REG-Global Ports Holding PLC Trading Statement for the three months to 31 March 2021

Global Ports HoldingAnnouncement

09/06/2021 07:05

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   Global Ports Holding PLC (GPH)
   Trading Statement for the three months to 31 March 2021

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

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   Global Ports Holding Plc

   Trading Statement for the three months to 31 March 2021

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

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

                                            3 months       3 months
   Key Financials & KPI Highlights3    31 March 2021
                                                      31 March 2020
                                                     Like-for-like1
   Passengers (m PAX) 2                         0.01            1.3
   General & Bulk Cargo ('000 tons)             12.7           18.6
   Container Throughput ('000 TEU)              12.2           11.8
   Total Revenue ($m)                           13.9           12.7
       Cruise Revenue ($m) 4                    12.0           11.0
   Ex-IFRIC 12 Cruise Revenue ($m) 5             2.0           11.0
       Commercial Revenue ($m) 6                 1.9            1.7
   Segmental EBITDA ($m) 7                     (1.0)            6.0
       Cruise EBITDA ($m) 8                    (1.6)            5.7
       Commercial EBITDA ($m) 6                  0.6            0.3
   Adjusted EBITDA ($m) 9                      (2.6)            4.0
                                                                   
                                                                   
                                          31.03.2021    31.12.20201
   Gross Debt (IFRS)                           552.5          556.0
   Gross Debt ex IFRS 16 Finance Lease         486.7          487.4
   Net Debt                                    381.9          456.5
   Net Debt ex IFRS 16 Finance Lease           316.0          387.9
   Cash and Cash Equivalents                   170.7           99.5

    

   Notes                         

    1. Presented excluding Port  Akdeniz to ensure  comparability to  Q1-2021
       data.
    2. Passenger  numbers  refer  to   consolidated  and  managed   portfolio
       consolidation perimeter, hence it excludes equity accounted  associate
       ports La Goulette, Lisbon, Singapore and Venice.
    3. All $ refers to  United States Dollar  unless otherwise stated.  Where
       applicable, non-USD figures are  converted using the average  exchange
       rate of the period 1 January to 31 March 2021.
    4. Revenue allocated to  the Cruise  segment is  the sum  of revenues  of
       consolidated ports and from management contracts.
    5. Revenue Ex IFRIC 12 refers to the exclusion of the impact of IFRIC  12
       construction revenue accounting at Nassau Cruise Port.
    6. Commercial Revenue and  EBITDA reflects  the contribution  of Port  of
       Adria, excluding Port Akdeniz, which was sold during the period.
    7. Segmental EBITDA  is  calculated  as income/(loss)  before  tax  after
       adding  back:   interest;  depreciation;   amortisation;   unallocated
       expenses; and  specific  adjusting items,  including  Nassau  IFRIC-12
       construction margin.
    8. EBITDA allocated  to  the Cruise  segment  is  the sum  of  EBITDA  of
       consolidated cruise ports and pro-rata Net Profit of equity  accounted
       associate ports La  Goulette, Lisbon,  Singapore and  Venice, and  the
       contribution from management agreements.
    9. Adjusted  EBITDA  calculated  as  Segmental  EBITDA  less  unallocated
       (holding company) expenses.

    

    

   Key Financials and KPIs

     • Cruise passenger volumes for the 3M period fell by -99% YoY, driven by
       the shutdown of the cruise industry as a result of the Covid-19
       pandemic. However, cruise activities have now restarted in some of our
       Mediterranean ports and Singapore.
     • Total container volumes (TEUs) grew by 3.2%, and General & Bulk
       volumes fell 31.8% in certain low margin cargo items.
     • Total consolidated revenues were $13.9m for the 3M period; excluding
       the impact of IFRIC-12 Construction revenues at Nassau Cruise Port,
       total consolidated revenues were $3.9m.
     • Segmental EBITDA for the three months to end March 2021 was a loss of
       $1.0m.

          • Adjusted EBITDA was a loss of $2.6m.

    

    
                                                         
   Cruise
                                   3 months      3 months
   Passengers ('000 PAX)
                              31 March 2021 31 March 2020
   Creuers (Barcelona/Malaga)             0           119
   Valletta                               8            40
   Ege Port                               0             2
   Nassau                                 0           834
   Antigua                                0           256
   Other Cruise Ports                     2             2
   Total Cruise Ports                    10         1,253

    

     • Total cruise revenue of $12.0m for the three months to end March 2021.

          ◦ Excluding the impact of IFRIC-12 Construction revenues at Nassau
            Cruise Port, Cruise revenue was $2.0m.

     • Passenger volumes  fell 99%  to 10k,  compared to  1.3m in  the  three
       months to end March 2020.
     • Cruise EBITDA was a loss of $1.6m.
     • The limited return to cruise activity drove the declines in  passenger
       volumes, revenue and EBITDA.

    

   Commercial                                               
                                                            
                                    3 months        3 months
   Volumes
                               31 March 2021 31 March  2020 
                                              
   Port Adria                                 
   General & Bulk Cargo ('000)          12.7            18.6
   Throughput ('000 TEU)                12.2            11.8
                                              

    

     • Total commercial revenues rose by 13% to $1.9m for the period vs $1.7m
       for the three months to end March 2020.
     • Commercial EBITDA was $0.6m.
     • The most significant development in  the period was the completion  of
       the sale of the Group's largest commercial port, Port Akdeniz, for  an
       enterprise value of  $140m to  QTerminals W.L.L. The  equity value  of
       Port Akdeniz  after deducting  net debt  and debt-like  items of  Port
       Akdeniz at closing was $115m, with the buyer withholding $11.5m, which
       will be released  in Q4-2021. The Group  has paid  transaction-related
       expenses and costs from the  net proceeds at closing, including  costs
       related to the satisfaction of condition precedents to closing.

          ◦ The Key Financials & KPI Highlights included in this trading
            update exclude the contribution from Port Akdeniz.

    

   Other developments

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

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

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

   The loan agreement remains conditional on a number of factors, which are
   expected to be satisfied shortly. As part of the financing arrangements,
   the Company intends to issue warrants over its shares to the lender, which
   will become exercisable subject to certain events. GPH is holding a
   general meeting today, 9 June 2021, related to the issuing of the
   warrants. More details can be found at the investor relations section of
   the company website  1 www.globalportsholding.com.

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

   Balance Sheet

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

   Outlook

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

    

   CONTACT                                   
   For investor,  analyst  and  financial   For trade media enquiries:
   media enquiries:
   Global   Ports    Holding,    Investor   Global Ports Holding
   Relations
   Martin   Brown,   Investor   Relations   Ceylan Erzi
   Director
   Telephone: +44 (0) 7947 163 687          Telephone: +90 212 244 44 40
   Email:                                   Email:
    2 martinb@globalportsholding.com         3 ceylane@globalportsholding.com

    

    

    

    

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   ISIN:          GB00BD2ZT390
   Category Code: MSCH
   TIDM:          GPH
   LEI Code:      213800BMNG6351VR5X06
   Sequence No.:  110087
   EQS News ID:   1205764


    
   End of Announcement EQS News Service

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    4 fncls.ssp?fn=show_t_gif&application_id=1205764&application_name=news&site_id=reuters8

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=94cf8c9a5494f274d5e0207c3c74d864&application_id=1205764&site_id=reuters8&application_name=news
   2. mailto:martinb@globalportsholding.com
   3. mailto:ceylane@globalportsholding.com


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