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Global Ports Holding PLC (GPH)

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Monday 31 January, 2022

Global Ports Holding PLC

Interim Results 2021

Global Ports Holding PLC (GPH)
Interim Results 2021

31-Jan-2022 / 16:20 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

 

 

Global Ports Holding Plc

Interim results for the six months ended 30 September 2021

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, today announces its financial results for the six months ended 30 September 2021.

 

On the 10 November 2021 GPH issued a trading update for the period from 1 April to 30 September 2021. Today's statement provides the financial statements that support this previously issued trading update.

 

 

 

 

 

 

 

 

 

 

 

CONTACT

 

 

For investor, analyst and financial media enquiries:

 

 

Investor Relations

 

 

Martin Brown

 

 

Telephone: +44 (0) 7947 163 687

 

 

Email: [email protected]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Ports Holding PLC

 

Interim condensed consolidated financial statements

 

For the six months ended 30 September 2021

 

 

 

 

 

 

 

 

 

 

 

 

Contents

 

Responsibility Statement

3

Primary Statements

 

Interim condensed consolidated statement of profit or loss and other comprehensive income

4 - 5

Interim condensed consolidated statement of financial position

6

Interim condensed consolidated statement of changes in equity

7 - 9

Interim condensed consolidated cash flow statement

10

Notes to the condensed financial statements

11 - 35

 

 

 

 

 

 

 

Responsibility Statement

 

 

We confirm that to the best of our knowledge:

 

  • the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the United Kingdom,

 

  • the interim management report includes a fair review of the information required by:

 

 

  1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

 

  1. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

 

 

By order of the Board,

 

 

 

 

 

Ercan ERGÜL

Board Member

31 January 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(USD '000)

Notes

 

Six months ended

30 September 2021

(Unaudited)

 

Six months ended

30 September 2020

(Unaudited)

(restated*)

 

15 Months ended

31 March 2021

(Audited)

 

 

 

 

 

 

 

 

Revenue

6

 

61,060

 

46,399

 

79,399

Cost of sales

 

 

(67,152)

 

(56,695)

 

(98,090)

Gross profit

 

 

(6,092)

 

(10,296)

 

(18,691)

 

 

 

 

 

 

 

 

Other income

 

 

1,269

 

815

 

2,878

Selling and marketing expenses

 

 

(874)

 

(524)

 

(1,622)

Administrative expenses

 

 

(7,076)

 

(6,485)

 

(20,211)

Impairment loss on trade receivables and contract assets

 

 

(407)

 

(940)

 

(1,339)

Other expenses

 

 

(5,293)

 

(3,618)

 

(33,369)

Operating profit

 

 

(18,473)

 

(21,048)

 

(72,354)

 

 

 

 

 

 

 

 

Finance income

7

 

9,523

 

21,268

 

30,047

Finance costs

7

 

(20,110)

 

(28,922)

 

(80,814)

Net finance costs

 

 

(10,587)

 

(7,654)

 

(50,767)

 

 

 

 

 

 

 

 

Share of profit of equity-accounted investees

 

 

(343)

 

337

 

465

 

 

 

 

 

 

 

 

 (Loss) / Profit before tax

 

 

(29,403)

 

(28,365)

 

(122,656)

 

 

 

 

 

 

 

 

Tax income

8

 

6,102

 

4,274

 

15,061

 

 

 

 

 

 

 

 

Loss from continuing operations

 

 

(23,301)

 

(24,091)

 

(107,595)

 

 

 

 

 

 

 

 

Profit from discontinued operations

5

 

--

 

(7,061)

 

12,906

 

 

 

 

 

 

 

 

(Loss) / Profit for the period / year

 

 

(23,301)

 

(31,152)

 

(94,689)

 

 

 

 

 

 

 

 

(Loss) / Profit for the period / year attributable to:

 

 

 

 

 

 

 

Owners of the Company

 

 

(18,844)

 

(26,277)

 

(80,313)

Non-controlling interests

 

 

(4,457)

 

(4,875)

 

(14,376)

 

 

 

(23,301)

 

(31,152)

 

(94,689)

 

* Comparative information has been re‑presented due to a discontinued operation and change in financial year. See Note 2a.

 

 

 

 

 

 

 

 

 

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

 

 

(USD '000)

Notes

 

Six months ended

30 September 2021

(Unaudited)

 

Six months ended

30 September 2020

(Unaudited)

(restated*)

 

15 Months ended

31 March 2021

(Audited)

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Items that will not be reclassified subsequently

to profit or loss

 

 

 

 

 

 

 

Remeasurement of defined benefit liability

 

 

5

 

(100)

 

(117)

 

 

 

5

 

(100)

 

(117)

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

 

 

Foreign currency translation differences

 

 

(686)

 

53,240

 

65,014

Cash flow hedges - effective portion of changes in fair value

 

 

91

 

180

 

469

Cash flow hedges - realized amounts transferred to income statement

 

 

(100)

 

(115)

 

(244)

Equity accounted investees - share of OCI

 

 

(565)

 

--

 

(872)

Losses on a hedge of a net investment

 

 

(990)

 

(36,443)

 

(45,209)

 

 

 

(2,250)

 

16,862

 

19,158

Other comprehensive loss for the year, net of income tax

 

 

(2,245)

 

16,762

 

19,041

Total comprehensive loss for the year

 

 

(25,546)

 

(14,390)

 

(75,648)

 

 

 

 

 

 

 

 

Total comprehensive loss attributable to:

 

 

 

 

 

 

 

Owners of the Company

 

 

(20,694)

 

(13,410)

 

(64,987)

Non-controlling interests

 

 

(4,852)

 

(980)

 

(10,661)

 

 

 

(25,546)

 

(14,390)

 

(75,648)

 

 

 

 

 

 

 

 

Basic and diluted earnings / (loss) per share (cents per share)

14

 

(30.0)

 

(41.8)

 

(127.8)

Basic and diluted earnings / (loss) per share (cents per share) - continuing operations

 

 

(30.0)

 

(30.6)

 

(148.4)

 

* Comparative information has been re‑presented due to a discontinued operation and change in financial year. See Note 2a.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

 

 

  Notes

 

As at

 30 September 2021

(USD '000)

(Unaudited)

 

As at

31 March 2021

(USD '000)

(Audited)

 

