, GPH issued 5,144,445 new ordinary shares of GBP 0.01 each to GIH at a price of 206.5358
pence per ordinary share in partial satisfaction of the debt owed to GIH equivalent to USD 13.8 million. These new
ordinary shares represented approximately 8.2% of the company’s issued share capital.
The Company can continue to rely on funding support from its parent company GIH and the outstanding long-term
shareholder loan is USD 14.9m, a minor increase compared to 2023 (adjusted to the aforementioned debt-to-equity
conversion.
Shortly before the end of the Reporting Period, Sixth Street exercised warrants over an aggregate 8,395,118 new
ordinary shares. Following this warrant exercise, the Company’s issued share capital admitted to trading consisted of
76,433,126 ordinary shares of GBP 0.01 each.
Capital commitments
Our planned work to transform Nassau Cruise Port, which has been the primary driver of our increased borrowings over
recent years, was completed during the Reporting Period. However, we continue to have significant funded capital
expenditure planned across our portfolio.
At San Juan Cruise Port, we plan to investment approximately USD 100 million for repairs and improvements to the port
infrastructure over the next two years.
Global Ports Canary Islands S.L. (GPCI), our 80:20 joint venture between GPH and local partner, Servicios Portuarios
Canarios, has now begun its scheduled investment of approximately EUR 42 million into constructing new cruise
terminals and modular terminal facilities at our three Canary Island ports over the next two years.
The majority of the financing for this capital expenditure will come from a project finance loan facility provided by
a major regional bank with a total facility amount of up to EUR 33.5 million and a tenor of 10 years. The drawdown
will occur gradually as construction progresses.
At Saint Lucia Cruise Port we are planning to invest up to USD 60 million by (i) taking over existing indebtedness as
of financial closing and (ii) capital expenditure into a material expansion and enhancement of the cruise port
facilities.
Closing shortly after the end of the Reporting Period, ca. USD 20 million of existing indebtedness was taken over
plus transaction costs and customary reserve accounts. The capital expenditure investment will include expanding and
enhancing the existing berth in Point Seraphine, enabling the handling of the largest cruise ships in the global
cruise fleet and increasing the port’s capacity. Furthermore, GPH will also invest in transforming the retail
experience at the cruise port. The financing of the majority of the investment is secured through a long-term (15
year), syndicated loan facility arranged by a leading regional bank with a total funding commitment of up to ca. USD
50 million.
GLOSSARY OF ALTERNATIVE PERFORMANCE MEASURES (APM)
These financial statements includes certain measures to assess the financial performance of the Group’s business that
are termed “non-IFRS measures” because they exclude amounts that are included in, or include amounts that are
excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are
calculated using financial measures that are not calculated in accordance with IFRS. Based on management assessment,
taxation impact of below proposed alternative performance measures are presented based on income before tax,
accordingly tax impact is not considered on the computations. These non-GAAP measures comprise the following;
Segmental EBITDA
Segmental EBITDA calculated as income/(loss) before tax after adding back: interest; depreciation; amortization;
unallocated expenses; and specific adjusting items.
Management evaluates segmental performance based on Segmental EBITDA. This is done to reflect the fact that there is
a variety of financing structures in place both at a port and Group-level, and the nature of the port operating right
intangible assets vary by port depending on which concessions were acquired versus awarded, and which fall to be
treated under IFRIC 12. As such, management considers monitoring performance in this way, using Segmental EBITDA,
gives a more comparable basis for profitability between the portfolio of ports and a metric closer to net cash
generation. Excluding project costs for acquisitions and one-off transactions such as project specific development
expenses as well as unallocated expenses, gives a more comparable year-on-year measure of port-level trading
performance.
Management is using Segmental EBITDA for evaluating each port and group-level performances on operational level. As
per management’s view, some specific adjusting items included on the computation of Segmental EBITDA.
Specific adjusting items
The Group presents specific adjusting items separately. For proper evaluation of individual ports financial
performance and consolidated financial statements, Management considers disclosing specific adjusting items
separately because of their size and nature. These expenses and income include project expenses; being the costs of
specific M&A activities , the costs associated with appraising and securing new and potential future port agreements
which should not be considered when assessing the underlying trading performance and the costs related to the
refinancing of Group debts, the replacement provisions, being provision created for replacement of fixed assets which
does not include regular maintenance, other provisions and reversals related to provisions provided, being related to
unexpected non-operational transactions, impairment losses, construction accounting margin, being related to IFRIC 12
computation and main business of the Group is operating ports rather than construction, employee termination
expenses, income from insurance repayments, income from scrap sales, gain/loss on sale of securities, other provision
expenses, redundancy expenses and donations and grants.
Specific adjusting items comprised as following,
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Project expenses (77) 11,201
Employee termination expenses 353 344
Replacement provisions 1,014 298
Provisions / (reversal of provisions) (*) 421 680
Impairment losses -- 659
Construction accounting margin (412) (1,928)
Other expenses / (income) (2,741) 1,645
Specific adjusting items (1,442) 12,899
(*) This figure composed of expected impairment losses on receivables, provision expenses excluding vacation pay and
replacement provisions, impairment losses related to assets (refer note 10) and impairment losses on receivables of
Equity accounted investees (refer note 11).
Adjusted EBITDA
Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses.
Management uses Adjusted EBITDA measure to evaluate Group’s consolidated performance on an “as-is” basis with respect
to the existing portfolio of ports. Notably excluded from Adjusted EBITDA, the costs of specific M&A activities and
the costs associated with appraising and securing new and potential future port agreements. M&A and project
development are key elements of the Group’s strategy in the Cruise segment. Project lead times and upfront expenses
for projects can be significant, however these expenses (as well as expenses related to raising financing such as IPO
or acquisition financing) do not relate to the current portfolio of ports but to future EBITDA potential.
Accordingly, these expenses would distort Adjusted EBITDA which management is using to monitor the existing
portfolio’s performance.
A full reconciliation for Segmental EBITDA and Adjusted EBITDA to profit before tax is provided in the Segment
Reporting Note 2 to these financial statements.
Underlying Profit
Management uses this measure to evaluate the normalised profitability of the Group to exclude the specific
non-recurring expenses and income, non-cash foreign exchange transactions, and adjusted for the non-cash port
intangibles amortisation charge, giving a measure closer to actual net cash generation, which the directors’ consider
a key benchmark in making the dividend decision.
Underlying Profit is calculated as profit / (loss) for the year after adding back: amortization expense in relation
to Port Operation Rights, non-cash provisional income and expenses, non-cash foreign exchange transactions and
specific non-recurring expenses and income.
Adjusted earnings per share
Adjusted earnings per share is calculated as underlying profit divided by weighted average per share.
Management uses these measures to evaluate the profitability of the Group normalised to exclude the gain on reversal
of provisions, non-cash provisional income and expenses, gain or loss on foreign currency translation on equity,
unhedged portion of investment hedging on Global Liman, adjusted for the non-cash port intangibles amortisation
charge, and adjusted for change in accounting policies, giving a measure closer to actual net cash generation, which
the directors’ consider a key benchmark in making the dividend decision. Management decided this year that in the
light of a more meaningful presentation of the underlying profit, the unhedged portion of the investment hedge on
Global Liman and any gain or loss on foreign currency translation on equity as explained in note 8 have been
excluded.
Underlying profit and adjusted earnings per share computed as following;
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Profit / (Loss) for the Period, net of IFRS 16 impact 10,305 (10,549)
Impact of IFRS 16 1,193 1,875
Profit / (Loss) for the Period 11,498 (8,674)
Amortisation of port operating rights / RoU asset / Investment Property 26,724 19,747
Non-cash provisional (income) / expenses (*) 1,788 1,322
Impairment losses -- 659
(Gain) / loss on foreign currency translation on equity (note 8) 450 412
IFRIC-12 impact 412 1,929
Underlying Profit 40,872 15,395
Weighted average number of shares 66,113,525 62,826,963
Adjusted earnings per share (pence) 61.82 24.50
(*) This figure composed of employee termination expense, replacement provision, and provisions / (reversal of
provisions) under specific adjusting items.
Net debt
Net debt comprises total borrowings (bank loans, Eurobond and finance leases net of accrued tax) less cash, cash
equivalents and short term investments.
Management includes short term investments into the definition of Net Debt, because these short-term investment are
comprised of marketable securities which can be quickly converted into cash.
Net debt comprised as following;
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Current loans and borrowings 59,093 66,488
Non-current loans and borrowings 838,449 605,954
Gross debt 897,542 672,442
Lease liabilities recognized due to IFRS 16 application (62,052) (60,143)
Gross debt, net of IFRS 16 impact 835,490 612,299
Cash and bank balances (160,957) (118,201)
Short term financial investments (59) (65)
Net debt 674,474 494,033
Equity 24,691 35,297
Net debt to Equity ratio 27.32 14.00
Leverage ratio
Leverage ratio is used by management to monitor available credit capacity of the Group.
Leverage ratio is computed by dividing gross debt to Adjusted EBITDA.
Leverage ratio computation is made as follows;
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Gross debt 897,542 672,442
Lease liabilities recognised due to IFRS 16 application (62,052) (60,143)
Gross debt, net of IFRS 16 impact 835,490 612,299
Adjusted EBITDA 106,933 72,677
Impact of IFRS 16 on EBITDA (6,735) (5,008)
Adjusted EBITDA, net of IFRS 16 impact 100,199 67,669
Leverage ratio 8.3 9.0
CAPEX
CAPEX represents the recurring level of capital expenditure required by the Group excluding M&A related capital
expenditure.
CAPEX computed as 'Acquisition of property and equipment' and 'Acquisition of intangible assets' per the cash flow
statement.
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Acquisition of property and equipment 11,369 4,328
Acquisition of intangible assets 149,429 96,582
CAPEX 160,798 100,910
Cash conversion ratio
Cash conversion ratio represents a measure of cash generation after taking account of on-going capital expenditure
required to maintain the existing portfolio of ports.
It is computed as Adjusted EBITDA less CAPEX divided by Adjusted EBITDA.
Year ended Year ended
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Adjusted EBITDA 106,933 72,677
Impact of IFRS 16 on EBITDA (6,735) (5,008)
Adjusted EBITDA, net of IFRS 16 impact 100,198 67,669
CAPEX (160,798) (100,910)
Cash converted after CAPEX (60,600) (33,211)
Cash conversion ratio 60.48% 49.08%
Hard currency
Management uses the term hard currency to refer to those currencies that historically have been less susceptible to
exchange rate volatility. For the year ended 31 March 2024 and 2023, the relevant hard currencies for the Group are
US Dollar, Canadian Dollar, Euro, Denmark Krona and Singaporean Dollar.
Global Ports Holding PLC and its Subsidiaries
Consolidated statement of profit or loss and other comprehensive income
Year ended Year ended
Note 31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Revenue 4 193,577 213,596
Cost of sales 5 (98,088) (149,881)
Gross profit 95,489 63,715
Other income 7 6,904 2,606
Selling and marketing expenses (5,272) (3,368)
Administrative expenses 6 (26,935) (18,862)
Other expenses 7 (3,962) (15,864)
Operating profit 66,224 28,227
Finance income 8 16,824 5,676
Finance costs 8 (75,837) (47,718)
Net finance costs (59,013) (42,042)
Share of profit of equity-accounted investees 11 7,117 4,274
Profit / (Loss) before tax 14,328 (9,541)
Tax expense (4,023) (1,008)
Profit / (Loss) for the year 10,305 (10,549)
Profit / (Loss) for the year attributable to:
Owners of the Company 881 (24,998)
Non-controlling interests 9,424 14,449
10,305 (10,549)
The accompanying notes are an integral part of these financial statements.
Year ended Year ended
Note 31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Profit / (Loss) for the year 10,305 (10,549)
Other comprehensive income
Items that will not be reclassified subsequently
to profit or loss
Remeasurement of defined benefit liability (21) (116)
Income tax relating to items that will not be reclassified subsequently to 4 23
profit or loss
(17) (93)
Items that may be reclassified subsequently
to profit or loss
Foreign currency translation differences (3,054) (4,634)
Cash flow hedges - effective portion of changes in fair value 13 (67) 142
Cash flow hedges – realized amounts transferred to income statement 13 1 (113)
Equity accounted investees – share of OCI (254) 88
Losses on a hedge of a net investment 13 (11,974) --
(15,365) (4,517)
Other comprehensive loss for the year, net of income tax (15,365) (4,610)
Total comprehensive loss for the year (5,060) (15,159)
Total comprehensive loss attributable to:
Owners of the Company (13,440) (28,336)
Non-controlling interests 8,380 13,177
(5,060) (15,159)
Basic and diluted earnings / (loss) per share
15 1.3 (39.8)
(cents per share)
The accompanying notes are an integral part of these financial statements.
