Grand Harbour Marina plc – Interim Directors’ Statement

November 20, 2012
|In Company Announcements
|By Jesmond Mizzi Financial Advisors

Grand Harbour Marina plc announced that the Board of Directors is pleased to continue to report a recurring revenue growth both at Grand Harbour Marina in Malta and in IC Cesme Marina in Turkey, in which it holds a 45% interest through a joint venture with the successful IC Cecen group.

Grand Harbour Marina (Malta)

The third quarter of 2012 saw the continuation of a high level of occupancy throughout the marina. Berthing revenues for the first nine months of this year amounted to €1.6 million compared to €1.5 million in the first nine months of 2011. Comparable operating costs, excluding berth sales related costs, are 2% higher than the same period last year.

No long term berth sales were concluded during the first nine months of 2012 (2011 €0.4 million). However, the Directors of the Company are delighted to announce the signing of a Memorandum of Understanding (“MoU”) for the sale of a super-yacht berth with a value of €3.1 million. The sale is conditional on a public deed being entered into and published, which is expected to be within this financial year. This sale is expected to have a positive effect on both profit and cash flow for the Company. Under the MoU the acquirer has also taken an option on a further berth the consideration for which would be €1.8 million, if exercised.

Nick Maris, CEO of Grand Harbour Marina plc, who is leading the sale, said: “Malta’s attraction as a home port for super-yachts has continued to strengthen relative to other EU and North African countries. The steady support for the yachting sector at government level in Malta, with attendant fiscal certainty, has also resulted in the growth of the necessary facilities and services to make Malta a particularly attractive location as a super-yacht home port. The level of interest we are experiencing for super-yacht berths is now at its highest since 2007”.

IC Cesme Marina (Turkey)

IC Cesme marina continued its strong performance in the first nine months of 2012, with total revenues of €3 million being a 39% increase over the same period in 2011.

To view the official company announcemnt, click here.