Global Investment Holdings’ 51% subsidiary in solar energy, Barsolar D.O.O Bar in Montenegro has been granted the “Temporary Status of Privileged Energy Producer”, which enables the company to sell electricity under feed-in-tariff, EUR 0.12 per kWh for 12 years.

The solar plant is located in port of Adria, Bar, Montenegro; while Port of Adria has been operated by Global Investment Holdings ports subsidiary, Global Ports Holding since 2012 through a concession agreement valid until 2043. The solar power plant will be constructed on nine warehouse roofs covering an area of over 66,000 square meters at the port.

Barsolar is expected to generate about 6.9 million kWh electricity per annum, meeting the electricity requirement of more than 2.6 thousand households.

Barsolar is the first ever large-scale solar project in Montenegro with a capacity of 5 MWe (6MWp). The plant increases the generation capacity of the Group to 97.3MW, of which 43.2MW is from renewable sources.

The company is planning to start construction in Q2 2020 and commence power generation in H2 2020.

Mehmet Kutman, the Chairman of Global Investment Holdings stated that, “We are pleased to have achieved a guaranteed privileged price for our first international power generation investment. We continue to grow in clean and renewable energy. Thanks to our integrated business approach, we started to utilize the expertise and network we gained in ports business, to improve and expand our energy business. We hope to expand the same business model in destinations we operate ports, especially in the Caribbean”

Global Ports Holding Plc ("GPH Plc" or "Group"), the world's largest independent cruise port operator, today announces that its joint venture, SATS-Creuers Cruise Services PTE. LTD (SCCS), the operator of Singapore's Marina Bay Cruise Centre has had the term of its concession extended to May 2027.

Marina Bay Cruise Centre Singapore is the second largest cruise port in Asia by passenger numbers, welcoming over 1.7m passengers to its purpose-built cruise terminal in 2018. The port is a leading homeport in the region and its infrastructure, as well as its strategic geographic location, means it is well positioned to benefit from the continued regional growth in cruise tourism.

SATS-Creuers Cruise Services PTE. LTD is a 60:40 joint venture between SATS, the leading provider of gateway services and food solutions in Singapore, and Creuers del Port de Barcelona (Creuers), terminal operator of Europe’s leading cruise home port.

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that it has signed a 15-year management service agreement with Ha Long Sun Limited Liability Company for the Ha Long International Cruise Port ("Port") located in Ha Long Bay, Vietnam.

The Port, having recently benefitted from a $44m investment, is the first purpose-built cruise port in Vietnam and is capable of handling the world's largest cruise ships. In 2019 the Port is expected to welcome over 75,000 passengers and it is forecasted to grow to over 100,000 passengers in 2020.

Situated within the Sun World Halong Complex, a 226ha entertainment and recreation complex, the Port's modern infrastructure and geographic position close to China, Hong Kong, Indonesia, Malaysia and Singapore means it is well placed to become a leading transit port in Asia. Furthermore, the Port is less than 200km away from three international airports, Noi Bai International Airport, Van Don International Airport and Cat Bi International Airport, and with Ha Long Bay benefitting from modern hotel infrastructure, the Port has the potential to become a home port for the region.

The Ha Long International Cruise Port is the second port in GPH's portfolio in Asia, a region that has seen high growth in cruise passengers in recent years and has started to attract local and regional investment into cruise port-related assets.

Global Ports Holding, CEO Emre Sayin said:
"I am delighted that GPH has signed a management service agreement for the Ha Long International Cruise Port. This agreement marks a truly historic moment for Global Ports Holding and marks an important inflection point in our growth aspirations in Asia.

The GPH team very much look forward to working with our partner, the cruise lines and the people of the Quang Ninh Province to turn this iconic location into a leading cruise port in the region"

Cruise Vietnam
Vietnam is among the top 5 most visited country in Asia by cruise passengers with over 490 calls in 2018 and The Ha Long International Cruise Port is the first purpose-built cruise port in Vietnam, invested by the Ha Long Sun Limited Liability Company, a subsidiary of the Sun Group, one of the largest companies in Vietnam. The Port can host the largest cruise ships in the world and started operations at the end of 2018. Within its first year of operations, it has received over 50 calls and 75 thousand passengers.
With over 3,000 km of coastline, pristine beaches, dynamic growing cities, mountainous highlands, and diverse cultural and historic sites, Vietnam's tourism industry continues to rank amongst the fastest growing tourist destinations in the world, serving 15.6 million foreign tourists and 80 million domestic travellers.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GPH/14353381.html

In the scope of Capital Markets Board’s (“CMB”) Communiqué on “Rating Activities and Rating Agencies in Capital Markets”, Global Investment Holdings’ Corporate Governance Rating has been reviewed by Kobirate Uluslararası Kredi Derecelendirme ve Kurumsal Yönetim Hizmetleri A.S.(Kobirate International Credit and Corporate Governance Rating: "Kobirate”). Accordingly, Global Investment Holdings Corporate Governance Rating has been affirmed as 9.06 (out of 10.00), indicating that the Company achieved a substantial compliance with CMB’s Corporate Governance Principles.

Kobirate has reviewed Corporate Governance Practices of Global Investment Holdings under four main categories. Maintenance of fair and balanced approach to shareholders’ rights, implementation of the Quality Policy, as well as enhanced scope and content of the annual report contributed to the overall rating.

Mehmet Kutman, Chairman of Global Investment Holdings stated that: "We are proud to be amongst best performers in corporate governance practice in Turkey. We have taken corporate governance as an integral part of our corporate culture, and we progress with “responsible investment” mentality. Such approach affects the decision-making mechanism of Boards of Directors that shape the future of the company.

JCR Eurasia Rating, has upgraded the ratings of Global Investment Holdings to ‘A- (Trk)’ and ‘A-1 (Trk)’ on the long and short term national scale and determined the outlooks on the ratings as ‘Stable’. 

In its periodic review, JCR Eurasia Rating has evaluated Global Investment Holdings in an investment-level category on the national and international scales and upgraded the ratings on the Long Term National Scale to ‘A- (Trk)’ and the Short Term National Scale to ‘A-1 (Trk)’ with ‘Stable’ outlooks. Additionally, JCR Eurasia Rating has affirmed the Long Term International Foreign and Local Currency Ratings as ‘BBB-’.

Positive trend and stabilization of revenue generation capacity of the Holding and the growth in the share of port operations in consolidated results are considered as positive indicators. Considering the fact that port infrastructure operations and energy investments are creating FX revenue both in local and foreign markets and have strong potential via strategic partnerships and enlarging geographical spectrum, GIH’s International Local and Foreign Currency Ratings are affirmed as ‘BBB- /Stable’.

Global Investment Holdings’ main shareholders are deemed adequate in terms of financial power considering the diversification of sectors involved and competitive advantage. In this regard, the major shareholders have the adequate willingness and experience to ensure long-term liquidity and equity within their financial capability when required and the Company's Sponsor Support Grade has been determined as (2), which denotes adequate external support.

The Stand-Alone grade, denoting GIH’s ability to fulfil the liabilities with its own resources, has been determined as (B), indicating that level of capacity to utilize internal resources are adequate, considering the high EBITDA generated from port infrastructure operations, cash balance and the current equity level.

Global Investment Holdings’ CFO, Mehmet Kerem Eser, stated that “With the support of our unmatched diversified portfolio structure, prudent risk measures, and uninterrupted investments, we have continued to deliver solid operational results, despite the general uncertainty around global trade. This resilience was also confirmed by JCR Eurasia Rating. Additionally, despite the fact that the outlook of Turkey’s sovereign rating is determined as ‘Negative’ on August 14,2018, JCR Eurasia Rating has assigned the outlooks on the international long and short term local currency as ‘Stable’, considering Group increasing foreign currency generation capacity.

Other notes and details of the ratings are:             

Long Term International Foreign  Currency	:	BBB-/ (Stable Outlook)
Long Term International Local Currency	:	BBB- / (Stable Outlook)
Long Term National Local Rating	:	A- (Trk) / (Stable Outlook)
Long Term National Issue Rating	:	A- (Trk)
Short Term International Foreign Currency	:	A-3 / (Stable Outlook)
Short Term International Local Currency	:	A-3 / (Stable Outlook)
Short Term National Local Rating	:	A-1 (Trk) / (Stable Outlook)
Short Term National Issue Rating	:	A-1 (Trk)
Sponsor Support	:	2
Stand Alone	:	B

Global Investment Holdings announces Consolidated Net Revenues of 1,083.7mn TL and an Operating EBITDA of 425.8mn TL in the first nine months of 2018, which indicates a robust 32% and 22% growth compared to 9M 2018, respectively. Quarterly results were also solid with the bottomline marking 13.5mn TL net profit in Q3 2019 as opposed to a net loss of 35.2mn TL in Q3 2018.

