The concessions cover the port of Las Palmas de Gran Canaria, port of Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura), which have tenures of 40 years, 20 years and 20 years respectively. Following successful execution of the concession agreements, GPH, as part of GPCI, will use its global expertise and operating model to manage the cruise port operations in Gran Canaria, Lanzarote and Fuerteventura.

The Group, GPCI and the Port Authority of Las Palmas will now work towards agreeing on the terms of the concession agreements. The concessions are expected to commence before the end of the current financial year, 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.

GPH owns 80% of GPCI and Sepcan S.L. owns 20%. Sepcan is a Canary island family-owned company that has been providing services to the port of Las Palmas since 1936 and since 1998 has been focused on mooring/unmooring, luggage handling, ship’s provisioning and passenger services. They also specialise in environmental services and maritime pollution prevention.

Emre Sayin, Chief Executive Officer, said:

“I am thrilled that Global Ports Canary Islands has been awarded preferred bidder status for Las Palmas Cruise Ports. On successful conclusion of the concession agreements, these ports will take the total number of cruise ports GPH operates and manages to 22. Despite the challenges of the Covid-19 pandemic, GPH is continuing to deliver on its strategic ambitions of growing its cruise port network. The addition of these cruise ports will take our cruise passenger capacity to over 15 million passengers per year including minority owned ports.”

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Global Investment Holdings reported Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue and revenues from Port Akdeniz which was sold in January 2021) of 1,052.0mn TL in the first nine months of 2021 with a 33% YoY increase; while announcing a Consolidated Operating EBITDA (excluding Port Akdeniz) of 189.7mn TL with a 46% YoY increase.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “Obviously, it has been a very tough year and a half, and we have been discussing about Covid-19 and its material negative impact on our business lines since its emergence in March 2020. Now, it certainly is the time to look ahead; and I am very delighted to look at such a positive outlook for our businesses, especially the ports business. The pandemic may not be fully over, yet, we now have vaccines and successful roll-out, advanced treatments and enhanced health & safety protocols in place for protection against Covid-19, hence easing Covid-19 related restrictions. Thankfully today, the global cruise industry is operating almost normally and with gradual return to service, most cruise lines expect close to 100% fleet deployment in Summer 2021, in time for the peak summer season. Parallel to such backdrop, the improvement in performance has gained momentum in Q3 2021 across our Group. In September 2021, for the first time since pre-Covid-19, all of our cruise ports received calls, a significant milestone in the continued recovery of our cruise ports. On a like-for-like basis, during September 2021, our cruise ports received 53% of the calls and 30% of the passengers received for the same period in 2019, representing a ten-fold increase in passengers compared to May 2021. Accordingly, our ports division’s revenue generation in the third quarter alone, has well surpassed the revenue generation in the first half of the year. Also, I am pleased to see that our ports division re-started generating positive EBITDA in the third quarter thanks to the decelerating impact of Covid-19. Our results are demonstrating that recovery is underway and we believe that, continuing ease on restrictions, together with our strong pipeline we are on track to deliver a strong performance for 2021 and we are confident in our future forecasts.”

The Chairman continued “We have been quite successful in delivering on a number of key strategic initiatives in line with our long-term growth strategy so far this year. On the ports side, we have signed a 20-year agreement with the Port of Kalundborg to provide services for cruise passengers in Kalundborg Port, Denmark. I am also thrilled because Kalundborg Port will be GPH’s first cruise port in the Northern European cruise port market, marking an important milestone in the continued development and growth of the company. On asset management side, we exercised our option and increased our stake in Istanbul Asset Management from 26.6% to 66.6%. I am very pleased that we have successfully completed this transaction and become the majority shareholder in such a robust company, in line with our strategy to grow in the non-bank financial services and asset management business. Thanks to synergy created by the two companies over the years, Istanbul Asset Management managed to double its AUM since the merger in September 2020, reaching 12.8bn TL (6.4bn TL at the end of 2020), and becoming the largest native independent asset management company. More on the finance front; we established a 100% subsidiary of GIH, GYH Danışmanlık ve Yönetim Hizmetleri A.Ş. to collect the Group’s financial services companies under one roof. Accordingly, GIH shares in İstanbul Portföy Yönetimi A.Ş. and Global Menkul Değerler A.Ş have been transferred to this new subsidiary of the Group.”

The Chairman concluded, “The Group has been taking solid effective steps to stabilise its liquidity position and manage its long & short-term debt obligations through i) completion of the refinancing of Eurobond ii) the successful IPO of its natural gas subsidiary, Naturelgaz, on Borsa Istanbul, iii) equity injection through a rights issue in GIH, vi) the completion of the sale of the Group’s largest commercial port, Port Akdeniz, and the anticipated IPO of Consus Energy. We have completed the capital increase process of GIH, which resulted in total proceeds of TL 487,180,209 to GIH. As promised, we have used the total amount of the funds from the Capital Increase in debt repayment, melting down holding solo gross debt nearly by half. These all aim to provide the Group with a more stable, deleveraged capital structure. All these efforts, along with the encouraging outlook on the ports side, we keep our positive stance looking ahead.”