Consolidated statement of financial position
As at 31 March
As at 31 March
2024
Note 2023
(USD ‘000)
(USD ‘000)
Non-current assets
Property and equipment 9 118,835 116,180
Intangible assets 10 637,472 509,023
Right of use assets 17 77,108 77,408
Investment property 18 1,885 1,944
Goodwill 13,483 13,483
Equity-accounted investments 11 19,085 17,828
Due from related parties 19 9,876 9,553
Deferred tax assets 4,074 3,902
Other non-current assets 3,493 2,791
885,311 752,112
Current assets
Trade and other receivables 30,516 23,650
Due from related parties 19 1,254 335
Other investments 59 65
Other current assets 4,671 4,650
Inventories 1,069 964
Prepaid taxes 1,329 623
Cash and cash equivalents 12 160,957 118,201
199,855 148,488
Total assets 1,085,166 900,600
Current liabilities
14 59,093 66,488
Loans and borrowings
Other financial liabilities 2,013 1,639
Trade and other payables 29,425 42,115
Due to related parties 19 4,329 4,907
Current tax liabilities 3,665 809
Provisions 10,843 13,740
109,368 129,698
Non-current liabilities
Loans and borrowings 14 838,449 605,954
Other financial liabilities 49,699 53,793
Trade and other payables 1,709 1,223
Due to related parties 19 14,849 24,923
Deferred tax liabilities 35,784 40,148
Provisions 10,228 9,161
Employee benefits 389 448
Derivative financial liabilities -- (45)
951,107 735,605
Total liabilities 1,060,475 865,303
Net assets 24,691 35,297
Equity
Share capital 13 985 811
Share premium 13 13,926 --
Legal reserves 13 6,024 6,014
Share based payment reserves 648 426
Hedging reserves 13 (43,531) (43,211)
Translation reserves 13 29,116 43,100
Retained earnings (58,576) (73,283)
Equity attributable to equity holders of the Company (51,408) (66,143)
Non-controlling interests 76,099 101,440
Total equity 24,691 35,297
The accompanying notes are an integral part of these financial statements.
Consolidated statement of changes in equity
Share
Share Legal based Hedging Translation Retained Non-controlling Total
(USD ‘000) Notes Share Premium payment reserves reserves earnings interests
capital reserves reserves equity
Total
Balance at 31 811 -- 6,014 426 (43,211) 43,100 (73,283) (66,143) 101,440 35,297
March 2023
Income /
(loss) for -- -- -- -- -- -- 881 881 9,424 10,305
the period
Other
comprehensive
(loss) / -- -- -- -- (320) (13,984) (17) (14,321) (1,044) (15,365)
income for
the period
Total
comprehensive
(loss) / -- -- -- -- (320) (13,984) 864 (13,440) 8,380 (5,060)
income for
the period
Transactions
with owners
of the
Company
Contribution
and
distributions
Issue of
ordinary 13 173 13,743 -- -- -- -- -- 13,916 1,718 15,634
shares
Equity
settlement of 1 183 -- (184) -- -- -- -- -- --
share-based
payments
Transfer -- -- 10 -- -- -- (10) -- -- --
Dividends -- -- -- -- -- -- -- -- (8,187) (8,187)
Equity
settled
share-based -- -- -- 406 -- -- -- 406 -- 406
payment
expenses
Total
contributions 174 13,926 10 222 -- -- (10) 14,322 (6,469) 7,853
and
distributions
Changes in
ownership
interest
Acquisition
of NCI
without a 3 -- -- -- -- -- -- 13,853 13,853 (27,253) (13,400)
change in
control
Total changes
in ownership -- -- -- -- -- -- 13,853 13,853 (27,253) (13,400)
interest
Total
transactions
with owners 174 13,926 -- 222 -- -- 13,843 28,175 (33,722) (5,546)
of the
Company
Balance at 31 985 13,926 6,024 648 (43,531) 29,116 (58,576) (51,408) 76,099 24,691
March 2024
Share
Legal based Hedging Translation Retained Non-controlling Total
(USD ‘000) Notes Share payment reserves reserves earnings interests
capital reserves reserves equity
Total
Balance at 31 March 811 6,014 367 (43,328) 46,462 (48,192) (37,866) 88,263 50,397
2022
(Loss) / income for -- -- -- -- -- (24,998) (24,998) 14,449 (10,549)
the period
Other comprehensive
(loss) / income for -- -- -- 117 (3,362) (93) (3,338) (1,272) (4,610)
the period
Total comprehensive
(loss) / income for -- -- -- 117 (3,362) (25,091) (28,336) 13,177 (15,159)
the period
Transactions with
owners of the Company
Contribution and
distributions
Equity settled
share-based payment -- -- 59 -- -- -- 59 -- 59
expenses
Total contributions -- -- 59 -- -- -- 59 -- 59
and distributions
Total transactions
with owners of the -- -- 59 -- -- -- 59 -- 59
Company
Balance at 31 March 811 6,014 426 (43,211) 43,100 (73,283) (66,143) 101,440 35,297
2023
The accompanying notes are an integral part of these financial statements.
Consolidated cash flow statement
Year ended Year ended
Note 31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Cash flows from operating activities
Profit / (loss) for the year 10,305 (10,549)
Adjustments for:
Depreciation of Property and Equipment, Right of Use assets, and amortization 9,10 17,18 35,034 27,277
expense
Loss / (gain) on disposal of Property and Equipment 9 8 (7)
Impairment losses on investments -- 659
Share of profit of equity-accounted investees, net of tax 11 (7,117) (4,274)
Finance costs (excluding foreign exchange differences) 74,479 44,348
Finance income (excluding foreign exchange differences) (8,818) (2,293)
Foreign exchange differences on finance costs and income, net (6,648) (13)
Income tax expense 4,023 1,008
Employment termination indemnity reserve 43 103
Equity settled share-based payment expenses 407 59
Use of provision 1,047 2,095
Operating cash flow before changes in operating assets and liabilities 102,763 58,413
Changes in:
- trade and other receivables (6,866) (2,502)
- other current assets (1,771) (1,921)
- related party receivables (1,026) 546
- other non-current assets (702) (416)
- trade and other payables (12,159) 4,748
- related party payables (983) 2,826
- provisions (3,021) (310)
Cash generated from operations before benefit and tax payments 76,235 61,384
Post-employment benefits paid (42) (77)
Income taxes paid (4,728) (1,430)
Net cash generated from operating activities 71,465 59,877
Investing activities
Acquisition of property and equipment 9 (11,722) (4,328)
Acquisition of intangible assets 10 (148,076) (73,236)
Proceeds from sale of property and equipment 376 87
Bank interest received 8,600 1,757
Dividends from equity accounted investees 11 4,777 --
Acquisition of NCI (13,400) --
Advances given for fixed assets (61) (1,001)
Net cash used in investing activities (159,506) (76,721)
Financing activities
Proceeds from issue of share capital 13,915 --
Net (repayments to)/proceeds received from related parties (12,058) 21,923
Dividends paid to NCIs (8,187) (1,123)
Interest paid (51,924) (33,085)
Proceeds from loans and borrowings 14 637,978 77,147
Repayment of borrowings 14 (439,245) (19,915)
Payment of lease liabilities 14 (4,480) (3,085)
Net cash from financing activities 135,999 41,862
Net increase / (decrease) in cash and cash equivalents 47,958 25,018
Effect of foreign exchange rate changes on cash and cash equivalents (5,202) (6,504)
Cash and cash equivalents at beginning of year 12 118,201 99,687
Cash and cash equivalents at end of year 12 160,957 118,201
The accompanying notes are an integral part of these financial statements.
1 Basis of preparation
Global Ports Holding PLC is a public company listed on the standard segment of London Stock Exchange incorporated in
the United Kingdom and registered in England and Wales under the Companies Act 2006. The address of the registered
office is 35 Albemarle Street 3rd Floor, London W1S 4JD, United Kingdom. The majority shareholder of the Company is
Global Yatırım Holding.
These consolidated financial statements of Global Ports Holding PLC (the “Company”, and together with its
subsidiaries, the “Group”) for the year ended 31 March 2024 were authorised for issue in accordance with a resolution
of the directors on 10 July 2024.
These condensed Financial Statements for the year ended 31 March 2024 have been prepared in accordance with the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. They have been prepared in accordance
with UK adopted International Financial Reporting Standards (“IFRSs”) but do not comply with the full disclosure
requirements of these standards. The financial information set out above does not constitute the company's statutory
accounts for the years ended 31 March 2024 or 31 March 2023.
Statutory financial statements for the year ended 31 March 2024, which have been prepared on a going concern basis,
will be delivered to the Registrar of Companies in due course.
Accounting policies
The accounting policies adopted of these Condensed Financial Statements are consistent with those described on pages
135 – 156 of the Annual Report and Financial Statements for the year ended 31 March 2023.
The adoption of the amendments which are effective from 1 April 2023 has had no impact on the Group’s consolidated
financial position or performance of the Group as per management analysis performed.
Going concern
The Group operates or has invested in 28 ports in 15 different countries and is focusing on increasing its number of
cruise ports in different geographical locations to support its operations and diversify economic and political
risks. As a consequence, the Group management believes that the Group is well placed to manage its business risks
successfully despite the current uncertain economic outlook.
The principal events and conditions identified by the Group that have the most significant impact on the going
concern of the Group are:
(a) the passenger levels that will be observed during the Going Concern assessment period of not less than 12 months
from the date of approval of these Report and Accounts and the associated effect on Group revenues and cash position;
and
(b) maintaining liquidity based on current facilities along with covenant compliance on those facilities.
The Group’s results for fiscal year 2024 are above expectations and budget approved at the beginning of fiscal year
2024, showing a strong operation during 2024.
During the year, the Group refinanced its mid-term financing loan and raised additional debt to fund committed CAPEX
for new acquisitions. Maturities of the new financing arrangements and current debts are long term. Group’s current
loan maturities averaged 13.5 years compared to last year’s average 8.4 years. Considering the regular business
cycle, current EBITDA level and cash conversion of the Group, the repayment of the financing through operational cash
flows is expected. The details of Group’s major loans given on note 14. As of reporting date, Group is compliant with
all covenants included on Group loans and Management is confident that there is no risk of any breach of covenants in
the next 12 month period.
Group management believes that the Group is well placed to manage its financing and other business risks
satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation
for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it
appropriate to adopt the going concern basis of accounting in preparing the financial statements.
2 Segment reporting
a. Products and services from which reportable segments derive their revenues
The Group operates various cruise and commercial ports and all revenue is generated from external customers such as
cruise liners, ferries, yachts, individual passengers, container ships and bulk and general cargo ships.
b. Reportable segments
Operating segments are defined as components of an enterprise for which discrete financial information is available
that is evaluated regularly by the chief operating decision-maker, in deciding how to allocate resources and
assessing performance.
The Group presents its operations on a regional basis, with each key region representing an individual operating
segment with a set of activities which generate revenue, and the financial information of each region is reviewed by
the Group’s chief operating decision-maker in deciding how to allocate resources and assess performance. The segment
assessment of the Group has changed during the fiscal year as a result of structural changes and concentration of the
investment of the Group to Cruise operations and vertical integration of additional services within the Cruise
business. The Group has identified four key regions it operates as segments; these are West Mediterranean, Central
Mediterranean and Northern Europe, Eastern Mediterranean and Adriatic, and Americas. The Group’s chief operating
decision-maker is the Chief Executive Officer (“CEO”), who reviews the management reports of each region at least on
a monthly basis.
The CEO evaluates segmental performance on the basis of earnings before interest, tax, depreciation and amortisation
excluding the effects of specific adjusting income and expenses comprising project expenses, bargain purchase gains
and reserves, board member leaving fees, employee termination payments, unallocated expenses, finance income, finance
costs, and including the share of equity-accounted investments which are fully integrated into GPH cruise port
network (“Adjusted EBITDA” or “Segmental EBITDA”). Adjusted EBITDA is considered by Group management to be the most
appropriate non-IFRS profit measure for the review of the segment operations because it excludes items which the
Group does not consider to represent the operating cash flows generated by underlying business performance. The share
of equity-accounted investees has been included as it is considered to represent operating cash flows generated by
the Group’s operations that are structured in this manner.
The Group has the following operating segments under IFRS 8:
▪ Western Mediterranean & Atlantic region (“West Med”)
◦ BPI, Barcelona Cruise Port, Malaga Cruise Port, Tarragona Cruise Port, Las Palmas, Alicante, Lisbon Cruise
Terminals, and SATS – Creuers Cruise Services Pte. Ltd. (“Singapore Port”)
▪ Central Mediterranean and Northern Europe region (“Central Med”)
◦ VCP (“Valetta Cruise Port”), Travel Shopping Ltd (“TSL”), POH, Cagliari Cruise Port, Catania Passenger
Terminal, Crotone Cruise Port, Taranto Cruise Port, Kalundborg Cruise Port (“Kalundborg”), Bremerhaven
Cruise Port (“Bremerhaven”), Venezia Investimenti Srl. (“Venice Investment” or “Venice Cruise Port”), and La
Goulette Cruise Port.
▪ Americas region (“Americas”)
◦ Nassau Cruise Port (“NCP”), Antigua Cruise Port (“GPH Antigua”), San Juan Cruise Port (“SJCP”), St. Lucia
Cruise Port and Prince Rupert Cruise Port (“PRCP”).
▪ Eastern Mediterranean and Adriatic region (“East Med”)
◦ Ege Liman (“Ege Ports-Kuşadası”), Bodrum Liman (“Bodrum Cruise Port”) and Zadar Cruise Port (“ZIPO”).
▪ Other operations (“other”)
◦ Port of Adria (“Port of Adria-Bar”), Global Ports Services Med, GP Med, Balearic Handling SLA (“Balearic”),
Shore Handling SLA (“Shore”), Ha Long management contract and Pelican Peak; All except for Port of Adria-Bar
are part of vertical integration plans of the Group for the Cruise business and not exceeding the
quantitative threshold, have been included in Other operations.
The Group’s reportable segments under IFRS 8 are West Med, Central Med and Northern Europe, East Med, Americas, and
Other.
Global Liman, Global Ports Europe, GP Melita, GP Netherlands, GPH Americas, GP Malta Finance, GPH Cruise Port
Finance, Global Ports Group Finance, GPDS and GPH Bahamas do not generate any revenues and therefore is presented as
unallocated to reconcile to the consolidated financial statements results.
Management has decided to add North European Ports as part of Central Mediterranean region, related reclassification
presented on comparative period.