Global Investment Holdings (“GIH“ or the “Group”) reports consolidated revenues of 1,083,7mn TL for the first nine months of 2019, representing a notable growth of 32% compared to the same period last year; while announcing a consolidated operating EBITDA of 425.8mn TL, marking a strong 22% yoy growth.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “I can proudly say that, as Global Investment Holdings, our operations are right on track in line with our strategy. On the ports side, we have added Nassau and Antigua cruise ports in our portfolio, recording a truly historic moment. Our successful expansion into the Caribbean marks a step-change in our operations. With the continued growth in cruise tourism globally, our ambitions do not end there; we continue to selectively assess the opportunities in the industry. Another pleasing development comes from the power side; we have added our first solar power plant in our renewable portfolio, increasing total installed capacity to 92.3MW, of which 38.2MW is from renewable sources. Asset Management business has also been very successful in 2019, which displayed outstanding fund performances. Our pension fund, which also takes place in GIH Pension Contribution Scheme, has registered the highest return among 408 pension funds in the market with 37.0% return YTD, contributing also to our employees.”

Commenting on the results, CFO Mehmet Kerem Eser stated that “Our operational and financial position remained strong in the period despite the general uncertainty around global trade. Our unmatched diversified portfolio under integrated business model enabled us to deliver solid operational result. We’ll focus more on integrating new acquisitions and investments with our existing operations, streamlining operational efficiencies, improving profitability, and liquidity.”

GIH announced its financial results for 9M 2019. Consolidated net revenues reached 1,083.7mn TL compared to 820.6mn TL last year, representing a sturdy increase of 32% yoy. Nearly all business divisions under the Company contributed to this increase, with Gas division contributing the most.

In the first nine months of 2019, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 425.8mn TL, compared to an EBITDA of 349.4mn TL in the same period last year, which represents a pleasing 22% growth yoy. Gas division was the major contributor to the EBITDA increase.

Group’s Gas division, as the best performer in 2019 among all business segments, distributed 127.8mn m3 sales volume in 9M 2019, compared to 110.5mn m3 for the same period of 2018 (excluding 6.8mn m3 pipeline gas sales). Volume increase was a result of the strategy to increase winter sales and all year constant customer sales in order to eliminate summer peaks. Revenues nearly doubled yoy, reaching 325.2mn TL; mainly attributable to the increase in sales volume and better pricing as pass through Botaş tariff in natural gas increased by 14.7% yoy as of 31 August 2019 (9M 2018 including pipeline gas sales of 5.6mn TL for gas balancing). Meanwhile, Gas division’s operating EBITDA reached 82.3mn TL in the period, nearly tripling yoy and translating into c.9pp EBITDA margin expansion. Improved efficiency in cost management as well as strong revenue growth supported Naturelgaz’s outstanding profitability improvement in the period.

The Ports division’s revenues were 515.2mn TL at the end of nine months of 2019, up by 19% yoy, while operating consolidated EBITDA increased by 14% yoy, reaching 343.6mn TL.

Power division, which includes co/tri-generation and biomass based renewable power production, reported 97.8mn TL revenues in 9M 2019, up by a solid 65% over the same period last year. The increase was mainly attributable to the commencement of 12MW Mardin biomass power plant, selling electricity at the feed-in tariff rate of 13.3 dollar-cent/kWh and pleasing performance of co/tri-gen business. On the EBITDA front, Power business generated 2.1mn TL EBITDA in the period, compared to 4.8mn TL in 9M 2018. The decline is attributable to c.4mn TL non-recurring cost effect related to biomass fuel storage during the set up phase. When such effect is excluded, both co/tri-generation and biomass businesses indicate an increased EBITDA.

Mining division realized 370,893 tons of product sales in the first nine months of 2019, almost unchanged from a year ago. The Mining division’s revenues came out at 72.7mn TL, implying a robust 33% yoy increase, while operating EBITDA up by 16% yoy, reaching 15.9mn TL. Sustainable export profitability has been achieved thanks to the improvement in production performance and quality.
The Real Estate division reported revenues of 32.1mn TL and an operating EBITDA of 15.7mn TL in 9M 2019, compared to 45.8mn TL and 20.1mn TL, respectively in 9M 2018. Higher revenue recognition in Skycity office project upon completion had boosted the numbers in 9M 2018.

The Brokerage & Asset Management division reported revenues of 37.2mn TL in 9M 2019, indicating a mere 2% yoy increase, and an operating EBITDA of 1.1mn TL, compared to 2.1mn TL same period last year. The Group’s 80% subsidiary Actus Asset Management’s mutual fund ranks #1 among all mutual funds in the market with 62.9% return YTD in 2019, compared to BIST 100’s 13.2% return YTD. Meanwhile, Actus’ pension fund (Vakıf Emeklilik ve Hayat Değişken Grup Emekllik Fonu), has had the highest return among 408 pension funds in the market, with 37.0% return YTD, compared to 17.6% YTD return of its benchmark.

GIH reported a consolidated net loss of 86.3mn TL in 9M 2019, compared to a net loss of 86.2mn TL in 9M 2018; while on quarterly basis, the bottomline turned to positive territory, reporting 13.5mn TL net profit in Q3 2019 (35.2mn TL net loss in Q3 2018). Despite higher revenue recognition along with EBITDA maximization, net loss stemmed from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. Depreciation and amortization charges have increased from 207.9mn TL in 9M 2018 to 269.7mn TL in 9M 2019, purely as a result of foreign currency valuations, as well as 14.8mn TL additional charge in 9M 2019 due to first time application of IFRS 16. Also, the Group has incurred 44.0mn TL net non-cash foreign exchange losses, compared to 106.0mn TL in the same period last year. Net interest expenses in the period were 163.2mn TL, compared to last year’s 135.2mn TL, increase is solely attributable to the weakness in TL against hard currencies.

On the operational front, developments are on track in line with the strategy of growth by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. On the ports side, during the period, significant progress was made in port acquisitions such as, commencement of the cruise port operations in Nassau (the Bahamas) and Antigua (Antigua & Barbuda). The commencement of these agreements is a significant milestone for the Group and expected to increase the total passenger volumes for 2020 to close to 13 million. On the clean energy side, the Group added its first solar power plant to its renewable portfolio. GIH partially commissioned its first solar power plant, Ra Solar, with 9MW (10.8 MWp) installed capacity in Mardin, increasing total generation capacity to 92.3 MW, of which 38.2 MW is from renewable sources. Ra Solar will be subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting from 2020, selling electricity at 13.3 dollar-cent/kWh for ten years. Ra Solar is expected to meet the electricity requirements of more than 7.5 thousand households.

Global Investment Holdings partially commissioned its first solar power plant, Ra Solar, with 9MW (10.8 MWp) installed capacity in Mardin, increasing total generation capacity to 92.3 MW, of which 38.2 MW is from renewable sources. Ra Solar will be subject to Renewable Energy Resources Support Mechanism (YEKDEM) starting from 2020, selling electricity at 13.3 dollar-cent/kWh for ten years. Ra Solar is expected to meet the electricity requirements of more than 7.5 thousand households...

The solar plant is located in Mardin/Artuklu in Turkey’s southeast region is one of the largest solar based power plant investments in the region. The facility is expected to generate about 20 million kWh electricity per annum, meeting the electricity requirement of more than 7.5 thousand households. Mardin/Artuklu solar power plant will be subject to Renewable Energy Resources Support Mechanism (YEKDEM), selling electricity at 13.3 dollar-cent/kWh.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that: “As Global Investment Holdings, we aim to reduce our country’s dependence on energy imports by focusing on renewable resources and contribute to the country’s economy. Having been involved in clean and efficient energy solutions for the last few years, we intend to establish a diversified and a balanced power generation portfolio, both in terms of resources and geography. Our strategy is to develop green energy projects with attractive long-term feed-in tariffs and innovative energy efficiency solutions. We are also looking at the development and/ or acquisition of further renewable energy projects in a variety of regions by leveraging the local relationships of our Ports arm.