Commenting on the results, The Chief Financial Officer of the Group, Ferdağ Ildır, stated that “As known, the Group’s key focus areas are, deleveraging, positive FCF generation, operational profitability and efficiency. The Group will also keep on doing its duties in the best way, carry out innovative and pioneering works and add value to every field that it operates. For 2021, we had targeted to continue decreasing our net debt rapidly and have made good progress towards this goal so far. In line with such focus, we have completed the capital increase process of GIH in the third quarter, with total proceeds of TL 487,180,209 to GIH. The total amount of the funds from the capital Increase were used in repayment of the TL Bonds (amounting 172.2mn TL as of 30.09.2021 and an additional 17.3mn TL in October 2021) and the Euro31.3mn bank loan in accordance with the fund utilization report, decreasing holding solo gross debt by nearly half as of 30.09.2021, which in turn should significantly reduce net interest expenses in the following quarters.”

Global Investment Holdings reported 1,052.0mn TL revenues (excluding IFRIC-12 Construction Revenue and revenues from Port Akdeniz, which was sold in January 2021) for 9M 2021, indicating a solid 33% YoY growth on the back of gas, power, mining and brokerage & asset management divisions. The sequential trend in 9M 2021 compared to 9M 2020 shows that the improvement in performance has gained momentum in Q3 2021 across the Group, in line with the decelerating impact of Covid-19 and strengthening activity in underlying businesses.

At the end of 9M 2021, Global Investment Holdings’ consolidated operating EBITDA increased nearly by half (46%) yoy and reached 189.7mn TL, driven by a notable solid contribution from the power, mining and brokerage & asset management divisions. EBITDA generation began to gain pace in Q3 2021 across the Group, in line with the decelerating impact of Covid-19 and strengthening activity in underlying businesses.

On a divisional basis,
Naturelgaz maintained its solid financial position despite Covid-19 impact thanks to its operational capability, efficient cost management structure and increased operations in CityGas business line. Sales volume reached 139.2mn Sm3 in Q3 2021, representing an increase of 14% compared to the same period last year. The higher volume was mainly due to the increase in CityGas sales, while inorganic growth achieved by the acquisition of LNG and CNG operations of SOCAR Turkey at the end 2020 has also made a significant contribution to the increase in LNG sales volume. Revenues increased by 24% yoy, reaching 403.6mn TL, reflecting the increase in CityGas revenues and the addition of LNG revenues as a result of SOCAR LNG merger. Naturelgaz’ operating EBITDA decreased by 9% to TL 66.1 million. Despite the 10% increase in gross profit yoy, decrease in EBITDA stemmed from Opex increase due to Socar merger as well as one-off IPO related expenses. Naturelgaz’s net debt amounting 85.5 mn TL at the end of 2020, has turned into 40 mn TL net cash surplus as of 30.09.2021.

On the ports side, Cruise passenger volumes surged by 679% in the third quarter of 2021 compared to the second quarter of 2021 (498.7k in Q3 2021 vs 64.0k in Q2 2021) reflecting the steady return to activity across the cruise industry following the disruption caused by the Covid-19 pandemic. In September 2021, for the first time since pre-Covid-19, all of our cruise ports received calls, a significant milestone in the continued recovery of our cruise ports. On a like-for-like basis, during September 2021, our cruise ports received 53% of the calls and 30% of the passengers received for the same period in 2019. Representing a ten-fold increase in passengers compared to May 2021. There is a significant variation in trends across our network of cruise ports, however, activities levels are continuing to accelerate in all ports and the current itineraries of cruise lines point to a continued pick-up in activity levels. Most cruise lines expect close to 100% fleet deployment in Summer 2021. The ports division’s revenues (excluding IFRIC-12 Construction Revenue and Port Akdeniz, Antalya which was sold in January 2021) stood at 157.1mn TL in 9M 2021, up by 19% yoy; while operating consolidated adjusted EBITDA marked a loss of 21.5mn TL (-7.3mn TL in 9M 2020). Revenues and EBITDA in 9M 2020 benefited from the pre-pandemic first time contribution from the Caribbean ports. In line with the decelerating impact of Covid-19 due to the gradual easing of travel restrictions and the increase in the number of cruise ships returning to sailing, Ports’ consolidated revenue nearly tripled in the third quarter of 2021 YoY, reaching 82.5mn TL. Ports re-started generating positive EBITDA in Q3 2021 at 1.2mn TL as opposed to -17.1mn TL in Q3 2020 (excluding Antalya). Pleasing revenue generation of the ports division in the third quarter 2021, coupled with the support from the current operational data and strong demand, we keep our positive stance on a faster recovery from Covid-19.

The power division, which includes co/tri-generation- along with biomass- and solar-based renewable power production, generated 247.9mn TL revenues, soaring by 31% yoy, mainly driven by the pleasing performance of the operational plants. Likewise, the division generated 95.4mn TL EBITDA in 9M 2021, surging by 46% YoY.

The mining division realized 384,323 tons of product sales in the first 9 months of 2021, up by 42% yoy, mainly due to strong feldspar demand from export markets. The division announced revenues of 120.8mn TL in 9M 2021, more than doubling YoY. The operating EBITDA was 43.2mn TL, almost tripling yoy and delivering a 35.7% operating EBITDA margin, showing significant improvement compared to the same period last year (25.1% in 9M 2020). Besides the volume growth, effective cost control measures as well as dominancy of hard currency denominated revenues were factors supporting the improvement in profitability during the period.

The other business line which was seriously negatively impacted by Covid-19 was the real estate business. The real estate division posted 21.9mn TL revenues in 9M 2021, compared to 22.0mn TL a year ago. Lower real estate sales were partially compensated by the increase in rental revenues. The real estate division reported an operating EBITDA of 9.4mn TL, compared to 7.9mn TL a year ago, indicating a pleasing 18% increase. The improvement is mainly attributable to the increasing contribution from higher EBITDA generating rental operations.