Assets, revenue and expenses directly attributable to segments are reported under each reportable segment.
Any items which are not attributable to segments have been disclosed as unallocated.
i. Segment revenues, results and reconciliation to profit before tax
The following is an analysis of the Group’s revenue, results and reconciliation to profit before tax by reportable
segment:
West Med Central Med East Med Americas Other Total
USD ‘000
Year ended 31 March 2024
Revenue 53,193 21,936 33,996 70,091 14,361 193,577
Segmental EBITDA 31,548 10,415 26,624 42,224 4,622 115,433
Unallocated expenses (8,500)
Adjusted EBITDA 106,933
Reconciliation to loss before tax
Depreciation and amortisation expenses (35,034)
Specific adjusting items (*) 1,442
Finance income 16,824
Finance costs (75,837)
Profit before income tax 14,328
Year ended 31 March 2023
Revenue 27,494 14,944 24,062 135,778 11,318 213,596
Segmental EBITDA 19,388 7,898 19,366 29,010 4,318 79,980
Unallocated expenses (7,303)
Adjusted EBITDA 72,677
Reconciliation to loss before tax
Depreciation and amortisation expenses (27,277)
Specific adjusting items (*) (12,899)
Finance income 5,676
Finance costs (47,718)
Loss before income tax (9,541)
(*) Please refer to glossary of alternative performance measures (APM).
The Group did not have inter-segment revenues in any of the periods shown above.
ii. Segment assets and liabilities
The following is an analysis of the Group’s assets and liabilities by reportable segment for the year ended:
West Med Central Med East Med Americas Other Total
USD ‘000
31 March 2024
Segment assets 110,929 88,234 87,275 566,647 42,537 895,622
Equity-accounted investees 17,233 1,471 -- -- 381 19,085
Unallocated assets 170,459
Total assets 1,085,166
Segment liabilities 74,785 60,030 13,637 495,026 27,853 671,331
Unallocated liabilities 389,144
Total liabilities 1,060,475
31 March 2023
Segment assets 116,001 88,131 46,248 419,143 49,394 718,917
Equity-accounted investees 15,893 1,528 -- -- 407 17,828
Unallocated assets 163,855
Total assets 900,600
Segment liabilities 56,591 59,679 13,961 375,049 32,004 537,284
Unallocated liabilities 328,019
Total liabilities 865,303
iii. Other segment information
The following table details other segment information for the year ended:
West Med Central Med East Med Americas Other Unallocated Total
USD ‘000
Year ended 31 March 2024
Share of profit of equity accounted investees 7,178 (33) -- (28) -- -- 7,117
Interest income 6 -- (35) 12 19 8,816 8,818
Interest expense (1,287) (1,595) (965) (18,230) (1,875) (41,748) (65,700)
Income tax expense (2,196) (1,751) 66 35 (220) 43 (4,023)
Depreciation and amortisation expenses (11,794) (4,001) (4,500) (11,652) (2,910) (177) (35,034)
Additions to non-current assets (*)
- Capital expenditures (**) 15,597 2,396 40,603 100,809 1,437 (44) 160,798
Total additions to non-current assets (*) 15,597 2,396 40,603 100,809 1,437 (44) 160,798
Year ended 31 March 2023
Share of profit of equity accounted investees 4,340 (22) -- (44) -- -- 4,274
Interest income 6 3 107 39 124 2,015 2,294
Interest expense (986) (1,879) (955) (5,995) (1,290) (29,422) (40,527)
Income tax expense (438) (874) 1,121 -- (379) (438) (1,008)
Depreciation and amortisation expenses (11,368) (3,723) (3,058) (6,173) (2,766) (189) (27,277)
Additions to non-current assets (*)
- Capital expenditures (**) 1,369 706 457 98,111 194 73 100,910
Total additions to non-current assets (*) 1,369 706 457 98,111 194 73 100,910
(*) Non-current assets exclude those relating to deferred tax assets and financial instruments (including
equity-accounted investees).
(**) Total Capital expenditures on non-current assets includes prepayments into fixed assets.
iv. Geographical information
The Port operations of the Group are managed on a worldwide basis, but operational ports and management offices are
primarily in Turkey, Montenegro, Malta, Spain, Bahamas, Antigua & Barbuda, Italy, Denmark, Puerto Rico and Croatia.
The geographic information below analyses the Group’s revenue and non-current assets by countries. In presenting the
following information, segment revenue has been based on the geographic location of port operations and segment
non-current assets were based on the geographic location of the assets.
Year ended Year ended
Revenue 31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Spain 58,227 30,303
Bahamas 55,877 129,651
Turkey 33,198 23,482
Malta 16,245 11,996
Montenegro 9,327 8,510
Antigua & Barbuda 9,275 6,127
Italy 5,542 2,765
Puerto Rico 4,256 --
Croatia 798 580
Canada 683 --
Denmark 149 182
193,577 213,596
As at
As at
31 March 2023
Non-current assets 31 March 2024
(USD ‘000)
(USD ‘000)
Bahamas 354,418 353,013
Spain 103,659 99,125
Malta 103,032 104,732
Puerto Rico 93,508 --
Turkey 77,294 40,790
Antigua & Barbuda 60,210 61,746
Montenegro 51,348 52,793
UK 10,368 9,553
Italy 4,455 5,136
Croatia 2,171 2,333
Denmark 1,040 1,091
Canada 633 70
St. Lucia 15 --
Unallocated 23,160 21,730
885,311 752,112
Non-current assets relating to deferred tax assets and financial instruments (including equity-accounted investments)
are presented as unallocated.
v. Information about major customers
IFRIC 12 construction revenue relates to ongoing construction at Nassau Cruise Port, Tarragona Cruise Port and Cruise
Ports in Canary Islands. Excluding IFRIC 12 revenue, the Group did not have a single customer that accounted for more
than 10% of the Group's consolidated revenue in any of the periods presented.
3 Transactions with owners of the Company
Acquisition of non-controlling interest without a change in control
a. Barcelona Ports Investment Minority Acquisition
The Group acquired minority shares of BPI at 17 October 2023. 38% of total shares of BPI were acquired by Cruise Port
Finance Ltd. Total consideration paid for 38% shares amounted to USD 13,400 thousand. Minority interest regarding
this 38% shares of Malaga Port as of 30 September 2023 was 21,903 thousand, resulting an increase in retained
earnings attributable to equity holder of the company by USD 8,503 thousand.
b. Ege Port Share Capital Increase
The Group reached an agreement with Turkish authorities to extend its concession agreement for Ege Port, Kusadasi in
May 2023. In exchange for the extension of the existing concession agreement, Ege Port has paid an upfront concession
fee of TRY 725.4 million (USD 38 million). The upfront concession fee has been funded by a capital increase at Ege
Port. 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%). Minority portion transferred during this transaction amounted to USD 5,350 thousand, resulting a
decrease in minority portion and increase in Retained earnings by same amount.
4 Revenue
For the year ended 31 March 2024 and 31 March 2023, revenue comprised the following:
West Med Central Med East Med Americas Other Consolidated
(USD ‘000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Point in time
Cargo Handling -- -- -- -- -- -- -- -- 8,829 7,927 8,829 7,927
revenues
Primary Port 34,122 22,657 13,631 8,512 26,476 18,307 57,033 38,476 280 292 131,542 88,244
operations
Ancillary port 2,609 2,049 738 384 2,070 1,647 1,127 635 4,516 2,652 11,060 7,367
service revenues
Destination service 55 27 763 693 11 1 1,254 -- -- -- 2,083 721
revenues
Other ancillary 554 461 465 424 574 657 975 120 708 429 3,276 2,091
revenues
Over time
Area Management 2,288 1,532 6,339 4,748 4,865 3,450 2,429 1,057 28 18 15,949 10,805
revenues
IFRIC 12 13,565 951 -- -- -- -- 7,273 95,490 -- -- 20,838 96,441
Construction revenue
Total Revenues as 53,193 27,677 21,936 14,761 33,996 24,062 70,091 135,778 14,361 11,318 193,577 213,596
reported in note 2
The following table provides information about receivables, contract assets and contract liabilities from contracts
with customers;
Year ended Year ended
Revenue 31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Receivables, which are included in ‘trade and other receivables’ 22,372 14,380
Contract assets -- 411
Contract liabilities (1,210) (896)
21,162 13,895
The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the
reporting date on Commercial services provided to vessels and management agreements. The contract assets are
transferred to receivables when the rights become unconditional. This occurs when the Group issues an invoice to the
customer.
The contract liabilities primarily relate to the advance consideration received from customers for services not yet
provided. These amounts will be recognised as revenue when the services has provided to customers and billed, which
based on the nature of the business is less than a one week period.
The amount of USD 896 thousand recognised in contract liabilities at the beginning of the period has been recognised
as revenue for the period ended 31 March 2024. The contract liabilities amounting to USD 1,210 thousand will be
recognised as revenue during the year ending 31 March 2025.
No information is provided about remaining performance obligations at 31 March 2024 that have an original expected
duration of one year or less, as allowed by IFRS 15.
5 Cost of sales
For the year ended 31 March 2024 and 31 March 2023, cost of sales comprised the following:
2024 2023
(USD ‘000) (USD ‘000)
IFRIC-12 Construction expenses 20,426 94,512
Depreciation and amortization expenses 32,435 24,698
Personnel expenses (*) 18,728 12,728
Security expenses 6,290 3,823
Insurance expense 3,752 3,593
Commission fees to government authorities and pilotage expenses 3,738 2,772
Repair and maintenance expenses 3,153 1,765
Cost of inventories sold 2,421 1,676
Replacement provision 716 585
Other expenses 6,429 3,729
Total 98,088 149,881
* 6,071 thousand USD (2023: 4,248 thousand USD) of total personnel expenses are related to outsourced personnel
expenses.
6 Administrative expenses
For the year ended 31 March 2024 and 31 March 2023, administrative expenses comprised the following:
2024 2023
(USD ‘000) (USD ‘000)
Personnel expenses 12,037 9,226
Depreciation and amortization expenses 2,598 2,577
Consultancy expenses 5,797 2,926
Representation and travel expenses 1,325 475
Other expenses 5,178 3,658
Total 26,935 18,862
The analysis of the auditor’s remuneration is as follows:
2024 2023
USD ‘000 USD ‘000
Fees payable to PKF Littlejohn LLP and their associates for the audit of the 526 425
company’s annual accounts
Fees payable to PKF Littlejohn LLP and their associates for the audit of the 231 215
company’s subsidiaries
Total audit fees 757 640
- Audit-related assurance services PKF Littlejohn LLP and their 88 83
associates
Total non-audit fees 88 83
Total fees 845 723
7 Other income and other expenses
During the year ended 31 March 2024 and 31 March 2023, other income comprised the following:
2024 2023
USD’000 USD’000
IFRS 16 gain from concession fee waivers 163 600
Foreign currency income from operations 1,953 --
Income from legal proceeds * 1,380 --
Concession related relief ** 2,396 1,472
Income from reversal of replacement provision 286 287
Other 726 247
Total 6,904 2,606
* One of the Group’s subsidiaries has taken over additional area as part of concession as a result of legal process.
** Expense net off on concession fee is given by Port Authority of Antigua (2023: Italian and Spanish governments
provided non-reimbursable Covid-19 support payments).
During the year ended 31 March 2024 and 31 March 2023, other expenses comprised the following:
2024 2023
USD’000 USD’000
Project expenses (77) 11,541
Foreign currency losses from operations 662 1,839
Indemnity payments 83 80
Impairment loss on Equity Accounted investments -- 659
Other 3,294* 1,745
Total 3,962 15,864
* 2,819 thousand USD of this balance is related to opening ceremony expenses made by Nassau Cruise Port in May 2023.
8 Finance income and costs
During the year ended 31 March 2024 and 31 March 2023, finance income comprised the following:
2024 2023
Finance income
(USD ‘000) (USD ‘000)
Other foreign exchange gains 8,006 3,382
Interest income on related parties 216 527
Interest income on banks and others 8,548 1,587
Interest income from housing loans (3) 4
Other interest income 57 176
Total 16,824 5,676
The income from financial instruments within the category financial assets at amortized cost is USD 8,761 thousand
(31 March 2023: USD 2,118 thousand). Income from financial instruments within the category fair value through profit
and loss is USD 55 thousand (31 March 2023: USD 165 thousand).
For the year ended 31 March 2024 and 31 March 2023, finance costs comprised the following:
2024 2023
Finance costs
(USD ‘000) (USD ‘000)
Interest expense on loans and borrowings 58,550 34,740
Foreign exchange losses on other loans and borrowings 864 1,058
Interest expense on leases 4,261 3,756
Foreign exchange losses on equity translation * 450 412
Other foreign exchange losses 44 1,899
Loan commission expenses ** 8,673 3,303
Unwinding of provisions during the year 415 333
Letter of guarantee commission expenses 16 462
Other interest expenses 2,474 1,698
Other costs 90 57
Total 75,837 47,718
* Ege Ports and Bodrum Cruise Port have functional currency of USD while their books are required to be kept as per
Turkish Companies Law “VUK 213” article 215 in TL. All equity transactions are made in TL and transaction during the
year are being translated to USD resulting in foreign exchange differences in profit or loss.
** As of 31 March 2024, USD 7,055 thousand is related to prepayment penalty for early payment of SSP loan.
The interest expense for financial liabilities not classified as fair value through profit or loss is USD 62,811
thousand (31 March 2023: USD 38,496 thousand).
