Grand Harbour Marina plc - Full-Year Results

On 27 April 2020, Grand Harbour Marina plc (“GHM”) published its financial statements for the year ended 31 December 2019.

Performance Overview

During 2019, GHM registered a 12.9% decline in revenues to €4.12 million, reflecting decreases in revenue from both short-term berthing and ancillary services. The revenue growth generated from pontoons, which rose by 2.8% to €1.8 million, was outweighed by the loss in revenue from superyachts which dropped by 16.4% to €1.4 million. This decrease was mainly attributable to one superyacht that had been moored at GHM throughout 2018 and left in January 2019. Meanwhile, revenue from ancillary services fell by 28.4% to €0.97 million.

In terms of costs, despite a storm in February 2019 which hit the Grand Harbour Marina and caused damage to pontoons which cost the company €0.1 million, operating expenses reduced significantly to €1.6 million from €1.9 million in 2018, in line with management’s efforts in being cost-effective. Overall, EBITDA increased by 7.6% to €1.7 million compared to  €1.58 million in 2018.

Meanwhile, net finance costs jumped by 40.4% to €0.9 million compared to €0.64 million in 2018, mainly due to the inclusion of interest expenses on lease liabilties of €0.38 million due to the implementation of IFRS 16.  As a result of this, the interest coverage fell from 2.47 times in 2018 to 1.9 times in 2019. Elsewhere, the contribution from GHM’s 45% stake in IC Cesme translated into an after tax profit of €0.07 million, marking a slight increase over the after tax profits generated in 2018 of €0.02 million.

Overall, the Group reported a pre-tax profit of €0.47 million which is considerably lower than the corresponding figure of €0.75 million generated in 2018. After accounting for a tax charge of €0.24 million, the net profit for the year amounted to €0.22 million, representing a return on average equity of 6.5% (2018: 13.6%).

The Statement of Financial Position as at 31 December 2019 shows that total assets increased by nearly 28% to €28.5 million from €22.3 million in 2018, largely reflecting the recognition of an additional €5.3 million of right-of-use assets and €0.4 million in investment lease receivables following the implementation of IFRS 16, as well as the acquisition of corporate debt securities valued at €5.5 million. Similarly, total liabilities grew by 31.6% to just under €25 million from €19 million in 2018, largely reflecting the €6.1 million worth of lease liabiltiies following the inclusion of IFRS 16. Overall, GHM’s equity base grew by 16% to €3.5 million which, in turn, reflects the retention of all the profits generated by GHM during the period under review.


The Directors did not recommend the payment of a dividend.


GHM continues to face increased challenges given the uncertain international environemnt caused by a number of factors and more recently the COVID-19 pandemic which is expected to have a significant impact on its pontoon and superyacht visitors’ segment. Nonetheless, the Board of Directors continues to explore opportunties for growth, while seeking to protect the investment made by the shareholders. The continued backing of its major shareholders, Camper & Nicholsons Marina Investments Ltd, and the Group’s joint venture partners in Turkey, Ibrahim Cecan Investment Holidng AS will help the Group to strengthen its operating base and add shareholder value.

Furthermore, the Board of Directors continue to place emphasis on improving operating efficiency at both GHM and IC Cesme in order to strengthen the sustainability of the Company.  The Board of Directors are confident that the investment in IC Cesme will continue to reap benefits, thereby generating increasing value for shareholders.


Grand Harbour Marina plc – 2019​ Annual Report.