The brokerage & asset management division revenues reached 103.7mn TL, a solid 62% increase yoy; while operating EBITDA increased by 2.5 times, reaching 43.8mn TL. The outstanding performance was attributable to the increase in trading volumes, as well as effective cost management.

GIH reported a consolidated net loss of 398.7mn TL in 9M 2021, compared to a net loss of 318.5mn TL in the same period last year. The net loss stemmed mainly from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings as well as non-cash and non-operating one-off expenses. The bottom line incorporated 471.2mn TL non-cash charges of which 266.2mn TL are depreciation and amortization, 205.0mn TL net foreign exchange losses. Meanwhile, 150.4mn TL one-off expenses include IPO expenses, project expenses, and IFRS related adjustments such as non-cash impairment provision which relates to Venezia & Adria impairment, amounting 87.7mn TL. Had the pandemic not occurred and FX rate remained the same, net loss would be minimal, the bottom line would be close to positive or positive. Depreciation and amortization charges, despite the depreciation of Turkish Lira against hard currencies, have decreased from 332.3mn TL in 9M 2020 to 266.2mn TL in 9M 2021, purely as a result of Port Akdeniz’s sale depreciation effect amounting 110.0 mn TL. If FX rate remained the same, depreciation and amortization expense would be 45.1mn TL lower (excluding the amortization effect of Port Akdeniz). Also, the Group has incurred 205.0mn TL net non-cash foreign exchange losses, compared to 216.8 mn TL in 9M 2020. The Group’s net interest expenses in 9M 2021 was 216.5mn TL, as opposed to 229.9mn TL a year ago. Furthermore, if FX rate remained the same YoY, net interest expense would be 39.7mn TL lower in 9M 2021.

Major operational developments

On the operational front, developments are on track, in line with the growth strategy by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. During the period, the strategic focus remained on the core businesses and how to best insulate the Group from the impact of Covid-19.

A major development on the ports side during the period, to position Global Ports Holding Plc (GPH) as a pure-play global cruise port operator, was the divestment of our concession in Port Akdeniz. Agreed in October 2020, this was finalised in January 2021, with the sale being materialized to QTerminals of Qatar. The sale’s successful closing was an essential element of the Group’s refinancing strategy for the 250mn USD 8.125% Senior Unsecured Notes due 2021 (Eurobond) issued by GPH’s wholly-owned subsidiary Global Liman Isletmeleri A.S. On 7 April 2021, an offer was launched for up to 75mn USD of Eurobond, which was expired on 16 April 2021. Following the unmodified Dutch Auction procedure conducted in connection with the Offer, the total amount of cash used in connection with the Offer is 44.7mn USD excluding accrued interest on the Notes validly tendered and accepted. Following the completion of the tender offer, 200.3mn USD of Eurobond remained outstanding. GPH completed its five-year loan agreement for up to 261.3mn USD, with leading global investment firm Sixth Street, managing assets in excess of 50bn USD. As a result, GPH has concluded the early repayment of the 200.3mn USD Eurobond outstanding amount, plus accrued interest. This new investment from Sixth Street will strengthen GPH’s balance sheet and provide flexible growth capital for GPH to pursue expansion opportunities at a dynamic juncture in the global cruise industry. Last but not least, as part of its global expansion strategy, GPH continuously monitors potential public and private acquisitions around world. For example, on 30 April 2021, GPH has signed a 20-year concession agreement to manage the cruise passenger terminal of the Port of Taranto, Italy. This has enhanced and further strengthened the GPH’s presence in the cruise sector’s core markets. Another recent development on the ports side, GPH has signed a 20-year lease agreement with the Port Authority of Kalundborg to manage the cruise services in Kalundborg Port, Denmark in October 2021. Kalundborg Port will be GPH’s first cruise port in North Europe, marking an important milestone in the continued development and growth of the Group. Kalundborg is located in the north western region of Denmark and is just over one hour from Copenhagen city centre. The geographic location of the port means that it can provide cruise lines with a time saving and fuel-efficient alternative to Copenhagen Cruise Port. Kalundborg is a cruise destination that has historically received just a handful of cruise calls per season. However, with a new 500m quay completed in 2019 and with the addition of GPH’s global expertise and know-how, we expect to drive strong growth in cruise traffic at the port over the years ahead. As part of the lease agreement, subject to certain milestones, GPH will invest up to €6m by the end of 2025 into a purpose-built cruise terminal. GPH currently expects to take over cruise port operations before the end of the current financial year.

During the year, Global Investment Holdings took major steps forward with its natural gas efforts. In the second core business area, Naturelgaz, the non-pipeline natural gas subsidiary, took a significant step towards its growth strategy and started to float on Borsa Istanbul as of 1st April 2021 following the completion of exceptionally successful IPO. The IPO has received overwhelming investor demand, with 75.3 times domestic individual investor oversubscription, 28.8 times domestic institutional investor oversubscription, and 3.5 times international institutional investor oversubscription with a total demand exceeding 15.5bn TL. Norges Bank Investment Management, out of Norway, acquired 8.3% of the total shares offered in the IPO. Naturelgaz received gross proceeds of 127mn TL which will be used to develop and expand its business. The Company, while improving its leadership position in Turkey, also envisages expanding its operations to Sub-Saharan countries where lack of pipeline infrastructure is an opportunity to transport natural gas to power and industrial plants. Moreover, on 10 February 2021, Naturelgaz signed an agreement with Petrol Ofisi to create synergies in the Auto CNG business. Such development will further strengthen the position of Naturelgaz in LNG, bulk CNG, and auto CNG businesses; increasing volume and geographical coverage while diversifying the product portfolio.

