Global Ports Holding PLC (GPH)
Trading Statement for the nine months to 31 December 2023
30-Apr-2024 / 07:00 GMT/BST
Global Ports Holding Plc Trading Statement for the nine months to 31 December 2023 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 2023. Key Financials & KPIs1 | 9 months ended | 9 months ended | YoY Change | 3 months ended | 3 months ended | YoY Change | 31-Dec-23 | 31-Dec-22 | (%) | 31-Dec-23 (Q3) | 31-Dec-22 (Q3) | (%) | | | | | | | | Passengers (m)2 | 10.2 | 6.8 | 51% | 3.5 | 2.4 | 44% | Total Revenue ($m) | 151.2 | 173.9 | -13% | 46.0 | 55.6 | -18% | Adjusted Revenue ($m)3 | 135.8 | 92.2 | 47% | 39.9 | 28.1 | 42% | Segmental EBITDA ($m)4 | 92.9 | 63.9 | 45% | 25.4 | 19.9 | 28% | Adjusted EBITDA ($m)5 | 87.7 | 59.1 | 48% | 23.5 | 18.7 | 26% | Segmental EBITDA Margin (%) | 68.4% | 69.3% | | 63.6% | 70.7% | | Adjusted EBITDA Margin (%) | 64.6% | 64.2% | | 59.0% | 66.7% | | | | | | | | | | 31-Dec-23 | 31-Mar-23 | | | | | Gross Debt IFRS ($m) | 746.7 | 672.4 | 11% | | | | Gross Debt ex IFRS 16 Leases ($m) | 682.6 | 612.3 | 11% | | | | Net Debt ex IFRS 16 Leases ($m) | 581.5 | 494.0 | 18% | | | | Cash and Cash Equivalents ($m) | 101.2 | 118.3 | -14% | | | |
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 consolidated ports and the contribution from management agreements, plus the pro-rata Net Profit of equity-accounted associates La Goulette, Lisbon, Singapore and Venice
- Adjusted EBITDA calculated as Segmental EBITDA less unallocated (holding company) expenses
- Differences may arise due to rounding
Key Financials and KPIs - Cruise calls rose 20% from 2,676 to 3,564 for the 9M period ending 31 Dec 2023, and 28% from 1,027 to 1,312 in the 3M period to 31 Dec 2023
- Cruise passenger volumes growth was stronger, rising 51% for the 9M period ending 31 Dec 2023 compared to the 2022 9M Reporting Period, and 44% in the third quarter to 31 Dec 2023. The stronger growth in passenger volumes compared with the growth rates of cruise calls was driven by the significant increase in occupancy levels, which are now above 100% across our network
- Adjusted Revenue for the 9M period rose 47% to USD 135.8 million, with Q3 Adjusted Revenue rising 42% mainly driven by the higher passenger volumes. Total Revenue, including IFRIC-12 construction revenues, declined 13% to USD 151.2 million. This decrease reflects the impact of lower construction activities at Nassau Cruise Port where the major construction works came to an end during the period
- Segmental EBITDA for the 9M period of USD 92.9 million, a 45% increase on the USD 63.9 million for the same period last year
- Adjusted EBITDA for the 9M period was USD 87.7 million, a 48% increase on the USD 59.1 million for the same period last year
- Net Debt ex IFRS 16 Leases rose 18% to USD 581.5 million, and cash and cash equivalents fell 14% to USD 101.2 million, inorganic growth investments.
Segmental Financials & KPIs | 9 months ended | 9 months ended | YoY Change | 3 months ended | 3 months ended | YoY Change | | | 31-Dec-23 | 31-Dec-22 | (%) | 31-Dec-23 | 31- Dec-22 | (%) | | | | | | | | | Americas | | | | | | | Adjusted Revenue ($m) | 37.9 | 24.7 | 53% | 15.1 | 9.9 | 52% | Segmental EBITDA ($m) | 24.1 | 17.6 | 37% | 9.8 | 8.1 | 21% | Segmental EBITDA Margin (%) | 64% | 69% | | 65% | 81% | | Passengers (m) | 3.7 | 2.8 | 31% | 1.5 | 1.2 | 22% | Revenue per passenger ($) | 10.3 | 8.7 | 17% | 10.3 | 8.3 | 24% | | | | | | | | West Med & Atlantic | | | | | | | Adjusted Revenue ($m) | 34.8 | 23.3 | 49% | 10.7 | 7.2 | 49% | Segmental EBITDA ($m) | 28.3 | 16.6 | 71% | 8.4 | 5.3 | 57% | Segmental EBITDA Margin (%) | 81% | 74% | | 79% | 75% | | Passengers (m) | 3.6 | 2.1 | 73% | 1.4 | 0.8 | 72% | Revenue per passenger ($) | 9.7 | 11.2 | |
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