As at

 30 September 2020

(USD '000)

(Unaudited)

Non-current assets

 

 

 

 

 

 

 

Property and equipment

 

 

127,447

 

126,858

 

145,129

Intangible assets

9

 

376,226

 

331,910

 

458,548

Right of Use Assets

 

 

86,356

 

87,469

 

80,774

Investment property

 

 

2,158

 

2,198

 

2,211

Goodwill

 

 

13,485

 

13,485

 

14,223

Equity-accounted investees

 

 

16,535

 

18,776

 

26,893

Due from related parties

16

 

8,049

 

8,125

 

7,673

Deferred tax assets

 

 

15,677

 

11,137

 

3,991

Other non-current assets

 

 

2,346

 

2,638

 

4,406

 

 

 

648,279

 

602,596

 

743,848

Current assets

 

 

 

 

 

 

 

Trade and other receivables

10

 

28,253

 

26,162

 

16,915

Due from related parties

16

 

460

 

324

 

796

Other investments

 

 

57

 

63

 

78

Other current assets

 

 

38,382

 

12,371

 

5,382

Inventory

 

 

946

 

903

 

1,545

Prepaid taxes

 

 

273

 

238

 

1,958

Cash and cash equivalents

 

 

82,616

 

170,599

 

108,854

 

 

 

150,987

 

210,660

 

135,528

Total assets

 

 

799,266

 

813,256

 

879,376

 

 

 

 

 

 

 

 

Current liabilities

Loans and borrowings

12

 

61,351

 

295,200

 

80,773

Other financial liabilities

 

 

1,176

 

2,925

 

2,124

Trade and other payables

 

 

58,066

 

39,236

 

23,227

Due to related parties

16

 

3,338

 

1,253

 

696

Current tax liabilities

 

 

61

 

157

 

2,038

Provisions

13

 

8,691

 

7,640

 

3,487

 

 

 

132,683

 

346,411

 

112,345

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Loans and borrowings

12

 

483,464

 

253,734

 

494,354

Other financial liabilities

 

 

53,753

 

55,249

 

49,895

Trade and other payables

 

 

11

 

12

 

--

Derivative financial liabilities

17

 

230

 

399

 

443

Deferred tax liabilities

 

 

48,212

 

49,323

 

77,951

Provisions

13

 

19,414

 

21,221

 

18,944

Employee benefits

 

 

482

 

344

 

848

 

 

 

605,566

 

380,282

 

642,435

Total liabilities

 

 

738,249

 

726,693

 

754,780

Net assets

 

 

61,017

 

86,563

 

124,596

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Share capital

 

 

811

 

811

 

811

Legal reserves

 

 

6,014

 

6,014

 

11,819

Share based payment reserves

 

 

239

 

239

 

239

Hedging reserves

 

 

(43,515)

 

(41,951)

 

(276,065)

Translation reserves

 

 

58,488

 

58,779

 

285,210

Retained earnings

 

 

(30,990)

 

(12,151)

 

21,067

Equity attributable to equity holders of the Company

 

 

(8,953)

 

11,741

 

43,081

Non-controlling interests

 

 

69,970

 

74,822

 

81,515

Total equity

 

 

61,017

 

86,563

 

124,596

 

 

 

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

 

 

(USD '000)

Notes

 

Share capital

Legal

 reserves

Share based payment reserves

Hedging reserves

Translation reserves

Retained earnings

 

 

Total

Non-controlling interests

 

 

Total

equity

Balance at 1 April 2021 (Audited)

 

811

6,014

239

(41,951)

58,779

(12,151)

11,741

74,822

86,563

 

 

 

 

 

 

 

 

 

 

 

Loss for the year

 

--

--

--

--

--

(18,844)

(18,844)

(4,457)

(23,301)

Other comprehensive (loss) / income for the year

 

--

--

--

(1,564)

(291)

5

(1,850)

(395)

(2,245)

Total comprehensive (loss) / income for the year

 

--

--

--

(1,564)

(291)

(18,839)

(20,694)

(4,852)

(25,546)

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners of the Company

 

 

 

 

 

 

 

 

 

 

Contribution and distributions

 

 

 

 

 

 

 

 

 

 

Dividends

 

--

--

--

--

--

--

--

--

--

Transfer to legal reserves

 

--

--

--

--

--

--

--

--

--

Total contributions and distributions

 

--

--

--

--

--

--

--

--

--

 

 

 

 

 

 

 

 

 

 

 

Changes in ownership interest

 

 

 

 

 

 

 

 

 

 

Equity injection

 

--

--

--

--

--

--

--

--

--

Acquisition of subsidiary with non-controlling interest

 

--

--

--

--

--

--

--

--

--

Transactions with non-controlling interest

 

--

--

--

--

--

--

--

--

--

Total changes in ownership interest

 

--

--

--

--

--

--

--

 

 

Total transactions with owners of the Company

 

--

--

--

(1,564)

(291)

(18,839)

(20,694)

(4,852)

(25,546)

Balance at 30 September 2021 (Unaudited)

 

811

6,014

239

(43,515)

58,488

(30,990)

(8,953)

69,970

61,017

 

 

 

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

(USD '000)

Notes

 

Share capital

Legal

 reserves

Share based payment reserves

Hedging reserves

Translation reserves

Retained earnings

 

 

Total

Non-controlling interests

 

 

Total

equity

Balance at 1 January 2020 (Audited)

 

811

13,144

239

(220,029)

213,715

61,053

68,933

86,330

155,263

 

 

 

 

 

 

 

 

 

 

 

Loss for the year

 

--

--

--

--

--

(41,302)

(41,302)

(6,396)

(47,698)

Other comprehensive (loss) / income for the year

 

--

--

--

(56,036)

71,495

(105)

15,354

2,894

18,248

Total comprehensive (loss) / income for the year

 

--

--

--

(56,036)

71,495

(41,407)

(25,948)

(3,502)

(29,450)

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners of the Company

 

 

 

 

 

 

 

 

 

 

Contribution and distributions

 

 

 

 

 

 

 

 

 

 

Dividends

 

--

--

--

--

--

--

--

(237)

(237)

Transfer to legal reserves

 

--

(1,325)

--

--

--

1,325

--

--

--

Total contributions and distributions

 

--

(1,325)