9 Property and equipment
Movements of property and equipment for the year ended 31 March 2024 compromised the following:
USD ‘000
Cost 31 March 2023 Additions Disposals Transfers Currency translation 31 March 2024
differences
Leasehold improvements 131,770 4,507 -- -- (549) 135,728
Machinery and equipment 21,931 3,818 (20) (28) (171) 25,530
Motor vehicles 12,481 729 (313) 28 102 13,027
Furniture and fixtures 11,971 936 (77) (29) 152 12,953
Construction in 9,772 1,730 (139) 29 (11) 11,381
progress
Land improvement 95 2 (9) -- -- 88
Total 188,020 11,722 (558) -- (477) 198,707
Accumulated 31 March 2023 Depreciation expense Disposals Transfers Currency translation 31 March 2024
depreciation differences
Leasehold improvements 43,949 4,621 (33) -- (141) 48,396
Machinery and equipment 10,035 1,590 (19) -- (79) 11,527
Motor vehicles 10,636 1,036 (10) -- -- 11,662
Furniture and fixtures 7,145 907 (77) -- 239 8,214
Land improvement 75 2 (4) -- -- 73
Total 71,840 8,156 (143) -- 19 79,872
Net book value 116,180 118,835
Movements of property and equipment for the year ended 31 March 2023 comprised the following:
USD ‘000
Cost 31 March 2022 Additions Disposals Transfers Currency translation 31 March 2023
differences
Leasehold improvements 132,619 411 (300) 752 (1,712) 131,770
Machinery and equipment 20,797 1,511 (163) 219 (433) 21,931
Motor vehicles 12,146 366 (25) -- (6) 12,481
Furniture and fixtures 11,267 870 (22) 33 (177) 11,971
Construction in 9,596 1,166 -- (1,004) 14 9,772
progress
Land improvement 91 4 -- -- -- 95
Total 186,516 4,328 (510) -- (2,314) 188,020
Accumulated 31 March 2022 Depreciation expense Disposals Transfers Currency translation 31 March 2023
depreciation differences
Leasehold improvements 39,977 4,339 (121) -- (246) 43,949
Machinery and equipment 8,900 1,342 (55) -- (152) 10,035
Motor vehicles 9,670 1,007 (38) -- (3) 10,636
Furniture and fixtures 6,487 729 (14) -- (57) 7,145
Land improvement 71 4 -- -- -- 75
Total 65,105 7,421 (228) -- (458) 71,840
Net book value 121,411 116,180
As at 31 March 2024, the net book value of furniture fixture purchased through leasing amounted to USD 391 thousand
(31 March 2023: nil), and the net book value of motor vehicles purchased through leasing amounted to USD 483 thousand
(31 March 2023: USD 1,321 thousand). In 2024, the Group acquired machinery and equipment amounting to USD 0 thousand
through finance leases (31 March 2023: USD 14 thousand).
As at 31 March 2024 and 31 March 2023, according to the “TOORA” and “BOT” tender agreements signed with the related
Authorities, at the end of the agreement periods, real estate with their capital improvements will be returned as
running, clean, free of any liability and free of charge.
During the year ended 31 March 2024 and 31 March 2023, no borrowing costs were capitalised into property and
equipment.
As at 31 March 2024, the insured amount of property and equipment amounts to USD 688,337 thousand (31 March 2023: USD
373,200 thousand).
As at 31 March 2024, USD 6,041 thousand, USD 2,115 thousand are recognized in cost of sales and general and
administrative expenses, respectively (31 March 2023: USD 5,676 and USD 1,744 thousand, respectively)
10 Intangible assets
Movements of intangible assets for the year ended 31 March 2024 comprised the following: Intangible assets
USD ‘000
Cost 31 March 2023 Additions Disposal Currency translation differences 31 March 2024
Port operation rights 640,848 153,058 -- (2,130) 791,776
Customer relationships 5,366 -- -- (11) 5,355
Software 640 -- -- (4) 636
Other intangibles 1,166 158 (21) 459 1,762
Total 648,020 153,216 (21) (1,686) 799,529
Accumulated amortization 31 March 2023 Amortisation expense Disposal Currency translation differences 31 March 2024
Port operation rights 133,106 23,284 (51) (861) 155,478
Customer relationships 4,377 146 -- (4) 4,519
Software 596 15 -- (5) 606
Other intangibles 918 94 -- 442 1,454
Total 138,997 23,539 (51) (428) 162,057
Net book value 509,023 637,472
Movements of intangible assets for the year ended 31 March 2023 compromised the following:
USD ‘000
Cost 31 March 2022 Additions Disposal Currency translation differences 31 March 2023
Port operation rights 533,150 119,279 (5,561) (6,020) 640,848
Customer relationships 5,402 -- -- (36) 5,366
Software 626 28 -- (14) 640
Other intangibles 1,097 124 (1) (54) 1,166
Total 540,275 119,431 (5,562) (6,124) 648,020
Accumulated amortisation 31 March 2022 Amortisation expense Disposal Currency translation differences 31 March 2023
Port operation rights 123,561 16,315 (5,109) (1,661) 133,106
Customer relationships 4,237 141 -- (1) 4,377
Software 593 17 -- (14) 596
Other intangibles 913 50 (1) (44) 918
Total 129,304 16,523 (5,110) (1,720) 138,997
Net book value 410,971 509,023
The details of Port operation rights as at 31 March 2024 and 31 March 2023 are as follows:
As at 31 March 2024 As at 31 March 2023
USD ‘000 Carrying Amount Remaining Amortisation Period Carrying Amount Remaining Amortisation
Period
Creuers del Port de 56,443 75 months 66,217 87 months
Barcelona
Cruceros Malaga 8,320 101 months 8,865 113 months
Valletta Cruise Port 53,673 512 months 55,366 524 months
Port of Adria 12,406 237 months 13,137 249 months
Tarragona Cruise Port 5,442 120 months 671 132 months
Global Ports Canary 12,544 465 months 5,021 477 months
Islands
GPH Alicante 2,408 168 months 1,059 180 months
Ege Ports 44,142 108 months 8,533 120 months
Bodrum Cruise Port 2,257 528 months 2,308 540 months
Nassau Cruise Port 344,662 281 months 344,080 293 months
Cagliari Cruise Port 833 33 months 1,144 45 months
Catania Cruise Port 1,073 45 months 1,339 57 months
San Juan Cruise Port 92,095 298 months -- --
All port operating rights have arisen as a result of IFRS 3 Business combinations, except Barcelona Port Investments,
Catania Cruise Port, Nassau Cruise Port, Tarragona, Canary Islands, Alicante, and San Juan Cruise Port which arose as
a result of applying IFRIC 12. Each port represents a separate CGU as per IAS 36.
For the year ended 31 March 2024, borrowing costs amounting to USD 2,817 thousand have been capitalized into
intangible assets (2023: USD 16,483 thousand).
As of 31 March 2024, USD 26,394 thousand and USD 483 thousand are recognized in Cost of sales and general
administrative expenses, respectively (31 March 2023: USD 19,022 thousand and USD 833 thousand, respectively).
USD 14,444 thousand project expenses directly attributable to the creation of the port right have been capitalized as
part of the port operating rights (2023: nil).
Recoverability of intangible assets
Management makes regular checks on internal and external impairment indicators. During fiscal year ended 31 March
2024 and as of this report date, Management did not note any internal or external indicators triggering a detailed
impairment review. Based on the FY2024 performance of the Group companies, passenger and call numbers exceeded those
achieved in prior year, the last comparative year of 2019 being last full operations year before Covid-19, and
management forecasts, and all tariffs and operational revenues were either at the same level or higher compared to
aforementioned periods. Management is confident on the carrying amounts of its subsidiaries being fully recoverable,
with no impairment of any assets being deemed necessary.
11 Equity-accounted investments
The nature of the operations and the locations of the equity-accounted investees of the Company are listed below:
Locations Operations
Equity-accounted investees
LCT - Lisbon Cruise Terminals, LDA (“LCT”) Portugal Port operations
SATS – Creuers Cruise Services Pte. Ltd. (“Singapore Port”) Singapore Port operations
Venezia Investimenti Srl. (“Venice Investment”) Italy Port investments
Goulette Cruise Holding Ltd. (“La Goulette”) UK Port investments
Pelican Peak Investments Inc (“Pelican Peak”) Canada Ancillary services
Lisbon Cruise Terminals
The Group has entered into the concession agreement of Lisbon Cruise Port within the framework of a public-service
concession on 18 July 2014 as part of the consortium comprising Global Liman, RCCL, Creuers and Group Sousa –
Investimentos SGPS, LDA. The operation right of Lisbon Cruise Port has been transferred by the Port Authority of
Lisbon to LCT-Lisbon Cruise Terminals, LDA, which was established by the Consortium on 26 August 2014. The Group has
a 50% effective interest in Lisbon Cruise Terminals as at 31 March 2024, hence the Group can only appoint a minority
of Directors to the Board and therefore does not have control over the entity. Lisbon Cruise Terminals has been
recognised as an equity-accounted investee in the consolidated financial report as at and for the periods ended 31
March 2024 and 2023.
Singapore Port
Barcelona Port Investments, S.L (“BPI”) was established as a joint venture between the Group and Royal Caribbean
Cruises Ltd. (“RCCL”) on 26 July 2013 for the purpose of acquiring Creuers. GPH CPF has 62% ownership in BPI. Creuers
holds a 100% interest in the port operation rights for the Barcelona cruise port, as well as an 100% interest in the
port operation rights for the Malaga cruise port and a 40% interest in the port operation rights for the Singapore
cruise port. Singapore cruise port has a fiscal year starting from 1 April and ending on 31 March. The effective
interest held on Singapore cruise port is 40%. Singapore has been recognised as an equity-accounted investee in the
consolidated financial report as at and for the period ended 31 March 2024 (31 March 2023: 24.8%).
Venice Investment
Venezia Investimenti Srl is an international consortium formed for investing in Venezia Terminal Passegeri S.p.A
(“VTP”). The international consortium formed as a joint venture by GPH, Costa Crociere SpA, MSC Cruises SA and Royal
Caribbean Cruises Ltd each having a 25% share of the Company.
Goulette Cruise Holding
Goulette Cruise Holding is a joint venture established 50%-50% between the Company and MSC Cruises S.A. ("MSC"), to
acquire La Goulette Shipping Cruise, which operates the cruise terminal in La Goulette, Tunisia. The Company made a
share capital contribution for its 50% shareholding amounting to €55 thousand and issued a loan of $6m in December
2019 to fund the acquisition of La Goulette Shipping Cruise proportionately to its share. The joint venture acquired
the shares in La Goulette Shipping Cruise on 26 December 2019.
Pelican Peak
The Group invested in Pelican Peak, a company established in Canada and operating in the Caribbean region to provide
ancillary services to cruise passengers. The investment in Pelican Peak shares were made as part of the Group’s plans
to integrate its services vertically and increase ancillary service opportunities of the Group.
Impairment analysis
The nature of and changes in the risks associated with investments in associates, including internal and external
indicators have been assessed and determined not to result in an impairment indicator.
For the year ended 31 March 2024
At 31 March 2024, Venezia Investimenti, Lisbon Cruise Terminals, Goulette Cruise Holding, Singapore Port and Pelican
Peak are equity-accounted investees in which the Group participates.
The following table summarises the financial information of Goulette Cruise Holding, Venezia Investimenti, Lisbon
Cruise Terminals, Singapore Port and Pelican Peak as included in the consolidated financial statements as at 31 March
2024. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest
in Lisbon Cruise Terminals and Singapore Port.
SATS Creuers distributed dividends during fiscal year 2024 total amounting SGD 16,000 thousand (USD 11,957 thousand),
Creuers’ portion was USD 4,777 thousand.
Pelican Peak Venezia Investimenti Lisbon Cruise Singapore Port
USD’000 Goulette Cruise Terminals
Holding
Percentage ownership interest 10.23% 50.00% 25.00% 50.00% 40.00%
Non-current assets 4,641 -- 12,980 23,730 8,118
Current assets -- -- 2,855 3,935 23,965
Non-current liabilities (474) -- (9,872) (2,835) (3,519)
Current liabilities (444) -- (81) (5,197) (10,023)
Net assets (100%) 3,723 -- 5,882 19,633 18,541
Group’s share of net assets 381 -- 1,471 9,817 7,416
Carrying amount of interest in 381 -- 1,471 9,817 7,416
equity-accounted investees
Revenue -- -- -- 10,320 37,222
Expenses (270) -- (132) (7,005) (23,425)
Profit and total comprehensive income (270) -- (132) 3,315 13,797
for the year (100%)
Group’s share of profit and total (27) -- (*) (33) 1,658 5,519
comprehensive income
(*) The Group has no obligation to fund Goulette's operations nor has it made payments on behalf of Goulette. The
Group’s interest in Goulette is reduced to zero, and the yearly result recognized is the balance nullifying the
equity. Net equity of Goulette Cruise Holding was losses of USD 1,429 thousand as of 31 March 2024 (31 March 2023:
losses of USD 1,063 thousand).
As at 31 March 2024, the amounts in the above table include the following:
Pelican Peak Venezia Investimenti Lisbon Cruise Singapore Port
USD ‘000 Goulette Cruise Terminals
Holding
Cash and cash equivalents -- 4 2,749 2,548 20,180
Non-current financial liabilities
(excluding trade and other payables (474) (18,673) --- (2,653) (3,162)
and provisions)
Current financial liabilities
(excluding trade and other payables -- -- -- (1,736) (1,255)
and provisions)
Interest income -- 728 -- 22 158
Depreciation and amortisation -- -- -- 1,247 2,814
Interest expense (32) (723) -- (350) --
Income tax expense -- -- -- (1,149) 2,931
For the year ended 31 March 2024, the Group’s share of profit and total comprehensive income is set out below:
Net profit / (loss)
(USD ‘000)
Singapore Port 5,519
Venezia Investimenti (33)
Pelican Peak (27)
Goulette Cruise Holding --
Lisbon Cruise Terminals 1,658
Group’s share of profit / (loss) and total comprehensive income 7,117
For the year ended 31 March 2023
At 31 March 2023, Venezia Investimenti, Lisbon Cruise Terminals, Goulette Cruise Holding, Singapore Port and Pelican
Peak are equity-accounted investees in which the Group participates.
