Grand Harbour Marina plc - Interim Directors’ Statement

On 7 November, Grand Harbour Marina plc published its Interim Directors’ Statement providing an update on the Group’s performance during the first nine months of 2014.

Grand Harbour Marina, Malta

During the period under review, the marina in Malta registered a 10% increase in revenue to €2.51 million which was partially offset by a 5% increase in cost of sales and operating costs (excluding depreciation and finance costs) to €1.74 million. Similar to 2013, no berth sales were recorded during the first three quarters of this year. After accounting for depreciation (€0.23 million) and finance costs (€0.6 million), the loss before tax amounted to €0.06 million compared to €0.13 million in the previous comparable period.

IC Cesme Marina, Turkey

Revenue at the Turkish marina also continued to grow with a further 8.2% increase to €4.1 million. The marina’s performance was further boosted by a 9.9% drop in cost of sales and operating costs (excluding depreciation and finance costs) to €2.1 million. After accounting for depreciation (€0.73 million) and finance costs (€0.45 million), the profit before tax amounted to €0.8 million compared to €0.25 million in the previous comparable period. Therefore, GHM’s 45% share of this profit amounts to €0.11 million. However, the actual 2014 results may vary due to differences between budgeted exchange rates and the actual exchange rates that will be applied in the audited financial statements.

Combined Basis

On a combined basis, the Group registered a profit before tax of €0.29 million compared to the loss before tax of €0.02 million in the same period last year.