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Ports & Cultures Ports & Cultures TraditionsGlobal Ports Holding PLC Company Number 10629250 Annual Report 2017 2017 Highlights Welcome to the 2017 Annual Report of Global Ports Holding PLC (GPH). Gateways to the world’s It was an exciting year, strategically and reputationally. We made progress in consolidating our position as the world’s largest independent cruise port operator. cultures and colours 15 7 7m 23% Portfolio consists of Across 7 countries Hosting 7 million passengers 23% market share in the investments in 15 ports (including Equity Accounted Investee’s Mediterranean worldwide passenger numbers) REVENUE (USD MILLION)** SEGMENTAL EBITDA (USD MILLION)* The The The +1.3% (0.5)% 2017 116.4 2017 80.5 Itinerary Destinations Traditions 2016 114.9 2016 80.9 The year 2017 took Global Ports GPH’s portfolio embraces some We may be a global company, but Holding (GPH) to a new place, of the most alluring ports of call we are built on the local know-how SEGMENTAL EBITDA MARGIN SEGMENTAL EBITDA MARGIN with the business achieving an in the Mediterranean Sea. and experiences of our ports. Each (COMMERCIAL)* (%) (CRUISE)* (%) oversubscribed IPO and a listing one is led and staffed by local on the London Stock Exchange. They range from the major people; they’re proud of their 120 BPS (470) BPS gateways of Barcelona, Málaga locality and are the very best guides We also successfully on- and Venice to the antiquity of to welcome our passengers with 2017 73.1 2017 64.1 boarded acquisitions made Valletta, the contemporary chic insiders’ insights and tips. in 2016 and consolidated our of Bar, Montenegro, and one of 2016 71.9 2016 68.8 position as the world’s largest the Seven Wonders of the World at We celebrate the individuality of independent global cruise port Bodrum. In addition, GPH operates each location, and the rich variety of operator. 2 strategically located commercial city and country traditions that you ports for cargo. will encounter around our network. OPERATING PROFIT (USD MILLION) STATUTORY LOSS/PROFIT (USD MILLION) Discover more about our performance on page 20 Visit our world on pages 58 to 113 See more on pages 4, 10, 14, 28, 32, 40 2017 10.9 2017 -14.1 2016 20.9 2016 4.4 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS SEGMENTAL EBITDA BREAKDOWN* REVENUE BREAKDOWN 2-119 120-157 158-235 2017 Highlights 1 Organisational background and structure 120 Independent auditor’s report 158 GPH at a glance 2 Corporate governance Statement 121 Consolidated income statement and Where we operate 6 Board of directors 122 statement of other comprehensive income 165 What differentiates us 8 Senior management 124 Consolidated statement of financial position 166 40% 46% Chairman’s statement 12 Port management 126 Consolidated statement of changes in equity 167 CEO’s statement 16 Corporate govenance framework 128 Consolidated cash flow statement 169 2017 2016 2017 Financial review 20 Audit and risk committee report 134 Notes to the consolidated financial statements 170 2016 Industry sector reports and outlook 22 Nomination committee report 137 Parent Company profit and loss account 227 43% Parent Company balance sheet 228 60% 54% 57% 53% Cruise business model 34 Remuneration committee report 139 47% Our strategy 36 Directors’ report 152 Parent Company statement of changes in equity 229 Key performance indicators 38 Directors’ responsibility statement 156 Notes to the Parent Company Risk management and principal risks 42 financial statements 230 Strategy in action: case studies 52 Cruise Commercial Cruise Commercial Cruise port report 58 Glossary of alternative performance Commercial port report 110 measures (APM) 236 * Refer to the Glossary of Alternative Performance Measures on page 236 for the definition of these items ** The consolidated results of Global Ports Holding PLC have been prepared under the merger accounting Corporate responsibility 114 basis of preparation following the IPO which assumes Global Ports Holding PLC consolidates the results Global Ports Holding PLC 1 of the Global Liman Isletmeleri A.S. Group since 1 January 2016 Annual Report and Accounts 2017 Strategic report GPH at a glance A business with +15.2%Passenger growth a global network +16.2%Increased cargo volume WHAT WE DO OUR COMMERCIAL BUSINESS Global Ports Holding (GPH) is the world’s GPH operates 2 growing commercial GROUP HIGHLIGHTS additional dividend of USD 17.5 million largest independent cruise port operator, ports in Turkey and Montenegro. Together, • Improving 2H 2017 performance. Q4 (20.1 pence per share at current and has 2 strategically located commercial they handled around 249,397 TEU and revenues up 15.8%, and Q4 Segmental exchange rate). This would bring total ports in its portfolio. 