Grand Harbour Marina plc - Full-Year Results

On 12 April, Grand Harbour Marina plc published its 2009 full-year results. The Preliminary Profit Statement shows a 39% increase in revenue from pontoon fees and ancillary services to €2.1 million on the back of higher occupancy rate during the year and increased tariffs. However overall revenue declined by 17.8% as the Company did not register any super-yacht berth sales during 2009 (2008: €1.02 million). On the cost side, personnel expenses and depreciation increased marginally whilst other expenses declined by 24.5% to €1.6 million mainly due to direct costs related to the grant of the long term berth licences incurred in 2008 with respect to the two berth sales concluded in that year. Grand Harbour Marina managed to achieve its objective of registering a positive EBITDA excluding berth sales. In fact, the EBITDA for 2009 amounted to €152,602. After accounting for higher net finance costs, Grand Harbour Marina registered a loss before tax of €0.42 million compared to the pre-tax loss of €0.4 million registered in 2008.

However, during 2009 the Inland Revenue confirmed that long-term berth licensing agreements which took place on or after 1 November 2005 are subject to a final withholding tax of 12% and not the 35% previously applied by the Company. As a result during the financial year ended 31 December 2009, Grand Harbour Marina recognised a reduction of €1.2 million from its tax liability. Following this tax reduction, the Company registered a profit after tax of €0.8 million (earnings per share of €0.08) compared to the after-tax loss of €0.4 million recorded in the previous year.

The Directors recommended the payment of a final net dividend of €0.075 per share subject to shareholders approval at the next Annual General Meeting which is scheduled to be held on 30 June 2010. Shareholders as at close of trading on Friday 28 May will be eligible for this dividend.

The Preliminary Profit Statement also makes reference to the recent successful €12 million 7% Bond Issue which matures between 2017 and 2020. The Bond was issued in January and the Directors confirmed that part of the funds have already been used to repay its current loan facility of €3.8 million in accordance with the Prospectus dated 25 January 2010.

Download a copy of Grand Harbour Marina plc 2009 Preliminary Profit Statement

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