COMPANY ANNOUNCEMENT

GRAND HARBOUR MARINA P.L.C.

(THE "COMPANY")

Approval of Interim Financial Statements

Date of Announcement

25 August 2023

Reference

206/2023

Capital Markets Rules

5.16.20

This is a company announcement being made by the Company in compliance with Chapter 5 of the Capital Markets Rules:

QUOTE

The Board of Directors approved the half-yearly report of the Company for the financial period 1 January 2023 to 30 June 2023, a copy of which is attached herewith and is also available on the Company's website:

https://cnmarinas.com/grand-harbour-marina/notification-publication/

UNQUOTE

Signed:

________________________

Louis de Gabriele Company Secretary

Grand Harbour Marina p.l.c.

Interim Condensed Consolidated Financial Statements

Six months ended 30 June 2023

Company Registration Number: C 26891

Grand Harbour Marina p.l.c.

Page

Interim Directors' Report pursuant to listing rules 5.75.2

1

Interim Condensed Consolidated Financial Statements

Condensed consolidated statement of financial position

3

Condensed consolidated statement of profit or loss and other comprehensive income

4

Condensed consolidated statement of changes in equity

5

Condensed consolidated statement of cash flows

6

Notes to the interim condensed consolidated financial statements

7

Interim Directors' Statement pursuant to listing rules 5.75.3

34

Grand Harbour Marina p.l.c.

Interim Directors' Report pursuant to listing rules 5.75.2

Period Ended 30 June 2023

The Directors present their interim report together with the unaudited condensed consolidated interim financial statements of Grand Harbour Marina p.l.c. ("GHM" or "the Company") and its subsidiary, Maris Marine Limited (together referred to as "the Group"), and the Group's beneficial interest of 45% in a joint arrangement, IC Cesme Marina Yatirim, Turizm ve Islemeleri Anonim Sirketi ("IC Cesme"). The Group is itself a subsidiary of Camper & Nicholsons Marina Investments Limited ("CNMIL" or the "Parent Company").

Business Review

Grand Harbour Marina p.l.c. Consolidated

Total revenue at GHM increased from €1.7 million to €2.1 million, with superyacht visitors and high utility consumption being the main contributing factors. EBITDA was maintained at the same level of 2022, with PBT and Net Income increasing by €0.1 million when compared to the same period last year.

The Group's share of EBITDA at IC Cesme increased by €0.4 million on the back of increases in both seaside and landside revenues. These gains were however set-off by the foreign exchange losses emanating from the 30% Turkish lira devaluation to the Euro, which resulted in the Group's share of IC Cesme's PBT and Net income falling by €0.9 million and €0.8 million respectively when compared to the first half of 2022.

Grand Harbour Marina

H1 Results

€m

2023

2022

2021

2020

2019

Marina operating revenues

2.1

1.7

1.9

2.1

2.0

Direct costs

(0.4)

(0.3)

(0.4)

(0.4)

(0.4)

Operating expenses

(0.8)

(0.6)

(0.6)

(0.7)

(0.7)

EBITDA

0.8

0.8

0.9

1.0

0.9

PBT

0.3

0.2

0.3

0.4

0.2

Net income

0.2

0.1

0.1

0.2

0.1

Capital expenditure

0.1

0.1

-

-

-

IC Cesme

H1 Results (for 100% of the Marina)

€m

2023

2022

2021

2020

2019

Seaside revenues

1.8

1.1

1.1

1.0

1.1

Landside revenues

0.9

0.6

0.5

0.5

0.8

Total revenues

2.7

1.7

1.6

1.6

1.9

Direct costs

(0.2)

(0.3)

(0.1)

(0.2)

(0.2)

Operating expenses

(1.1)

(0.8)

(0.6)

(0.7)

(0.8)

EBITDA

1.4

0.6

0.9

0.7

0.9

PBT

0.3

2.4

(0.7)

(1.2)

0.1

Net income

(0.1)

1.7

(0.9)

(0.9)

0.2

Capital expenditure

0.2

0.1

0.2

-

3.1

1

Grand Harbour Marina p.l.c.

Interim Directors' Report pursuant to listing rules 5.75.2

Period Ended 30 June 2023

Valuation

The market capitalisation of GHM on the Malta Stock Exchange on 25 August 2023 amounted to €12.60 million (18 April 2023: €23.40 million).

Group Outlook

These results reflect the stability of our business model, despite the uncertainties caused by the coronavirus pandemic and its aftermath, the Russian invasion of Ukraine, rising inflation and the increase in interest rates.

The Board of Directors monitor the direct and indirect impacts of these situations on the business model and cash flow generation, and reaffirm the Group is well-positioned to meet the challenges posed by economic uncertainties.

We thank our partners in Turkey for the continued collaboration, First Eastern for their support, our employees for their dedication, commitment and hard work, and our clients for the continued trust they place in us.

Board of Directors

Lawrence Zammit (Chairman)

Franco Azzopardi

Victor Lap Lik Chu

Elizabeth Ka Yee Kan

Tze-Shun Fung (elected on 27 June 2023)

Man-Yi Ho (elected on 27 June 2023)

Chi-Keung NG (elected on 27 June 2023)

Yixin Zeng (elected on 27 June 2023)

Approved by the Board of Directors on 25 August 2023 and signed on its behalf by:

Lawrence Zammit

Chairman

2

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Grand Harbour Marina plc published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 13:38:05 UTC.