Grand Harbour Marina plc - Full-Year Results

On 18 April 2022, Grand Harbour Marina plc (“GHM”) published its Annual Report and Financial Statements for the year ended 31 December 2021.

Performance Overview

Revenues dropped by 11.6% to €3.6 million as the operations at the Vittoriosa marina continued to be adversely impacted by the pandemic including lower superyacht seasonal bookings during the winter period.

On the expenditure side, operating expenses eased by 2.7% to €2.36 million despite the lower level of support received from the COVID-19 wage supplement scheme. Excluding depreciation and amortisation charges, EBITDA generated by the Vittoriosa marina contracted by 18.4% to €1.68 million compared to €2.05 million in 2020. Meanwhile, net finance costs also trended lower to €0.76 million (-11.2%) as GHM generated a higher level of income from its investments in debt securities.

For the second consecutive year, GHM’s financial performance was dented by the share of loss amounting to €0.89million (2020: loss of €0.86 million) recorded by its joint venture in Turkey – namely, IC Çeşme Marina. The performance of IC Çeşme Marina was negatively impacted by the substantial loss in value of the Turkish Lira against the euro currency which outweighed the improved performance of the marina’s seaside and landside operations.

Overall, GHM reported a pre-tax loss of €0.49 million (2020: loss of €0.06 million). After accounting for a tax charge of €0.29 million, the net loss for the year amounted to €0.78 million compared to a loss of €0.39 million in 2020.

The Statement of Financial Position as at 31 December 2021 shows that total assets dropped by 4% to €26.3 million as the increase in cash balances to €2.47 million (31 December 2020: €1.53 million) was outweighed by the declines in ‘Property, Plant and Equipment’ and the value of the investment in IC Çeşme Marina. Similarly, total liabilities eased by 2.8% €24.2 million. As a result, GHM’s equity base contracted by 15.9% to €2.15 million compared to €2.55 million as at the end of 2020.


Whilst reiterating that it has sufficient resources to meet all financial obligations, GHM noted that it is monitoring its operations to assess and mitigate any impact from the conflict in Ukraine.