The following table summarises the financial information of Goulette Cruise Holding, Venezia Investimenti, Lisbon
Cruise Terminals, Singapore Port and Pelican Peak as included in the consolidated financial statements as at 31 March
2023. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest
in Lisbon Cruise Terminals and Singapore Port.
Pelican Peak Venezia Investimenti Lisbon Cruise Singapore Port
USD’000 Goulette Cruise Terminals
Holding
Percentage ownership interest 10.23% 50.00% 25.00% 50.00% 40.00%
Non-current assets 4,821 14,208 13,083 25,590 8,568
Current assets (1) 3,665 3,082 3,331 20,747
Non-current liabilities (471) (18,673) (9,951) (8,642) (4,653)
Current liabilities (369) (300) (101) (2,310) (7,398)
Net assets (100%) 3,980 (1,100) 6,113 17,969 17,264
Group’s share of net assets 407 (550) 1,528 8,985 6,906
Carrying amount of interest in 407 -- (*) 1,528 8,985 6,906
equity-accounted investees
Revenue -- -- -- 7,790 26,314
Expenses (424) -- (89) (6,028) (17,668)
Profit and total comprehensive income (424) (391) (89) 1,762 8,646
for the year (100%)
Group’s share of profit and total (43) -- (*) (22) 881 3,458
comprehensive income
(*) The Group has no obligation to fund Goulette's operations nor has it made payments on behalf of Goulette. The
Group’s interest in Goulette is reduced to zero, and the yearly result recognized is the balance nullifying the
equity.
As at 31 March 2023, the amounts in the above table include the following:
Pelican Peak Venezia Investimenti Lisbon Cruise Singapore Port
USD ‘000 Goulette Cruise Terminals
Holding
Cash and cash equivalents 1 4 2,868 1,509 18,743
Non-current financial liabilities
(excluding trade and other payables (471) (18,673) -- (8,498) (4,316)
and provisions)
Current financial liabilities
(excluding trade and other payables -- -- -- (1,343) (1,874)
and provisions)
Interest income -- 728 -- -- --
Depreciation and amortisation -- -- -- (1,204) (2,485)
Interest expense (6) (723) -- (431) (46)
Income tax expense -- -- -- (583) (1,785)
For the year ended 31 March 2023, the Group’s share of profit and total comprehensive income is set out below:
Net profit / (loss)
(USD ‘000)
Singapore Port 3,458
Venezia Investimenti (22)
Pelican Peak (43)
Goulette Cruise Holding --
Lisbon Cruise Terminals 881
Group’s share of profit / (loss) and total comprehensive income 4,274
12 Cash and cash equivalents
As at 31 March 2024 and 31 March 2023, cash and cash equivalents compromised the following:
2024 2023
(USD ‘000) (USD ‘000)
Cash on hand 121 105
Cash at banks 160,802 118,062
- Demand deposits 146,059 99,871
- Time deposits 14,743 18,221
Other cash and cash equivalents 34 34
Cash and cash equivalents 160,957 118,201
As at 31 March 2024 and 31 March 2023, maturities of time deposits comprised the following:
2024 2023
(USD ‘000) (USD ‘000)
Up to 1 month 1 2
1-3 months 14,742 18,219
Total 14,743 18,221
As at 31 March 2024 and 31 March 2023, the ranges of interest rates for time deposits are as follows:
2024 2023
Interest rate for time deposit-TL (highest) 35.0% 25.0%
Interest rate for time deposit-TL (lowest) 5.0% 8.5%
Interest rate for time deposit-USD (highest) -- --
Interest rate for time deposit-USD (lowest) -- --
Interest rate for time deposit-EUR (highest) 0.15% 0.15%
Interest rate for time deposit-EUR (lowest) 0.05% 0.05%
As at 31 March 2024, cash at bank held at Antigua, Nassau Cruise Port, Ege Port, San Juan Cruise Port and Port of
Adria amounting to USD 27,274 thousand (31 March 2023: USD 12,620 thousand) is restricted due to debt service reserve
amounts regarding financing agreements and subscription guarantees (Note 14). Debt service reserve guarantees were
given for the following period’s interest and principal payment and can be used when requested for investment
purposes.
13 Capital and reserves
a. Share capital and share premium
The Company's shares are ordinary voting shares. There are no preferential rights attached to any shares of the
Company.
The details of paid-up share capital as of 31 March 2024 and 31 March 2023 are as follows:
Number of shares Share capital Share Premium
‘000 USD’000 USD’000
Balance at 1 April 2022 62,827 811 --
Balance at 31 March 2023 62,827 811 --
Balance at 31 March 2024 76,433 985 13,926
The Company entered into a subscription agreement with its ultimate shareholder Global Yatırım Holding A.Ş. ("GIH")
dated 13 July 2023, and issued 5,144,445 ordinary shares of £0.01 each (total share capital amounting USD 66
thousand) in the capital of the Company at 206.5358 pence per ordinary share to GIH, in satisfaction of the same
amount of the Company’s debt, owed to GIH. The GIH Share Issuance involves the release of USD 13,809 thousand of
long-term payables to related parties and resulting in additional share premium of USD 13,743 thousand.
During the year, the Company also issued 66,600 ordinary shares of £0.01 each (the "LTIP Shares") in the capital of
the Company at an issue price equal to nominval value under the Company's Long Term Incentive Plan ("LTIP"). Fair
value of these shares computed with the share value of the Company at the transaction date (217.5 pence) creating a
share premium of USD 183 thousand.
Per above explained transactions, Company has booked a total of USD 13,926 thousand share premium.
Finally, during the year the Company received notification of the exercise in full of warrants held by Sixth Street
(refer to note 14 (i) for details of covenant and related loan) over an aggregate 8,395,118 Ordinary shares of £0.01
each (amounting to USD 106 thousand) in the Company at an exercise price of 1 pence per ordinary share.
b. Nature and purpose of reserves
i. Translation reserves
The translation reserves amounting to USD 2,010 thousand (31 March 2023: USD 3,362 thousand) are recognised as a
separate account under equity and comprise foreign exchange differences arising from the translation of the
consolidated financial statements of subsidiaries and equity-accounted investees from their functional currencies
(Euro and TL) to the presentation currency USD.
Net investment hedge
As of 31 March 2024, the Company has used its US Dollar financing in a net investment hedge of the US Dollar net
assets of Ege Port and a foreign exchange loss recognised in other comprehensive income as a result of net investment
hedging was USD 11,974 thousand. In the year ended 31 March 2023, the Company has no active net investment hedge
arrangements.
ii. Legal reserves
Under the Turkish Commercial Code, Turkish companies are required to set aside first and second level legal reserves
out of their profits. First level legal reserves are set aside as up to 5% of the distributable income per the
statutory accounts each year. The ceiling of the first level reserves is 20% of the paid-up share capital. The
requirement to set aside ends when 20% of the paid-up capital level has been reached. Second level legal reserves
correspond to 10% of profit distributed after the deduction of the first legal reserves and the minimum obligatory
dividend pay-out, but holding companies are not subject to this regulation. There is no ceiling for second level
legal reserves and they are accumulated every year. First and second level legal reserves cannot be distributed until
they exceed 50% of the capital, but the reserves can be used for offsetting the losses in case free reserves are
unavailable. As at 31 March 2024, the legal reserves of the Group amounted to USD 6,024 (31 March 2023: USD 6,014
thousand).
iii. Hedging reserves
Cash flow hedge
The Group entered into an interest rate swap as of 30 September 2014, in order to hedge its position against changes
in interest rates. The effective portion of the cash flow hedge that was recognised in other comprehensive income was
USD 67 thousand expense (31 March 2023: USD 142 thousand income). The amount that was reclassified from equity to
profit and loss within the cash flow hedges – effective portion of changes in fair value line item for the year was
USD 1 thousand (31 March 2023: USD 113 thousand expense) recognized as financial income in the profit and loss
statement.
The hedge instrument payments will be made in the periods shown below, at which time the amount deferred in equity
will be reclassified to profit and loss:
More than 3 5 years or less
3 months months but less but more than More than
or less than 1 year 1 year 5 years
(USD ‘000) (USD ‘000) (USD ‘000) (USD ‘000)
Net cash outflows exposure
Liabilities (27) (14) -- --
At 31 March 2023 (27) (14) -- --
Net cash outflows exposure
Liabilities -- -- -- --
At 31 March 2024 -- -- -- --
iv. Share based payment reserves
Starting from 1January 2019, the Group established a share-based award program that entitles key management personnel
to receive shares in the Company (Restricted Stock Units – RSU) based on the performance of the Company during the
vesting period. Currently, this program is limited to key management personnel and other senior employees.
Shares issued under the LTIP are subject to a dilution limit of up to 3% over 10 years, which will be monitored by
the Remuneration Committee. Upon vesting of an RSU, employees must pay the par value in respect of each share that
vests. Employees are also responsible to declare and pay the tax related to gains from RSUs to the appropriate
authorities. Reserves regarding this equity-based awards are provided under share based payment reserves. Reserves
provided during fiscal year ended 31 March 2024 amounted to USD 406 thousand ((31 March 2023: USD 59 thousand).
b. Dividends
Dividend distribution declarations are made by the Company in GBP and paid in USD in accordance with its articles of
association, after deducting taxes.
The Board of the Company has decided to suspend dividends with a resolution dated March 2020. Accordingly no dividend
was decided or distributed during the years ended 31 March 2024 and 31 March 2023.
Dividends to non-controlling interests totaled USD 8,187 thousand during the year ended 31 March 2024 and comprised a
distribution of USD 1,438 thousand made to other shareholders by Valletta Cruise Port fully paid in cash, a
distribution of USD 19 thousand made to other shareholders by Travel Shopping Limited fully paid in cash, a
distribution of USD 70 thousand made to other shareholders by Balearic Handling no cash settlement, a distribution of
USD 60 thousand made to other shareholders by Shore Handling no cash settlement, and a distribution of USD 6,600
thousand made to other shareholders by Barcelona Port Investments fully paid in cash (No dividend distribution during
the year ended 31 March 2023).
14 Loans and borrowings
As at 31 March 2024 and 31 March 2023, loans and borrowings comprised the following:
2024 2023
Current loans and borrowings
(USD ‘000) (USD ‘000)
Current portion of bonds and notes issued 5,322 17,834
Current bank loans 15,444 26,170
• TL 1,292 1,757
• Other currencies 14,152 24,414
Current portion of long-term bank loans 35,494 19,996
• TL 556 --
• Other currencies 34,938 19,996
Lease obligations 2,833 2,487
Finance leases 932 1,062
Lease obligations recognized under IFRS 16 1,901 1,425
Total 59,093 66,488
2024 2023
Non-current loans and borrowings
(USD ‘000) (USD ‘000)
Non-current portion of bonds and notes issued 398,701 242,820
Non-current bank loans 379,216 303,390
• TL 171 --
• Other currencies 379,045 303,390
Finance lease obligations 60,532 59,744
Finance leases 400 1,026
Lease obligations recognized under IFRS 16 60,132 58,718
Total 838,449 605,954
.
