publié le 13/03/2023 à 08:00 par Atlantic Lithium Limited (isin : GB00BD2ZT390)

Trading Statement for the nine months to 31 December 2022

Global Ports Holding PLC (GPH)
Trading Statement for the nine months to 31 December 2022

13-March-2023 / 07:00 GMT/BST

Global Ports Holding Plc

Global Ports Holding Plc (“GPH” or “Group”), the world’s largest independent cruise port operator, today issues a trading update for the nine-month period from 1 April to 31 December 2022.

Key Financials & KPIs1	9 months ended	9 months ended	YoY Change	3 months ended	3 months ended
Key Financials & KPIs1	31-Dec-22	31-Dec-21	(%)	31-Dec-22 (Q3)	31-Dec-21 (Q3)

Passengers (m)2	6.8	1.5	338%	2.4	1.0
Total Revenue ($m)	173.9	107.2	62%	55.6	46.2
Adjusted Revenue ($m)3	92.2	28.2	227%	28.1	13.4
Segmental EBITDA ($m)4	63.9	8.1	691%	19.9	5.9
Adjusted EBITDA ($m)5	59.1	4.4	1253%	18.7	4.9
Segmental EBITDA Margin (%)	69.3%	28.6%		70.9%	44.2%
Adjusted EBITDA Margin (%)	64.2%	15.5%		66.8%	36.2%

	31-Dec-22	31-Mar-22
Gross Debt IFRS ($m)	614.4	598.6	2.6%
Gross Debt ex IFRS 16 Lease ($m)	554.4	534.7	3.7%
Net Debt ex IFRS 16 Lease ($m)	490.3	435.0	12.7%
Cash and Cash Equivalents ($m)	64.0	99.7	-35.8%

Notes

All $ refers to United States Dollar unless otherwise stated
Passenger numbers refer to consolidated and managed portfolio consolidation perimeter; hence it excludes equity accounted ports La Goulette, Lisbon, Singapore and Venice.
Adjusted revenue is calculated as total revenue excluding IFRIC-12 construction revenue
Segmental EBITDA includes the EBITDA from all equity consolidated ports and the pro-rata Net Profit of equity-accounted associates La Goulette, Lisbon, Singapore and Venice and the contribution from management agreements
Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses

Key Highlights

The strong trading in the first half of the fiscal year continued in the third quarter as the cruise market continued to recover post the pandemic
GPH welcomed 2.4 million cruise passengers in the 3M period ended 31 December 2022, a new GPH record for this quarter, with 6.8m passengers welcomed in the 9M period
Adjusted Revenue for the 9M period rose 227% to USD 92.2m, with Q3 Adjusted Revenue rising 109%
Segmental EBITDA for the 9M period of USD 63.9m compared to USD 8.1m for the same period last year
- Adjusted EBITDA for the 9M period was USD 59.1 compared to USD 4.4m for the same period last year
- Given the strong performance of the Group and the continued growth in the number of ports in the network, financial reporting has been restructured. GPH will now report by geographic segment, which better matches the organisational structure of the business. As part of this restructure, Port of Adria, GPH’s only commercial port, will no longer be reported separately, reflecting the strategic focus on cruise operations
- After the period end GPH announced that the signing of a 15-year concession for Alicante Cruise Port

Business Review

Regional Breakdown	9 months ended	9 months ended	YoY Change
	31-Dec-22	31-Dec-21	(%)

Americas
Adjusted Revenue ($m)	24.7	7.8	217%
Segmental EBITDA ($m)	17.6	1.0	1660%
EBITDA Margin (%)	71%	13%
Passengers (m)	2.8	0.8	250%

West Med & Atlantic
Adjusted Revenue ($m)	23.3	5.5	324%
Segmental EBITDA ($m)	14.4	3.7	289%
EBITDA Margin (%)	62%	68%
Passengers (m)	2.1	0.5	320%

Central Med
Adjusted Revenue ($m)	12.8	5.7	125%
Segmental EBITDA ($m)	7.3	2.7	170%
EBITDA Margin (%)	57%	47%
Passengers (m)	0.9	0.3	200%

East Med & Adriatic
Adjusted Revenue ($m)	22.7	2.0	1035%
Segmental EBITDA ($m)	19	0.4	4650%
EBITDA Margin (%)	84%	20%
Passengers (m)	0.9	0.0	n/a

Other
Adjusted Revenue ($m)	8.7	7.2	21%
Segmental EBITDA ($m)	5.5	0.2	2650%
EBITDA Margin (%)	64%

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