Global Power and Mining’s CEO, Atay Arpacıoğulları, further underlined that: “Turkey boasts an advantageous geographic position in terms of solar radiation. Our country is considered one of the three most suitable areas worldwide for solar energy, after Morocco and the USA, possessing an important potential in this regard. Solar is a field which is more mature and developed in other international markets, on the contrary, solar based power generation in Turkey still offers significant potential, with only around 3% current share in total electricity generation, while such share is expected to nearly double by 2022.

Having incorporated sustainability to its business model, Global Investment Holdings (GIH) is again among the BIST Sustainability Index constituents, along with other Borsa Istanbul companies which demonstrate high performance in sustainability.

Global Investment Holdings was assessed to be listed again in the BIST Sustainability Index. Global Investment Holdings’ comprehensive policies in areas related to sustainability, improvements in specific environmental indicators, achieving previously set goals in a timely manner such as receiving an integrated ISO 9001: 2015 Quality Management System and ISO 14001: 2015 Environmental Management System certifications, and efforts such as supporting the “Sandbar Shark Breeding Site Project at Boncuk Bay” of Mediterranean Conservation Society played an important role in being listed again in the new period of BIST Sustainability Index, which provides companies reputational and competitive advantages. The Group will be supporting plantation of coral reefs which are referred to as rainforests of the oceans in the very near future.

The BIST Sustainability Index, which was established with the aim of increasing understanding, knowledge and practices of sustainability among Borsa Istanbul companies, evaluated companies according to the environment, biodiversity, climate change, human rights, board structure, anti-bribery, supply chain, occupational health and safety criteria. As a result of the evaluation conducted by the independent research and rating agency Vigeo EIRIS, 56 companies have managed to be listed in the index.

GIH's 2018 Sustainability Report was prepared in accordance with the requirements of GRI Standards: Core option by considering the social, environmental and economic impacts of the company's operations, governance approach, performance results and future perspectives.

Mehmet Kutman, Chairman of GIH stated that, “As Global Investment Holdings, we have made sustainability the focus of all our operations since our establishment; and we progress with “responsible investment” mentality. The core of our sustainability approach is to maintain and develop our corporate reputation and the trust of our all stakeholders, which are our most valuable asset. We believe that financial returns are not enough unless they also generate social benefits and continue to contribute through Global Investment Holdings or our subsidiaries to sustainable development in the regions where we operate. We are pleased to be included in the index again this period, which provides a reliable option for investors in the stock market. Following the positive readings in our 2018 Sustainability Report, reiterating our place in the BIST Sustainability Index is an indication that we are on the right track.”

Antigua & Barbuda concession commencement

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, having satisfied all final conditions, including reaching financial close, it has now commenced cruise port operations in Antigua. Today's announcement follows the announcement on the 1st February 2019 of the signing of an agreement with the Government of Antigua and Barbuda.

GPH will now use its global expertise and operating model to manage the cruise port operations in Antigua. Through harnessing our knowledge and experience as the world's largest cruise port operator, we expect to bring meaningful change to the cruise port experience and cruise tourism in Antigua and Barbuda, to the benefit of all stakeholders.

Working in partnership with all stakeholders to develop and support the local economy and local businesses is an essential aspect of our vision and approach to all our cruise ports. Delivering on this local partnership approach in Antigua and Barbuda will see us support qualifying Antiguans who have the ambition to start their own business or develop their current tourism focussed business. We will also work in partnership with local operators to enhance shore excursion opportunities and will support local efforts to regenerate tourist attractions in the destination. By working in partnership with all stakeholders, we believe St John's cruise port will act as a catalyst for meaningful economic growth in Antigua and Barbuda.

This announcement marks a further significant step for GPH. Once again, firmly delivering on the plans that the Group set out at the time of IPO to expand the global footprint of GPH's cruise operations. Our successful expansion into the Caribbean marks a step-change in our operations. However, with the continued growth in cruise tourism globally, our ambitions do not end there. There continues to be significant interest from authorities globally in GPH's local partnership approach and the benefits that this brings to local stakeholders and economies. We continue to selectively assess these opportunities.

St John's cruise port in Antigua handled c800k passengers in 2018. As part of the agreement, GPH will finance the completion of the new pier that will be capable of berthing the largest, 5,000+ passenger vessels in the industry. This will allow the port to handle the world's largest cruise ships and will be a crucial enabler of passenger volumes growing to over 1m in the medium term. The addition of St John's cruise port to GPH's portfolio is expected to increase our total passenger volumes for 2020 to close to 13 million.

The expected total initial investment in the first 12 months of operation will be between $45-50m, including repayment of the existing bond, completion of new pier construction and investment into the retail facilities. GPH's cash equity contribution is set at 27.5%, with the balance provided through non-recourse project finance. Annual revenue in year one is currently expected to be c$8m.

Emre Sayin, Global Ports Holding, Chief Executive Officer commented:

"I am delighted that we have started cruise port operations in Antigua & Barbuda. The commencement of this agreement is a significant milestone for GPH and is a further endorsement of our operating capabilities and the benefits that our stakeholder partnership approach can bring to cruise destinations, passengers and the local population.
The addition of the cruise port operations in Antigua to GPH's portfolio builds on the Group's recent success in the Caribbean. From a standing start just over a year ago, GPH's Caribbean operations will soon be delivering as much EBITDA as its Mediterranean operations did in 2018. We very much welcome St John's cruise port into our family. And the GPH team looks forward to working with all stakeholders to build further on the success of this fantastic destination."

Global Ports Holding Plc
Commences operations at Nassau Cruise Port

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that on the 9th October 2019 it started operating Prince George Wharf Cruise Port, Nassau.

GPH will now use its global expertise and operating model to manage the cruise port operations in Nassau. In addition, GPH and its partner Bahamian Investment Fund will invest up to $250m in expanding the capacity of the port as well as taking a number of innovative steps to transform the cruise port and down town experience for both passengers and the local population.

The construction phase is expected to start in Q4 2019 and is anticipated to be completed within 24 months, once construction has been completed total revenues are expected to be in the range of $35-40m per annum.

Global Ports Holding, Chairman and Co-Founder Mehmet Kutman said:

"I am very happy that Global Ports Holding has commenced cruise port operations in Nassau. This is a truly transformational moment for Global Ports Holding, with Nassau now the largest cruise port in our portfolio. The GPH team very much look forward to working with our partners, the cruise lines and the people of the Bahamas to transform both the cruise port and downtown Nassau for the benefit of all stakeholders."

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GPH/14260770.html

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that Nassau Cruise Port Ltd ("NCP") has signed a 25-year concession with the Government of the Bahamas for the Prince George Wharf and related areas, at Nassau cruise port. NCP is a consortium comprising GPH, the Bahamas Investment Fund ("BIF") and the Yes Foundation. The follows the announcement of the cruise port tender, which was announced on the 25 February 2019.

This agreement marks a truly transformational moment for GPH and firmly delivers on the plans we set out at the time of our IPO. Nassau cruise port, which handled 3.7m passengers in 2018, will become the largest cruise port in our portfolio and increase our total passenger volumes by close to 50%.

Under the terms of the agreement, GPH as part of NCP, will use its global expertise and operating model to manage the cruise port operations in Nassau. In addition, NCP will invest up to $250m in expanding the capacity of the port as well as taking a number of innovative steps to transform the cruise port experience for both passengers and the local population.

The transformation will include the building of a new terminal building, the creation of an event and entertainment area, investment into improving the current retail facilities and the design and construction of new food and beverage facilities. It will integrate the port into Bay Street and downtown Nassau, with the expectation that it will act as a catalyst for the wider redevelopment of downtown Nassau. The construction phase is expected to start in Q4 2019 and is anticipated to be completed within 24 months, once construction has been completed total revenues are expected to be in the range of $35-40m per annum.

Global Ports Holding, Chairman and Co-Founder Mehmet Kutman said:

"I am delighted that Nassau Cruise Port Ltd has signed a concession agreement for Prince George Wharf at Nassau Cruise Port. This is a truly historic moment for Global Ports Holding. The GPH team very much look forward to working with our partners, the cruise lines and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau."

Global Ports Holding CEO, Emre Sayin, said:

"We are very happy that the Government of the Bahamas has signed a concession agreement with GPH and its local partners. This is a strong endorsement of GPH's operating capabilities and the global know-how that we can bring to a cruise port.