--

--

--

1,325

--

(237)

(237)

 

 

 

 

 

 

 

 

 

 

 

Changes in ownership interest

 

 

 

 

 

 

 

 

 

 

Equity injection

4b

--

--

--

--

--

--

--

326

326

Acquisition of subsidiary with non-controlling interest

 

--

--

--

--

--

--

--

399

399

Transactions with non-controlling interest

4a

--

--

--

--

--

96

96

(1,801)

(1,705)

Total changes in ownership interest

 

--

--

--

--

--

96

96

(1,076)

(980)

Total transactions with owners of the Company

 

--

(1,325)

--

--

--

1,421

96

(1,313)

(1,217)

Balance at 30 September 2020 (Unaudited)

 

811

11,819

239

(276,065)

285,210

21,067

43,081

81,515

124,596

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

(USD '000)

Notes

 

Share capital

Legal

reserves

Share based payment reserves

Hedging reserves

Translation reserves

Retained earnings

 

 

Total

Non-controlling interests

Total

equity

Balance at 1 January 2020

 

811

13,144

239

(220,029)

213,715

61,053

68,933

86,330

155,263

 

 

 

 

 

 

 

 

 

 

 

(Loss) / income for the year

 

--

--

--

--

--

(80,313)

(80,313)

(14,376)

(94,689)

Other comprehensive (loss) / income for the year

 

--

--

--

(45,856)

61,299

(117)

15,326

3,715

19,041

Total comprehensive (loss) / income for the year

 

--

--

--

(45,856)

61,299

(80,430)

(64,987)

(10,661)

(75,648)

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners of the Company

 

 

 

 

 

 

 

 

 

 

Contribution and distributions

 

 

 

 

 

 

 

 

 

 

Transfer to legal reserves

 

--

(1,276)

--

--

--

1,276

--

--

--

Dividends

 

--

--

--

--

--

--

--

(237)

(237)

Total contributions and distributions

 

--

(1,276)

--

--

--

1,276

--

(237)

(237)

 

 

 

 

 

 

 

 

 

 

 

Changes in ownership interest

 

 

 

 

 

 

 

 

 

 

Equity injection

4b

--

--

--

--

--

--

--

483

483

Acquisition of minority shareholding

4a

--

--

--

--

--

96

96

(1,801)

(1,705)

Acquisition of subsidiary with non-controlling interest

 

--

--

--

--

--

--

--

708

708

Disposal of subsidiary

5

--

(5,854)

--

223,934

(216,235)

5,854

7,699

--

7,699

Total changes in ownership interest

 

--

(5,854)

--

223,934

(216,235)

5,950

7,795

(610)

7,185

Total transactions with owners of the Company

 

--

(7,130)

--

223,934

(216,235)

7,226

7,795

(847)

6,948

Balance at 31 March 2021 (audited)

 

811

6,014

239

(41,951)

58,779

(12,151)

11,741

74,822

86,563

 

 

 

 

The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

 

 

 

 

 

 

 

Notes

 Six months ended 30 September 2021

(USD '000)

(Unaudited)

 Six months ended 30 September 2020

(USD '000)

(Unaudited)

(*)

15 Month ended

31 March 2021

(USD '000)

(Audited)

Cash flows from operating activities

 

 

 

 

Loss for the period / year

 

(23,301)

(31,152)

(94,689)

Adjustments for:

 

 

 

 

Depreciation of PPE and RoU assets and amortization expense

 

14,420

22,619

34,209

Impairment losses on intangible / tangible assets

 

--

--

3,941

Impairment losses on investments

 

--

--

8,410

Share of profit of equity-accounted investees, net of tax

 

343

(337)

(465)

Gain on sale of discontinued operation, net of tax

 

--

--

(9,071)

Gain on disposal of property plant and equipment

 

--

 

--

Finance costs (excluding foreign exchange differences)

7

16,915

15,238

36,867

Finance income (excluding foreign exchange differences)

7

(482)

1,068

(626)

Foreign exchange differences on finance costs and income, net

7

(1,076)

3,408

14,526

Income tax expense

 

(5,909)

(8,282)

(15,417)

Employment termination indemnity reserve

 

26

54

50

(Charges to) / reversal of provision

 

(744)

(114)

7,739

Operating cash flow before changes in operating assets and liabilities

 

192

2,502

(14,526)

Changes in:

 

 

 

 

- trade and other receivables

 

(2,091)

12,192

5,922

- other current assets

 

(26,089)

824

3,480

- related party receivables

 

282

(1,821)

(397)

- other non-current assets

 

293

(178)

2,508

- trade and other payables

 

13,736

5,515

14,386

- related party payables

 

2,086

(610)

(65)

- provisions

 

--

(4,336)

(32)

Post-employment benefits paid

 

(1)

(27)

(1,350)

Cash generated by operations before benefit and tax payments

(11,592)

14,061

1,886

Income taxes paid

 

(173)

(833)

(442)

Net cash generated from operating activities

 

(11,765)

13,228

9,484

Cash inflows from operating activities on discontinued operations

 

--

--

27,163

Investing activities

 

 

 

 

Acquisition of property and equipment

 

(3,895)

(11,879)

(27,913)

Acquisition of intangible assets

 

(46,392)

(44,170)

(56,557)

Proceeds from sale of property and equipment

 

3

203

392

Disposal of discontinued operation, net of cash disposed of

5

--

--

99,943

Bank interest received

 

140

60

153

Dividends from equity accounted investees

 

1,647

--

1,647

Investment in equity accounted investee

 

--

--

(570)

Acquisition of subsidiary, net of cash acquired

 

--

(1,109)

(2,816)

Advances given for tangible assets

 

--

267

(9,668)

Net cash used in investing activities

 

(48,497)

(56,628)

4,611

Cash used in investing activities of discontinued operations

 

--

--

(1,560)

Financing activities

 

 

 

 

Equity injection by minorities to subsidiaries

 

--

183

482

Dividends paid to NCIs

 

--

(237)

(237)

Interest paid

 

(30,754)

(14,417)

(31,545)

Proceeds from loans and borrowings

 

269,081

129,488

161,096

Repayments of borrowings

 

(263,104)

(19,268)

(52,318)

Repayments of lease liabilities

 

(798)

(1,325)

(3,922)

Net cash used in financing activities

 

(25,575)

94,424

73,556

Cash used in financing activities of discontinued operations

 

--

--

(1,167)

Net (decrease) / increase in cash and cash equivalents

 

(85,837)

51,024

112,087

Effect of foreign exchange rate changes on cash and cash equivalents

 

(2,146)

1,878

(5,268)

Cash and cash equivalents at beginning of year

 

170,599

55,952

63,780

Cash and cash equivalents at end of period

 

82,616

108,854

170,599

* Comparative information has not been restated for the disposal and includes the full impact of the discontinued operation; however it does reflect the change in financial year. See Note 2a.

