Full- Year Results
On 16 March 2011, Grand Harbour Marina plc published its 2010 full-year results. The Directors did not recommend the payment of a dividend while last year a net dividend of €0.075 per share was distributed.
During the 12 months to 31 December 2010, total revenue increased by 14% to €2.3 million mainly emanating from tariff increases and higher occupancy levels on its pontoon berths as the Company once again did not register any super-yacht berth sales during 2010. In a separate announcement via the London Stock Exchange, the majority shareholder of GHM reported that pontoon berths remain fully occupied and the Company registered a strong increase in pontoon revenue during the past 5 years.
Grand Harbour Marina registered an EBITDA of €315,408 during the year ended 31 December 2010 after deducting direct cost of sales and other operating costs. The level of EBITDA is substantially higher than the €152,602 recorded in 2009. After accounting for one-off costs of €71,136 incurred for the potential investment in the Rhodes Mandraki Marina in Greece where GHM remains one of three shortlisted candidates, as well as depreciation of €353,037 and net interest costs of €662,677, the Company registered a loss of €771,422. In 2009 GHM reported a profit after tax of €823,213 mainly due to a tax credit of €1.2 million related to tax over-provided for in previous years.
Total assets rose to €17.3 million as at 31 December 2010 (2009: €11.1 million) mainly due to an increase in cash and cash equivalents resulting from the proceeds of the bond issue. Total liabilities of €13.4 million mainly include the bond issue of €12 million conducted in January 2010. Shareholders’ funds declined to €3.9 million as at 31 December 2010. The announcement also issued on 16 March 2011 by Camper & Nicholsons Marina Investments Limited (CNMI) revealed that an international expert for property valuations CB Richard Ellis provided a valuation of GHM of €22.2 million as at 31 December 2010 compared to €20.5 million in 2009.
GHM’s Manager indicated that the lack of berth sales during 2010 was disappointing despite the more attractive terms made including the extension of the lease beyond 25 years. It was also revealed that two transactions on which commercial terms were agreed of €3.8 million failed to materialise despite the advanced stage of negotiations. GHM’s Manager also indicated that the Company continues to work on revenue increasing possibilities which include the expansion through concessions on neighbouring water areas and also the reconfiguration of the marina to increase total berth area.
Download a copy of Grand Harbour Marina plc’s 2010 Preliminary Profit Statement