Market declaration for the six months to September 30, 2021

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Global Ports Holding PLC (GPH) Trading Statement for the six months to September 30, 2021 10-Nov-2021 / 07:05 GMT / BST Dissemination of a regulatory announcement containing inside information in accordance with REGULATION (EU) No 596/2014 ( MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this advertisement.

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Global Ports Holding Plc

Market declaration for the six months to September 30, 2021

Global Ports Holding Plc (“GPH” or “Group”), the world’s largest independent cruise port operator, is today releasing a business update for the period April 1 to September 30, 2021, which corresponds to the first half of its new 2022 reporting period ending March 31, 2022.

                                    6 months ended 6 months ended YoY 
Key Financials & KPI Highlights1 
                                    30-Sep-21      30-Sep-20      Change 
                                                   Restated8      (%) 
Total Revenue (USDm)                  61.1           46.4           32% 
Adjusted Revenue (USDm)2              14.8           6.3            63% 
Ex-IFRIC 12 Cruise Revenue (USDm) 3   10.3           2.7            281% 
Commercial Revenue (USDm)             4.5            3.6            23% 
Segmental EBITDA (USDm) 4             2.1            (3.6)          n/a 
Cruise EBITDA (USDm) 5                0.3            (4.7)          n/a 
Commercial EBITDA (USDm)              1.8            1.1            59% 
Adjusted EBITDA (USDm) 6              (0.5)          (5.8)          n/a 
 
                                    30-Sep-21      31-Mar-21 
Gross Debt (IFRS)                   544.8          548.9          -1% 
Gross Debt ex IFRS 16 Finance Lease 478.0          483            -1% 
Net Debt ex IFRS 16 Finance Lease   395.3          312.4          27% 
Cash and Cash Equivalents           82.7           170.6          -52% 
 
                                    6 months ended 6 months ended 
KPIs 
                                    30-Sep-21      30-Sep-20 
Passengers (m PAX) 7                0.563          0.01           5530% 
General & Bulk Cargo ('000 tons)    60.1           18.4           227% 
Container Throughput ('000 TEU)     25.9           27.2           -5% 

Notes 1. All USD refer to US dollars unless otherwise stated 2. Adjusted revenue is calculated as total revenue excluding IFRIC-12 construction revenue for Nassau CruisePort 3. Sum of revenues from the consolidated and managed cruise portfolio excluding IFRIC-12 construction revenues for Nassau Cruise Port 4. Segment EBITDA is calculated as income / (loss) before tax after adding: interest; depreciation, amortization; unallocated expenses; and specific adjustment items 5. The EBITDA allocated to the Cruise segment is the sum of the EBITDA of the consolidated cruise ports and the prorated net income of the companies accounted for by the equity method La Goulette, Lisbon, Singapore, Venice and Pelican Peak, and the contribution of management agreements 6. Adjusted EBITDA calculated as sector EBITDA minus unallocated expenses (holding company) 7. The number of passengers refers to the scope of consolidation of the consolidated and managed portfolio, it therefore excludes the associated ports accounted for using the equity method La Goulette, Lisbon, Singapore and Venice. 8. Comparative information has been restated due to the sale of Port Akdeniz.

Key financial data and KPIs

– Cruise passenger volumes for the 6 million period ended Sept. 30, 21 increased significantly year-over-year to 563,000), reflecting the steady but slow return to activity in the cruise industry following the disruptions caused by the Covid-19 pandemic. While cruise stopovers and passenger volumes for the period remained significantly below the levels reached before Covid 19, there has been a significant increase in activity levels in recent months.

– In September 2021, for the first time since pre-Covid 19, all of our cruise ports received cruise stopovers, an important step in the continued recovery of activity levels at our cruise ports. At constant scope in September 2021, our ports received 53% of cruise stopovers and 30% of passengers received for the same pre-Covid 19 period. Covid-19 measures that have reduced current occupancy rates across the industry.

