NEWS | Wednesday, 02 March 2008

Grand Harbour Marina registers record revenues

David Darmanin

The first year of Grand Harbour Marina’s (GHM) management takeover by Camper & Nicholsons has Monday proved a remarkable improvement in financial performance.
The approved financial statement for the period ending 31 December 2007 published on Monday confirmed a turnover that has more than trebled over the previous year.
The directors are proposing a net dividend of €2 million - equivalent to €0.20 per ordinary share.
Registering a revenue of Lm4,789,267 compared to Lm1,520,808 of the previous year, GHM declared that profits after tax this year show Lm1,675,032 compared to Lm318,552 for the period ending 31 December 2006.
Earnings per share for 2007 was of Lm0.17 compared to Lm0.03 cents for the year ending 31 December 2006.

This improvement has been primarily attributed to the sale of three super-yacht berths amounting to a total of €9,930,000 over 2007.
“Other berthing licenses, pontoon fees and revenue from ancillary services for the year ended 31 December 2007 grew from Lm 357,418 to Lm 497,770, an increase of 39 percent over the year ended 31 December 2006,” the report revealed.
Also attributed to the sale of the same long term berth licenses for super-yachts was the increase of Lm870,961 in operating costs in 2007 compared to 2006, as well as the increase in total assets by a total of Lm2,194,289 over 2007, when compared to the total asset value of Lm4,672,813 in 2006.
Net cash used in operating activities in 2007 amounted to Lm3,168,686 compared to Lm641,784 of the previous year.
Net cash used in investing activities was of Lm355,998, compared to the Lm231,811 of the previous year.
Net cash used in financing activities on the other hand was of Lm329,532 in 2007, compared to Lm211,525 in 2006.
Increase in cash and cash equivalents amount to a net Lm2,501,156 in 2007 – significantly higher than the Lm198,448 in the previous year.
In 2006, Grand Harbour Marina was floated on the stock exchange, a move that was followed by a management take-over and a significant share purchase by Camper & Nicholsons in 2007.
Camper & Nicholsons, with origins dating back to the 18th century, is a widely recognised name in the international yachting industry. Providing services related to yachting in over 25 countries around the world, Camper & Nicholsons runs a total of six yacht marinas - in Grenada, Italy, Turkey and Egypt among others.