TIDMGPH
RNS Number : 0048I
Global Ports Holding PLC
14 June 2017
GLOBAL PORTS HOLDING Plc ANNOUNCEMENT
The CEO Mr. Emre SAYIN and the senior management of Global Ports
Holding Plc will hold a conference call with equity investors and
analyst to discuss Q1 2017 results on June 14, 2017 at 10:00 UK.
Below are the details for conference call.
ITFS List for Participant Connection / Participant Pin Code:
88565008#
UK: +44 2030432440
USA: +1 8778874163
Turkey: +90 2127052920
Austria: +43 19282201
France: +33 172001510
Germany: +49 69222229031
Hong Kong: +852 58081220
Netherlands: + 31 107138194
Italy: +39 (0)236009767
Portugal: +351 308801485
UAE: 800035702760
Singapore: +65 31580365
Sweden: +46 850334664
Spain: +34 914142021
The purpose of this announcement is to update equity investors
that Global Ports Holding Plc's ("GPH Plc" or "Group") 100%
subsidiary Global Liman İ letmeleri A. . ("GPH AS") has released
its IFRS financials as of 31.03.2017, and that GPH AS' financials
represent the Group's operational performance. GPH Plc was
incorporated in preparation for the IPO, and it has conducted no
business prior to completion of the IPO. All numbers reported in
this announcement are GPH AS' IFRS financials as of 31.03.2017. GPH
Plc will report its IFRS financials for the first time for the
period ending 30.06.2017. Please note that there is no difference
between GPH Plc and GPH AS in terms of operational performance for
Q1-2017.
Global Ports Holding Plc
Q1 2017 Trading Statement
Q1 2017 results in line with management expectations in a
traditionally quiet period of the year
Key Financials & KPI Highlights
Q1 2016 Q1 2017 YoY Change
---------------------------- --------- --------- -----------
Passengers ('000
PAX) (3) 256.0 314.8 22.9%
General & Bulk
Cargo ('000 tons) 446.4 485.2 8.7%
Throughput ('000
TEU) 52.2 48.8 -6.6%
---------------------------- --------- --------- -----------
Revenue (US$ mn) 18.5 18.2 -1.7%
Cruise Revenue
(US$ mn) (1) 4.5 4.5 -0.3%
Commercial Revenue
(US$ mn) 14.1 13.8 -2.1%
Segmental EBITDA
(US$ mn) (2) 10.9 11.4 4.9%
Segmental EBITDA
Margin 58.7% 62.6% +390bps
Cruise EBITDA
(US$ mn) 1.7 1.6 -3.9%
Cruise Margin 37.6% 36.2% -140bps
Commercial EBITDA
(US$ mn) 9.2 9.8 6.5%
Commercial Margin 65.4% 71.1% +570bps
---------------------------- --------- --------- -----------
(1) Revenue allocated to cruise segment includes
sum of revenues of cruise ports excluding Singapore
and Lisbon
(2) Segmental EBITDA figures indicate only operational
companies; excludes GPH solo expenses
(3) Passenger numbers refer to consolidation perimeter,
hence excluding equity pick-up entities Venice,
Lisbon and Singapore
Global Ports Holding Plc ("GPH Plc" or "Group"), the world's
largest independent cruise port operator, today issues a trading
update for the period from 1 January to 31 March 2017.
Due to the seasonal nature of the business, the first quarter of
the year is always the least busy period for both the cruise and
the commercial divisions of GPH Plc, and as such does not inform
the trend for the full year. However, the Group is pleased to
confirm that financial performance for Q1 2017 is in line with
management's expectations, as set out at its recent Initial Public
Offering on the London Stock Exchange.
Q1 Highlights:
-- 22.9% growth in cruise passengers (of which 12.1% was organic
growth, the inorganic growth was due to first-time consolidation of
small Italian ports), with good growth across the majority of ports
slightly offset by continuing challenges in our Turkish ports.
-- Took opportunity of the quieter cruise period to renovate the
shopping mall in Ege Port with a small impact on revenue and
EBITDA.
-- Good growth in our commercial ports with general & bulk
cargo up by 8.7% YoY to 485.2k tons, offset by a small decrease in
container volumes which were impacted by low seasonality.
-- In our quietest quarter, total consolidated revenues were
broadly flat (-1.7% YoY) at USD 18.2mn.
-- However, segmental EBITDA rose 4.9% to USD 11.4mn with an
improved margin of 62.6% vs. 58.7% in Q1 2016 as efficiency and FX
benefits in our Commercial operations more than offset the impact
of marginally lower revenue.
Outlook & current trading
Trading since quarter close has been strong with continued good
growth in cruise passengers and container volumes. As a result, we
remain confident of delivering on our expectations for the full
year.
Mehmet Kutman, Chairman and Co-Founder said;
"We are pleased with this set of results, which are our first as
a publicly-listed company. As the world's largest independent
cruise port operator, by number of ports and passengers, we enjoy a
first mover advantage in this sector and have significant growth
opportunities. We will continue to deliver on our ambitious plans
to expand our existing footprint of 14 ports in eight countries,
through acquisitions across Europe, the Caribbean and Asia."
Emre Sayın, Chief Executive Officer said;
"I am delighted to have successfully completed the IPO of GPH
and particularly welcome our new shareholders as we embark on the
next stage in GPH's exciting growth strategy.
In what is traditionally the quietest quarter for us I am
pleased that we have continued to grow passenger numbers
organically and that we are starting to see the benefits of further
efficiencies in our commercial business. Progress since the end of
the quarter is also strong across the business which gives me
increased confidence that we will meet our expectations for the
full year"
Operational Review
Revenues broadly in line with Q1 2016 ...
