COMPANY ANNOUNCEMENT
GRAND HARBOUR MARINA P.L.C.
(THE "COMPANY")
Publication of Financial Analysis Summary 2024
Date of Announcement | 26 June 2024 | |
Reference | 213/2024 | |
Capital Markets Rule | 5.16 | |
This is an announcement being made by the Company in compliance with Chapter 5 of the Capital Markets Rules:
QUOTE
The Financial Analysis Summary for 2024 is available and can be accessed on the Company's website https://en.cnmarinas.com/grand-harbour-marina/notification-publication/
A copy of such Financial Analysis Summary is also attached herewith.
UNQUOTE
Signed:
_______________________
Louis de Gabriele Company Secretary
The Board of Directors
Grand Harbour Marina plc
Vittoriosa Wharf,
Vittoriosa, BRG 1721,
Malta
26 June 2024
Dear Sirs,
Grand Harbour Marina plc - Financial Analysis Summary (the "Update FAS")
In accordance with your instructions and in line with the requirements of the MFSA Listing Policies, we have compiled the Update FAS set out on the following pages and which is being forwarded to you together with this letter.
The purpose of the Update FAS is that of summarising key financial data appertaining to Grand Harbour Marina p.l.c. (the "Company" or "GHM"). The data is derived from various sources or is based on our own computations as follows:
-
historical financial data for the three years ended 31 December 2021 to 2023 has been extracted from the
Company's audited statutory financial statements for the three years in question, as and when appropriate; - the forecast data for the financial year ending 31 December 2024 has been provided by management of the Company;
- our commentary on the results of the Company and on the respective financial position is based on the explanations provided by the Company;
- the ratios quoted in this report have been computed by us applying the definitions as set out and defined within the Update FAS; and
- relevant financial data in respect of competitors as analysed in Part D has been extracted from public sources such as the websites of the companies concerned and the respective financial statements filed with the Registry of Companies.
The Update FAS is meant to assist potential investors by summarising the more important financial data of the Company. The Update FAS does not contain all data that is relevant to potential investors and is meant to complement, and not replace, financial and/or investment advice. The Update FAS does not constitute an endorsement by our firm of the securities of the Company and should not be interpreted as a recommendation to invest. We shall not accept any liability for any loss or damage arising out of the use of the Update FAS and no representation or warranty is provided in respect of the reliability of the information contained in this report. As with all investments, potential investors are encouraged to seek professional advice before investing.
Yours sincerely,
Christopher Mallia
Corporate Advisory Executive
FINANCIAL ANALYSIS SUMMARY
Update 2024
Prepared by Rizzo, Farrugia & Co (Stockbrokers) Ltd, in compliance
with the Listing Policies issued by the Malta Financial Services Authority,
dated 5 March 2013, as revised on 13 August 2021.
26 June 2024
TABLE OF CONTENTS
LIST OF ABBREVIATIONS
IMPORTANT INFORMATION
PART A | BUSINESS & MARKET OVERVIEW UPDATE |
PART B | FINANCIAL REVIEW |
PART C | LISTED SECURITIES |
PART D | COMPARATIVES |
PART E | GLOSSARY |
FAS Update - 2024 | 2 |
LIST OF ABBREVIATIONS
CNMIL | Camper & Nicholsons Marina Investments Ltd |
CNML | Camper & Nicholsons Marinas Limited |
MGS | Malta Government Stock |
PPE | Property, Plant and Equipment |
FAS Update - 2024 | 3 |
IMPORTANT INFORMATION
PURPOSE OF THE DOCUMENT
Grand Harbour Marina plc (the "Company", "GHM" or the "Issuer") issued €15 million 4.5% Unsecured Bonds 2027 pursuant to a prospectus dated 26 June 2017 (the "Bond Issue"). The prospectus included a Financial Analysis Summary ("FAS") in line with the requirements of the MFSA Listing Policies dated 5 March 2013 and last revised on 13 August 2021. The purpose of this report is to provide an update to the FAS (the "Update FAS") on the performance and on the financial position of the Company.
SOURCES OF INFORMATION
The information that is presented has been collated from a number of sources, including the Company's website (https://en.cnmarinas.com/grand-harbour-marina/), feedback from management as well as the Company's audited Financial Statements for the years ended 31 December 2021, 2022 and 2023 and forecasts for financial year ending 31 December 2024.
Forecasts that are included in this document have been prepared and approved for publication by the directors of the Company, who undertake full responsibility for the assumptions on which these forecasts are based.
Wherever used, FYXXXX refers to financial year covering the period 1st January to 31st December. The financial information is being presented in thousands of Euro, unless otherwise stated, and has been rounded to the nearest thousand.
PREVIOUS FAS ISSUED
The Company has published the following FAS which are available on its website:
FAS dated 26 June 2017 (appended to the prospectus)
FAS dated 22 June 2018
FAS dated 27 May 2019
FAS dated 14 August 2020
FAS dated 01 June 2021
FAS dated 13 June 2022
FAS dated 16 June 2023
FAS Update - 2024 | 4 |
PART A | BUSINESS & MARKET OVERVIEW UPDATE |
1. INTRODUCTION
Established on 31 August 2000, the Company is a subsidiary of Camper & Nicholsons Marina Investments Limited ("CNMIL") which is registered in Guernsey while having a separate business registration in Hong Kong.
