Grand Harbour Marina plc - Updated Financial Analysis Summary

On 16 June 2023, Grand Harbour Marina plc published an updated Financial Analysis Summary. The following are the main highlights of the expected financial performance and financial position of Grand Harbour Marina (“GHM”) in 2023:

  • Revenues are expected to increase by 2.2% to €3.99 million, reflecting an increased estimate for super yacht occupancy of 71% from 66%.
  • Operating expenses are forecasted to increase by 1.3% to €2.34 million due to increased expenditure relate to staff and marketing.
  • Depreciation and amortisation charges are predicted to total €0.43 million. Furthermore, an impairment of €0.18 million is being anticipated in connection with the planned write-off of some fixed assets. Meanwhile, finance income and costs are approximated to remain relatively unchanged in the upcoming year.
  • GHM is expected to record a profit of €0.11 million from its investment in the Turkish marina ‘IC Cesme’, excluding hyperinflation adjustments. In 2022, the share of profit amounted to €1.33 million however this was largely due to hyperinflationary adjustments.
  • Overall, GHM is forecasting a pre-tax profit of €0.49 million (2022: profit of €1.83 million). After accounting for a tax charge of €0.20 million, the projected net profit for 2023 is expected to amount to €0.29 million compared to a net profit of €1.56 million recorded in 2022.
  • In terms of financial position, total assets are expected to remain relatively stable at to €28.5 million (31 December 2022: €28.7 million). Similarly, total debt is anticipated to be maintained at €21 million when including €6.2 million in lease liabilities.
  • In view of the stable debt and equity levels, the gearing ratio (calculated as total debt dividend by the summation of total debt and equity) of Grand Harbour Marina plc is expected to remain the same at 82.7%. In contrast, in view of the anticipated contraction in EBITDA, the interest cover is expected to decline to 1.96 times (2022: 2.88 times) whilst the net debt to EBITDA multiple is forecasted to increase to 7.6 times compared to 6.2 times in 2022.