As at 31 March 2024 and 31 March 2023, the maturity profile of long-term loans and borrowings comprised the
following:
2024
Year 2023(USD ‘000)
(USD ‘000)
Between 1-2 years 32,875 37,776
Between 2-3 years 35,995 24,872
Between 3-4 years 56,573 268,247
Over 4 years 652,474 215,315
Total 777,917 546,210
As at 31 March 2024 and 31 March 2023, the maturity profile of lease obligations comprised the following:
USD ‘000 2024 2023
Future minimum Present value of minimum lease Future minimum Present value of
lease payments Interest payments lease payments Interest minimum lease
payments
Less than one 4,556 (1,723) 2,833 4,252 (1,765) 2,487
year
Between one and 122,732 (62,200) 60,532 126,186 (66,442) 59,744
five years
Total 127,288 (63,923) 63,365 130,438 (68,207) 62,231
Details of the loans and borrowings as at 31 March 2024 are as follows:
As at 31 March 2024
Loans and borrowings type Company Currency Maturity Interest Interest Principal Carrying value
name type rate %
Loans used to finance
investments and projects
Global
Secured loans (ii) Ports Group USD 2040 Fixed 7.87% 330,000 328,531
Finance
Unsecured Bonds and notes Nassau USD 2040 Fixed 5.29% - 255,000 249,956
(iv) Cruise Port 7.25%
Secured bonds (vii) San Juan USD 2039 – 2045 Fixed 6.50% –
Cruise Port 7.21% 144,540 134,992
Secured Loan (v) Antigua USD 2026 Floating SOFR + 8,247 8,481
Cruise Port 5.25%
Secured Loan (v) Antigua ECD 2026 Fixed 6.25% 22,220 22,575
Cruise Port
Unsecured bonds (vi) GP Malta EUR 2030 Fixed 6.25%
Finance 19,558 19,075
Secured Loan (iii) Port of EUR 2025 Floating Euribor +
Adria 4.25% 12,935 13,112
Secured Loan Creuers EUR 2030 Fixed 6.20%
16,169 16,248
Secured Loan (viii) GP Canary EUR 2032 Floating Euribor +
Islands 2.80% 6,467 5,766
Secured loans Others 14,573 15,109
829,709 813,845
Loans used to finance
working capital
Unsecured loans Others 19,385 20,331
19,385 20,331
Finance lease obligations
(incl. IFRS-16 Finance
Lease)
IFRS – 16
Leasing finance 119,219 62,033
leases
Leasing Others 1,749 1,333
120,968 63,366
897,542
Details of the loans and borrowings as at 31 March 2023 are as follows:
As at 31 March 2023
Loans and borrowings type Company name Currency Maturity Interest type Interest rate % Principal Carrying value
Loans used to finance
investments and projects
Secured loans (i) Cruise Port USD 2026 Floating Libor + 5.25 254,116 247,189
Finance
Unsecured Bonds and notes Nassau Cruise USD 2040 Fixed 5.25 - 8.00 244,400 241,226
(iv) Port
Secured Loan (v) Antigua Cruise USD 2026 Floating SOFR + 5.25% 8,511 8,411
Port
Secured Loan (v) Antigua Cruise ECD 2026 Fixed 6.25% 23,771 23,728
Port
Unsecured Loan (vi) GP Malta Finance EUR 2030 Fixed 6.25% 19,713 19,426
Secured Loan (iii) Port of Adria EUR 2025 Floating Euribor + 4.25 17,384 17,549
Secured Loans Others 23,423 23,975
591,318 581,504
Loans used to finance
working capital
Unsecured loans Others 28,266 28,706
28,266 28,706
Finance lease obligations
(incl. IFRS-16 Finance
Lease)
Leasing IFRS – 16 119,993 60,143
finance leases
Leasing Others 2,050 2,088
122,043 62,231
672,441
Detailed information relating to significant loans undertaken by the Group is as follows:
i. At 27 July 2021, the Group entered into a five-year, senior secured loan agreement for up to USD 261.3 million
with the investment firm Sixth Street to refinance Eurobond. USD 186.3 million of this loan has been drawn for the
refinancing at closing of this transaction. Under the terms of the Facility Agreement, the Company had the ability
to select from a range of interest payment options including an all-cash interest rate of Libor 7%, a cash
interest rate of LIBOR +5.25% plus PIK rate of 2%, or a PIK only rate of LIBOR +8.5% up until December 2022. The
loan repayment was due for repayment with a bullet payment at final maturity in July 2026. As part of the
financing arrangement with Sixth Street, the Company also agreed to issue warrants to Sixth Street for a
subscription price equal to the nominal value per share representing 9.0% of the Company’s fully-diluted share
capital (subject to customary adjustments).
At the end of the prior reporting period an additional USD 38.9 million was drawn under the USD 75 million growth
tranche included in the Facility Agreement.
During the 2024 Reporting Period the Sixth Street loan was repaid in full and all warrants have been exercised by
Sixth Street.
At 23 March 2023, the up-front concession fee payment for the extension of Ege Port concession amounting to $38.9m
was financed by partial utilization of the growth facility provided by Sixth Street under the Facility Agreement. In
connection with the additional drawdown additional warrants were issued to Sixth Street representing an incremental
2.0% of GPH’s fully diluted share capital (in addition to warrants issued at financial closing in July 2021
equivalent of 9.0% of GPH’s fully diluted share capital).
The entire loan from Sixth Street was fully repaid as of 28 September 2023 and the warrants were exercised and
warrant shares issued shortly before the end of the Reporting Period (for details on further warrants issuance; refer
to note 13). Total share capital issued amounted to USD 106 thousand (8,395,118 Ordinary shares of £0.01 each),
compared to total loan repayment including prepayment penalty and accrued interest totaled USD 271 million.
ii. At 28 September 2023, Group issued USD 330 million of secured private placement notes ("Notes") to insurance
companies and long-term asset managers at a fixed coupon of 7.87%. The Notes have received an investment grade
credit rating from two rating agencies and will fully amortize over 17 years, with a weighted average maturity of
c13 years. The majority of the proceeds have been used to repay in full the outstanding senior secured loan from
Sixth Street (refer to (i)), including early repayment fees and accrued interest. The Notes have financial
covenants including debt service cover ratio and leverage tests, as well as customary dividend payment
restrictions based on debt service cover ratios.
iii. Port of Adria entered into a loan agreement with EBRD amounting to Euro 20 million in total on 26 February 2018
with a 6-year maturity, 2 years grace period and an interest rate of Euribor + 4.25%. Principal and interest is
payable quarterly in January, April, July and November of each year. Under this loan agreement, in the event of
default, all shares of Port of Adria (12,040,993 Shares having 0.5026 € nominal value per each and 30,683,933
Shares having 1.1485 € nominal value per each) are pledged to the bank in accordance with a share pledge
agreement. In compliance with this agreement, the Company is also guarantor of Port of Adria, and as per the
agreement, the Company has to comply with the consolidated leverage ratio of 5.0 to 1.
iv. Nassau Cruise Port issued an unsecured bond with a total nominal value of USD 133.3 million pursuant to the Bond
Subscription Agreement dated 29 June 2020. The unsecured bonds have been sold to institutional investors at par
across two tranches in local currency Bahamian Dollar and US-Dollar, which are pari-passu to each other, and with
a fixed coupon of 8.0% across both tranches payable semi-annually starting 30 June 2021. Final maturity of the
bond is 30 June 2040, and principal repayments will occur in ten equal, annual instalments, beginning in June
2031 and each year afterwards until final maturity. These unsecured bonds were refinanced during the Reporting
Period by a 6.0% interest bearing bonds with an increased nominal amount of USD 145 million with the same
maturity and same repayment schedule on May 2023.
Nassau Cruise Port has issued three additional tranches of unsecured notes with a total nominal value of USD 110
million pursuant to note purchase agreements dated 24 June 2021, 29 September 2021 and 22 November 2021. Notes have a
fixed coupon of 5.29%, 5.42% and 7.50% respectively, payable semi-annually starting 31 December 2021. Final maturity
of the notes is 31 December 2040 (amortising), 31 December 2031 (bullet repayment) and 31 December 2029,
respectively.
The bonds and the notes are general obligations of Nassau Cruise Port and not secured by any specific collateral or
guarantee. No other entity of the Group has provided any security or guarantee with respect to the Nassau Cruise Port
bond and notes. The bonds and the notes contain a covenant that Nassau Cruise Port must maintain a minimum debt
service coverage ratio of 1.30x prior to the distribution of any dividends to shareholders.
v. On 26 September 2019, GPH Antigua entered into a syndicated loan with 6 years maturity and 2 years Grace period.
Repayment is being made quarterly starting from 31 December 2022, at a principal rate of 2.0835%. The remaining
amount (58.33%) will be paid in September 2027. The syndicated loan is subject to a number of financial ratios and
restrictions, breach of which could lead to early repayment being requested. The agreement includes terms about
certain limitations on dividends payments, new investments, a change in the control of the companies, change of
the business, new loans and disposal of assets.
vi. GPH, through a 100% owned SPV in Malta, issued EUR 18.1 million of unsecured bonds on February 2023, due 2030
with a fixed coupon of 6.25% per annum. These bonds are guaranteed by GPH, and the proceeds have been used to
partially finance GPH’s investment plans for recent cruise port acquisitions in Europe.
vii. San Juan Cruise Port issued two bonds totalling USD 145 million as long-term project financing as at 14 February
2024. USD 68 million has been raised through the issuance of a Series A bonds due 2045 with an average interest
of 6.5% (additional Series A bonds with a nominal value of USD 42 million were issued shortly after the end of
the Reporting Period in form of forward committed bonds), USD 77 million were raised through the issuance of a
Series B bonds due 2039 to US institutional investors at a fixed coupon of 7.21%. The Series A bond will fully
amortize 21 years, with a weighted average duration of c19 years. The Series B bond will fully amortize over 15
years, with a weighted average duration of c12 years.
viii. For the partial financing of the capital expenditure at Las Palmas Cruise Port, a project finance loan facility
provided by a major regional bank with a total facility amount of up to EUR 33.5 million and a tenor of 10
years (in addition to minor working capital and guarantee facilities) has reached financial closing in December
2023. The CAPEX facility is funding construction costs and transaction expenses and the drawdown will occur
gradually as construction progresses.
Reconciliation of movements of liabilities to cash flows arising from financing activities
USD'000 Liabilities Equity
Loans and Borrowings Leases Retained earnings NCI Total
Balance at 1 April 2023 610,210 62,231 (73,283) 101,440 700,598
Changes from financing cash flows
Proceeds from loans and borrowings 641,109 1,440 -- -- 642,549
Repayment of borrowings / leases (432,190) (4,480) -- -- (436,670)
Dividends paid -- -- -- (8,187) (8,187)
Total changes from financing cash flows 208,919 (3,040) -- (8,187) 197,692
The effect of changes in foreign exchange 1,619 (405) (2,010) (1,043) (1,839)
rates
Other changes
Liability-related
New leases -- 1,881 -- -- 1,881
Interest expense 58,550 4,261 -- -- 62,811
Interest paid (43,239) (1,986) -- -- (45,225)
Total liability-related other changes (1,883) 424 -- -- (1,459)
Total equity-related other changes -- -- 16,717 (16,111) 606
Balance at 31 March 2024 834,176 63,366 (58,576) 76,099 915,065
Liabilities Equity
USD'000
Loans and Borrowings Leases Retained earnings NCI Total
Balance at 1 April 2022 531,569 67,019 (48,192) 88,263 638,659
Changes from financing cash flows
Proceeds from loans and borrowings 117,939 -- -- -- 117,939
Repayment of borrowings / leases (42,915) (3,085) -- -- (46,000)
Total changes from financing cash flows 75,024 (3,085) -- -- 71,939
The effect of changes in foreign exchange rates 1,056 (381) (93) (1,813) (731)
Other changes
Liability-related
Disposal -- (39) -- -- (39)
Interest expense 34,739 3,756 -- -- 38,495
Interest paid (30,202) (2,187) -- -- (32,389)
Total liability-related other changes (1,976) (2,852) -- -- (4,828)
Total equity-related other changes -- -- (24,998) 14,490 (10,508)
Balance at 31 March 2023 610,210 62,231 (73,283) 101,440 700,598
15 Earnings / (Loss) per share
The Group presents basic earnings per share ("basic EPS") data for its ordinary shares. Basic EPS is calculated by
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of
ordinary shares outstanding during the period, less own shares acquired.
The Group has share-based payments as part of its long-term incentive plan to directors and senior management. The
shares to be granted to the participants of the scheme are only considered as potential shares when the market
vesting conditions are satisfied at the reporting date. None of the market conditions are satisfied at the reporting
date and therefore there is no dilution of the earnings per share or adjusted earnings per share (please refer to the
glossary of APMs). There are no other transactions that can result in dilution of the earnings per share or adjusted
earnings per share (please refer to the glossary of APMs).
Earnings per share is calculated by dividing the profit/(loss) attributable to ordinary shareholders, by the weighted
average number of shares outstanding.
2023
2024
Profit/(loss) attributable to owners of the Company (USD’000) 881 (24,998)
Weighted average number of shares 66,113,525 62,826,963
Basic and diluted earnings / (loss) per share with par value of GBP 0.01 (cents per share) 1.3 (39.8)
16 Commitments and contingencies
a. Litigation
There are pending lawsuits that have been filed against or by the Group. Management of the Group assesses the
possible results and financial effects of these lawsuits at the end of each period and as a result of these
assessments, the required provisions are recognised for the possible expenses and liabilities. The total provision
amount that has been recognised as at 31 March 2024 is USD 385 thousand (31 March 2023: USD 351 thousand).
The information related to the significant lawsuits that the Group is directly or indirectly a party to, is outlined
below:
Port of Adria-Bar (Montenegro) is a party to the disputes arising from the collective labour agreement executed with
the union by Luka Bar AD (former employer/company), which was applicable to Luka Bar AD employees transferred to Port
of Adria-Bar. The collective labour agreement has expired in 2010, before the Port was acquired by the Group under
the name of Port of Adria-Bar. However, a number of lawsuits have been brought in connection to this collective
labour agreement seeking (i) unpaid wages for periods before the handover of the Port to the Group, and (ii) alleged
underpaid wages as of the start of 2014. On March 2017, the Supreme Court of Montenegro adopted a Standpoint in which
it is ruled that collective labour agreement cannot be applied on rights, duties and responsibilities for employees
of Port of Adria-Bar after 30 September 2010. Although the Standpoint has established a precedent that has applied to
the claims for the period after 30 September 2010; there are various cases pending for claims related to the period
of 1 October 2009 – 30 September 2010. In respect of the foregoing period of one year, the Port of Adria-Bar has
applied to the Constitutional Court to question the alignment of the collective labour agreement with the
Constitution, Labor Law, and general collective agreement. The Port of Adria-Bar is notified that the application for
initiating the procedure for reviewing the legality of the Collective Agreement has been rejected due to a procedural
reason, without evaluating the arguments submitted. In evaluating the merits of the existing cases, local courts have
ruled out in contradiction of the previous judgments which has allowed Port of Adria- Bar to appeal before the
Supreme Court of Montenegro and request re-evaluation of the applicability of the dispute clauses of the collective
labour agreement until 30 September 2010.