The principal activities of Grand Harbour Marina p.l.c. (C 26891) relate to the operation of the Grand Harbour Marina (the "Marina"), through which it provides berthing facilities and other quayside and marina related services to yachts, including superyachts. The principal activity of the Company is therefore, to seek prospective customers to berth their vessels within the facilities at the Marina and to service its existing customers by providing the high-quality ancillary services required by the yacht owners and their crews.
The Company currently owns the sub-emphyteusis to the Grand Harbour Marina in Vittoriosa, Malta and a 45% beneficial interest in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Sirketi (''IC Cesme''), a company which owns and operates a marina in Turkey. The marinas are operated and managed in association with Camper & Nicholsons Marinas Limited (''CNML''), a company that is involved in the management and operation of marinas worldwide.
FAS Update - 2024 | 5 |
GHM's principal markets comprise local and foreign yacht owners seeking either long-term purchase of a home-port berth or annual, seasonal or short-term stays in Malta and can be largely divided into three segments as set out below:
- annual and seasonal berth licences of foreign and Maltese owned sail and power yachts of less than 24 metres;
- visiting sail and power yachts over 24 metres which are principally foreign-owned; and
- long-termlicence-holding sail and power yachts over 24 metres which are also principally foreign- owned.
RELATIONSHIP BETWEEN THE COMPANY AND CNML
CNML provides a number of consultancy services to GHM and its affiliated company, IC Cesme, in relation to recruitment, operation, projects, sales and marketing and branding amongst others. CNML's connection with the yachting industry dates back as far as 1782, while its association with marinas is traceable to the early 1960's. It presently operates owned or partly-owned marinas in the Caribbean, Turkey and Malta, with the consultancy business provided to other third parties in different parts of the world.
GHM benefits from a services agreement with CNML which has its operational headquarters in London from where it carries out staff cover operations, human resources, business development, technical services, financial as well as sales and marketing functions. The benefits from the services agreement are principally the use of the Camper & Nicholsons brand and access to Camper & Nicholsons' resources. The relationship with CNML also allows GHM to benefit from its global network of contacts, its high-profile advertising programmes and its presence in the major international exhibitions.
CNML also has an active role in the implementation of GHM's policies and strategies, including its management. The Board of Directors of GHM includes one individual who is also a director of CNMIL as the parent company of GHM.
FAS Update - 2024 | 6 |
2. GOVERNANCE & SENIOR MANAGEMENT
THE BOARD OF DIRECTORS
The current Board of GHM consists of five directors who are entrusted with the overall strategic direction and management of the Company. The Board's mandate is to identify and execute new investment opportunities and obtain related funding. The Board is currently composed of the following Directors:
Members of the Board
Mr Lawrence Zammit
Mr Franco Azzopardi
Man-Yi Ho
Chi-Keung Ng
Ms Elizabeth Ka-Yee Kan
Chairman, Independent Non-Executive Director
Independent Non-Executive Director, Chairman of Audit Committee Non-Executive Director (appointed on 27 June 2023)
Non-ExecutiveDirector (appointed on 27 June 2023)
Chief Executive Officer and Executive Director
Victor Lap-Lik Chu resigned on 22 March 2024. Tze-Shun Fung and Yixin Zeng were appointed on 27 June 2023 and resigned on 22 March 2024. Tarcisio Barbara was not re-appointed to the Board, effective from 27 June 2023.
EXECUTIVE MANAGEMENT OF THE COMPANY
The senior management team is composed of the following individuals:
Senior Management
Mr Jean Paul Saliba
Mr Andrew Farrugia
Mr Gordon Vassallo
Chief Financial Officer
Chief Operating Officer
General Manager
3. MATERIAL DEVELOPMENTS DURING FY2023
There have been no material developments in FY2023. The financial performance of GHM and IC Cesme is reported on in part B below.
FAS Update - 2024 | 7 |
4. VALUE OF GHM'S MAJOR ASSETS
The assets of the Company are predominantly made up of
- Property, Plant and Equipment (''PPE'') relating to the berths and pontoons at the marina in Malta as well as improvements to leased property and distribution switchboards, owned motor vehicles, office equipment and assets in the course of construction;
- the Right of Use ("RoU") assets relating to the lease of water space, offices and warehouses;
- the 45% equity interest in the Turkish marina;
- investment in debt securities;
- loans receivable from related parties: CNMIL (parent company) and CNML; and
- cash and cash equivalents.
The table below summarises the value of GHM's major assets for each of FY2021, FY2022 and FY2023.
Assets | 2021 | 2022 | 2023 |
€'000 | €'000 | €'000 | |
Property, plant and equipment | 4,565 | 4,243 | 4,057 |
Right of Use Assets | 5,260 | 5,133 | 5,007 |
45% Equity interest in IC Cesme | 714 | 3,648 | 5,728 |
Investment in Debt Securities | 5,806 | 4,474 | 4,392 |
Loans Receivable from related parties | 5,916 | 5,481 | 4,619 |
Cash and cash equivalents | 2,466 | 4,031 | 5,181 |
Other Assets1 | 1,615 | 1,406 | 1,544 |
Total Assets | 26,342 | 28,416 | 30,528 |
INDEPENDENT VALUATIONS
No valuations were carried out on the marina in Malta and the Turkish marina in relation to the financial year ended 31 December 2023.
1 Other assets comprise: (i) Trade and other receivables; and (ii) Deferred costs on property, plant and equipment.
FAS Update - 2024 | 8 |
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Grand Harbour Marina plc published this content on 26 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 June 2024 15:02:35 UTC.