-- Total consolidated revenues were USD 18.2mn in Q1 2017,
broadly flat (-1.7%) on Q1 2016, and impacted slightly by continued
challenging conditions in our Turkish Ports as well as renovation
works in Ege Port's shopping mall. However, these works have been
completed prior to this year's main season
o Adjusted for the effect of renovation works in Ege Port's
shopping mall, total revenues in Q1 2017 were slightly higher than
last year's.
-- Total cruise revenues remained largely flat YoY, with a
positive contribution from passenger growth, offset by renovation
works at Ege Port's shopping mall along with the depreciation in
the EUR/$ parity and less contribution from other revenue streams
(i.e. commercial berthing). Also, calls during the first quarter
benefit from winter rates which are discounted and lead to lower
revenues growth compared to passenger growth.
-- Total commercial revenues were USD 13.8mn in Q1 2017, down
2.1% YoY, due to lower revenue contribution from Port of Adria.
... while EBITDA and EBITDA margin improved
-- Total segmental EBITDA was USD 11.4mn in Q1 2017, up 4.9% on
Q1 2016, with a 360bps improvement in margin (62.6% Q1 2017 vs.
58.7% Q1 2016).
o When adjusting for the effect of the renovation works in Ege
Port's shopping mall consolidated EBITDA was up by 7.4% YoY
translating into 540bps improvement in EBITDA margin, which stood
at a solid 64.1%.
-- Cruise EBITDA was USD 1.6mn in Q1 2017, down 3.9% on Q1 2016,
with a margin of 36.2% (37.6% in Q1 2016).
o The decline in the cruise segment's operational profitability
is mainly attributable to the negative contribution from Ege Ports
in Turkey due to renovation works in the shopping mall. Ege Ports
normally operates at 75%-80% EBITDA margin (FY 2016 EBITDA Margin
of Ege Ports was 77%).
o When adjusting for the Ege Port's shopping mall renovation
impact, Cruise EBITDA grew 12.7% YoY with a 490bps improvement in
margin (42.5% Q1 2017 vs. 37.6% Q1 2016).
-- Commercial EBITDA was USD 9.8mn in Q1 2017, up 6.5% on Q1
2016, translating into c.570bps improvement in EBITDA margin.
o The improvement was driven by a favorable currency
environment, increases in TEU yields at Port Akdeniz, and increased
efficiency at Port of Adria thanks to the continued investments in
equipment and the social program of 2016
Solid Balance Sheet
-- Net debt at 31.03.2017 increased to USD293mn from USD284mn at
2016YE due to capex.
o Capital expenditures amounted to USD 6.7mn in Q1 2017,
relating to the completion of the modernization program at Port of
Adria (investment in equipment and machinery), as well as
renovation works in Ege Port's shopping mall.
-- Gross Debt at 31.03.2017 equals USD 346mn. The Leverage Ratio
as per GPH's Eurobond (excluding Unrestricted Subsidiaries) stood
at 4.4x as of 31.03.2017, comfortably below the covenant of
5.0x.
CONTACT
For investor and analyst enquiries:
Global Ports Holding, Investor Relations
Asli Su Ata, Head of Investor Relations
Ismail Ozer, Investor Relations Analyst
Telephone: +90 212 244 60 00
Email: investor@globalports.com.tr
For media enquiries:
Brunswick Group LLP
Azadeh Varzi
Imran Jina
Telephone: +44 (0) 20 7404 5959
Email: GPH@brunswickgroup.com
APPIX
Please note that the numbers below are GPH AS IFRS financials as
of 31.03.2017, and differences may arise between GPH AS and GPH Plc
numbers on Balance Sheet and below-EBITDA items.
Summary Income Statement
US$m Q1 2016 Q1 2017 Q1 2017
===================================== ======== ======== ========
Consolidated statement
of comprehensive income
data
Revenue 18.5 18.2 -1.7%
Operating Expenses (20.0) (18.7) -6.6%
Depreciation and Amortization (10.1) (10.1) 0.1%
Other Operating Income 0.1 0.6 659.9%
Other Operating Expense (1.2) (1.3) 13.9%
Operating profit (2.5) (1.1) -55.5%
Finance Income 6.6 5.6 -15.3%
Finance Expenses (11.5) (10.7) -7.5%
Profit before income tax (7.0) (5.7) -7.5%
Income tax expense 0.8 0.9 10.1%
Profit for the year (6.2) (4.9) -21.1%
Other financial data (USD
millions actual)
EBITDA 9.9 10.3 4.6%
EBITDA margin 53.2% 56.5% +330bps
------------------------------------- -------- -------- --------
Summary Balance Sheet
US$m 2016 31.03.2017
=================================== ====== ===========
Consolidated statement of financial
position data (USD millions)
Cash and cash equivalents 44.3 38.8
Total current assets 111.9 105.4
Total assets 699.9 704.4
Total debt (including obligations
under financing leases) 342.7 346.3
Net debt (including obligations
under financing leases) 298.4 307.5
Total equity 222.5 201.5
of which retained earnings 43.6 12.5
----------------------------------- ------ -----------
Summary Cash Flow Statement
US$m Q1 2016 Q1 2017
===================================== ======== ========
Consolidated cash flow
statement data (USD millions)
Net cash provided by operating
activities 9.5 8.1
of which generated from
operations 8.6 9.7
of which net working capital 0.9 (1.6)
Net cash (used in) / produced
from investing activities (7.0) (5.9)
Net cash (used in) / produced
from financing activities (34.5) (4.4)
------------------------------------- -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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