published on 04/30/2024 at 08:00 from Atlantic Lithium Limited (isin : GB00BD2ZT390)

Trading Statement for the nine months to 31 December 2023

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

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
Key Financials & KPIs1	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

Financial Performance Trading Statement Global Ports Holding PLC GPH Passenger Volumes

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