Furthermore, Consus Enerji, fully-owned subsidiary of Global Investment Holdings, operating in renewable energy generation and energy efficiency, applied to the Capital Markets Board to get approval to amend the Articles of Association for the purpose of the IPO.

GIH completed its capital increase process. Accordingly, GIH raised its issued share capital in cash, from TL325,888,409.93 to TL650,000,000. The capital increase resulted in total proceeds of TL 487,180,209.05 to GIH. The total amount of the funds from the Capital Increase were used in repayment of the TL Bonds and the Euro bank loan in accordance with the fund utilization report, which should significantly reduce net interest expenses in the following quarters

In the third core business line, pursuant to Capital Markets Board’s approval to exercise its option to buy additional 40% of Istanbul Asset Management in September 2021, GIH exercised its option and increased its stake in Istanbul Asset Management from 26.6% to 66.6%, becoming the largest shareholder; and hence paving the way for full consolidation. Through the exercise of the option, Global Investment Holdings acquired 5,673,600 shares, with a nominal value of 1 TL each, corresponding to 40% of the share capital of Istanbul Asset Management for a consideration of TL77,352,322, which has been fully paid in cash. Meanwhile, existing managing partners’ (Hasan Turgay OZANER, Tufan DERİNER and Alpaslan ENSARİ) stake stands at 22.3% after the transaction.

More on the finance front, 100% subsidiary of GIH, GYH Danışmanlık ve Yönetim Hizmetleri A.Ş. has been established to collect the Group’s financial services companies under one roof. All of the shares corresponding to 66.6% of Istanbul Portföy Yönetimi A.Ş. and 75% of the capital of Global Menkul Değerler A.Ş have been transferred to this new subsidiary.

The post GIH 9M 2021 Financial Results: Looking at a Glittering Path Ahead appeared first on Global Yatırım Holding.

Kalundborg is located in the north western region of Denmark and is just over one hour from Copenhagen city centre. The geographic location of the port means that it can provide cruise lines with a time saving and fuel-efficient alternative to Copenhagen Cruise Port.

Kalundborg is a cruise destination that has historically received just a handful of cruise calls per season. However, with a new 500m quay completed in 2019 and with the addition of GPH’s global expertise and know-how, we expect to drive strong growth in cruise traffic at the port over the years ahead. As part of the lease agreement, subject to certain milestones, GPH will invest up to €6m by the end of 2025 into a purpose-built cruise terminal. GPH currently expects to take over cruise port operations before the end of the current financial year.

The post Signs lease agreement for Kalundborg Cruise Port appeared first on Global Yatırım Holding.

In this context;
• 99.6% of the offer was exercised by the existing shareholders as pre-emptive rights
• The remaining 1,268,029.303 shares have been sold at Borsa İstanbul

Accordingly, the capital increase process has been completed with a total cash injection of TL 487,180,209.05 to GIH.

Following the completion of the rights issue, Global Investment Holdings’ Chairman & CEO Mehmet Kutman stated the following: “I am proud to announce that the GIH rights issue has been successfully completed. Going forward, we will focus on group-level deleveraging, positive free cash flow generation and operational profitability at subsidiaries level, resulting in dividend distribution to the parent. We would like to extend our genuine gratitude to our shareholders for their trust, support and faith during this process.”

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Global Investment Holdings reported Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) of 625.9mn TL in the first half of 2021; while announced a Consolidated Operating EBITDA of 107.4mn TL.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “Covid-19 has, of course, continued to create challenges during the first half of 2021 with the global uncertainty causing many businesses and organisations to be cautious on their spending plans and with travel restrictions still in place in many parts of the world, resulting in further ‘right-shifting’ of certain expected revenues. Because of this our first half year financials are therefore down on H1 2020, which had record results for the first three months before the Covid-19 pandemic had any real impact. However, interim results for the first half of 2021 are ahead of the second half of 2020 demonstrating recovery is underway and we believe that, providing the expected easing of restrictions and the resultant recovery continues, together with our strong pipeline we are on track to deliver a strong performance for 2021 and we are confident in our future forecasts.

The Chairman continued “I am thrilled with the progress we made in this active first half of 2021, successfully delivering on a number of key strategic initiatives in line with our long-term growth strategy. The Group’s key focus areas for the coming period are, deleveraging, positive FCF generation, operational profitability and efficiency. The Group will also keep on doing its duties in the best way, carry out innovative and pioneering works and add value to every field that it operates. This year we target to continue decreasing our net debt rapidly and have already made good progress towards this goal so far. The Group has been taking solid effective steps to stabilise its liquidity position and manage its long & short-term debt obligations through i) the completion of the sale of the Group’s largest commercial port, Port Akdeniz, ii) the successful IPO of its natural gas subsidiary, Naturelgaz, on Borsa Istanbul, iii) equity injection through a rights issue in GIH, vi) completion of the refinancing of Eurobond, and the anticipated IPO of Consus Energy. These all aim to provide the Group with a more stable, deleveraged capital structure. All these efforts, coupled with the encouraging initial signs coming from the ports business, indicate a more positive outlook looking ahead.”

