Grand Harbour Marina plc - Full-Year Results

Wednesday, March 30th, 2016

On 30 March, Grand Harbour Marina plc published its financial statements for the year ended 31 December 2015.

Performance Overview

Grand Harbour Marina (Malta)

During 2015, the Group’s marina in Malta registered a 9.7% increase in revenue to €3.73 million (2014: €3.40 million). During 2015, berthing revenues increased by 4.5% to €2.64 million as the Company improved the utilization of the water area and registered higher levels of pontoon nights. Furthermore, GHM maintained its market share for super-yacht visitors in Malta. However, given the overall reduction in demand from super-yacht visitors to Malta during the summer months, demand at GHM was weaker although this improved during the winter months. Additionally, the Company registered a 23.8% increase in ancillary services to just over €1 million as well as a 22.5% increase in other income to €0.05 million.

Meanwhile for the third consecutive year, no sale of long-term super yacht berth licences was concluded. Nonetheless the Directors noted that the Company is currently dealing with few enquiries which could result in a sale in a future period.

Notwithstanding the increased activity at the marina, operating expenses decreased by 0.4% to €2.38 million (2014: €2.39 million). Thus, earnings before interest, tax, depreciation and amortisation (EBITDA) improved substantially from €1.01 million in 2014 to €1.35 million in 2015 (+33.7%). Accordingly, the EBITDA margin improved by 4.6 percentage points to 36.3% (2014: 31.7%).

After deducting depreciation of €0.31 million and net interest costs of €0.85 million, Grand Harbour Marina (Malta) achieved a pre-tax profit of €0.19 million compared to a near break-even position in 2014.

IC Cesme Marina (Turkey)

The Group’s marina in Turkey, in which it has a 45% shareholding, also registered improved turnover figures as total revenues advanced by 9.2% to €5.27 million from €4.82 million in 2014 reflecting both increases in annual rental rates as well as improved occupancy (both in terms of the number of berths and in terms of square metres. Additionally, on the landside, retail properties remained fully occupied and around 55% of the rental agreements were renewed in mid-2015 with higher fixed rents and common area charges. The full year effect of such changes will be registered in 2016.

On the expenditure side, total operating expenses increased by 21.2% to €3.21 million (2014: €2.64 million) after including, for the first time, a full level of operator fees. As a result, EBITDA deteriorated by 5.1% to €2.07 million from €2.18 in 2014.

After accounting for depreciation and finance costs, the marina in Turkey reported a pre-tax profit of €0.76 million, which is slightly lower than the corresponding figure of 2014 (€0.78 million). Thus, the share of pre-tax profit (45%) for Grand Harbour Marina plc amounts to €0.34 million (2014: €0.35 million).

Consolidated

Overall, the Group reported a pre-tax profit of €0.46 million, up 35.4% from the €0.34 million figure of 2014. After accounting for a tax charge of €0.26 million (2014: €0.17 million), GHM reported a net profit of €0.20 million compared to the net profit of €0.17 million in 2014.

The Statement of Financial Position shows a 2.1% drop in total assets to €16.2 million (2014: 16.6 million). On the liabilities side, the Group reported a 3.9% drop in total liabilities to €13.2 million (2014: €13.8 million) largely reflecting the €0.63 million reduction in the amount of borrowings (as the Company made a number of bond buy-backs during the year financed from its sinking-fund). Overall, the Group’s equity base expanded by 6.8% to €2.96 million (2014: €2.78 million) following the profit registered during the period under review. This translates into a net asset value per share of €0.1482 (2014: €0.1388).

Dividend

Similar to last year, the Directors did not recommend the payment of a final dividend.

Outlook

Looking ahead, the Chairman noted that the priority for GHM in 2016 will be to continue improving on its performance and positioning itself for further development.

Download

Grand Harbour Marina plc – Annual Report and Financial Statements for the year ended 31 December 2015.

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