Grand Harbour Marina plc - Full-Year Results & Dividend Announcement

On 31 March 2008, Grand Harbour Marina plc published its Preliminary Profits Statement for the year ended 31 December 2007.

The key highlights are:
• Turnover climbs to €11.2 million;
• EBITDA of €7.3 million;
• Profit after tax surges to €3.9 million;
• Net dividend of €0.20 per share.

The Board of Directors proposed a net dividend of €0.20 per share for approval by shareholders at the Annual General Meeting due to be held on 13 June 2008. This represents a net yield of 11.5 per cent on the market price of €1.74 per share before the announcement of the results. The dividend will be paid to those shareholders as at close of trading on Friday 2 May 2008.

GHM’s turnover climbed to €11.2 million during 2007 from €3.5 million during the previous year following the sale of 3 super-yacht berths for a consideration of €9.9 million as announced on 3 December 2007. In 2006, Grand Harbour Marina had sold one large berth for a value of €2.7 million. Moreover, other income comprising other berthing licences, pontoon fees and revenue from other ancillary services grew by 39 per cent to €1.1 million. The announcement made by the Company’s majority shareholder, Camper & Nicholsons Marina Investments Limited (CNMI), which is listed on the London Stock Exchange, reveals that pontoon berths are at 98 per cent occupancy and the increase in rental income resulted from the rise in tariffs (these increased by around 17 per cent during the year). CNMI also noted that there is a waiting list for pontoon rentals currently at for around 80 yachts and as a result the current marina configuration is being reviewed to determine ways of increasing the lettable berth area.

Personnel expenses rose by 8.7 per cent during the year to €0.35 million with other expenses mainly relating to direct costs in connection with the sales of the super-yacht berths which amounted to €3.5 million.

Grand Harbour Marina generated earnings before interest, tax, depreciation and amortisation (EBITDA) of €7.3 million in 2007, a substantial increase from €1.7 million of the previous year. The charge for deprecation increased to €0.3 million resulting in an operating profit of €7 million (2006: €1.4 million).

After deducting net finance costs of €0.46 million, the Company’s pre-tax profit during the year totalled €6.6 million. The total tax expense for the year amounted to €2.7 million resulting in a profit after tax of €3.9 million, equivalent to €0.39 per share.

Total assets of Grand Harbour Marina increased to €17.7 million while shareholders’ funds rose to just under €7 million. The net asset value per share increased to €0.70.

During the year the Company finalised the development of the Capitanerie providing the location for administration offices, meeting areas for yacht owners and crew members as well as other facilities for servicing customers’ requirements.

The CNMI announcement of 1 April 2008 also revealed that CB Richard Ellis, a world-renowned property appraiser, valued GHM at €24.1 million as at 31 December 2007, up from €23.2 million as at 30 June 2007. It was noted that the increase in the valuation resulted from the confirmation of the 3 long-term super yacht berth sales and the strong rates obtained.

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