The addition of Nassau to our cruise port portfolio marks an important inflection point in our growth aspirations. Nassau will now become the biggest cruise port in our portfolio, increasing our passenger volumes by 50%. We very much look forward to working with our partners to transform both the cruise port and downtown Nassau for the benefit of Bahamians, cruise passengers and cruise lines."

Global Investment Holdings announces Consolidated Net Revenues of 636.1mn TL and an Operating EBITDA of 228.0mn TL in the first half of 2019, which indicate a solid 38% growth compared to a year ago.

Global Investment Holdings (“GIH“ or the “Group”) reports consolidated revenues of 636.1mn TL for the six months of 2019, representing a notable growth of 38% compared to the same period last year; while announcing a consolidated operating EBITDA of 228.0mn TL, marking a remarkable 38% yoy growth. Global Investment Holdings’ Chairman, Mehmet Kutman, stated that “The outstanding financial and operational successes we achieved by the end of first half of the year indicate that GIH has a solid foundation for sustainable and profitable growth. In the remaining periods of 2019, we will continue to work hard to achieve our goals, and add value to our shareholders, employees, suppliers, and national economy.”

Commenting on the results, CFO Kerem Eser stated that “Although our power business still requires some more focus and fine tuning in terms of operational efficiencies, we are more than pleased with the robust performance across nearly all of our businesses in the first half of the year. Solid revenue growth along with EBITDA maximization once again validated our successful business model.”

GIH announced its financial results for the first half of 2019. Consolidated net revenues reached 636.1mn TL compared to 459.6mn TL last year, representing a substantial increase of 38% yoy. Nearly all of the business divisions under the Company contributed to this increase, with Gas and Ports divisions contributing the most.

In the first half of 2019, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 228.0mn TL, compared to 165.6mn TL in the same period last year, which represents a sturdy 38% growth over the same period last year. Gas and Ports divisions were the major contributors to the EBITDA increase.

On a divisional basis, the Group’s ports subsidiary, Global Ports Holding Plc (GPH) welcomed 2.1mn cruise passengers to its consolidated and managed cruise ports in H1 2019, indicating a pleasing growth rate of 26.8% yoy. On an organic basis, passenger volumes grew 8.6% yoy, thanks to the strong volume growth at Ege Port and Valetta Cruise Port. Meanwhile, at all ports including equity accounted associate ports Venice, Lisbon and Singapore, GPH welcomed 3.3mn passengers (H1 2018: 2.7mn, FY 2018: 8.4mn). Furthermore, Turkish cruise ports recorded strong passenger growth; in particular Ege Port’s passenger number increased by 31% in H1 2019 yoy, while outlook for Ege Port continues to strengthen for 2020 and 2021 and reservations for Bodrum and Antalya in 2020 now also shows marked improvement.

On the commercial ports business, volumes were generally under pressure in the period, with General and Bulk cargo volumes declining by 42.4% and container volumes falling by 14.4%. The commercial ports are not immune to the impact of macro-economic factors such as trade tariffs and their associated impact on global trade in general and we believe the general uncertainty around global trade has been the primary driver of the slowdown, particularly at Port Akdeniz.

The Ports division’s revenues were 306.3mn TL at the end of six months of 2019, up by a robust 33% yoy, while operating consolidated EBITDA increased remarkably by 33% yoy, reaching 195.2mn TL. A significant portion of this increase is attributable to the contributions from the GPH’s cruise port operations thanks to a strong overall 26.8% growth in total cruise passenger numbers driven by a combination of organic growth in Valetta Cruise Port and Ege Port, which generate higher than average yield, along with inorganic growth from first time consolidation of new ports. Meanwhile; strong contribution from the equity accounted associate ports, which do not contribute to revenue, supported EBITDA maximization. Furthermore, a favourable currency environment in Turkey resulted in solid financial performance improvement in the period.

Group’s Gas division distributed 72.0mn m3sales volume in H1 2019, compared to 59.1mn m3 for the same period of 2018 (excluding 6.8mn m3 pipeline gas sales). Volume increase was a result of the strategy to increase winter sales and all year constant customer sales in order to eliminate summer peaks. Revenues almost doubled yoy, reaching 171.1mn TL; mainly attributable to the increase of sales volume and better pricing as pass through Botaş tariff increased (H1 2018 including pipeline gas sales of 5.6mn TL for gas balancing). Meanwhile, Gas division’s operating EBITDA reached 34.5mn TL in the period, more than tripling yoy and translating into c.9pp EBITDA margin expansion. Improved efficiency in cost management as well as strong revenue growth supported Naturelgaz’s outstanding profitability improvement in the period.

Power division, which includes co/tri-generation and biomass based renewable power production, reported 61.5mn TL revenues in H1 2019, up by a solid 63% over the same period last year. The increase was mainly attributable to the commencement of 12MW Mardin biomass power plant, selling electricity at the feed-in tariff rate of 13.3 dollar-cent/kWh and pleasing performance of co/tri-gen business. On the EBITDA front, Power business generated -0.4mn TL EBITDA compared to 1.1mn TL in H1 2018. The weakness in biomass was mainly attributable to the customary ramp-up period required during commissioning stage of Mardin, as well as the heavy rainfall in biomass plant regions throughout the period. On the co/tri-generation side, increased gas price was partially offset by the increase in electricity prices, which is expected to be normalized in the coming periods.

Mining division realized 262,664 tons of product sales in the first half of 2019, with an 11% yoy growth. The Mining division’s revenues came out at 51.1mn TL, implying a 64% yoy increase, while operating EBITDA more than doubled yoy, reaching 11.6mn TL. Operational performance improved remarkably during the period thanks to the increase in sales volume, improvement in production performance as well as enhancement in pricing.

The Real Estate division reported revenues of 21.4mn TL and an operating EBITDA of 10.3mn TL in H1 2019, compared to 34.7mn TL and 13.4mn TL, respectively in H1 2018. Higher revenue recognition in Skycity office project upon completion had boosted the numbers in H1 2018.

The Brokerage & Asset Management division reported revenues of 24.6mn TL in H1 2019, indicating a 4% yoy increase, and an operating EBITDA of 0.8mn TL, compared to 1.0mn TL last year.

GIH reported a consolidated net loss of 99.8mn TL in H1 2019, compared to a net loss of 51.0mn TL in H1 2018. Despite higher revenue recognition along with EBITDA maximization, net loss stemmed from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. Depreciation and amortization charges have increased from 125.9mn TL in H1 2018 to 178.9mn TL in H1 2019; purely resulting from currency valuations, as well as 10.4mnTL additional charge in 1H 2019 from the first time application of IFRS 16. Also, the Group has incurred 62.5mn TL net non-cash foreign exchange losses, compared to 25.8mn TL in the same period last year. Net interest expenses in the period were 101.0mn TL; compared to last year’s 80.4mn TL increase is solely attributable to the weakness in TL against hard currencies.

On the operational front, developments are on track in line with the strategy of growth by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. On the asset management side, the merger of Actus Asset Management, 90.1% owned subsidiary of GIH, and İstanbul Asset Management combines two of Turkey’s leading asset managers and is a first step in GIH’s asset management growth strategy. GIH plans to strengthen its presence in the sector through new mergers, acquisitions and strategic alliances, including the exercise of the option to purchase majority shares in the merged entity. On the ports side, during the period, significant progress was made in the new port investment strategy, GPH’s joint venture was notified that its bid for the operator of La Goulette, Tunisia had been successful, as well as its joint venture was awarded the cruise port tender for Nassau, Bahamas. Moreover GPH signed a 30-year concession agreement for Antigua and Barbuda where Royal Caribbean has agreed in principle to become an equity partner in the concession. Furthermore, GPH announced a strategic review, after period end, to explore ways to maximise value for all stakeholders and includes a range of potential corporate activity including a sale of certain assets as well as strategic investments and partnerships.

Another award to Global Investment Holdings’ 2018 Annual Report: “Gold Award” from ARC Awards – the Oscar for Annual Reports...

Among the worldwide “Investment Holding Company" class in 33rd edition of the ARC Awards, Global Investment Holdings’ 2018 Annual Report has received the “Gold Award” in interior design, being the sole award receiver in this category. The ARC Awards is a highly respected international industry award, which is considered the “Oscar” of annual reports.