 

 

 

 

 The notes on pages 11 to 35 are an integral part of these condensed consolidated interim financial statements

 
  1. General information

 

Global Ports Holding PLC is a public limited company listed on the London Stock Exchange, and incorporated in the United Kingdom and registered in England and Wales under the Companies Act 2006. The address of the registered office is 34 Brook Street 3rd Floor, London, England, W1K 5DN, United Kingdom.

 

These unaudited condensed interim consolidated financial statements of Global Ports Holding PLC (the "Company", and together with its subsidiaries, the "Group") for the six months ended 30 September 2021 were authorised for issue in accordance with a resolution of the directors on 31st January 2022.

 

  1. Accounting policies

 

  1. Basis of preparation

 

This condensed set of consolidated financial statements included in this half-yearly financial report has been prepared in accordance with the International Accounting Standard 34 'Interim Financial Reporting', as adopted by the United Kingdom and the requirements of the Disclosure and Transparency Rules ("DTR") of the FCA in the United Kingdom as applicable to interim financial reporting.

 

The interim condensed financial statements represent a 'condensed set of financial statements' as referred to in the DTR issued by the FCA. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the consolidated financial statements as at and for the year ended 31 March 2021 available on the Company website. Also, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

 

Management decided to change financial year of the Group to start from April 1st (first applied to the annual financial statements 2021, which ended 31st March 2021) to eliminate periodicity of the operations. With the change in financial year, Group will present its yearly operations covering business season in Europe (from early April until late October) and business season in Americas (Early October until late March). Accordingly, comparative information in the statement of profit or loss and OCI and cash flow statement were reclassified for consistency.

 

The financial information contained in this report for the six months ended 30 September 2020 and 30 September 2021 is unaudited. These interim financial statements were authorized for issue by the Company's board of directors on 31st January 2022.

 

The comparative figures for the 15 months ended 31 March 2021 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditor and delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

  1. Going concern

 

The Group operates 20 ports in 14 different countries and is focusing on increasing its number of Ports in different geographical locations to support its operations and diversify economic and political risks. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.

 

Cruise Port results turned positive in second quarter of the year reaching 30% of passenger numbers realized in the same period of 2019. The recovery seen during calendar Q2-2022 (second quarter of this report) is continued in calendar Q3-2022 and into calendar year 2022. Each month more cruise ships are being added back into service. At the same time the seasons impact the business volumes with the Mediterranean region ending its season around October/November and the Caribbean main season just starting at this time. The number of ship calls has reached around 66-72% compared to 2019 and slightly in excess of 40% on a passenger basis vs. 2019, indicating 60-70% occupancy ratios on the cruise ships on average during third quarter of financial year 2022. This is in line with the announcements of the cruise lines that about 70-75% of the ships are back in service; it was announced by cruise lines that all ships will return to service by mid-2022.

2 Accounting Policies (continued)

 

b) Going concern (continued)

 

In line with this expectation, and recovery impact on number of calls, management expected passenger numbers will increase up to 50% of 2019 realizations by year-end. With this additional performance of a positive Adjusted EBITDA in Q3-2022 on top of second quarter YTD performance, management expected slightly positive consolidated Adjusted EBITDA for the calendar year 2021. This recovery is expected to increase gradually until Q2 of financial year 2023 (June to September 2022) and by Q3-2023, management expected operations to reach its normalized, pre-Covid level and the return of regular business cycle.

 

The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

  1. Critical accounting judgements and key sources of estimation uncertainty

 

In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

In preparing these condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty, except as described below, were the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2021.

 

Impairment review of cash generating units (CGUs)

 

IFRS requires management to perform impairment tests annually for goodwill and, for finite lived assets, if events or changes in circumstances indicate that their carrying amounts may not be recoverable.

 

Impairment testing requires management to judge whether the carrying value of Assets and the associated goodwill of CGU can be supported by the net present value of future cash flows it generates. Calculating the net present value of the future cash flows requires estimates to be made in respect of highly uncertain matters including management's expectations of:

 

- Operational growth expectations including the forecast number of calls, passengers and container volumes,

- appropriate discount rates to reflect the risks involved

 

Management prepared formal forecasts for cruise port and commercial port operation for their remaining concession period, which are used to estimate their Value In Use ("VIU"). VIU calculations require subjective judgements based on a wide range of variables at a point in time including future passenger numbers or commercial volumes. Any significant decrease in variables used for value in use calculation is assessed as an impairment indicator. Due to the adverse impact of the Covid-19 pandemic on the Group's trade, an indicator of impairment has been identified for all cruise ports within the Group.  For Nassau Cruise Port, the Group estimates the recoverable amount using a fair value less costs to sell method, using a level 3 valuation technique based on forecast future cash flows. If the recoverable amount of an investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount and an impairment loss is recognised in the income statement. Each port represents a separate CGU.

 

 

2 Accounting Policies (continued)

 

c) Critical accounting judgements and key sources of estimation uncertainty (continued)

 

The Group uses the budget and long-range plan as approved by the board as the basis for the discounted cash flow models. The period over which cash flows have been projected is the length of the relevant concession agreement. The concession period has been used instead of 5 years (and a terminal value) as the concession length best represents the future use of the assets within the CGU. Management forecasted a recovery in following two years for number of passengers based on past experience on issues impacted Cruise industry (Costa Concordia case, 2008 global economic crisis), the publications made by Cruise Industry stakeholders, and the cash flows for following seven years with the remaining concession term having minimal estimated growth or industry growth. The key assumptions used in the estimation of the recoverable amount are set out below.

