Grand Harbour Marina plc - Interim Results

On 23 August 2021, Grand Harbour Marina plc published its interim condensed financial statements covering the six-month period ended 30 June 2021.

Performance Overview

During the period under review, the company reported an 8% drop in revenue to €1.93 million (H1 2020: €2.09 million) reflecting the prolonged uncertainty caused by the pandemic. On the other hand, total expenses contracted by 3.2% to €1.24 million, mainly reflecting the reduction in direct costs and other operating expenses which outweighed the increase in wages and salaries.

Given the sharper drop in revenues than the decline in costs, operating profit contracted by 15.3% to €0.68 million (H1 2020: €0.81 million). Excluding depreciation charges, EBITDA amounted to €0.9 million translating into an EBITDA margin of 46.4%.

Net finance costs eased to €0.37 million largely reflecting higher amount of finance income. Meanwhile, GHM’s financial performance was dented by the share of loss of €0.41 million from its investment in IC Çeşme Marina located in Turkey. In this respect, GHM explained that although IC Çeşme Marina maintained seaside revenues at a level similar to that generated in 2019 and 2020, and that landside occupancy stayed elevated at 98% (H1 2020: 98%), the Turkish marina was severely affected by the closure of the commercial area and a curfew which was put in place for a three-month period as a result of the pandemic. In addition, the financial performance of IC Çeşme Marina was also negatively impacted by the considerable drop in value of the Turkish Lira.

Overall, GHM reported a pre-tax loss of €0.1 million (H1 2020: pre-tax loss of €0.05 million). After accounting for a tax charge of €0.18 million, the net loss for the period under review amounted to €0.28 million.

The condensed Statement of Financial Position as at 30 June 2021, compared to the corresponding figures as at 31 December 2020, showed that total assets remained virtually unchanged at €27.5 million (31 December 2020: €27.4 million), as the increase in trade and other receivables to €2.7 million was largely offset by the decline in ‘Equity-accounted investee’ to €0.9 million and in cash balances to €1.3 million. Meanwhile, total liabilities marginally increased to €25.1 million. As a result, the company’s equity base contracted by 4.1% to €2.4 million (31 December 2020: €2.5 million).

Outlook

In their commentary, the Board of Directors noted that although 2021 is proving to be another challenging year, it reaffirmed that the Group is well positioned to honour its financial obligations as they fall due with particular reference to the interest payable on the listed bonds, as well as bank borrowings and other related obligations.

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Grand Harbour Marina plc – Interim condensed financial statements for the six-month period ended 30 June 2021.

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