The comprehensive report, which covers Global Investment Holdings’ activities in terms of corporate, economic, social and environmental aspects are prepared in cooperation with Finar, was evaluated by a jury composed of communication professionals at ARC Awards. The reports are evaluated according to creativity, clarity, effectiveness, and excellence criteria. The “Gold Award” is given only to the highest scoring Annual Report in its competition class, the second and third highest scores receiving Silver and Bronze awards respectively. 

ARC Awards was first organized by the independent MerComm Inc. in 1987, to reward excellence in annual reporting and encourage creativity, original designs and remarkable creative works. The preliminary and final jury of the competition consists of senior executives, writers, designers and photographers from 60 different institutions in many countries around the world.

Global Investment Holdings' 2018 Annual Report had also received three important awards by the League of American Communications Professionals (LACP) in 18th Vision Awards, one of the most prestigious competitions in its field, including a “Silver Award".

Global Investment Holdings’ 2018 Annual Report Receives Three Prestigious Awards…

Global Investment Holdings’ 2018 Annual Report has received three awards from the League of American Communications Professionals (LACP) for their prestigious 18th Vision Awards annual report competition, including the Silver Award.

The report is prepared in collaboration with Finar, and covers corporate, economic, corporate and environmental activities of Global Investment Holdings. The report was evaluated by a committee of communications professionals affiliated with LACP. Global Investment Holdings received the Silver Award in Conglomerates, Industrialists, Investors category worldwide.

Global Investment Holdings received Technical Achievement Award for overall excellence in the art and method of annual report communications, while being listed among Top 50 Reports for EMEA (Europe, Middle East, Africa)Region.

The LACP, who sets the excellence standards in communications field, initiated the Vision Awards in 2001. 18th Vision Awards drew more than 1,000 entries from over 25 countries, representing a broad range of industries & organization size, and Reports were evaluated under “First Impression”, “Report Cover”, ”Letter to Shareholders”, “Report Narrative”, “Report Financials”, “Creativity”, “Message Clarity” and “Information Accessibility” criteria.

Having been evaluated as one of the best submissions in its category, Global Investment Holdings 2018 Annual Report got a score of 97 out of 100 with full scores in “Report Cover”, ”Letter to Shareholders”, “Report Narrative”, “Report Financials”, and “Message Clarity” criteria.

Founded in 2001 by representatives of the public relations and corporate communications sectors in the United States, LACP operates as one of the country's leading associations for communications professionals. LACP, which conducts studies for the communication sector, also organizes various award programs with participation from all over the world, especially in the une Fortune 500 ”companies in areas such as communication and annual report.

Global Ports Holding Plc ("GPH Plc" or "Group"), the world's largest independent cruise port operator, today announces that in light of the emerging opportunities in its cruise business it is undertaking a strategic review of the Group, which is being carried out by Goldman Sachs International. The purpose of the strategic review is to explore ways to maximise value for all stakeholders and includes a range of potential corporate activity including a sale of certain assets as well as strategic investments and partnerships.

Whilst the strategic review process remains at an early stage, GPH confirms that it has received a number of preliminary offers for certain assets which it is currently evaluating and there can be no certainty as to the final outcome. A further announcement will be made when it is appropriate to do so.

Global Ports Holding marked World Travel Awards
Lisbon Cruise Port awarded Europe’s Leading Cruise Port for a 5th time

Operated by world’s largest cruise port operator Global Ports Holding (GPH), Lisbon Cruise Port has been named as the Europe’s Leading Cruise Port for the fifth time. As well, one of GPH’s port destinations Venice received Europe’s Leading Cruise Destination award at the Word Travel Awards, which is among the most prestigious awards of the international tourism and travel industry.

Global Ports Holding (GPH) marked the cruise categories at the World Travel Awards, one of the most prestigious awards of the international tourism and travel industry. Lisbon Cruise Port, operated by GPH, a subsidiary of Global Investment Holdings, has been named the Europe’s Leading Cruise Port for the fifth time. As well, one of the port destinations of GPH, Venice was chosen as the Europe’s Leading Cruise Destination.

The 26th World Travel Awards was held this year. 13 candidates competed in the Europe’s Leading Cruise Port category, 5 of which were operated by GPH, including Barcelona, Kusadasi, Antalya, Venice and Lisbon. In this category, Lisbon Cruise Port received the award. Lisbon Cruise Port, which was previously awarded in 2012, 2015, 2016, 2017, won the award fort he 5th time in this category.

Four of the 13 candidates competing in Europe’s Leading Cruise Destination category were GPH’s port destinations. Bodrum, Kuşadası, Lisbon ports were nominated in this category, while Venice received the award.

The terminal building brought two awards
Global Ports Holding, operating 17 ports in 9 countries, 15 of which are cruise ports and 2 of which are commercial port, put into service the Lisbon Cruise Port terminal in 2017 following a EUR24 million investment and two-year construction process. The state-of-the-art terminal, which was described by the authorities as ‘extraordinary” with its superior technology and impressive design and was awarded ‘Best City’ in the 2017 Wallpaper Magazine Design Awards. The terminal itself won ‘Best Rehabilitation Urban project’ at the SIL Portuguese Real Estate Fair 2017.

GPH added Venice Cruise Port to its network in 2016.

Merger of Actus Asset Management and İstanbul Asset Management

Two leading asset management companies of Turkey, Actus Asset Management and İstanbul Asset Management have reached an agreement to merge, creating the largest domestic and independent asset management company in Turkey...

Global Investment Holdings’ (GIH) asset management subsidiary Actus Asset Management and Turkey’s largest domestic and independent asset management company İstanbul Asset Management have reached an agreement to merge. Once both companies merge under İstanbul Asset Management, Actus’ current shareholders GIH and Polsan (Police care and support fund) will hold a 33.25% stake in the merged entity; and GIH will have an option to buy 40% of the shares of the merged entity. Such merger transaction is subject to regulatory approvals as well as completion of the pre-conditions.

Actus Asset Management’s current corporate investor base and market leader position in alternative asset classes, combined with İstanbul Asset Management’s wide investor base and foreign country asset fund; the most extensive asset management platform of Turkey should emerge. Actus Asset Management has an AUM of TL828.4mn, and İstanbul Asset Management has an AUM of TL2.3bn as of the end of April 2019.

Looking forward, transforming into Turkey’s largest asset management platform with a post-merger AUM of over TL3bn; these companies are aiming to strengthen their positions in the capital markets and continue to contribute to the capital markets and Turkey.

We are achieving our goal
Mehmet Kutman, Chairman of GIH stated that “We have served as a bridge between international capital markets and our country since 1990, when we hit the road with capital markets brokerage activities. In 2017, when we went to a strategic partnership with Centricus, a London based asset management company embracing large scale global strategic investors; one of our goals was to create the largest domestic and independent asset management company in Turkey. I am truly happy to be realizing our goal.”

First step in growth strategy
Dalınç Arıburnu, co-founder of Centricus commented: “The merger of Actus Asset Management and İstanbul Asset Management combines two of Turkey’s leading asset managers and is a welcome first step in GIH’s asset management growth strategy. We will continue to support GIH and its subsidiaries, as we have done since we first became a strategic investor in 2017, to achieve our strategic objectives and deliver results.”

Further strengthening of our asset
Commenting on the merger, Barış Hocaoğlu, CEO of Actus Asset Management stated, “As the first step of GIH’s growth strategy in asset management after Centricus partnership, the merger will create synergy through the know-how accumulated by the two organizations over the years that will be elevated to new levels with the corporate support of GIH and Centricus. GIH plans to strengthen its presence in the sector through new mergers, acquisitions and strategic alliances, including the exercise of the option to purchase majority shares in the merged entity.”

İstanbul Asset Management strengthens its position with merged entity
Chairman of the Board Turgay Ozaner states that Istanbul Asset Management has been on a steady course of growth since the 2012 take-over and has demonstrated the value of fully independent asset managers to the financial sector by delivering satisfactory results. Ozaner further comments that the merger will be a catalyst for further enrichment of the sector.

Burak Ustay, CEO of Istanbul Asset Management, has also commented that consolidation of the sector will continue, and Istanbul Asset Management was one of the pioneers in this direction by successfully completing two mergers in 2017 and 2018. With the new merger, Ustay says, 2 companies are uniting their strong muscles in a powerful engine which will serve both local/international, individual/institutional investor bases by offering a large variety of investment opportunities.