Commenting on the results, The Chief Financial Officer of the Group, Ferdağ Ildır, stated that “The financial performance of the Group in the first half of 2021 reflects broader ongoing Covid-19 challenges. Despite this, our businesses have delivered a solid performance, supported by a highly skilled and talented workforce. Our H1 results reflect not only an improving global economic environment but evidence the operational improvements we have put in place and the acceleration of many of these initiatives last year. Whilst significant uncertainty remains, and the recovery is likely to take some time, we remain confident in the resilience and flexibility of the Group’s businesses model, and its ability to execute on its growth strategy and build market share as demand recovers. In parallel, we will continue to evaluate internal and external opportunities that will deliver value for shareholders, in particular the significant potential to enhance future growth.”

Global Investment Holdings reported 625.9mn TL revenues (excluding IFRIC 12 Construction Revenue) for the half of 2021, up by 5% yoy. Negative impact of Covid-19 on particularly ports and real estate divisions partially offset the pleasing revenue growth in all other divisions. H1 2020 revenues included contribution from Port Akdeniz, the sale process has been completed in January 2021, amounting 105.2mn TL. Excluding the contribution from Port Akdeniz for H1 2020, total consolidated net revenues could have registered a 28% increase yoy. Nevertheless, this indicates a strong period, considering Q1 2020 did not suffer from any Covid-19 impact. The sequential trend in H1 2021 compared to H2 2020 shows a continuing improvement in performance across the Group, as the underlying businesses activity strengthens.

In the first half of 2021, consolidated Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted 107.4mn TL, compared to an EBITDA of 147.6mn TL in the same period last year. The notable solid contribution from the power, mining and brokerage & asset management divisions was partially offset by the weak performance of the ports divisions in the period. Meanwhile, Port Akdeniz had a major contribution to H1 2020’s financials with 74.6mn TL in EBITDA. Excluding the contribution from Port Akdeniz for H1 2020, consolidated operating EBITDA in H1 2021 could have increased nearly by half.

On a divisional basis,
The gas division has improved its solid financial position despite Covid-19 impacts thanks to its operational capability, efficient cost management structure and new business development efforts. The gas division distributed 88.8mn Sm3 sales volume in H1 2021, representing a notable increase of 29% compared to the same period last year. The higher volume was mainly due to the increase in City Gas sales, while inorganic growth achieved by the acquisition of LNG and CNG operations of SOCAR Turkey at the end 2020 has also made a significant contribution to the increase in sales volume. On the financial front, revenues increased by 26% yoy, reaching 231.9mn TL, mainly reflecting the addition of LNG revenues as a result of SOCAR LNG merger. Operating EBITDA came out at 36.3mn TL in the period, up slightly by 2% yoy and translating into a 15.7% EBITDA margin. Despite the 31% increase in gross margin yoy, limited increase in EBITDA stemmed from Opex increase due to Socar merger as well as one-off IPO related expenses.

The business line which is affected the most from Covid-19 is the ports business. The ports division reported 68.6mn TL revenues (excluding IFRIC 12 impact of 176.3mn TL for H1 2021 and 144.6mn TL for H1 2020), down by 66% yoy, while consolidated adjusted EBITDA was a loss of 22.8mn TL (84.4mn TL positive EBITDA in H1 2020). The limited return to cruise activity drove the declines in passenger volumes, revenue and EBITDA. H1 2020 figures were heavily boosted by the first time contribution of our new ports in Nassau and Antigua, while Port Akdeniz, although the sale process has been completed in January 2021, has a major contribution to the H1 2020’s financials with 105.2mn TL in revenues and 74.6mn TL in EBITDA. As we look to the future, many of our cruise ports have already started to welcome passengers in 2021, however, volumes remain small, yet this number has and will continue to grow, and the majority of our ports have started to receive calls. And we have good news from the Caribbean: the opening of the Caribbean cruise market has happened with homeport operations in Nassau in June and in Antigua in July (first time for Nassau and Antigua). While we expect to see an increase in cruise activity in Q3 2021, it is, as yet, unclear how the ramp up of cruise operations globally and on a regional level will shape up.

The power division, which includes co/tri-generation- along with biomass- and solar-based renewable power production, posted 165.9mn TL revenues in the half year, increasing remarkably by 37% yoy. With all plants fully under operation, the division’s EBITDA has also improved substantially to 64.7mn TL in H1 2021, registering a robust 73% growth yoy. The eye-catching financial performance during the half year was mainly attributable to pleasing operational performance in power plants and upward trend in electricity prices.

The mining division realized 236,785 tons of product sales in the first half of 2021, up by 45% yoy, mainly due to strong feldspar demand from export markets. The mining division reported revenues of 72.5mn TL, more than doubling yoy. The operating EBITDA was 27.8mn TL, increasing almost 4-fold yoy and delivering a 38.3% operating EBITDA margin, showing significant improvement compared to the same period last year (20.3% in H1 2020). Besides the volume growth, effective cost control measures as well as dominancy of hard currency denominated revenues were factors supporting the improvement in profitability during the period.

The other business line which was seriously negatively impacted by Covid-19 was the real estate business. The real estate division disclosed revenues of 11.8mn TL and an operating EBITDA of 2.4mn TL in the first half of the year, compared to 12.8mn TL and 2.9mn TL, respectively in H1 2020. The weakness was driven mainly by the lower real estate sales and rental revenues due to the safety precautions against Covid-19.

