Global Ports Investments : 2021 Financial results H1

Global Ports Investments Plc

Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2021

GLOBAL PORTS INVESTMENTS PLC
Table of contents
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT...........................................................................	3
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ....................................	4
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET ..................................................................................	5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ...........................................................	6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..............................................	7
Notes to the interim condensed consolidated financial information .............................................................................	8
1	General information........................................................................................................................................	8
2	Basis of preparation .......................................................................................................................................	8
3	Accounting policies.........................................................................................................................................	9
4	Estimates and judgements .............................................................................................................................	9
5	Financial risk management ..........................................................................................................................	11
6	Seasonality of operations .............................................................................................................................	11
7	Segmental information .................................................................................................................................	12
8	Expenses by nature......................................................................................................................................	25
9	Other gains/(losses) - net ............................................................................................................................	26
10	Finance income/(costs) - net .......................................................................................................................	26
11	Income tax....................................................................................................................................................	27
12	Property, plant and equipment, intangible assets and right-of-use assets...................................................	27
13	Trade and other receivables.........................................................................................................................	28
14	Borrowings ...................................................................................................................................................	28
15	Leases..........................................................................................................................................................	29
16	Derivative financial instruments....................................................................................................................	30
17	Trade and other payables ............................................................................................................................	30
18	Investments in joint ventures........................................................................................................................	31
19	Earnings per share .......................................................................................................................................	31
20	Related party transactions............................................................................................................................	31
Independent Auditor's Review Report ...................................................................................................................	34

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GLOBAL PORTS INVESTMENTS PLC

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

(in thousands of US dollars)

				Six month period
				ended 30 June
		Note	2021	2020
	Revenue	7		229,790	184,436
	Cost of sales	8		(128,955)	(89,920)
	Gross profit			100,835	94,516
	Administrative, selling and marketing expenses	8		(12,174)	(15,005)
	Other income			650	650
	Share of profit/(loss) of joint ventures accounted for using the equity method	18		(1,518)	(1,401)
	Other gains/(losses) - net	9		(346)	(14)
	Operating profit/(loss)			87,447	78,746
	Finance income	10		1,060	1,021
	Finance costs	10		(27,700)	(36,831)
	Change in fair value of derivatives	10		(4,984)	15,951
	Net foreign exchange gains/(losses) on financing activities	10		6,079	(29,811)
	Finance income/(costs) - net			(25,545)	(49,670)
	Profit/(loss) before income tax			61,902	29,076
	Income tax expense	11		(8,023)	(5,233)
	Profit/(loss) for the period			53,879	23,843
	Attributable to:
	Owners of the Company			54,006	22,879
	Non-controlling interest			(127)	964
				53,879	23,843
	Basic and diluted earnings per share for profit/(loss) attributable to the owners of the parent of the	19		0.09	0.04
	Company during the period (expressed in US$ per share)

The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.

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GLOBAL PORTS INVESTMENTS PLC

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(in thousands of US dollars)

		Six month period
		ended 30 June
	Note	2021	2020
Profit/(loss) for the period		53,879	23,843
Other comprehensive income/(loss)
Items that may be subsequently reclassified to profit or loss
Currency translation differences		11,176	(56,432)
Share of currency translation differences of joint ventures accounted for using the equity method	18	(16)	(2,064)
Total items that can be reclassified subsequently to profit or loss		11,160	(58,496)
Items that may not be subsequently reclassified to profit or loss
Share of currency translation differences attributable to non-controlling interest		335	(1,967)
Total items that cannot be reclassified subsequently to profit or loss		335	(1,967)
Other comprehensive income/(loss) for the period, net of tax		11,495	(60,463)
Total comprehensive income/(loss) for the period		65,374	(36,620)
Total comprehensive income/(loss) attributable to:
Owners of the Company		65,166	(35,617)
Non-controlling interest		208	(1,003)
Total comprehensive income/(loss) for the period		65,374	(36,620)

Items in the statement above are disclosed net of tax. There is no income tax relating to the components of other comprehensive income above.

The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.

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GLOBAL PORTS INVESTMENTS PLC

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands of US dollars)

				As at
		Note	30 June	31 December
		2021	2020
ASSETS
Non-current assets			1,070,103	1,059,995
Property, plant and equipment	12	425,482	417,481
Right-of-use assets	12	542,097	530,362
Intangible assets	12	12,029	12,060
Investments in joint ventures	18	21,889	23,383
Prepayments for property, plant and equipment			1,817	2,842
Deferred tax assets			52,650	50,788
Derivative financial instruments	16	95	9,572
Trade and other receivables	13	14,044	13,507
Current assets			213,283	267,174
Inventories			7,972	7,127
Derivative financial instruments	16	6,504	627
Trade and other receivables	13	58,397	48,882
Income tax receivable			5,258	3,570
Cash and cash equivalents			135,152	206,968
TOTAL ASSETS			1,283,386	1,327,169
EQUITY AND LIABILITIES
Total equity			426,752	361,378
Equity attributable to the owners of the Company			410,663	345,497
Share capital			57,317	57,317
Share premium			923,511	923,511
Capital contribution			101,300	101,300
Currency translation reserve			(819,526)	(830,686)
Transactions with non-controlling interest			(209,122)	(209,122)
Retained earnings			357,183	303,177
Non-controlling interest			16,089	15,881
Total liabilities			856,634	965,791
Non-current liabilities			605,511	786,791
Borrowings	14	439,192	632,925
Lease liabilities	15	36,357	31,088
Deferred tax liabilities			129,962	122,778
Current liabilities			251,123	179,000
Borrowings	14	210,646	153,276
Lease liabilities	15	2,892	1,810
Trade and other payables	17	36,196	23,540
Current income tax liabilities			1,389	374
TOTAL EQUITY AND LIABILITIES			1,283,386	1,327,169

The interim condensed consolidated financial information was approved by the Board of Directors on 18 August 2021.

Soren Jakobsen, Chairman of the Board

Britta Dalunde, Director

The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.

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