About Actus Asset Management:
The company was established in 2012 by the Police Care and Support Fund (Polsan); while 90.1% shares of the company was acquired by Global Investment Holdings in 2015. Since this acquisition, Actus has grown by approximately 6 folds, managing TL820mn AUM as of the end of 2018. 9.9% of the shares are still owned by Polsan.

In addition to the 5 mutual investment funds launched by Actus, the company manages 3 pension funds. Actus Asset Management also manages 3 venture capital funds it launched, each of which is a first in its field.

Actus Asset Management is the largest asset management company in venture capital investment funds. The company provided equity financing to Gaziantep Şehir Hastanesi (public hospital), while founding managing Turkey’s first diversified renewable energy private equity investment fund.

About Istanbul Asset Management:
Istanbul Asset Management is founded in 2007 as Turkey's first fully independent asset management company with 100% domestic capital. In 2012, 100% of shares of the company were acquired by 5 investors. With the new shareholding structure, Istanbul Asset Management was able to expand its portfolio by 50 folds by the end of 2018, from TL45 mn to TL2.14 bn.

Istanbul Asset Management manages 5 mutual investment funds, 7 hedge fund, 3 pension funds and 2 venture capital investment funds. These 2 venture capital investment funds and 3 pension funds were launched by Istanbul Asset Management. The 2 venture capital investment funds are composed of 1) investments in technology start-ups 2) health tourism.

Istanbul Asset Management manages the portfolios of Turkey’s leading institutions, insurance companies, large conglomerates, and foreign national / private institutional investors’ portfolios in Turkey.

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that it has been notified by the government of Tunisia that the Group’s bid, submitted in a joint venture with MSC Cruises S.A. (“MSC”), to acquire Goulette Shipping Cruise, the company that operates the cruise terminal in La Goulette, Tunisia has been successful.

The concession to operate the cruise port was awarded to Goulette Shipping Cruise in 2006 on a 30-year basis, with a right to extend the term for an additional 20 years. While passenger volumes have been low in recent years, in 2010, La Goulette welcomed c900k passenger and between 2011-2014 it welcomed on average 441k cruise passengers per annum.

All parties will now work together to conclude the legal agreement for the acquisition and we will provide an update at our interim results in August 2019.

Strong Start to the Year with Outstanding EBITDA and Revenue Growth…

Global Investment Holdings announces Consolidated Net Revenues of 260.4mn TL and an Operating EBITDA of 78.7mn TL in the first quarter of 2019, which indicate a striking 63% and 93% growth compared to a year ago, respectively. 

Global Investment Holdings (“GIH“ or the “Group”) reports consolidated revenues of 260.4mn TL for the first three months of 2019, representing a robust growth of 63% compared to the same period last year; while announcing a consolidated operating EBITDA of 78.7mn TL, marking an outstanding 93% yoy growth. Global Investment Holdings’ Chairman, Mehmet Kutman, stated that “Despite the shaky environment through the period, we are proud to announce that we have had a solid start to the year with our operations and financials showing outstanding improvement year over year. With the support of our diversified portfolio structure, uninterrupted investments and prudent risk measures, we continued to grow and improve our efficiency. These results show that we are well positioned to leverage on the growth prospects and reconfirm the strength of our strategy and our successful execution.”

GIH announced its financial results for the first quarter of 2019. Consolidated net revenues reached 260.4mn TL compared to 159.5mn TL last year, representing a sturdy increase of 63% yoy. All the business divisions under the Company contributed to this increase, with Gas and Ports divisions contributing the most.

In the first three months of 2019, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 78.7mn TL, compared to an EBITDA of 40.7mn TL in the same period last year, which represents a substantial 93% growth over the same period last year. Ports and Gas divisions were the major contributors to the EBITDA increase.

On a divisional basis, the Group’s ports subsidiary, Global Ports Holding Plc (GPH) welcomed 510k cruise passengers in Q1 2019, indicating a pleasing growth rate of 52.4% yoy, driven by the first time consolidation of the new ports. Organic passenger growth was 2.0% yoy with good growth in Valletta Cruise Port in particular. Meanwhile, although it is early in the cruise season, Turkish cruise ports recorded strong passenger growth; in particular Ege Port’s passenger number increased by 85% in Q1 2019 yoy. On the commercial ports business, container volumes were up 2.6% yoy, with both commercial ports delivering growth. Marble volumes registered 1.4% growth yoy at Port Akdeniz in the period, reversing the negative trend experienced in Q4 2018. Meanwhile, General & Bulk cargo volumes fell 59.1% yoy. The decline was primarily driven by lack of project cargo in Q1 2019 and a continuation of the trends report for H2 2018, with General & bulk cargo volumes at Port Akdeniz falling 66.2% in the quarter. 

The Ports Division’s revenues reached 110.8mn TL at the end of first three months of 2019, up by a solid 41% over the same period of 2018. Higher pax volumes at Valetta Cruise Port and first time consolidation of new ports were the main drivers of the revenue growth. Ports Division’s revenues - which are mainly denominated in USD and EUR – further benefited from the depreciation of TL in value against those currencies during the period. The Ports Division’s Operating Consolidated EBITDA was 66.9mn TL, up by a notable 54% yoy. EBITDA growth was mainly attributable to the strong contribution from the equity accounted associate ports, particularly Singapore, which do not contribute to revenue; as well as first time consolidation effect of new ports. Meanwhile, a favourable currency environment in Turkey resulted in EBITDA improvement.

Group’s Gas Division distributed 31.3mn m3 sales volume in Q1 2019, compared to 16.9mn m3 for the same period of 2018 (excluding 6.8mn m3 pipeline gas sales). Volume increase was a result of the strategy to increase winter sales in order to eliminate summer peaks. Revenues more than doubled yoy, reaching 73.4mn TL; mainly attributable to the increase of sales volume and better pricing as pass through Botaş tariff increased (Q1 2018 including pipeline gas sales of 5.6mn TL for gas balancing). Meanwhile, Gas division’s operating EBITDA reached 13.2mn TL in the quarter compared to a mere breakeven level of last year and translating into c.17pp EBITDA margin expansion. Efficiency measures undertaken in cost management and strong revenue growth helped Naturelgaz’s outstanding profitability improvement in the period.

Power division, which includes co/tri-generation and biomass based renewable power production, reported 25.1mn TL revenues in Q1 2019, up by a solid 41% over the same period of last year. The increase was mainly attributable to the commencement of 12MW Mardin biomass power plant, selling electricity at the feed-in tariff rate of 13.3 dollar-cent/kWh. On the EBITDA front, despite the solid revenue growth, power business generated -1.9mn TL EBITDA compared to 0.3mn TL in Q1 2018. The weakness in biomass was mainly attributable to the customary ramp-up period needed during commissioning stage of Mardin, as well as the heavy rainfall in biomass plant regions through the quarter. On the co/tri-generation side, increased gas price was partially offset by the increase in electricity prices, which is expected to be normalized in the coming periods.

Mining division realized 134,177 tons of product sales, indicating a healthy 31% yoy volume growth in Q1 2019. The Mining Division reported revenues of 25.6mn TL, almost doubling yoy, while operating EBITDA was realized at 6.0mn TL, increasing by 6 folds yoy. Operational performance improved remarkably during the period thanks to the increase in sales volume, improvement in production performance as well as enhancement in pricing.

Real Estate Division reported revenues of 11.7mn TL in the first quarter of the year, up by 42% yoy, while operating EBITDA stood at 6.0mn TL, slightly higher than 5.8mn TL a year ago. The increase is mainly attributable to the higher revenue recognition in SkyCity office project. Meanwhile, conversion of FX based contracts to TL offset some margin gains from operational efficiency.

Brokerage & Asset Management Division reported revenues of 13.8mn TL for Q1 2019, indicating a 10% increase yoy, and an EBITDA of 1.7mn TL, almost doubling yoy. Strong operational performance can be attributed to the increase in trading volumes, as well as effective cost management.

GIH reported a consolidated net loss of 82.4mn TL in Q1 2019, compared to a net loss of 56.6mn TL in Q1 2018. Despite higher revenue recognition along with EBITDA maximization, net loss stemmed from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. Depreciation and amortization charges have increased from 59.4mn TL in Q1 2018 to 85.3mn TL in Q1 2019. Also, the Group has incurred 51.8mn TL net non-cash foreign exchange losses, compared to 16.7mn TL in the same period last year. Net interest expenses in the quarter were 45.0mn TL, compared to last year’s 33.6mn TL increase is solely attributable to the weakness in TL against hard currencies. 

