Grand Harbour Marina p l c : Approval of Interim Financial Statements

COMPANY ANNOUNCEMENT

GRAND HARBOUR MARINA P.L.C.

(THE "COMPANY")

Approval of Interim Financial Statements

Date of Announcement	23 August 2021
Reference	183/2021
Listing Rule	5.16.20

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

QUOTE

The Board of Directors approved the half-yearly report of the Company for the financial period 1 January 2021 to 30 June 2021, a copy of which is attached herewith and is also available on the Company's website:

https://en.cnmarinas.com/grand-harbour-marina/notification%20&%20publication

UNQUOTE

Signed:

________________________

Louis de Gabriele Company Secretary

Grand Harbour Marina p.l.c.

Interim condensed consolidated financial statements

Six months ended 30 June 2021

Company Registration Number C 26891

Contents

	Page
Interim Directors' report pursuant to listing rules 5.75.2	1
Condensed consolidated financial statements
Statement of financial position	5
Statement of profit or loss and other comprehensive income	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9
Directors' Statement on the condensed consolidated financial statements	40

Grand Harbour Marina p.l.c.

Interim Directors' Report pursuant to listing rules 5.75.2 For the period ended 30 June 2021

The Directors present their interim report together with the unaudited condensed consolidated interim financial statements of the Company and its subsidiary (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 ("CNMI" or the "Parent Company").

Principal activities

The principal activities of the Group are the development, operation and management of marinas.

Business review

Grand Harbour Marina p.l.c. Consolidated

The results for the first six months have been impacted by an uncertain economic situation caused by the prolonged pandemic. This has led to a lower demand in some areas of the business and a weakening of the Turkish lira. In particular, due to the weakening of the Turkish Lira, a loss on the operation of the Cesme Marina is being reported, which in turn led to a group loss before tax. However, the Company is still reporting positive results from an operational perspective.

There was no dividend payment during the six months ended 30 June 2021 (June 2020: €Nil).

Total revenue at Grand Harbour Marina (GHM) decreased by 8%, from €2.09 million to €1.93 million, while the Group's share of revenues at IC Cesme increased by 8% to €0.72 million as at 30 June 2021 compared to €0.67 million in the corresponding period of 2020. EBITDA, Profit before tax and Profit after tax at GHM fell by €0.10 million, €0.05 million and €0.10 million respectively compared to the first 6 months of 2020, while the Group's share of EBITDA, Profit before tax and Profit after tax at IC Cesme increased by €0.09 million, €0.24 million and €0.01 million respectively.

The published figures have been extracted from the unaudited management financial statements for the six months ended 30 June 2021 and the unaudited interim condensed consolidated financial statements for the comparative period in 2020.

The report is being published in terms of Listing Rule 5.75 issued by the Listing Authority and has been prepared in accordance with the applicable Listing Rules and International Accounting Standard 34- Interim Financial Reporting. The financial statements published in this half yearly report have been condensed with the requirements of IAS 34. In terms of the Listing Rule 5.75.5, the Directors are stating that these condensed interim financial statements have not been audited or reviewed by the company's independent auditors.

Grand Harbour Marina p.l.c. (including 45% of IC Cesme Marina, Turkey)

		January - June
	2021	2020	2019
	€m	€m	€m
Revenue	2.6	2.8	2.9
EBITDA	1.3	1.3	1.3
(Loss)/ Profit after tax	(0.3)	(0.1)	0.3
Capital expenditure	0.1	-	1.4

The Group's share price has traded in a range of €0.60 to €0.65 from 1 January 2021 up to 23 August 2021. The market capitalisation was €12 million as at 23 August 2021.

1

Grand Harbour Marina p.l.c.

Interim Directors' Report pursuant to listing rules 5.75.2 For the period ended 30 June 2021

Business review (continued)

Grand Harbour Marina p.l.c. Consolidated (continued)

The equity method requires the recognition of the 45% share in IC Cesme post-acquisition profits, together with the initial cost of the investment and the equity reserves of the Company. This is disclosed under 'Equity- accounted investee' on the Asset section and under 'Total Equity' on the Equity and Liabilities section of the Condensed consolidated statement of financial position. As at 30 June 2021, this amounted to a share of cumulative post-acquisition loss of €0.72 million (Dec 2020: €0.32million).

The corresponding equity method adjustment in the Condensed consolidated statement of profit or loss and other comprehensive income is disclosed under 'Share of loss of equity-accounted investee, net of tax' and relates to the 45% share in IC Cesme profit or loss for the period being reported. For the period ended 30 June 2021, this amounted to a share of pre-tax and post-tax loss of €0.31 million and €0.40 million respectively (June 2020: €0.55 million and €0.41 million respectively). All other movements between the current reporting period and their comparatives are related solely to the Company.

Grand Harbour Marina

Grand Harbour Marina, Malta
		January - June
	2021	2020	2019
	€m	€m	€m
Revenue	1.9	2.1	2.0
EBITDA	0.9	1.0	0.9
Profit before tax	0.3	0.4	0.2
Capital expenditure	0.1	-	-

The company registered €1.9 million in operating revenues, a marginal decrease compared to the corresponding period of 2020 and 2019, on the back of the disruptions caused by the COVID-19 pandemic (see notes 6 and 25.6).

The company's EBITDA of €0.9 million, albeit marginally lower than 2020, is equivalent to that registered in 2019, on the back of savings on cost of sales and sales-related expenses (which offset some of the sales shortfall caused by the pandemic), and the government support in the form of wage subsidy (see note 25.6).

After deducting depreciation of €0.1 million and net finance costs of €0.4 million, including €0.2 million relating to notional interest on lease liabilities as required by IFRS 16, GHM achieved a profit before tax of €0.3 million (June 2020: €0.4 million).

2