In H1 2020, the financial services subsidiaries shone. The division has remarkably increased the number of transactions during Covid-19 crisis which was reflected positively on its financials. The brokerage & asset management division reported revenues of 73.8mn TL in H1 2021, indicating a robust 84% yoy increase, while operating EBITDA almost tripled, reaching 31.6mn TL. The outstanding performance was attributable to the increase in trading volumes, as well as effective cost management.
GIH reported a consolidated net loss of 417.7mn TL in the first half of 2021, compared to a net loss of 237.4mn TL in the same period last year. The net loss stemmed mainly from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings as well as non-cash and non-operating one-off expenses. The bottom line incorporated 532.6mn TL non-cash charges of which 173.2mn TL are depreciation and amortization, 227.1mn TL net foreign exchange losses and 132.3mn TL one-off expenses. Had the pandemic not occurred and fx rate remained the same, GIH could have reported a consolidated net profit at the bottom-line.

Depreciation and amortization charges, despite the depreciation of Turkish Lira against hard currencies, have decreased from 233.7mn TL in H1 2020 to 173.2mn TL in H1 2021, purely as a result of Port Akdeniz’s sale depreciation effect. Also, the Group has incurred 227.1mn TL net non-cash foreign exchange losses, compared to 121.3mn TL in the first half of the last year. The Group’s net interest expenses in the half year was 155.2mn TL, as opposed to 151.8mn TL a year ago. The bottom line incorporated 132.3mn TL one-off expenses, most of which are non-cash. Majority of the non-cash impairment provision relates to Venezia & Adria impairment, amounting 87.4mn TL.

Major operational developments
On the operational front, developments are on track, in line with the growth strategy by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. During the period, the strategic focus remained on the core businesses and how to best insulate the Group from the impact of Covid-19.

A major development on the ports side during the period, to position Global Ports Holding Plc (GPH) as a pure-play global cruise port operator, was the divestment of our concession in Port Akdeniz. Agreed in October 2020, this was finalised in January 2021, with the sale being materialized to QTerminals of Qatar. The sale’s successful closing was an essential element of the Group’s refinancing strategy for the 250mn USD 8.125% Senior Unsecured Notes due 2021 (Eurobond) issued by GPH’s wholly-owned subsidiary Global Liman Isletmeleri A.S. On 7 April 2021, an offer was launched for up to 75mn USD of Eurobond, which was expired on 16 April 2021. Following the unmodified Dutch Auction procedure conducted in connection with the Offer, the total amount of cash used in connection with the Offer is 44.7mn USD excluding accrued interest on the Notes validly tendered and accepted. Following the completion of the tender offer, 200.3mn USD of Eurobond remained outstanding. GPH completed its five-year loan agreement for up to 261.3mn USD million, with leading global investment firm Sixth Street, managing assets in excess of 50bn USD. As a result, GPH has concluded the early repayment of the 200.3mn USD Eurobond outstanding amount, plus accrued interest. This new investment from Sixth Street will strengthen GPH’s balance sheet and provide flexible growth capital for GPH to pursue expansion opportunities at a dynamic juncture in the global cruise industry. Last but not least, as part of its global expansion strategy, GPH continuously monitors potential public and private acquisitions around world. For example, on 30 April 2021, GPH has signed a 20-year concession agreement to manage the cruise passenger terminal of the Port of Taranto, Italy. This has enhanced and further strengthened the GPH’s presence in the cruise sector’s core markets.

During the year, Global Investment Holdings took major steps forward with its natural gas efforts. In the second core business area, Naturelgaz, the non-pipeline natural gas subsidiary, took a significant step towards its growth strategy and started to float on Borsa Istanbul as of 1st April 2021 following the completion of exceptionally successful IPO. The IPO has received overwhelming investor demand, with 75.3 times domestic individual investor oversubscription, 28.8 times domestic institutional investor oversubscription, and 3.5 times international institutional investor oversubscription with a total demand exceeding 15.5bn TL. Norges Bank Investment Management, out of Norway, acquired 8.3% of the total shares offered in the IPO. Naturelgaz received gross proceeds of 127mn TL which will be used to develop and expand the its business. The Company, while improving its leadership position in Turkey, also envisages expanding its operations to Sub-Saharan countries where lack of pipeline infrastructure is an opportunity to transport natural gas to power and industrial plants. Moreover, on 10 February 2021, Naturelgaz signed an agreement with Petrol Ofisi to create synergies in the Auto CNG business. Such development will further strengthen the position of Naturelgaz in LNG, bulk CNG, and auto CNG businesses; increasing volume and geographical coverage while diversifying the product portfolio.

Furthermore, Consus Enerji, fully-owned subsidiary of Global Investment Holdings, operating in renewable energy generation and energy efficiency, applied to the Capital Markets Board to get approval to amend the Articles of Association for the purpose of the IPO.

In the third core business line, Capital Markets Board approves GIH’s application to exercise its option to buy additional 40% of Istanbul Asset Management.