Commenting on the results, CFO Kerem Eser stated that “Our results for the first quarter mark a strong start to 2019. Our successful operational performance enabled us to deliver these strong financial results. Due to the seasonal nature of the businesses, the first quarter of the year is always the quietest trading period in particular for the Ports and the Gas divisions of the Group, and does not fully inform about the performance for the full year. Despite such seasonality effect, both our ports and gas divisions recorded pleasing operational and financial results in Q1 2019. Looking forward, we are confident as we are taking the right steps to address current macro environment with our track record of effective execution to deliver strong profitable growth and generate high cash flow.”

Sixth Bodrum Global Run breaks records

Bodrum, Turkey, 29.04.2019 - The annual Bodrum Global Run took place on 28 April, bringing people together in the event ethos of ‘Run for Hope’. Sponsored by Global Ports Holding Plc (GPH) and Global Investment Holdings, Global Run Bodrum brought sportsmanship, competition and celebrations to the city. Bodrum Cruise Port hosted the event and was the start point for participants.

In its sixth year, Global Run Bodrum marked a record number of runners, numbering more than 1700. In addition to the regular 5K and 10K runs, this year the Global Run included an additional 21K half marathon run. The route took participants from Bodrum Cruise Port and passed through Gumbet, Bitez, Myndos Gate and the Antique Theatre, giving the runners the opportunity to see the city’s historic monuments and beautiful bays, while spring blossom provided a welcoming display on the main streets.

All money raised from the event went to Parilti Association, Global Run Bodrum’s charity partner, which aids children and young adults with visual disability.

Global Run
The race is organized by GPH every year with the hope of bringing the world one step closer to peace and understanding. People from many different countries and cultures join the event at a different GPH city each year. So far, the Global Run has been held in Bodrum, Turkey; Valletta, Malta; Bar/Kotor, Montenegro; Ravenna, Italy; Havana, Cuba and Barcelona, Spain. The intention is to host a Global Run in all locations of GPH’s growing portfolio  around the world.

St. John’s Antigua – March 14, 2019 - Mr. Pierfrancesco Vago, Executive Chairman of MSC Cruises and Mr. Mehmet Kutman, Chairman of Global Ports Holding (GPH) met recently to discuss opportunities to work together in the Caribbean.

Mr Vago was very pleased to learn of GPH’s recent agreement with the Government of Antigua to redevelop and manage the cruise complex.

“Antigua is a port we have long been meaning to grow as a part of our regional deployment. Under GPH’s stewardship, we are confident that the guest experience will be considerably enhanced. We are happy to announce that we are exploring ways to support the growth of Antigua’s cruise traffic with our award-winning ships. MSC currently has 13 ships on order and we want to take our ships to ports that cater to our clientele. Our partnership with GPH is extremely helpful in this respect”.

In response, Mr Kutman added “We value highly our relationship with MSC, a cruise company that we have worked with for many years. Together, we look forward to helping Antiguans benefit from the cruise business through the growth of jobs and other opportunities. Antigua is a beautiful island with friendly people. We are proud of our partnership and look forward to a long, beneficial relationship.”

St. John’s, Antigua - March 13, 2019 – Mr. Frank Del Rio, CEO of Norwegian Cruise Line Holdings (NCLH) and Mr Emre Sayin, CEO of Global Ports Holding PLC (GPH) met recently in Miami to discuss GPH’s recent agreement to manage the cruise port of Antigua.

Mr Frank Del Rio explained “As a company that is focused on delivering a high-quality product to discerning guests, we are pleased to learn of GPH’s intention to invest in Antigua’s tourism infrastructure to improve the guest experience. We are thrilled that GPH has made this financial commitment to Antigua and are excited to move forward together to grow the cruise business to this beautiful island”.

Mr Sayin commented “Our investment is intended to be a catalyst to grow Antigua’s cruise business and this is a great step forward. We are looking forward to working with the people of Antigua and our cruise line partners to improve the impact of cruise tourism on Antigua”.

Navigating through challenging times while reporting record financials…

Global Investment Holdings announces Consolidated Net Revenues of 1,128.4mn TL and an Operating EBITDA of 465.0mn TL in 2018, which indicate a striking 40% and 67% growth compared to 2017, respectively.

Global Investment Holdings (“GIH“ or the “Group”) reports consolidated revenues of 1,128.4mn TL for 2018, representing a robust growth of 40% compared to 2017; while consolidated operating EBITDA surged by 67% during the same period, reaching 465.0mn TL. Global Holdings’ Chairman, Mehmet Kutman, stated that “Despite the economic and political turmoil that reverberated around the world in 2018, this was a year of significant progress for Global Investment Holdings. Organically, our Group companies experienced another strong year overall and once again our operations and financials proved their resilience against external shocks. With the support of our diversified portfolio structure, prudent risk measures, and uninterrupted investments, we have continued to grow both our revenues and operating profits, concluding with solid free cash flow. 2019, Global Investment Holdings will continue to focus on its core businesses, grow sustainably and expand its investments into new markets.”

Mr. Chairman further said that, “In our ports business, we successfully managed to continue expanding our presence worldwide. We are proud to take our first steps into the Americas by acquiring the management of Havana’s cruise port and boosted our leading position in the Mediterranean cruise market with the concession for Zadar, Croatia. We made further progress in the Caribbean, where we recently signed a concession agreement for Antigua & Barbuda, and became a preferred bidder for Nassau Cruise Port, The Bahamas. 2018 has been a turning point for our CNG business; I am very pleased with their progress and contribution to the Group’s overall performance, and I am confident that 2019 will be as good for this business. Our power business reached 83.3MWe with the commissioning of Mardin biomass power plant in 2018. FINALLY I AM PROUD TO DECLARE THAT AFTER 4 YEARS OF EXTENSIVE CAPITAL COMMITMENTS, ALL OUR SUBSIDIARIES ARE CASHFLOW POSITIVE HENCE DO NOT REQUIRE ANY FURTHER CAPITAL INJECTION FOR OPERATIONAL PURPOSES.“

GIH announced its financial results for 2018. Consolidated net revenues reached 1,128.4mn TL compared to 805.9mn TL in 2017, representing a strong increase of 40%. All the business divisions under the Company contributed to this increase, with Ports, Gas and Power divisions contributing the most.

In 2018, Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to 465.0mn TL, compared to 278.4mn TL in 2017, which represents a robust 67% growth.

On a divisional basis, the Group’s ports subsidiary, Global Ports Holding Plc (GPH) welcomed 4.4mn cruise passengers on a consolidated basis in 2018, indicating a growth rate of 8.8%. When all ports are taken into consideration, the equity accounted associate ports Venice, Lisbon and Singapore; GPH welcomed 8.4mn passengers, indicating a robust growth rate of 20% yoy. On the commercial ports business, General & Bulk Cargo volumes fell 9.2% and TEU Throughput fell by 5.1%. Despite no significant direct impact from tariffs or slowing trade, the general uncertainty around global trade should have played a part in the slowdown.

The Port Division’s revenues reached 601.0mn TL in 2018, up by a robust 42% yoy. Revenue growth was attributable to solid growth in both cruise and commercial segments. Higher pax volume at Spanish Ports with favorable passenger mix and the favorable currency environment in Turkey were the main drivers of the revenue growth at our Cruise ports. On the commercial ports side, revenue growth was mainly driven by higher yielding project cargo along with new services introduced in the year to drive diversification in cargo exposure. Ports Division’s revenues - which are mainly denominated in USD and EUR – further benefited from the depreciation of TL in value against those currencies during the period.

The Port Division’s Operating Consolidated EBITDA was 402.7mn TL, up by a notable 47% yoy, delivering a 67.1% Consolidated EBITDA margin for the year. EBITDA growth was driven by both cruise and commercial segments. Cruise EBITDA growth was mainly attributable to the strong contribution from the equity accounted associate ports which do not contribute to revenue; as well as the solid performance at Spanish ports, thanks to the positive gearing impact of the higher PAX volumes and favorable turnaround passenger mix in the period. Likewise, the higher yielding project cargo effect, operational improvements, continued growth in new services, and a favorable currency environment in Turkey resulted in EBITDA improvement for Commercial division.