– Total container volumes (TEUs) decreased by 5% and general and bulk cargo volumes increased by 227%, driven by volumes of some low margin freight items

– Total consolidated sales amounted to US $ 61.1 million for the period of € 6 million; excluding the impact of IFRIC-12 construction revenues at the Nassau Cruise Port, the adjusted revenues were $ 14.8 million? Total cruise revenue of $ 56.6 million for the six months ending September 2021. Excluding the impact of IFRIC-12 construction revenues at the cruise port of Nassau, cruise revenues were $ 10.3 million ? Total trading revenue increased 23% to $ 4.5 million for the period from $ 3.6 million for the six months to September 30, 2020 – Segment EBITDA for the six months to end September 2021 was a loss of $ 2.1million, compared to a loss of $ 5.8m for the 6M period through September 30, 2020? Cruise EBITDA was US $ 0.3 million, compared to an EBITDA loss of US $ 4.7 million for the six-month period ended September 30, 2020? Commercial EBITDA was $ 1.8 million, compared to $ 1.1 million for the six-month period ended September 30, 2020 – Adjusted EBITDA was a loss of $ 0.5 million

During the three months ended September 30, 2021, we received 498.7k PAX and Adjusted EBITDA was positive at $ 1.5 million.

Balance sheet

As at September 30, 2021, IFRS gross debt stood at $ 544.8 million (excluding gross debt under IFRS-16 finance leases: $ 478 million), compared to gross debt at March 31, 2021 of 548.9 million dollars (excluding gross debt under IFRS-16 finance leases: $ 483.0 million). ). Net debt excluding IFRS-16 finance leases amounted to USD 395.3 million compared to USD 312.4 million at March 31, 2021. At the end of September 2021, GPH had cash and cash equivalents of USD 82.7 million, against 170.6 MUSD as of March 31, 2021.

The net cash reduction of $ 88.0 million during the period is mainly due to capital expenditures of $ 50.3 million, of which $ 46.6 million was spent on our continued investment in the transformation of the port of cruise from Nassau. Net cash flow from operating activities was negative $ 11.8 million during the period, mainly due to prepayments from contractors for capital expenditures in Nassau.

Net cash from financing activities was negative $ 48.5 million, reflecting the net impact of our prepayment of Eurobonds, the drawdown on our new loan facility and an additional $ 55.0 million. issuance of debt by the cruise port of Nassau as well as $ 30.7 million in interest paid during the period, of which $ 14 million related to the first interest payments on debt incurred to finance the investment in Antigua Cruise Port and Nassau Cruise Port.

Other developments

Despite the significant impact of Covid-19 on the cruise industry and our cruise operations, we have continued to deliver on our strategic growth ambitions. During the period, GPH entered into a five-year senior secured loan agreement of up to US $ 261.3 million with Sixth Street, a leading global investment firm. The loan agreement provides for two term loan facilities, an initial five-year term facility of $ 186.3 million and an additional five-year growth facility of up to $ 75.0 million. In addition to this agreement allowing the early redemption in July 2021 of the $ 250 million 8.125% Senior Secured Euro-Bond due November 2021, the Growth Facility will be the key to the continued success of our growth strategy.

During the period, a 20-year concession agreement was signed and operations began at the cruise port of Taranto, Italy. After the period ended, GPH signed a 20-year lease for the cruise port of Kalundborg, Denmark, located in the northwest region of Denmark, about an hour from downtown Copenhagen. The port’s geographic location means that it can provide cruise lines with a fuel-efficient and time-efficient alternative to Copenhagen cruise port. Kalundborg Cruise Port is GPH’s premier cruise port in Northern Europe, marking another milestone in the Group’s continued development and geographic expansion.

GPH also announced today that the Port Authority of Las Palmas has awarded preferred bidder status to Global Ports Canary Islands SL (“GPCI”), an 80:20 joint venture between GPH and Sepcan SL (“Sepcan”) , to operate three concessions cruise ports in the Canary Islands.

This agreement will cover three cruise port concessions, the port of Las Palmas de Gran Canaria, the port of Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura), which have respective terms of 40 years, 20 years and 20 years.

Outlook

While the first quarter to June 30, 2021 was characterized by a slow recovery in passenger volumes, there was a very strong month-to-month acceleration in cruise stopovers and passenger volumes in all our ports. cruise since the end of June. This acceleration reflects the continued easing of travel restrictions, the increase in the number of cruise ships sailing and the still strong underlying consumer demand to resume cruising.

This acceleration in volumes means that our ports welcomed ten times more passengers in September 2021 than in May 2021, a very encouraging trend as we approach calendar year 2022.

As expected, there is significant variation in trends across our network of cruise ports. Some ports began welcoming the return of cruise passengers over a year ago, albeit in small numbers, while others welcomed the return of cruise passengers in September 2021 for the first time since the Covid pandemic. 19.

Regardless of where a cruise port is currently on its recovery path, the current outlook is positive. Current cruise lines indicate a continued recovery in activity levels as more cruise ships return to service, with most cruise lines expecting a close to 100% deployment in the summer of 2022.

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November 10, 2021 02:05 ET (07:05 GMT)


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