Grand Harbour Marina plc - Full-Year Results

On 20 March, Grand Harbour Marina plc published its preliminary financial statements for the year ended 31 December 2012 comprising the results for Grand Harbour Marina plc and the Group’s 45% interest in IC Cesme Marina in Turkey.

Performance Review

Grand Harbour Marina – Malta 

During 2012, the marina in Malta generated €2.8 million in income from pontoon fees and other ancillary services representing an 11% increase over the previous year’s figure. Furthermore, a €3.1 million super-yacht berth sale was also registered during the period under review, significant higher than the €1.2 million registered in 2011.

Operating costs also increase by 30% to €3.3 million mainly reflecting the direct costs related to the sale of the long-term berths as well as an increases in expenses related to operator fees, repairs and maintenance, marketing and movements in bad debts.

Overall, the Company registered earnings before interest, tax, depreciation and amortisation (EBITDA) of €2.6 million compared to the 2011 figure of €1.2 million.

Depreciation and amortisation was relatively unchanged at €0.34 million leading to an operating profit of €2.3 million compared to €0.83 million in 2011.

After accounting for net finance costs of €0.75 million (2011: €0.80 million), the Company’s pre-tax profit amounted to €1.54 million compared to a marginal pre-tax loss in 2011.

Similarly, after a tax credit of €0.11 million (2011: tax charge of €0.14 million), net profit for the Company amounted to €1.65 million compared to the €0.21 million loss incurred in 2011.

 

IC Cesme Marina – Turkey 

The marina in Turkey, in which GHM has a 45% interest also reported improved results with a 35% increase in revenue to €4.1 million (GHM’s 45% share: €1.8 million) reflecting income growth from both seaside and landside activities. Although operating costs increased by 14% to €2.4 million (GHM’s 45% share: €1.1 million), the EBITDA figure for the Turkish marina rose by €0.9 million to €1.3 million (GHM’s 45% share: €0.57 million).

Depreciation increased by 25.9% to €0.93 million (GHM’s 45% share: €0.42 million) whilst net finance costs remained stable at €0.7 million (GHM’s 45% share: €0.3 million). After also accounting for a marginal tax credit, the Turkish marina reported a loss after tax of €0.3 million (GHM’s 45% share: €0.1 million).

 

Consolidated

The combined result was a 58.5% increase in revenue to €7.8 million which was partially offset by a 28.7% increase in operating expenses resulting in an operating profit for the Group of €2.4 million compared to €0.77 million in the previous year.

Net finance costs amounted to just below €1.1 million (2011: €1.1 million) leading to a pre-tax profit of €1.37 million compared to a pre-tax loss of €0.52 million in 2011. After taking into account the combined tax credit of €0.12 million, the Group’s net profit amounted to €1.49 million compared to a net loss of €0.66 million in 2011. This translates into earnings figure of €0.149 per share.

Valuation  

The preliminary results of Camper & Nicholsons Marina Investments Limited revealed that as at 31 December 2012, Grand Harbour Marina was valued at €24.1 million whilst the Group’s 45% in IC Cesme was valued at €8.1 million. This gives a combined value of €32.2 million.

Dividend

The GHM announcement also confirmed the payment of  an interim gross dividend of €0.1364 per share (net: €0.12) which was paid on 15 March.

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Grand Harbour Marina plc – Preliminary Results for financial year ended 31 December 2012.