 

 

2021

Post-tax discount rate used for Ports with Euro functional currency

 

4.33% - 7.64%

Post-tax discount rate used for Ports with USD functional currency

 

7.70% - 10.54%

Annualized growth, year 2 - year 7 "Passengers"

 

2.00% - 5.97%

 

The resulting ViU of each CGU gives a recoverable amount higher than the carrying value of Asset and associated goodwill of CGU.

 

Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group's impairment evaluation and hence reported assets and profits or losses.

 

  1. Change in / new accounting policies

 

The accounting policies applied in these interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the 15-months ended 31 March 2021. The changes in accounting policies are also expected to be reflected in the Group's consolidated financial statements as at and for the year ending 31 March 2022.

 

  1. Foreign currency

 

Transactions in foreign currencies are translated into the respective functional currencies of the Group entities by using the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies carried at historical cost should be retranslated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss.

 

The Group entities use United Stated Dollars ("USD"), Euro or Turkish Lira ("TL") as their functional currencies since these currencies represent the primary economic environment in which they operate. These currencies are used to a significant extent in, or have a significant impact on, the operations of the related Group entities and reflect the economic substance of the underlying events and circumstances relevant to these entities. Transactions and balances not already measured in the functional currency have been re-measured to the related functional currencies in accordance with the relevant provisions of IAS 21 The Effect of Changes in Foreign Exchange Rates.

 

For the purpose of the interim condensed consolidated financial statements, US Dollars has been chosen as the presentation currency by management to facilitate the investors' ability to evaluate the Group's performance and financial position in relation to similar companies domiciled in different jurisdictions, and to eliminate the depreciating effect of TL against hard currencies, considering all subsidiaries of the Company are earning revenues in hard currencies.

 

 

 

2 Accounting Policies (continued)

 

e) Foreign currency (continued)

 

Assets and liabilities of those Group entities with a different functional currency than the presentation currency of the Group are translated into the presentation currency of the Group at the rate of exchange ruling at the reporting date. The income and expenses of the Group entities are translated into the presentation currency at the average exchange rates for the period. Equity items, except for net income, are translated using their historical costs. These foreign currency differences are recognised in "other comprehensive income" ("OCI"), within equity under "translation reserves".

 

Below are the foreign exchange rates used by the Group for the periods shown.

 

As at 30 September 2021, 31 March 2021 and 30 September 2020, foreign currency exchange rates of the Central Bank of the Turkish Republic were as follows:

 

 

30 September 2021

31 March 2021

30 September 2020

TL/USD

0.1131

0.1201

0.1281

Euro/USD

1.1663

1.1739

1.1691

 

For the six months ended 30 September 2021, 30 September 2020 and for the 15 months period ended 31 March 2021, average foreign currency exchange rates of the Central Bank of the Turkish Republic were as follows:

 

 

Six months ended 30 September 2021

Six months ended 30 September 2020

15-months period ended 31 March 2021

TL/USD

0.1184

0.1422

0.1412

Euro/USD

1.1919

1.1367

1.1579

 

  1. Alternative performance measures

 

This interim condensed set of financial statements includes certain measures to assess the financial performance of the Group's business that are termed "non-IFRS measures" because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. These non-GAAP measures comprise the following.

 

Segmental EBITDA

 

Segmental EBITDA calculated as income/(loss) before tax after adding back: interest; depreciation; amortisation; unallocated expenses; and Specific adjusting items.

 

Management evaluates segmental performance based on Segmental EBITDA. This is done to reflect the fact that there is a variety of financing structures in place both at a port and Group-level, and the nature of the port operating right intangible assets vary by port depending on which concessions were acquired versus awarded, and which fall to be treated under IFRIC 12. As such, management considers monitoring performance in this way, using Segmental EBITDA, gives a more comparable basis for profitability between the portfolio of ports and a metric closer to net cash generation. Excluding project costs for acquisitions and one-off transactions such as project specific development expenses as well as unallocated expenses, gives a more comparable year-on-year measure of port-level trading performance.

 

Management is using Segmental EBITDA for evaluating each port and group-level performances on operational level. As per management's view, some specific adjusting items included on the computation of Segmental EBITDA.

 

 

2 Accounting Policies (continued)

 

f) Alternative performance measures (continued)

 

Specific adjusting items

 

The Group presents specific adjusting items separately. For proper evaluation of individual ports financial performance and consolidated financial statements, Management considers disclosing specific adjusting items separately because of their size and nature. These expenses and income include project expenses; being the costs of specific M&A activities , the costs associated with appraising and securing new and potential future port agreements which should not be considered when assessing the underlying trading performance and the costs related to the refinancing of Group debts, the replacement provisions, being provision created for replacement of fixed assets which does not include regular maintenance, other provisions and reversals related to provisions provided, being related to unexpected non-operational transactions, impairment losses, construction accounting margin, being related to IFRIC 12 computation and main business of the Group is operating ports rather than construction, employee termination expenses, income from insurance repayments, income from scrap sales, gain/loss on sale of securities, other provision expenses, redundancy expenses and donations and grants.

 

Specific adjusting items comprised as following,

 

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15 months period ended

31 March 2021

(USD '000)

(Audited)

Project expenses

 

4,520

 

2,135

 

11,098

Employee termination expenses

 

85

 

149

 

228

Replacement provisions

 

275

 

245

 

793

Provisions / (reversal of provisions) (*)

 

(568)

 

1,014

 

8,489

Impairment losses

 

--

 

--

 

11,997

Construction accounting margin

 

(926)

 

(801)

 

(1,052)

Other expenses

 

527

 

480

 

(598)

Specific adjusting items

 

3,913

 

3,222

 

30,955

(*) This figure composed of expected impairment losses on receivables, provision expenses excluding vacation pay and replacement provisions and impairment losses related to assets.

Adjusted EBITDA

 

Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses.

 

Management uses an Adjusted EBITDA measure to evaluate Group's consolidated performance on an "as-is" basis with respect to the existing portfolio of ports. Notably excluded from Adjusted EBITDA, the costs of specific M&A activities and the costs associated with appraising and securing new and potential future port agreements. M&A and project development are key elements of the Group's strategy in the Cruise segment. Project lead times and upfront expenses for projects can be significant, however these expenses (as well as expenses related to raising financing such as acquisition financing) do not relate to the current portfolio of ports but to future EBITDA potential. Accordingly, these expenses would distort Adjusted EBITDA which management is using to monitor the existing portfolio's performance.

