GPH Malta Finance plc - Updated Financial Analysis Summary

On 30 September 2024, GPH Malta Finance plc published an updated Financial Analysis Summary. The following are the main highlights on the expected financial performance and financial position of Global Ports Holding plc (the Guarantor) for the financial year ending 31 March 2025:

  • Revenue is expected to surge by 31.1% to USD226.4 million, as the Group anticipates welcoming close to 20 million passengers during the year across all its cruise ports. The increase in revenue reflects an organic increase in business as well as the new contribution from San Juan Cruise Port.
  • EBITDA is anticipated to grow by 35.7% to USD145 million which would translate into an EBITDA margin of 64.1% (FY2023/24: 61.9%). From a segmental perspective, the Americas is expected to generate around 50% of EBITDA followed by the West Med & Atlantic (17%), East Med & Adriatic (16%), and Central Med & Northern Europe (11%).
  • Net finance costs are projected to fall by 11.7% to USD52.1 million reflecting the absence of the one-off impact from refinancing the Sixth Street loan in the previous financial year, better loan terms and the expected lower rates on floating-rate borrowings. As a result, the interest cover is expected to improve to 2.78 times from 1.81 times in the previous financial year.
  • In terms of financial position, total assets are anticipated to increase by 10% (or USD108 million) to USD1.2 billion. Meanwhile, total liabilities are projected to grow marginally by 5.8% (or USD61.5 million) to USD1.12 billion. Total equity is forecasted to triple to USD72.2 million (USD47.5 million increase).
  • Total debt is expected to increase by 6.7% (€60.5 million) to €958 million. However, the gearing ratio (calculated as total debt divided by total debt plus equity) is anticipated to drop 93.0% to compared to 97.3% in the previous year due to the improved equity position. Meanwhile, the net debt-to-EBITDA multiple is projected to improve to 5.7 times from 6.9 times as at 31 March 2024.