As of 31 March 2024, the Group has allocated a provision expense of USD 293 thousand for this lawsuit in its
consolidated financial statements (31 March 2023: USD 333 thousand).
b. Guarantees
As at 31 March 2024 and 31 March 2023, the letters of guarantee given comprised the following:
2024 2023
Letters of guarantee
(USD ‘000) (USD ‘000)
Given to seller for the call option on APVS shares (*) 4,746 4,783
Given to Privatisation Administration / Port Authority (**) 4,143 12,919
Other governmental authorities 1,006 1,009
Others 393 155
Total letters of guarantee 10,288 18,866
(*) Venetto Sviluppo (“VS”), the 51% shareholder of APVS, which in turn owns a 53% stake in Venezia Terminal
Passegeri S.p.A (VTP), has a put option to sell its shares in APVS partially or completely (up to 51%) to Venezia
Investimenti (VI). This option originally could have been exercised between 15 May 2017 and 15 November 2018, but has
been extended until the end of November 2024. If VS exercises the put option completely, VI will own 99% of APVS and
accordingly 71.51% of VTP. The Group has given a guarantee letter for its portion of 25% to VS, which serves as a
security of the full amount of the put option mentioned above.
(**) The increase is related to a guarantee letter given to Port Authority in an expansion project amounting USD 10
million.
c. Contractual obligations
Ege Liman
The details of the TOORA (“Transfer of Operational Rights Agreement”) dated 2 July 2003, executed by and between Ege
Liman and OIB together with TDI are stated below:
The agreement allows Ege Liman to operate Ege Ports-Kuşadası for a term of 30 years for a total consideration of USD
24.3 million which has already been paid. Ege Liman's operation rights extend to port facilities, infrastructure and
facilities which are either owned by the State or were used by TDI for operating the port, as well as the duty-free
stores leased by the TDI. Ege Liman is entitled to construct and operate new stores in the port area with the written
consent of the TDI.
Ege Liman is able to determine tariffs for Ege Ports- Kuşadası's port services at its own discretion without TDI's
approval (apart from the tariffs for services provided to Turkish military ships).
The TOORA requires that the foreign ownership or voting rights in Ege Liman do not exceed 49%. Pursuant to the terms
of the TOORA, the TDI is entitled to hold one share in Ege Liman and to nominate one of Ege Ports – Kuşadası's board
members. Global Liman appoints the remaining board members and otherwise controls all operational decisions
associated with the port. Ege Ports-Kuşadası does not have the right to transfer its operating rights to a third
party.
Ege Liman is liable for the maintenance of the port together with keeping the port equipment in good repair and in
operating condition throughout its operating right period. After the expiry of the contractual period, the real
estate and the integral parts shall be surrendered to the Government in a specific condition, while the movable
properties stay with Ege Liman. At the beginning of reporting period, Group has extended Ege Liman’s concession
agreement for an additional 19 years.
Bodrum Liman
The details of the BOT Agreement dated 23 June 2004, executed by and between Bodrum Liman and the DLH are stated
below:
Bodrum Liman had to construct the Bodrum Cruise Port in a period of 1 year and 4 months following the delivery of the
land and thereafter, will operate the Bodrum Cruise Port for 12 years. The final acceptance of the construction was
performed on 4 December 2007, and thus the operation period has commenced.
Bodrum Liman also executed an extension on prior Concession Agreement with the General Directorate of National
Property on 15 November 2018 ("Bodrum Port Concession Agreement"). The BOT Agreement is attached to the Bodrum Port
Concession Agreement and Bodrum Liman is entitled to use the Bodrum Cruise Port under these agreements for an
extended period of 49 years starting from 31 December 2019. The BOT Agreement permits Bodrum Liman to determine
tariffs for Bodrum Cruise Port's port services at its own discretion, provided that it complies with applicable
legislation, such as applicable maritime laws and competition laws.
Bodrum Liman is required to pay the Directorate General for Infrastructure Investments a land utilisation fee. This
fee increases by Turkish Consumer Price index each year. With the extension signed, this fee will be revised yearly
as per the agreement between the Company and Directorate General.
Bodrum Liman is liable for the maintenance of the Port together with the port equipment in good repair and in
operating condition throughout its operating right period. After the expiry of the contractual period, the real
estate and the integral parts of it shall be surrendered to the Government at a specific condition, while the movable
properties stay with Bodrum Liman.
Port of Adria
The details of the TOORA Contract dated 15 November 2013, executed by and between Global Liman and the Government of
Montenegro and AD Port of Adria-Bar are stated below:
Global Liman will be performing services such as repair, financing, operation and maintenance in the Port of Adria
for an operational period of 30 years (terminating in 2043).
Port of Adria has an obligation to pay to the Government of Montenegro (a) a fixed concession fee in the amount of
Euro 500,000 per year; (b) a variable concession fee in the amount of Euro 5 per twenty-foot equivalent (“TEU”) (full
and empty) handled over the quay (ship-to-shore and shore-to-ship container handling), no fees are charged for the
movement of the containers; (c) a variable concession fee in the amount of Euro 0.20 per ton of general cargo handled
over the quay (ship-to-shore and shore-to-ship general cargo handling). However, pursuant to Montenegrin Law on
Concessions, as an aid to the investor for investing in a port of national interest, the concession fee was set in
the amount of Euro 1 for the period of three years starting from the effective date of the TOORA Contract. Tariffs
for services are regulated pursuant to the terms of the concession agreement with the Montenegro port authority,
where the maximum rates are subject to adjustments for inflation.
For the first three years of the agreement, Port of Adria had to implement certain investment and social programmes
outlined in the agreement and had to commit Euro 13.6 million towards capital expenditure during that period. This
included launching and investing Euro 6.5 million in certain social programmes at Port of Adria Bar such as
retrenching employees, the establishment of a successful management trainee programme, and subsidising employees to
attend training and acquire additional qualifications, as well as the provision of English lessons to employees. All
the relevant investment requirements already performed by Port of Adria at the end of 2016.
Port of Adria is liable for the maintenance of the Port of Adria together with the port equipment in good repair and
in operating condition throughout its operating right period. After the expiry of the contractual period, the real
estate and the integral parts of it shall be surrendered to the Government of Montenegro at a specific condition,
while the movable properties stay with Port of Adria.
Barcelona Cruise Port
The details of the TOORA Contract dated 29 July 1999, executed by and between Creuers del Port de Barcelona and the
Barcelona Port authority are stated below:
Creuers del Port de Barcelona, S.A. (“Creuers”) will be performing the management of port services related to the
traffic of tourist cruises at the Port of Barcelona, as well as the development of commercial complementary
activities corresponding to a seaport, in Adossat Wharf in Barcelona for an operational period of 27 years. The port
operation rights for Adossat Wharf (comprised of Terminals A and B) terminates in 2030. The Port concession period
can be extended automatically for three years provided that (i) Creuers has complied with all the obligations set
forth in the Port Concession; and (ii) Creuers remains rendering port services on tourist cruises until the expiry of
the extended term. Therefore, the concession the concession period is considered to be 30 years.
Creuers is liable for the maintenance of Adossat Wharf Terminals A and B, as well as ensuring that port equipment is
maintained in good repair and in operating condition throughout its concession period. For the detailed maintenance
and investment requirements, as set out in the concession agreement, a replacement provision has been provided in the
financials of the Company. After the expiry of the contractual period, the real estate and the integral parts of it
shall be surrendered to the Barcelona Port Authority.
The concession is subject to an annual payment, which consists of the following fees: (i) a fee for the occupancy of
the public land at the port, (ii) a fee for the operation of public land for commercial activities, and (iii) a
general service fee.
The details of the TOORA Contract dated 26 July 2003, executed by and between Creuers and the Barcelona Port
authority are stated below:
Creuers will be performing the management of port services related to the traffic of tourist cruises at the Port of
Barcelona, as well as the development of commercial complementary activities corresponding to a seaport, in WTC Wharf
in Barcelona for an operational period of 27 years. The port operation rights for the World Trade Centre Wharf
(comprised of Terminals N and S) terminate in 2027. However, the Port concession period can be extended automatically
for three years provided that (i) Creuers has complied with all the obligations set forth in the Port Concession; and
(ii) Creuers remains rendering port services on tourist cruises until the expiry of the extended term. Therefore, the
concession period is considered as 30 years. Creuers is liable for the maintenance of Adossat Wharf Terminals N and S
together with keeping the port equipment in good repair and in operating condition throughout its operating right
period. After the expiry of the contractual period, the real estate and the integral parts of it shall be surrendered
to the Barcelona Port Authority.
Malaga Cruise Port
The details of the TOORA Contract dated 9 July 2008, executed by and between Cruceros Malaga and the Malaga Port
authority are stated below:
Cruceros Málaga, S.A. obtained an administrative concession to occupy the Levante Terminal of the Malaga Port and its
exploitation, for a 30-year period, terminating in 2038. The concession term can be extended for up to fifteen years,
in two terms of 10 and 5 additional years (extending the total concession period to 45 years), due to an amendment to
the Malaga Levante Agreement approved by the Malaga Port Authority in its resolution dated 28 October 2009. These
extensions require (i) the approval by the Malaga Port Authority and (ii) Cruceros Malaga to comply with all of the
obligations set forth in the concession. Cruceros will perform passenger services, terminal usage and luggage
services, as well as undertake general maintenance of the Levante Terminal. Cruceros is responsible for ensuring that
the port equipment is maintained in good repair and operating condition throughout the concession term.
The concession is subject to an annual payment, which consists of the following fees: (i) a fee for the occupancy of
the public land at the port, and (ii) a fee for the operation of public land for commercial activities.
The details of the TOORA Contract dated 11 December 2011, executed by and between Cruceros Malaga and the Malaga Port
authority, are stated below:
Cruceros Málaga, S.A. obtained an administrative concession to occupy El Palmeral Terminal of the Malaga Port and its
exploitation, for a 30-year period, terminating in 2042. Cruceros will perform passenger services, terminal usage and
luggage services, as well as undertake general maintenance of the El Palmeral Terminal. Cruceros is responsible for
ensuring that the port equipment is maintained in good repair and operating condition throughout the concession term.
The concession is subject to an annual payment, which was Euro 173 thousand in 2022, which consisted of the following
fees: (i) a fee for the occupancy of the public land at the port, and (ii) a fee for the operation of public land for
commercial activities.
Valletta Cruise Port
On 22 November 2001, VCP signed a deed with the Government of Malta by virtue of which the Government granted a
65-year concession over the buildings and lands situated in Floriana, which has an area of 46,197 square metres
(“sqm”). VCP will perform the operation and management of a cruise liner passenger terminal and an international
ferry passenger terminal together with complementary leisure facilities. The area transferred is used as follows:
retail 6,854sqm, office 4,833sqm, terminal 21,145sqm and potential buildings 13,365sqm.
A ground rent is payable by Valletta Cruise Port to the Government of Malta. At the end of each 12 month period, VCP
is required pay to the Government of Malta (a) 15% of all revenue deriving from the letting of any buildings or
facilities on the concession site for that 12-month period, and (b) 10% of revenue deriving from passenger and cruise
liner operations, subject to the deduction of direct costs and services from the revenue upon which 10% fee is
payable.
Catania Cruise Terminal
On 18 October 2011, Catania Cruise Terminal SRL (“CCT”) signed a deed with the Catania Port Authority by virtue of
which the Port Authority granted a 15-year concession over the passenger terminal area situated on Catania City
Center. CCT will perform the operation and management of a cruise passenger terminal in the area.
A fixed rent is payable by CCT to the Port Authority in the sum of Euro 135,000 for each year during the concession
period.
Cagliari Cruise Terminal
On 14 January 2013, Cagliari Cruise Port S.r.l (“CCP”) signed a deed with the Cagliari Port Authority by virtue of
which the Port Authority granted a 15-year concession over the passenger terminal area situated within Cagliari Port.
CCT will perform operation and management of a cruise passenger terminal in the area.
A fixed rent is payable by CCP to the Port Authority in the sum of Euro 44 thousand for each year during the
concession period.
Taranto Cruise Port
On 5 May 2021, Taranto Cruise Port Srl (“TCP”) signed a deed with the Port of Taranto Authority by virtue of which
the Port Authority granted a 20-year concession over the passenger terminal area situated within Taranto Port. TCP
will perform the operation and management of a cruise passenger terminal in the area.
A fixed rent is payable by TCP to the Port Authority Euro 12,000 for each year starting from first year of concession
period, increasing yearly basis up to Euro 52,000 until the end of the concession period.
Nassau Cruise Port
On 28 August 2019, Nassau Cruise Port Ltd (“NCP”) signed a port operation and lease agreement (“POLA”) with the
Government of The Bahamas by virtue of which the Government of The Bahamas granted a 25-year concession over the
passenger terminal area situated within Nassau Cruise Port. The 25-year period will start from the completion of the
redevelopment project. Effective from 9 October 2019, NCP manages and operates Nassau Cruise Port at Prince George
Wharf, Nassau, The Bahamas. NCP will invest an amount of USD 250 million in expanding the capacity of the port. The
investment amount also includes ancillary contributions made to the local community to increase the wealth of people
of Bahamas. These payments will be made partly as grants and partly as interest free loans.
Pursuant to the POLA, a variable fee payment based on the number of passengers is made to the Government of The
Bahamas starting from 9 October 2019. Until the redevelopment project is completed, a minimum fixed fee will be
payable to the Government of The Bahamas amounting to USD 2 million. The minimum variable fee will be increased to
USD 2.5 million from construction end date until the end of concession per annum.
Antigua Cruise Port
On 31 January 2019, GPH (Antigua) Ltd signed a concession agreement with the Government of Antigua and Barbuda and
Antigua and Barbuda Port Authority by virtue of which it is granted a 30-year concession over the passenger terminal
area situated within Antigua Cruise Port. Effective from 23 October 2019, GPH (Antigua) Ltd has assumed the operation
and management of the cruise port in St John’s, Antigua and Barbuda.