 

A full reconciliation for Segmental EBITDA and Adjusted EBITDA to profit before tax is provided in the Segment Reporting Note 3 to these financial statements.

 

 

2 Accounting Policies (continued)

 

f) Alternative performance measures (continued)

 

Underlying Profit

 

Management uses this measure to evaluate the profitability of the Group normalised to exclude the specific non-recurring expenses and income, and adjusted for the non-cash port intangibles amortisation charge, giving a measure closer to actual net cash generation, which the directors' consider a key benchmark in making the dividend decision.

 

Underlying Profit is calculated as profit/(loss) for the year after adding back: amortization expense in relation to Port Operation Rights, depreciation expense in relation to Right-of-use assets and specific non-recurring expenses and income.

 

Adjusted earnings per share

Adjusted earnings per share is calculated as underlying profit divided by weighted average per share.

 

Management uses these measures to evaluate the profitability of the Group normalised to exclude the gain on reversal of provisions, non-cash provisional income and expenses, gain or loss on foreign currency translation on equity, unhedged portion of investment hedging on Global Liman, adjusted for the non-cash port intangibles amortisation charge, and adjusted for change in accounting policies, giving a measure closer to actual net cash generation, which the directors' consider a key benchmark in making the dividend decision. Management decided this year that in the light of a more meaningful presentation of the underlying profit, the unhedged portion of the investment hedge on Global Liman and any gain or loss on foreign currency translation on equity as explained in note 14 have been excluded.

 

Underlying profit and adjusted earnings per share computed as following;

 

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15-months ended

31 March 2021

(USD '000)

(Audited)

Loss for the Period, net of IFRS 16 impact

 

(23,301)

 

(31,152)

 

(94,689)

Impact of IFRS 16

 

(1,581)

 

(1,679)

 

(3,300)

Loss for the Period

 

(24,882)

 

(32,831)

 

(97,989)

Amortisation of port operating rights / RoU asset / Investment Property

 

10,600

 

8,315

 

25,126

Non-cash provisional (income) / expenses (*)

 

68

 

1,408

 

9,510

Impairment losses

 

--

 

--

 

11,997

Unhedged portion of Investment hedging on Global Liman

 

10,599

 

9,497

 

39,038

(Gain) / loss on foreign currency translation on equity

 

136

 

5,713

 

1,238

Underlying (Loss) / Profit

 

(3,479)

 

(7,898)

 

(11,080)

Weighted average number of shares

 

62,826,963

 

62,826,963

 

62,826,963

Adjusted earnings per share (pence)

 

(5.54)

 

(12.57)

 

(17.61)

(*) This figure composed of employee termination expense, replacement provision, and provisions / (reversal of provisions) under specific adjusting items.

 

 

2 Accounting Policies (continued)

 

f) Alternative performance measures (continued)

 

Net debt

Net debt comprises total borrowings (bank loans, Eurobond and finance leases net of accrued tax) less cash, cash equivalents and short-term investments.

Management includes short term investments into the definition of Net Debt, because these short-term investments are comprised of marketable securities which can be quickly converted into cash.

Net debt comprised as following:

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15-months ended

31 March 2021

(USD '000)

(Audited)

Current loans and borrowings

 

61,351

 

80,773

 

295,200

Non-current loans and borrowings

 

483,464

 

494,354

 

253,734

Gross debt

 

544,815

 

575,127

 

548,934

Lease liabilities recognized due to IFRS 16 application

 

(66,856)

 

(66,374)

 

(65,918)

Gross debt, net of IFRS 16 impact

 

477,959

 

508,753

 

483,016

Cash and bank balances

 

(82,616)

 

(108,854)

 

(170,599)

Short term financial investments

 

(57)

 

(78)

 

(63)

Net debt

 

395,286

 

399,821

 

312,354

Equity

 

61,017

 

124,596

 

86,563

Net debt to Equity ratio

 

6.48

 

3.21

 

3.61

Leverage ratio

Leverage ratio is used by management to monitor available credit capacity of the Group.

Leverage ratio is computed by dividing gross debt to Adjusted EBITDA.

Leverage ratio computation is made as follows;

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15-months ended

31 March 2021

(USD '000)

(Audited)

Gross debt

 

544,815

 

575,127

 

548,934

Lease liabilities recognised due to IFRS 16 application

 

(66,856)

 

(66,374)

 

(65,918)

Gross debt, net of IFRS 16 impact

 

477,959

 

508,753

 

483,016

Adjusted EBITDA (annualized)

 

(5,526)

 

8,725

 

(6,725)

Impact of IFRS 16 on EBITDA (annualized)

 

(5,101)

 

(4,889)

 

(6,592)

Adjusted EBITDA, net of IFRS 16 impact

 

(10,627)

 

3,836

 

(13,317)

Leverage ratio

 

NA

 

132.6x

 

NA

 

 

2 Accounting Policies (continued)

 

f) Alternative performance measures (continued)

CAPEX

CAPEX represents the recurring level of capital expenditure required by the Group excluding M&A related capital expenditure.

CAPEX computed as 'Acquisition of property and equipment' and 'Acquisition of intangible assets' per the cash flow statement.

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15-months ended

31 March 2021

(USD '000)

(Audited)

Acquisition of property and equipment

 

3,895

 

10,045

 

27,913

Acquisition of intangible assets

 

46,392

 

44,170

 

56,557

CAPEX

 

50,287

 

54,215

 

84,470

Cash conversion ratio

Cash conversion ratio represents a measure of cash generation after taking account of on-going capital expenditure required to maintain the existing portfolio of ports.

It is computed as Adjusted EBITDA less CAPEX divided by Adjusted EBITDA.

 

 

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15-months ended

31 March 2021

(USD '000)

(Audited)

Adjusted EBITDA (annualized)

 

(5,526)

 

8,725

 

(6,725)

Impact of IFRS 16 on EBITDA (annualized)

 

(5,101)

 

(4,889)

 

(6,592)

Adjusted EBITDA, net of IFRS 16 impact

 

(10,627)

 

3,836

 

(13,317)

CAPEX

 

(50,287)

 

(54,215)

 

(84,470)

Cash converted after CAPEX

 

(60,914)

 

(50,379)

 

(97,787)

Cash conversion ratio

 

NA

 

NA

 

NA

Hard currency

Management uses the term hard currency to refer to those currencies that historically have been less susceptible to exchange rate volatility. For the period ended 30 September 2021 and 2020, and for the 15 months period ended 31 March 2021, the relevant hard currencies for the Group are US Dollar, Euro and Singaporean Dollar.