The Group’s Gas Division distributed 138.2mn m³ of CNG (excluding spot gas sales) in 2018 compared to 149.2mn m³ in 2017. Revenues (excluding spot gas sales) increased by 32.0% yoy, reaching 242.1mn TL. The increase was mainly attributable to better pricing. Meanwhile, Gas Division’s operating EBITDA almost quadrupled in 2018 yoy, reaching 40.0mn TL and translating into c.11pp EBITDA margin expansion. Expiry of the 2 year contract for gas hedging, improved efficiency in cost management, and better pricing supported Naturelgaz’s solid profitability improvement in the period.

The Power division including co-generation and biomass based renewable power production reported 83.0mn TL revenue in 2018, more than doubling yoy. The increase was mainly attributable to the first time consolidation effect of biomass operations with 17.2MW installed capacity and feed-in tariff at 13.3 USc/Kwh coupled with capacity increase in co/tri-generation business. On the EBITDA front, Power business generated 7.1mn TL EBITDA  compared to a mere breakeven level in 2017 as the contribution from biomass plants to EBITDA has been highly effective since Q3 2018 as they have completed the ramp-up period and started working close to their optimum capacity.

The Mining division realized 496,400 tons of sales, indicating 21% yoy volume reduction in 2018, yet sales of high-quality products increased 29% yoy. Ratio of high-quality products within the sales mix also increased to 36% in 2018 compared to 22% in 2017. The Mining Division reported revenues of 78.2mn TL, indicating a 29% increase yoy, while operating EBITDA was realized at 22.0mn TL compared to 1.7mn TL a year ago. Despite contracting sales volume, as a result of the increase of high quality product ratio in the sales mix, improvement in production performance as well as enhancement in pricing, operating margins improved remarkably during the period.

Real Estate Division’s revenues almost doubled yoy, reaching 61.1mn TL in the year, while operating EBITDA stood at 25.6mn TL, remarkably higher than 20.6mn TL in 2017. The strong operating performance was mainly attributable to higher revenue recognition in SkyCity office project, coupled with solid performance at Van Shopping Mall.

The Brokerage & Asset Management Division reported revenues of 48.4mn TL in 2018, indicating a strong 17% increase yoy, and an EBITDA of 2.9mn TL, compared to 1.5mn TL in 2017. Strong operational performance can be attributed to the increase in trading volumes, as well as effective cost management.

GIH reported a consolidated net loss of 89.9mn TL in 2018, compared to a net loss of 329.2mn TL in 2017. Despite higher revenue recognition along with EBITDA maximization, net loss stemmed from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. Depreciation and amortization charges have increased from 206.8mn TL in 2017 to 290.5mn TL in 2018. Also, the Group has incurred 89.7mn TL net non-cash foreign exchange losses, compared to 24.4mn TL in the last year. Net interest expenses in 2018 were 185.1mn TL, slightly higher compared to 2017 (165.2mn TL), despite the significant weakness in TL against hard currencies. This is a result of improvement in Group’s net indebtedness, following the IPO of the Ports Business and subscription by Centricus.

Commenting on the recent developments, CFO Kerem Eser stated that, “I am pleased to say that as Global Investment Holdings, 2018 was a solid year with significant improvement in all of our profitability metrics despite this shaky environment. We continued to benefit from our investments, growth in both domestic and international markets as well as our proactive approach and disciplined risk management. The Company will continue its policy of growth by means of new acquisitions and investments mainly into core businesses, which are infrastructure (ports), and clean energy.

Furthermore, Mr. Eser underlined that 2018 saw a decided turnaround in Naturalgaz, our compressed natural gas (CNG) business subsidiary, with the continuous, material and ongoing improvement in the operational and financial performance. We are evaluating the possibility of an initial public offering (IPO) of Naturelgaz, will further enhance the liquidity position of the Group, as well as strength Naturelgaz’s growth strategy in Turkey and abroad. Naturelgaz has an 18-20 percent share in Turkey's non-piped natural gas transport sector.

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, following a competitive request for proposal process the Government of the Bahamas has awarded, Nassau Cruise Port Ltd ("NCP"), a consortium comprising GPH, the Bahamian Investment Fund ("BIF") and the Yes Foundation the cruise port tender for a 25-year concession for the Prince George Wharf and related areas, at Nassau cruise port.

Nassau is one of the most popular cruise destinations in the world with passengers attracted to its natural beauty, unique characteristics and cultural heritage, while its close proximity to the United States means it is within easy cruising distance of the primary home ports in the United States. The Nassau cruise port is one of the leading destination ports in the world and welcomes 3.7 million passengers per annum.

The Group, NCP and the Government of the Bahamas will now work towards agreeing the terms of a concession agreement. Following the successful execution of the concession agreement, GPH as part of NCP, will use its global expertise and operating model to manage the cruise port operations in Nassau. In addition, NCP will invest in expanding the capacity of the port (from six berths to eight berths) as well as taking a number of innovative steps to transform the cruise port experience for both passengers and locals. The transformation will include the building of a new iconic terminal building, the creation of an event and entertainment area, investment into improving the current retail facilities and the design and construction of new food and beverage facilities as well as integration of the port into Bay Street and downtown Nassau. The new port is expected to act as a catalyst for the wider redevelopment of downtown Nassau.

NCP will be 49% owned by the Group, 49% owned BIF and 2% owned by Yes Foundation, with Global Ports Holding operating the port. BIF is a Bahamian retail fund which will give a unique opportunity for tens of thousands of Bahamian investors to invest in equity and debt in the project. The fund's minimum investment for equity will be 1,000 BSD to facilitate participation by small retail investors. Bond investments will be targeted at minimum 50,000 BSD. The YES Foundation will be established as a charitable entity promoting Youth, Sports and Education for Bahamians. Its primary focus will be on helping young Bahamaians succeed by investing in programs to help ensure that they develop the leadership, technical, and life skills to earn a livelihood.

GPH is in advanced stage discussions with local and international banks over long term bank financing for the concession. Full financial closure and commencement of the concession is expected to occur in H2 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied. A further announcement will be made when it is appropriate to do so.

Global Ports Holding, Chairman and Co-Founder Mehmet Kutman said:
"I am delighted that Nassau Cruise Port Ltd has been awarded the cruise port tender for Prince George Wharf at Nassau Cruise Port. This represents GPH's third new port in the Caribbean in the last twelve months and is a historic moment for the group. The GPH team very much look forward to working with our partners and the people of the Bahamas to reinvigorate this iconic cruise port and the city of Nassau."

Global Ports Holding CEO, Emre Sayin, said:
"We are very happy that the Government of the Bahamas has awarded GPH and its local partners the cruise port tender for Prince George Wharf at Nassau Cruise Port. The addition of Nassau to our portfolio will mark an important inflection point in our strategy and growth aspirations. Nassau will become the biggest cruise port in our portfolio and will increase our passenger volumes by 50%.

GPH has an enviable track record of managing cruise port operations around the world and we very much look forward to working with our partners to transform both the cruise port and downtown Nassau for the benefit of Bahamians, cruise passengers and cruise lines. We will now work with all parties towards signing a concession for the wonderful destination of Nassau."

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GPH/13979592.html

Global Ports Holding Plc

Signs 30-year concession agreement with the Government of Antigua and Barbuda

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, following it signing of a Memorandum of Understanding which was announced on 9 November 2018, GPH has now signed a 30-year concession agreement with the Government of Antigua and Barbuda for cruise port operations in Antigua on an exclusive basis. The concession also includes certain retail outlets in the project area. This concession marks the Group's important second step in its expansion into the Americas, after the signing of Havana in 2018.

Under the terms of the concession agreement, the Group will use its global expertise and operating model to manage the cruise port operations in Antigua. In addition, GPH will finance the completion of the ongoing construction of a new pier which will allow the port to handle Oasis class ships. The Group will also invest in improving the current retail facilities and designing and financing the construction of new purpose built retail and F&B facilities.

The successful commencement of the concession is subject to a number of final conditions being satisfied, including, amongst others, the Group securing suitable financing. GPH is in advanced discussions with local and international banks in relation to long term bank financing for the concession. Full financial closure and commencement of the concession is expected to occur in H1 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied. A further announcement, as appropriate, will be made in due course.

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GPH/13954550.html