At the holding level, The Board of Directors of Global Investment Holdings had resolved to increase the issued share capital of the Company by 324,111,590.07 TL, from 325,888,409.93 TL to 650,000,000 TL, to be paid in cash. In this context; 324,111,590.07 new shares were offered to the existing shareholders, for 15 days, between 4th – 18th August 2021 at the value of TL1.5 per share. Out of that amount, 322,843,560.77 shares (99.6% of the offer) was used by the existing shareholders as pre-emptive rights, while the remaining 1,268,029.30 shares will be offered to the public on the Stock Exchange at the price to be set on Borsa Istanbul, which will not be lower than the price for the exercise of pre-emptive rights of TL1.50 per share, for 2 business days starting from 23rd August 2021. The capital increase indicates gross proceeds of 486,167,385 TL, which will be predominantly used to pay off debt at the Holding level, significantly reducing net interest expenses in the following quarters.

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In this context;
324,111,590.07 new shares were offered to the existing shareholders, for 15 days, between 4th – 18th August 2021 at the value of TL1.5 per share. Out of that amount, 322,843,560.77 shares (99.6% of the offer) was used by the existing shareholders as pre-emptive rights, while the remaining 1,268,029.30 shares will be offered to the public on the Stock Exchange at the price to be set on Borsa Istanbul, which will not be lower than the price for the exercise of pre-emptive rights of TL1.50 per share, for 2 business days starting from 23rd August 2021.

We would like to extend our genuine gratitude to our shareholders for the trust, support and faith they have shown during this process.

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-32,411,159,007 new shares will be offered to the existing shareholders, for 15 days, starting from 4th August 2021 at the value of 1.5 TL for 1 lot (100 shares). Those willing to use their pre-emptive rights will be required to deposit the participation amounts to their accounts at their custodians, at TL 1.5 per share and with a take up ratio of 99.4548% of the shares that they hold.
 
-Remainder of the shares that have not been bought by the existing shareholders, will be offered to the public on the Stock Exchange at the price to be set on Borsa Istanbul, which will not be lower than the price for the exercise of pre-emptive rights of 1.50 TL for 1 lot (100 shares), for 2 business days.

Through the capital increase, GIH has moved towards a much healthier balance sheet and capital structure. With the assumption that all newly issued shares are fully subscribed or otherwise sold on the Stock Exchange, gross proceeds of 486,167,385TL will be raised from the share capital increase, which will predominantly be used to pay off debt at the Holding level, significantly reducing net interest expenses in the following quarters. As a reminder, GIH’s Consolidated Net Debt stood at 3,764.3mn TL, while standalone net financial debt was 582.5mn TL as of March 31, 2021. Nevertheless, with a deleveraged balance sheet and improved profitability, GIH is aiming to distribute dividend starting from FY 2022, as long as the economic background allows.

The Group has been taking solid effective steps to stabilise its liquidity position and manage its long & short-term debt obligations through i) the completion of the sale of the Group’s largest commercial port, Port Akdeniz, ii) the successful IPO of its natural gas subsidiary, Naturelgaz, on Borsa Istanbul, iii) equity injection through a rights issue in GIH, vi) completion of the refinancing of Eurobond, and the anticipated IPO of Consus Energy. These all aim to provide the Group with a more stable, deleveraged capital structure. All these efforts, coupled with the encouraging initial signs coming from the ports business, indicate a more positive outlook looking ahead.

A further announcement will be made when additional developments require further information disclosure. Should you have any questions, please do not hesitate to contact us and contact your global or local custodian for steps to be taken for the process.

Rights Issue GIH

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Consus Enerji (“Consus” or the “Group”), fully-owned subsidiary of Global Investment Holdings (“GIH”), operating in renewable energy generation and energy efficiency, has made an application to the Capital Markets Board of Turkey on June 16, 2021 to get approval to amend its Articles of Association in accordance with the capital markets legislation for the purpose of initial public offering of its shares.

Consus Enerji’s total installed capacity amounts to 94.1 MW, of which 40.0 MW is from renewable sources (biomass and solar) and the remaining capacity consists of co/tri-generation plants.

– Consus is Turkey’s one of the leading biomass power producers using mainly waste from agricultural fields with a total installed capacity of 29.2 MW at its Aydın-Söke (12 MW), Mardin-Derik (12 MW) and Şanlıurfa-Haliliye (5.2 MW) power plants. These facilities generated 171 million kWh of electricity in 2020, meeting the electricity requirement of c.65 thousand households; they are subject to the Renewable Energy Resources Support Mechanism (YEKDEM), selling electricity at USD 0.133 per kWh till 2027 at Aydın-Söke and Şanlıurfa-Haliliye plants and 2028 at Mardin-Derik plant. Consus is one of the very few companies to combine both biomass collection and power plant operation under a single roof.
– Consus commissioned its first solar power plant, Ra Solar, with 10.8 MWp installed capacity in Mardin at end-2019. Ra Solar is subject to Renewable Energy Resources Support Mechanism starting from 2020, selling electricity at USD 0.133 per kWh for ten years. The facility generated 20 million kWh electricity in 2020, meeting the electricity requirement of c.7.5 thousand households.
– In co/tri-generation business (energy efficiency), Consus has a total installed capacity of 54.1 MW at eight different points in Turkey. The company generated 461 million kWh energy, including electricity, heat and cooling in 2020.

Consus Enerji’s strategy is to develop green energy projects with attractive long-term feed-in tariffs and innovative energy efficiency solutions. In the coming years, the Group plans to establish a diversified and balanced power generation portfolio, both in terms of resources and geography. Consus is also looking at developing and/or acquiring additional renewable energy projects in a variety of regions outside Turkey. The Group is also planning to start solar farm investments of c.8.0 MWp during 2021 in its biomass plant areas in parallel with the new hybrid generation regulation to improve generation performance as well as plant efficiencies. Consus Enerji aims to boost its current installed capacity with additional renewable energy and energy efficiency investments in the upcoming years.