 

  1. Segment reporting

 

  1. Products and services from which reportable segments derive their revenues

 

The Group operates various cruise and one commercial port, and all revenue is generated from external customers such as cruise liners, ferries, yachts, individual passengers, container ships and bulk and general cargo ships.

 

  1. Reportable segments

 

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker, in deciding how to allocate resources and assessing performance.

 

The Group has identified two main segments, commercial and cruise businesses. Under each main segment, Group had presented its operations on port basis as an operating segment, as each port represents a set of activities which generates revenue and the financial information of each port is reviewed by the Group's chief operating decision-maker in deciding how to allocate resources and assess performance. Spanish Ports are aggregated due to the Group's operational structure. The Group's chief operating decision-maker is the Chief Executive Officer ("CEO"), who reviews the management reports of each port at least on a monthly basis. Following the disposal of Port Akdeniz, the only port within the commercial segment is Port Adria.

 

The CEO evaluates segmental performance on the basis of earnings before interest, tax, depreciation and amortisation excluding the effects of Specific adjusting items comprising project expenses, bargain purchase gains and reserves, board member leaving fees, employee termination payments, unallocated expenses, finance income, finance costs, and including the share of equity-accounted investments which are fully integrated into GPH cruise port network ("Adjusted EBITDA" or "Segmental EBITDA"). Adjusted EBITDA is considered by Group management to be the most appropriate profit measure for the review of the segment operations because it excludes items which the Group does not consider to represent the operating cash flows generated by underlying business performance. The share of equity-accounted investees has been included as it is considered to represent operating cash flows generated by the Group's operations that are structured in this manner.

 

The Group has the following operating segments under IFRS 8:

 

  • BPI ("Creuers" or "Creuers (Barcelona and Málaga)"), VCP ("Valetta Cruise Port"), Ege Liman ("Ege Ports-Kuşadası"), Bodrum Liman ("Bodrum Cruise Port"), Ortadoğu Liman (Cruise port operations) (sold in January 2021; see note 5), Italian Ports ("Cagliari Cruise Port", "Catania Cruise Port", Ravenna Cruise Port", "Taranto Cruise Port"), Nassau Cruise Port ("NCP"), Antigua Cruise Port ("GPH Antigua"), Lisbon Cruise Terminals, SATS - Creuers Cruise Services Pte. Ltd. ("Singapore Port"), Venezia Investimenti Srl. ("Venice Investment" or "Venice Cruise Port"), La Spezia Cruise Facility Srl. ("La Spezia"), Balearic Handling SLA ("Balearic"), and Shore Handling SLA ("Shore") which fall under the Group's cruise port operations.
  • Port of Adria ("Port of Adria-Bar") and Ortadoğu Liman (Commercial port operations) ("Port Akdeniz-Antalya") (sold in January 2021; see note 7) which both fall under the Group's commercial port operations.

 

The Group's reportable segments under IFRS 8 are BPI, VCP, Ege Liman, Nassau Cruise Port, Antigua Cruise Port, Port of Adria (Commercial port operations) and Ortadoğu Liman (Commercial port operations).

 

Bodrum Cruise Port, Italian Ports, Port of Adria (Cruise Operations), Ortadoğu Liman (Cruise operations), Shore, Balearic and Equity accounted investees are not exceeding the quantitative threshold, have been included in Other Cruise Ports.

 

Global Liman, BPI, Global BV, GP Melita, POH, GP Netherlands, Global Depolama, GP Med, GPH Americas, and GPH Bahamas do not generate any revenues and therefore is presented as unallocated to reconcile to the consolidated financial statements results.

 

Assets, revenue and expenses directly attributable to segments are reported under each reportable segment.

Any items which are not attributable to segments have been disclosed as unallocated.

 

3  Segment reporting (continued)

 

  1. Reportable segments (continued)

 

  1. Segment revenues, results and reconciliation to profit before tax

 

The following is an analysis of the Group's revenue, results and reconciliation to profit before tax by reportable segment:

 

 

USD '000

BPI

VCP

Ege Liman

Nassau Cruise Port

Antigua Cruise Port

Other Cruise Ports

Total Cruise

Ortadoğu Liman

Port of Adria

Total Commercial

Elimination of Discontinued operations

Total Consolidated

Six months ended 30 September 2021 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

2,153

3,402

396

48,480

310

1,865

56,606

--

4,454

4,454

--

61,060

Segmental EBITDA

(281)

2,180

(124)

(585)

(585)

(293)

312

--

1,821

1,821

--

2,133

Unallocated expenses

 

 

 

 

 

 

 

 

 

 

 

(2,618)

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

(485)

Reconciliation to profit before tax

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

 

 

 

 

 

 

 

 

 

 

 

(14,420)

Specific adjusting items*

 

 

 

 

 

 

 

 

 

 

 

(3,913)

Finance income

 

 

 

 

 

 

 

 

 

 

 

9,523

Finance costs

 

 

 

 

 

 

 

 

 

 

 

(20,110)

(Loss) / profit before income tax

 

 

 

 

 

 

 

 

 

 

 

(29,405)

Six months ended 30 September 2020 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

245

1,208

270

40,295

135

623

42,776

16,289

3,623

19,912

(16,289)

46,399

Segmental EBITDA

(1,576)

587

(185)

(2,342)

(549)

(681)

(4,746)

12,004

1,144

13,148

(12,004)

(3,602)

Unallocated expenses

 

 

 

 

 

 

 

 

 

 

 

(2,208)

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

(5,810)

Reconciliation to profit before tax

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

 

 

 

 

 

 

 

 

 

 

 

(11,680)

Specific adjusting items*

 

 

 

 

 

 

 

 

 

 

 

(3,222)

Finance income

 

 

 

 

 

 

 

 

 

 

 

6,842

Finance costs

 

 

 

 

 

 

 

 

 

 

 

(14,496)

(Loss) / profit before income tax

 

 

 

 

 

 

 

 

 

 

 

(28,366)

15 month ended 31 March 2021 (Audited)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

