Grand Harbour Marina plc - Interim Directors’ Statement

Tuesday, November 20th, 2012

On 20 November, Grand Harbour Marina plc (GHM) issued its Interim Directors’ Statement covering its performance during the first nine months of 2012.

During this period, the marina in Malta continued to register a high level of occupancy with berthing revenues amounting to €1.6 million in the first nine months of 2012 compared to the €1.5 million registered in the same period last year. Meanwhile, comparable operating costs (excluding berth sales related costs last year) are 2% higher than the same period last year.

No long-term berth sales were concluded during the first nine months of 2012 compared to the €0.4 million worth of sales generated in the first three quarters of 2011. However, the Directors revealed that a Memorandum of Understanding (MoU) has been signed for the sale of a super-yacht berth valued at €3.1 million. The sale is expected to be concluded by the end of the year conditional on a public deed being entered into and published. Moreover, the prospective buyer also has the option to acquire another super-yacht berth for €1.8 million.

GHM’s CEO Nick Maris explained that Malta’s attraction as a home port for super-yachts has continued to strengthen relative to other EU and North African countries with the level of interest for super-yacht berths at the Grand Harbour marina at its highest since 2007.

GHM also owns a 45% stake in IC Cesme Marina located in Turkey. During the first nine months of 2012, the Turkish marina maintained its strong performance with revenues rising by 39% to €3 million over the same period 2011 with GHM’s share amounting to €1.35 million. This reflects the 55% increase in berthing revenues to €1.5 million (GHM’s 45% share: €0.7 million) and the 25% rise in retail activity income to €1.5 million (GHM’s 45% share: €0.7 million). Meanwhile, operating costs are 10% higher than the same period last year.

In conclusion, the Directors stated that the Company maintains its commitment to provide the highest quality of service to its marina users.

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