Grand Harbour Marina plc – Approval of Interim Financial Statements

Grand Harbour Marina plc – Approval of Interim Financial Statements

Grand Harbour Marina plc announced that the Board of Directors has approved the half yearly report of the Company for the financial period January 1, 2011, to June 30, 2011.

Total Revenue for the Company amounted to EUR 2.05m in 2011, a rise of roughly 95 per cent, EUR 327,528 of which is of a new jointly controlled entity. Loss before tax declined, from EUR 463,157 in 2010 to EUR 346,053 in 2011. Loss per share declined to EUR 0.04.

The Directors stated that “as a result of improved revenue management and higher occupancy levels attained during the period, income from pontoon fees and from ancillary services for the first 6 months ended 30 June 2011 grew from EUR 1.05m to EUR 1.29m (excluding long term berth sales), an increase of 23% over the first 6 months of 2010. These revenues were enhanced by income derived from the sale of a 30-meter berth for a consideration of EUR 436,320, resulting in total revenues of EUR 1.72m. There were no super yacht berth sales during the comparative period ended 30 June 2010.”

With regards to the new jointly controlled entity, the Directors commented that “on 18 March 2011, the Company entered into an agreement with Camper & Nicholsons Marina Investments Limited, as a result of which the Group acquired the 45% beneficial equity investment in IC Cesme Marina Yatirim, Turizm ve Isletmeleri Anonim Sirketi (“IC Cesme”), a company registered under the laws of Turkey, which owns and operates IC Cesme Marina in Turkey. The Company paid EUR 1.9 million for the equity interest and EUR 2.7 million in support of the Parent Company’s cash pledge related to the subordinated bank loans. The acquisition was made in furtherance of the Group’s business of acquiring, operating and managing marinas and was funded by the Company out of the proceeds of the bond issue in 2010.”

To view the Interim Financial Statements, Click Here.