As part of its obligations under the concession agreement, GPH (Antigua) Ltd. Has repaid the existing bond of USD 21
million and invested an additional of USD 22 million to complete the new pier and dredging works to accommodate the
largest cruise ships in the world. All such investments have been partially financed through non-recourse project
finance and the Group’s cash equity contribution of 27.5% at financial close. A variable fee payment based on the
number of passengers will be made to the contracting authority with a minimum fee guarantee. From the 21st year of
the concession, GPH (Antigua) Ltd. will pay a share of its annual revenue to the contracting authorities.
Kalundborg Cruise Port
On 15 October 2021, GPH (Kalundborg) ApS (“GPH Kal”) signed a deed with the Port Authority of Kalundborg by virtue of
which the Port Authority granted a 20-year concession to manage cruise services in Kalundborg Port. As part of its
obligations under the concession agreement, GPH Kal will invest up to €6m by the end of 2025 into a purpose-built
cruise terminal. GPH Kal has taken over cruise port operations on 15 February 2022.
A fixed rent is payable by GPH Kal to the Port Authority of DKK 375 thousand (USD 54 thousand) for the first year of
concession period, which will grow in steps to DKK 500 thousand (73 thousand) by third year of concession and by
Denmark CPA index yearly basis until end of concession.
GP Tarragona
On 31 March 2022, the Tarragona Port Authority (“Port Authority”) has awarded Global Ports Holding a 12-year
concession, with a 6-year extension option, to manage the services for cruise passengers in Tarragona, Spain. Cruise
operations were taken over by GPH starting 1st April 2022.
Under the terms of the agreement, GPH will invest up to €5.5m into building a modular cruise terminal, which will
utilise solar power to ensure the sustainable provision of the terminal’s energy needs.
The concession is subject to an annual payment, which was Euro 43 thousand in 2022, which consisted of the following
fees: (i) a fee for the occupancy of the public land at the port, and (ii) a fee for the operation of public land for
commercial activities.
GP Canary Islands
On 11 July 2022, Global Ports Canary Islands S.L. (“GPCI”), an 80:20 joint venture between GPH and Sepcan S.L., has
agreed on the terms for a 40-year concession agreement to operate Las Palmas de Gran Canaria Cruise Port, Canary
Islands, Spain. On 30 September 2022, Global Ports Canary Islands has been awarded for 20-year concessions for the
port of Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura). Cruise operations were taken over by GPH
starting from 1st October 2022.
Under the terms of agreement, GPCI will invest approximately €42 million into constructing a new cruise terminal in
Las Palmas and modular terminal facilities in Marmoles pier in Arrecife and Puerto del Rosario in Fuerteventura. The
debt financing for this project is expected to be secured by local banks, and GPH is in advanced discussion regarding
the financing. The debt metrics are expected to align with the Group’s historical precedents.
The concession is subject to an annual payment, which was EUR 158 thousand for the calendar years 2023 and 2024, and
will increase to Euro 273 thousand after expected completion of construction in 2025, which will consist of the
following fees: (i) a fee for the occupancy of the public land at the port, and (ii) a fee for the operation of
public land for commercial activities.
GP Alicante
On 9 March 2023, GP Alicante, an 80:20 joint venture between GPH and Sepcan S.L., has signed a 15-year cruise port
concession for Alicante Cruise Port, Spain. Cruise operations were taken over by GPH starting from 26 March 2023.
Under the terms of agreement, GP Alicante will invest approximately €2 million into refurbishing and modernising the
cruise terminal.
The concession is subject to an annual payment, which is 73 thousand for the calendar year 2023 and 2024, and will
increase to Euro 101 thousand during the calendar year 2025, which will consist of the following fees: (i) a fee for
the occupancy of the public land at the port, and (ii) a fee for the operation of public land for commercial
activities.
San Juan Cruise Port
San Juan Cruise Port LLC has signed public private partnership agreement with Puerto Rico Ports Authority to operate
San Juan Bay Cruise Terminals for a period of a 30 years and potential extension of 5 years.
Under the terms of the concession agreement, SJCP paid Puerto Rico Ports Authority an upfront concession fee of USD
77 million. During the initial investment phase, SJCP will invest approximately USD 100 million, primarily focused on
critical infrastructure at Pier 4 and Pan American Piers together with upgrades to the terminal buildings and the
walkway in front of the Old San Juan piers.
The second investment phase will commence subject to certain pre-agreed criteria, including cruise passenger volumes
recovering to pre-pandemic levels. In this phase, SJCP will invest an estimated USD 250m in expanding the capacity of
the San Juan Cruise Port by building a completely new cruise pier and homeport terminal capable of handling the
world's largest cruise ships at Piers 11 and 12.
The concession agreement does not include a fixed annual payment for rental. A variable fee payment based on the
number of passengers will be made to the contracting authority with no minimum fee guarantee.
17 Leases
Lease as lessee (IFRS 16)
The Group has entered into various operating lease agreements. In the periods presented, the Group's main operating
lease arrangements as lessee are the port rent agreements of Valletta Cruise Port until 2066, Port of Adria until
2043, Creuers until 2033, Cruceros until 2043, Cagliari Cruise Port until 2026, Taranto Cruise Port until 2039, Zadar
Cruise Port until 2039, Antigua Cruise Port until 2049,Bodrum Liman until 2067, Kalundborg until 2033 and Prince
Rupert until 2032. Part of the concession agreements of Creuers and Cruceros relate to the occupancy of the public
land at the port and the operation of public land for commercial activities, which are out of scope of IFRIC 12, and
have been accounted for under IFRS 16 – Leases.
The Company has a leasing agreement to rent its office at third floor offices at 35 Albemarle Street London. This
lease has no purchase options or escalation clauses.
Lease liabilities are presented within the loans and borrowings.
Right of use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented
separately.
As at As at
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Balance at the beginning of the year 77,408 83,461
Amendments to Right of Use assets (*) 2,232 (1,704)
Additions (**) 1,097 --
Depreciation charge for the year (3,293) (3,292)
Currency translation differences (336) (1,057)
Balance at year-end 77,108 77,408
(*) Company has adjusted its right of use assets in Malaga due to an increase of concession term and in Valletta and
Port of Adria due to a change in inflation rate. (2023: The Company has adjusted its right of use asset for Port of
Adria due to a change in payment plan. Per discussions with the Government Authority, the Company has restructured
its yearly fixed concession fee and the interest rate used for discounting has also changed, resulting in a decrease
in Right of Use assets of the Group).
(**) Right of use asset has been recognized per new lease agreement for Group’s headquarters in London, and Prince
Rupert Cruise Port concession agreement.
Amounts recognized in profit or loss
As at As at
31 March 2024 31 March 2023
(USD’000) (USD ‘000)
Interest on lease liabilities (2,558) (1,765)
Expenses relating to short-term leases -- --
Amounts recognized in statement of cash flows
As at As at
31 March 2024 31 March 2023
(USD’000) (USD ‘000)
Total cash outflow for leases (4,480) (3,085)
Extension options
All concession agreements contain extension options exercisable by the Group. These options are exercisable with the
submission of the extension request by the Group before expiry of current concession agreements. Extendable rights
vary based on the country regulations, and current concession period. Extension options are evaluated by management
on a contract basis, and the decision is based on the Port’s performance, and possible extension period. Extension
options in concession agreements are being provided for the continuation of the port’s operations. The extension
options held are exercisable only by the Group and in some agreements subject to approval of the grantor.
Accordingly, the Group includes only existing signed contract periods for the concession life.
The Group has estimated that the potential future lease payments, should it exercise all extension options, would
result in an increase in lease liability of USD 1,758 thousand (2023: USD 3,286 thousand).
Lease as lessor
The Group's main operating lease arrangements as lessor are various shopping centre rent agreements of Ege Port,
Bodrum Cruise Port, Valletta Cruise Port, Barcelona Cruise Port, Malaga Cruise Port, Zadar Cruise Port, Nassau Cruise
Port and Antigua Cruise Port. All leases are classified as operating leases from a lessor perspective.
The following table sets out a maturity analysis of lease receivables, showing the payments to be received after the
reporting date.
As at As at
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Less than one year 3,238 2,811
One to two years 1,152 920
Two to three years 611 307
Three to four years 189 186
Four to five years -- 122
More than five years -- --
Total 5,190 4,346
During the year ended 31 March 2024, USD 16,454 thousand (31 March 2023: USD 10,407 thousand) was recognised as
rental income in the consolidated income statement and other comprehensive income.
18 Investment Property
Reconcillation of carrying amount
As at As at
31 March 2024 31 March 2023
(USD ‘000) (USD ‘000)
Balance at the beginning of the year 1,944 2,038
Depreciation charge for the year (44) (43)
Currency translation differences (15) (51)
Balance at the end of the year 1,885 1,944
Investment property comprises Valletta Cruise Port’s commercial property that is leased to third parties.
19 Related Parties
The related parties of the Group which are disclosed in this note comprised the following:
Related parties Relationship
Mehmet Kutman Chairman and ultimate controlling party
Ayşegül Bensel Shareholder of Ultimate parent company
Global Yatırım Holding (“GIH”) Ultimate parent company
Global Ports Holding BV Parent company
Global Sigorta Aracılık Hizmetleri A.Ş. (“Global Sigorta”) Ultimate parent company’s subsidiary
Global Menkul Değerler A.Ş. (“Global Menkul”) Ultimate parent company’s subsidiary
Adonia Shipping Ultimate parent company’s subsidiary
Naturel Gaz Ultimate parent company’s subsidiary
Straton Maden Ultimate parent company’s subsidiary
Goulette Cruise Holding Joint-Venture
LCT - Lisbon Cruise Terminals, LDA (“LCT”) Equity accounted investee
All related party transactions between the Company and its subsidiaries have been eliminated on consolidation and are
therefore not disclosed in this note.
Due from related parties
As at 31 March 2024 and 31 March 2023, current receivables from related parties comprised the following:
2024 2023
Current receivables from related parties
(USD ‘000) (USD ‘000)
Adonia Shipping (*) 13 11
Straton Maden (*) 63 64
LCT (**) 924 21
Other Global Yatırım Holding Subsidiaries 254 239
Total 1,254 335
Non-current receivables from related parties
Goulette Cruise Holding (***) 9,876 9,553
9,876 9,553
(*) These amounts are related with the work advances paid related with the services taken on utilities by Group
Companies. The charged interest rate is 43.25% (for TL) as at 31 March 2024 (31 March 2023: 11.75%).
(**) Balance composed of management fees charged by Group and outstanding dividend payment.
(***) The Company is financing its Joint venture for the payment of La Goulette Shipping Company’s acquisition price
with a maturity of 5 years with bullet repayment at the end of term. Yearly interest up to 8% (31 March 2023: 8%) is
accruing and paid at maturity.
Due to related parties
As at 31 March 2024 and 31 March 2023, current payables to related parties comprised the following:
2024 2023
Current payables to related parties (*) (USD ‘000) (USD ‘000)
Mehmet Kutman 2,666 1,395
Global Sigorta (**) 106 64
Global Yatırım Holding 534 2,756
Ayşegül Bensel 1,023 690
Other Global Yatırım Holding Subsidiaries -- 2
Total 4,329 4,907
Global Yatırım Holding (***) 14,849 24,923
14,849 24,923
(*) All related party balances are unsecured.
(**) These amounts are related to professional services received. The interest rate charged is 43.25% for TL as at 31
March 2024 (31 March 2023: 11.75%).
(***) This amount is mostly given for financing requirements of subsidiaries and project expenses with an interest
applied of 7.5% to 9.8%.
Transactions with related parties
For the year ended 31 March 2024 and 31 March 2023, transactions with other related parties comprised the following:
USD ‘000 2024 2023
Interest Other Interest Other
received received
Global Yatırım Holding 977 1 179 47
Lisbon Cruise Port -- 479 -- --
Goulette Cruise Holding 369 -- 348 --
Total 1,346 480 527 47
USD ‘000 2024 2023
Project Interest Other Project Interest Other
Expenses Expenses Expenses Expense
Global Yatırım Holding 2,910 3,366 58 4,163 1,545 54
Total 2,910 3,366 58 4,163 1,545 54
NCP issued bonds on 10 May 2020 for the financing of its construction works related to port development. The total
value of the bonds issued at that date amounted to USD 125 million with an interest rate of 8% (for details see Note
24). The Yes Foundation, a 2% minority shareholder of NCP, has bought bonds amounting to USD 1.35 million at the
issuance. As at 31 March 2024 and 2023, these bonds were still held by the YES foundation.
For the year ended 31 March 2024 and 31 March 2023, GPH has not distributed any dividend to Global Yatırım Holding.
Transactions with key management personnel
Key management personnel comprised the members of the Board and GPH's senior management. For the year ended 31 March
2024 and 31 March 2023, details of benefits to key management personnel comprised the following:
2024 2023
(USD ‘000) (USD ‘000)
Salaries 3,415 2,912
Attendance fees to Board of Directors 769 667
Bonus 213 59
Others 29 --
Total 4,426 3,638
20 Events after the Reporting Date
Group has signed a 50-year agreement with Peel Ports Group’s subsidiary, The Mersey Docks And Harbour Company Ltd, to
operate cruise services at Liverpool Cruise Port. GPH took over operations of the port in April 2024.
On 1 May 2024, Group commenced operations at St Lucia Cruise Port and reached financial closing for the project
financing of the transaction after fulfilment of the final conditions.
GIH, main shareholder of the Company, as the controlling shareholder intends to seek delisting of the Company and
taking it private. GIH must, by no later than 5.00pm on 12 July 2024, either announce a firm intention to make an
offer for the Company in accordance with Rule 2.7 of the Code, or announce that it does not intend to make an offer,
in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline
will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
═════════════════════════════════════════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BD2ZT390
Category Code: FR
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 333363
EQS News ID: 1943843
End of Announcement EQS News Service
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References
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