Global Ports Investments : 2022 Financial results H1

GLOBAL PORTS INVESTMENTS PLC

Table of contents

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT...........................................................................

3

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ....................................

4

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET ..................................................................................

5

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ...........................................................

6

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..............................................

7

Notes to the interim condensed consolidated financial information .............................................................................

8

1

General information........................................................................................................................................

8

2

Basis of preparation .......................................................................................................................................

9

3

Accounting policies.........................................................................................................................................

9

4

Estimates and judgements .............................................................................................................................

9

5

Financial risk management ..........................................................................................................................

11

6

Seasonality of operations .............................................................................................................................

11

7

Segmental information .................................................................................................................................

12

8

Expenses by nature......................................................................................................................................

25

9

Other gains/(losses) - net ............................................................................................................................

26

10

Finance income/(costs) - net .......................................................................................................................

26

11

Income tax....................................................................................................................................................

27

12

Property, plant and equipment, intangible assets and right-of-use assets...................................................

27

13

Inventories....................................................................................................................................................

28

14

Trade and other receivables.........................................................................................................................

28

15

Borrowings ...................................................................................................................................................

28

16

Leases..........................................................................................................................................................

29

17

Derivative financial instruments....................................................................................................................

30

18

Trade and other payables ............................................................................................................................

31

19

Investments in joint ventures........................................................................................................................

31

20

Earnings per share .......................................................................................................................................

32

21

Related party transactions............................................................................................................................

32

22

Events after the balance sheet date.............................................................................................................

33

Independent Auditor's Review Report ...................................................................................................................

34

Six month period

ended 30 June

Note

2022

2021

Revenue

7

271,576

229,790

Cost of sales

8

(662,765)

(128,955)

(incl. impairment of property, plant and equipment, right-of-use assets and goodwill of $521,088 (2021: nil),

note 4)

Gross profit

(391,189)

100,835

Administrative, selling and marketing expenses

8

(10,285)

(12,174)

Other income

346

650

Share of profit/(loss) of joint ventures accounted for using the equity method

19

1,338

(1,518)

Other gains/(losses) - net

9

114

(346)

Operating profit/(loss)

(399,676)

87,447

Finance income

10

4,299

1,060

Finance costs

10

(23,523)

(27,700)

Change in fair value of derivatives

10

1,129

(4,984)

Net foreign exchange gains/(losses) on financing activities

10

(5,987)

6,079

Finance income/(costs) - net

(24,082)

(25,545)

Profit/(loss) before income tax

(423,758)

61,902

Income tax expense

11

23,022

(8,023)

Profit/(loss) for the period

(400,736)

53,879

Attributable to:

Owners of the Company

(394,085)

54,006

Non-controlling interest

(6,651)

(127)

(400,736)

53,879

Basic and diluted earnings per share for profit/(loss) attributable to the owners of the parent of the

20

(0.69)

0.09

Company during the period (expressed in US$ per share)

Six month period

ended 30 June

Note

2022

2021

Profit/(loss) for the period

(400,736)

53,879

Other comprehensive income/(loss)

Items that may be subsequently reclassified to profit or loss

Currency translation differences

340,330

11,176

Change in employee benefits provision

(145)

-

Share of currency translation differences of joint ventures accounted for using the equity method

19

5,393

(16)

Total items that can be reclassified subsequently to profit or loss

345,578

11,160

Items that may not be subsequently reclassified to profit or loss

Share of currency translation differences attributable to non-controlling interest

8,932

335

Total items that cannot be reclassified subsequently to profit or loss

8,932

335

Other comprehensive income/(loss) for the period, net of tax

354,510

11,495

Total comprehensive income/(loss) for the period

(46,226)

65,374

Total comprehensive income/(loss) attributable to:

Owners of the Company

(48,507)

65,166

Non-controlling interest

2,281

208

Total comprehensive income/(loss) for the period

(46,226)

65,374

As at

Note

30 June

31 December

2022

2021

ASSETS

Non-current assets

917,713

1,058,899

Property, plant and equipment

12

559,463

426,427

Right-of-use assets

12

272,224

525,161

Intangible assets

12

11,742

11,697

Investments in joint ventures

19

25,059

19,873

Prepayments for property, plant and equipment

8,012

3,915

Deferred tax assets

19,329

58,190

Trade and other receivables

14

21,884

13,636

Current assets

335,557

384,569

Inventories

13

13,127

8,237

Derivative financial instruments

17

-

5,465

Trade and other receivables

14

62,179

69,375

Income tax receivable

18,262

4,835

Cash and cash equivalents

241,989

296,657

TOTAL ASSETS

1,253,270

1,443,468

EQUITY AND LIABILITIES

Total equity

453,165

499,391

Equity attributable to the owners of the Company

431,609

480,116

Share capital

57,317

57,317

Share premium

923,511

923,511

Capital contribution

101,300

101,300

Currency translation reserve

(490,745)

(836,468)

Transactions with non-controlling interest

(209,122)

(209,122)

Retained earnings

49,348

443,578

Non-controlling interest

21,556

19,275

Total liabilities

800,105

944,077

Non-current liabilities

743,823

691,627

Borrowings

15

599,770

536,110

Lease liabilities

16

53,285

36,725

Trade and other payables

18

6,399

1,732

Deferred tax liabilities

84,369

117,060

Current liabilities

56,282

252,450

Borrowings

15

8,225

211,816

Lease liabilities

16

4,722

3,439

Trade and other payables

18

43,335

36,705

Current income tax liabilities

-

490

TOTAL EQUITY AND LIABILITIES

1,253,270

1,443,468

Soren Jakobsen, Chairman of the Board

Marinos Kallis, Director