Global Ports : Annual Report 2023

CONTENTS

Notes to the consolidated financial statements 135

Our global enterprise

Read more on our

Operational review on pages 50 to 55

Our new additions to the network

Read more on our new ports on page 25

 2023  2022

Revenue

(USD million) +66%

213.6

213.6

128.4

Adjusted EBITDA (USD million) +937%

72.7

72.7

7.0

Operating profit (USD million)

28.2

Adjusted revenue (USD million) +191%

117.2

117.2

40.3

Adjusted EBITDA margin (%)

62.0%

62.0

17.4

Loss after tax (USD million)

10.5

Adjusted revenue breakdown

(%)

10%

34%

20%

2023

13%

23%

24%

37%

6%2022

18%

28.2

-29.7

-44.5

-10.5

Group highlights

• Activity levels across all our cruise ports increased significantly during the Reporting Period.
• Occupancy rates at our ports rose steadily over the Reporting Period, driven by the easing of travel restrictions and the measured build- up of cruise line operations.
• Adjusted revenue, which excludes IFRIC 12 construction revenue, was USD 117.2 million for the 12 months to 31 March 2023, compared with USD 40.3 million in the prior Reporting Period (12 months ended 31 March 2022). Total revenue was USD 213.6 million for the 12 months to March 2023, compared with USD 128.4 million.
• Segmental EBITDA of USD 80.0 million was up strongly on the USD 12.9 million in the prior Reporting period, generating a segmental EBITDA margin of 68.3%.
• Adjusted EBITDA rose strongly to USD 72.7 million compared with USD 7.0 million in the prior Reporting Period.
• Loss before tax of USD 9.5 million compared with a loss of 43.9 million in the prior Reporting Period. Underlying profit for the Reporting Period was USD 13.5 million.
• Passenger volumes rose strongly, our consolidated and managed portfolio ports welcomed 9.2 million passengers, a 281% increase on the prior Reporting Period.
• Passenger growth was positive in all regions and ports, however the growth at Ege Cruise Port and Nassau Cruise Port was particularly strong.
• Our investment programme in Nassau was largely completed during the Reporting Period. We were delighted to open the new arrivals terminal shortly after the end of the Reporting Period and we welcomed local and industry stakeholders to the official opening of the new facilities in May 2023.
• Our strategic ambition to grow the number of cruise ports in the network took a significant leap

forward, with the addition of seven cruise ports. Alicante Cruise Port, Fuerteventura Cruise Port, Lanzarote Cruise Port, Las Palmas Cruise Port, Tarragona Cruise Port and Vigo Cruise Port in Spain all joined the network during the Reporting Period. We also added our first cruise port in North America, Prince Rupert Cruise Port, Canada.

• In addition we signed a concession agreement for San Juan Cruise Port, Puerto Rico and a Memorandum of Understanding (MoU) for St Lucia Cruise Port, St Lucia, with both expected to join the network in the 2024 Reporting Period.
• Shortly after the Reporting Period's end, we completed a 19-year extension for Ege Cruise Port.

Current trading and outlook

• The near-term and long-term outlook for the cruise industry is very positive.
• Near-term,the global cruise fleet is now fully redeployed, occupancy rates are generally back above 100%, and many cruise lines have broken booking records for the
  2023 season. Industry passenger volumes in the 2023 cruise season are expected to hit record levels and in the 2024 Reporting Period GPH expects to welcome a record 11.8 million passengers to its ports.
• Long-term,the cruise ship order book remains strong and signals continued growth in the industry's capacity for many years to come.
• The continued growth of the cruise industry means the cruise port industry must invest in port infrastructure and operating capabilities so that it can successfully manage this expected growth.
• We believe GPH is well-positioned to play a pivotal role in this process and are confident of further delivery of our inorganic growth strategy in the years ahead and look forward to a record performance in the 2024 Reporting Period.

Rise in cruise passengers

We were delighted to welcome

9.2 million passengers to our ports, a significant increase year-on-year. We expect to deliver further strong passenger growth in the Reporting Period ahead.

New ports added

We added seven cruise ports to our network during the Reporting Period and await closing on a further two ports.

Record/further significant port investment

We continued to invest in transforming our ports, investing USD 98.1 million in our ports in the Americas.

New cruise port operations were added during the Reporting Period