Grand Harbour Marina plc - Interim Directors’ Statement

On 11 November 2011 Grand Harbour Marina plc issued its Interim Directors’ Statement providing information on the financial performance during the third quarter of their financial year. The Directors reported a continued improvement in operations both by the local marina and also from IC Cesme Marina in Turkey, in which GHM has a 45% equity stake.

During the third quarter, GHM reported that berth occupancy in Malta remained high. The number of super yacht visits for the nine months to 30 September 2011 amounted to 172 compared to 151 during the same period in 2010. GHM also noted that berthing revenues for the first nine months of this year increased by 13% to €1.67 million.

Following the sale of a 30-metre berth during the first half of the year for €436,320, the Interim Statement confirmed the recent press release from Camper & Nicholsons, that a Memorandum of Understanding for another 30-metre berth sale was signed in September. In an interview with the press published yesterday, GHM’s Director Mr Nick Maris announced that the value of the recent sale was of €540,000.

In the Interim Statement, GHM also provided an operational update on the Turkish marina. Since the acquisition of the shareholding by GHM in March, IC Cesme Marina experienced increased occupancy levels resulting in berthing revenue of €0.66 million (GHM’s 45% equity stake represents a revenue contribution of €0.3 million). Moreover, retail activities remain at 100% occupancy, resulting in revenues from letting of retail village units and ancillary services of €1.18 million, (equivalent to a beneficial interest of €0.53 million for GHM). GHM’s Directors reported that IC Cesme Marina continues to be an attractive visitor destination and during the peak summer season (July till September 2011) revenues from the retail units increased by 15% compared to the same period of 2010.

In conclusion, the Board of Directors of GHM announced that they remain confident that the Turkish marina continues to progress towards maturity and GHM will reap the benefits of this investment in due course.