1,628,940 tonnes of throughput in 2017. EBITDA up 1.5% YoY. dividend in respect of the year to a USD OUTLOOK AND CURRENT TRADING • Current trading in our Cruise segment • Group operating profit for the year was 35.0 million or 41.7 pence per share. in our non-Turkish based ports remains The Company was established in 2004 GPH operates a high-capacity commercial lower than prior year at USD 10.9 million, • 2018 expected to show mid to high strong. The weakness in Turkish cruise as the infrastructure investment vehicle port in Port Akdeniz-Antalya, on southern almost fully attributable to the one off single digit organic growth in Revenue ports is expected to continue into 2018, of Global Investment Holdings (GIH). Turkey’s Mediterranean coast, with costs associated with 2017 IPO as well as and Adjusted EBITDA. although passengers and revenue are In 2017, we successfully launched an container export traffic constituting higher amortisation expenses in relation expected to stabilise compared to oversubscribed IPO, and GPH PLC is now 88% of its current flows. to Port Operating Rights. COMMERCIAL HIGHLIGHTS the decline experienced in 2017. A listed on the London Stock Exchange. • Adjusted EBITDA* was flat but margin • Robust performance with container number of cruise lines have begun to We also own a majority interest in the remained strong at 64.7% despite a volumes up 16.6%, general bulk cargo communicate their plans to visit our OUR CRUISE PORT BUSINESS operating Company of the cargo terminal challenging trading environment in volumes up 16.2%. Turkish ports in 2018, which we see GPH has a portfolio of investments across at the Port of Adria in Bar, Montenegro, Turkish ports. • Total commercial revenues up 7.9%, as a good sign of a possible recovery. a strategically located network of 15 ports that provides an important link in the chain • The period resulted in a net loss of Segmental EBITDA up 9.7% to • The Group remains confident about in 7 countries, serving the needs of the of intermodal transport in the Balkan USD 14.1 million, due to the decline USD 48.3 million with Commercial its M&A activity in and outside Europe world’s cruise lines, ferries and region. GPH has recently completed a in operating profit in addition to a Segmental EBITDA Margin 120bps in Cruise ports. megayachts. We are the sole independent significant investment programme at the non-cash foreign currency impact ahead of 2016 level. • Following strong trading in Q4 2017, global consolidator of cruise ports, with port, substantially increasing container from the EURO/USD exchange rate. • Growth driven by strong marble and we expect resilient demand for exports operations focused on the Mediterranean capabilities and broadening the market. • Underlying profit was affected by the cement exports at Port Akdeniz, and from our commercial ports to continue – the second largest cruise market in the aforementioned non-cash foreign rollout of our modernisation programme into 2018, supporting continued growth world – as well as the Atlantic and Asia- In 2017, the commercial port operations currency impact but otherwise in line at Port of Adria. in commercial revenues. Pacific regions. generated 55% of the Company’s revenue with 2016 due to the robust operational • Accelerated growth; Q4 commercial • 2018 expected to show mid to high and 60% of its segmental EBITDA. performance. Underlying profit provides revenue and Segmental EBITDA up single digit organic growth in Revenue Our portfolio includes assets which range a useful profitability benchmark as it 23.6% and 21.7%, respectively. and Adjusted EBITDA. from major cruise hubs such as Barcelona OUR STRUCTURE excludes one-off IPO expenses and and Venice, to high-traffic core ports such For information on our structure, please amortisation of port operating rights. CRUISE HIGHLIGHTS as Valletta and Cagliari, to the vibrant and see page 120. • Strong passenger number growth of • Strong passenger growth of 15.2% fast-growing Singapore Cruise Port. 15.2% supported by inorganic growth, which includes a full year contribution but 6.3% cruise revenue decline due to from and growth in our Italian ports. In 2017, GPH’s cruise port business lower contribution from higher yielding • Non-Turkish cruise ports grew strongly, welcomed 2,637 calls by cruise ships and Turkish ports. Strong growth at non- revenue up 9.9% and Segmental close to 7 million passengers. It generated Turkish ports where revenue and EBITDA up 6.3% with improving 43% of the Company’s revenue and 40% of Segmental EBITDA increased by 9.9% second half trends. its segmental EBITDA. 32% was derived and 6.3%, respectively. • Turkish cruise ports’ revenue was 49.2% from ancillary sources such as retail outlets • Robust commercial performance with lower, impacted by geopolitical events, and advertising. cargo volumes up over 16% and but remains highly profitable at 59.7% Segmental EBITDA up 9.7%. Segmental Segmental EBITDA margin. EBITDA growth lower than volume • Q4 2017 showed positive revenue growth due to deferral of project cargo growth of 6.6%. from 2017 to 2018 at Port of Adria.
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