1,886

4,217

905

58,746

2,781

1,546

70,081

33,465

9,318

42,783

(33,465)

79,399

Segmental EBITDA

(2,740)

2,054

(391)

432

627

(1,680)

(1,698)

22,833

2,852

25,685

(22,833)

1,154

Unallocated expenses

 

 

 

 

 

 

 

 

 

 

 

(7,879)

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

(6,725)

Reconciliation to profit before tax

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

 

 

 

 

 

 

 

 

 

 

 

(34,209)

Specific adjusting items*

 

 

 

 

 

 

 

 

 

 

 

(30,955)

Finance income

 

 

 

 

 

 

 

 

 

 

 

30,047

Finance costs

 

 

 

 

 

 

 

 

 

 

 

(80,814)

(Loss) / profit before income tax

 

 

 

 

 

 

 

 

 

 

 

(122,656)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Please refer to Note 2 (f) for alternative performance measures (APM) on pages 14 to 18.

3  Segment reporting (continued)

 

  1. Reportable segments (continued)

 

The Group did not have inter-segment revenues in any of the periods shown above.

 

  1. Segment assets and liabilities

 

The following is an analysis of the Group's assets and liabilities by reportable segment:

 

 

USD '000

BPI

VCP

Ege Liman

Nassau Cruise Port

Antigua Cruise Port

Other Cruise Ports

Total Cruise

Ortadoğu Liman

Port of Adria

Total Commercial

Total Consolidated

30 September 2021 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Segment assets

126,572

119,124

38,791

271,942

46,294

12,382

615,105

--

64,964

64,964

680,069

Equity-accounted investees

--

--

--

--

--

16,535

16,535

--

--

--

16,535

Unallocated assets

 

 

 

 

 

 

 

 

 

 

102,659

Total assets

 

 

 

 

 

 

 

 

 

 

799,263

 

 

 

 

 

 

 

 

 

 

 

 

Segment liabilities

60,015

62,209

11,648

281,583

51,652

13,459

480,566

--

40,854

40,854

521,420

Unallocated liabilities

 

 

 

 

 

 

 

 

 

 

216,829

Total liabilities

 

 

 

 

 

 

 

 

 

 

738,249

31 March 2021 (Audited)

 

 

 

 

 

 

 

 

 

 

 

Segment assets

134,164

121,511

37,024

198,831

52,436

11,159

555,125

--

67,587

67,587

622,712

Equity-accounted investees

--

--

--

--

--

18,776

18,776

--

--

--

18,776

Unallocated assets

 

 

 

 

 

 

 

 

 

 

171,768

Total assets

 

 

 

 

 

 

 

 

 

 

813,256

 

 

 

 

 

 

 

 

 

 

 

 

Segment liabilities

63,260

64,194

7,767

206,314

54,572

11,522

407,629

--

42,535

42,535

450,164

Unallocated liabilities

 

 

 

 

 

 

 

 

 

 

276,529

Total liabilities

 

 

 

 

 

 

 

 

 

 

726,693

30 September 2020 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Segment assets

143,547

121,473

40,628

190,406

41,982

12,509

550,545

206,077

72,589

278,666

829,211

Equity-accounted investees

--

--

--

--

--

26,893

26,893

--

--

--

26,893

Unallocated assets

 

 

 

 

 

 

 

 

 

 

23,272

Total assets

 

 

 

 

 

 

 

 

 

 

879,376

 

 

 

 

 

 

 

 

 

 

 

 

Segment liabilities

66,698

63,595

7,958

190,673

42,133

12,688

383,745

61,686

39,039

100,725

484,470

Unallocated liabilities

 

 

 

 

 

 

 

 

 

 

270,310

Total liabilities

 

 

 

 

 

 

 

 

 

 

754,780

 

 

3 Segment reporting (continued)

 

  1. Reportable segments (continued)

 

  1. Other segment information

 

The following table details other segment information:

 

 

USD '000

BPI

VCP

Ege Liman

Nassau Cruise Port

Antigua Cruise Port

Other Cruise Ports

Total Cruise

Ortadoğu Liman

Port of Adria

Total Commercial

Unallocated

Total Consolidated

Six months ended 30 September 2021 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

(6,337)

(1,646)

(1,401)

(1,741)

(1,229)

(370)

(12,724)

--

(1,559)

(1,559)

(137)

(14,420)

Additions to non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

- Capital expenditures

31

142

13

46,577

100

3,302

50,164

--

83

83

39

50,286

Total additions to non-current assets

31

142

13

46,577

100

3,302

50,164

--

83

83

39

50,286

Six months ended 30 September 2020 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

(6,014)

(1,502)

(1,410)

585

(592)

(996)

(9,929)

--

(1,599)

(1,599)

(154)

(11,682)

Additions to non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

- Capital expenditures

1,340

893

41

41,892

9,816

230

54,212

--

4

4

--

54,216

Total additions to non-current assets

1,340

893

41

41,892

9,816

230

54,212

--

4

4

--

54,216

15 months ended 31 March 2021 (Audited)

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation expenses

(15,313)

(3,881)

(3,511)

(2,945)

(1,557)

(2,562)

(29,769)

--

(4,060)

(4,060)

(380)

(34,209)

Additions to non-current assets

 

 

 

 

 

 

 

 

 

 

 

 

- Capital expenditures

2,111

1,820

75

56,817

15,998

150

76,971

1,734

79

1,813

5,686

84,470

Total additions to non-current assets

2,111

1,820

75

56,817

15,998

150

76,971

1,734

79

1,813

5,686

84,470

 

 

 

3 Segment reporting (continued)

 

b)  Reportable segments (continued)

 

  1. Geographical information

 

The Port operations of the Group are managed on a worldwide basis, but operational ports and management offices are primarily in Turkey, Montenegro, Malta, Spain, Bahamas, Antigua & Barbuda and Italy. The geographic information below analyses the Group's revenue and non-current assets by countries. In presenting the following information, segment revenue has been based on the geographic location of port operations and segment non-current assets were based on the geographic location of the assets.

 

Revenue

Six months ended

30 September 2021

(USD '000)

(Unaudited)

 

Six months ended

30 September 2020

(USD '000)

(Unaudited)

 

15 months ended

31 March 2021

(USD '000)

(Audited)

Turkey