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Global Investment Holdings reported Consolidated Net Revenues of 307.0mn TL in the first quarter of 2021, excluding IFRIC 12 impact of 73.6mn TL; while announced a Consolidated Operating EBITDA of 46.0mn TL.

The Group is taking effective steps to stabilise its liquidity position and manage its long & short-term debt obligations through i) the completion of the sale of the Group’s largest commercial port, Port Akdeniz, ii) exceptionally successful IPO of its natural gas subsidiary, Naturelgaz, on Borsa Istanbul, iii) equity injection through a rights issue in GIH (once the permitting is completed) and vi) refinancing of Eurobond. These all aim to provide the Group with a more stable, deleveraged capital structure.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated that “The Group’s overall performance in the first quarter of 2021 was lower compared to same period last year, mainly due to the Covid-19 pandemic. However, Q1 2021 was a strong quarter considering that the comparative period in the prior year did not suffer from any Covid-19 impact. The sequential trend in Q1 2021 compared to Q4 2020 shows a continuing improvement in performance across the Group, as the underlying businesses, particularly mining, gas, power and finance businesses strengthen. The performance indicators of the Group for Q1 2021 reflect the management’s efforts aimed at ensuring financial stability and enhancing the Company’s performance.”

Mr. Kutman added that “We are encouraged by the accelerating rollout of vaccines and the progress towards herd immunity. While evidence of recovery is encouraging, we have continued to take a cautious view of the impact of the pandemic on the businesses. We remain disciplined on costs. Looking ahead, we continue to pursue strategic initiatives we believe will drive further success. While further volatility is likely as our markets emerge from the pandemic in different ways, our strategy and purpose means we are very well placed to provide a strong and stable platform for long-term growth.”

Commenting on the results, The Chief Financial Officer of the Group, Ferdağ Ildır, stated that “The first quarter performance continued to be impacted by the Covid-19 pandemic. Thanks to our agile business model, we have taken quick measures to limit the effects of the crisis as much as possible without affecting our long-term potential. Our priority is to keep our balance sheet strong, persist our disciplined approach to capital allocation, and generate cash flow in all of our companies for the rest of 2021. Moreover, cautious and effective management approach will be carried out in all of our operations. We have weathered many crises in the past. In particular, this one is the foremost longest and most unknown so far. Our solid fundamentals which have served us well in the past decades, will enable us to navigate today and in the future.”

Global Investment Holdings reported 307.0mn TL revenues (excluding the impact of IFRIC 12 of 73.6mnTL) for the first three months of 2021, down by 5% yoy. Negative impact of Covid-19 on particularly ports and real estate divisions overshadowed the pleasing revenue growth in all other divisions. Q1 2020 revenues included Port Akdeniz contribution amounting 52.7mn TL. Excluding the contribution from Port Akdeniz for Q1 2020, total consolidated net revenues could have registered a 13% increase yoy. Nevertheless, this indicates a strong quarter, considering Q1 2020 did not suffer from any Covid-19 impact.

In the first three months of 2021, consolidated Operational Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted 46.0mn TL, compared to an EBITDA of 85.1mn TL in the same period last year. The notable solid contribution from the gas, power, mining and brokerage & asset management divisions was offset by the weak performance of the ports and real estate divisions in the quarter. Port Akdeniz had a major contribution to Q1 2020’ financials with 37.3mn TL in EBITDA. Excluding the contribution from Port Akdeniz for Q1 2020, consolidated operating EBITDA could have remained broadly flat in Q1 2021.

On a divisional basis,
The gas division has improved its solid financial position despite Covid-19 impacts thanks to its operational capability, efficient cost management structure and new business development efforts. The gas division distributed 48.2mn Sm3 sales volume in Q1 2021, representing a notable increase of 49% compared to the same period last year. The higher volume was mainly due to the increase in City Gas sales, while inorganic growth achieved by the acquisition of LNG and CNG operations of SOCAR Turkey at the end 2020 has also made a significant contribution to the increase in sales volume. On the financial front, revenues increased by 47% yoy, reaching 124.7mn TL, mainly reflecting the addition of LNG revenues as a result of SOCAR LNG merger. Operating EBITDA came out at 22.1mn TL in the quarter, surging by 56% yoy and translating into a 17.8% EBITDA margin (16.7% in Q1 2020). The division improved its profitability in the period thanks to the solid revenue growth, increase in gas margin and effective cost management.

The business line which is affected the most from Covid-19 is the ports business. The ports division reported 28.9mn TL revenues (excluding IFRIC 12 impact of 73.6mn TL), down by 78% yoy, while consolidated adjusted EBITDA was a loss of 20.1mn TL (62.9mn TL positive EBITDA in Q1 2020). The limited return to cruise activity drove the declines in passenger volumes, revenue and EBITDA. Q1 2020 figures were heavily boosted by the first time contribution of our new ports in Nassau and Antigua, while Port Akdeniz, although the sale process has been completed in January 2021, has a major contribution to the Q1 2020’s financials with 52.7mn TL in revenues and 37.3mn TL in EBITDA. As we look to the future, many of our cruise ports have already started to welcome passengers in 2021, however, volumes remain small, yet this number has and will continue to grow, and the majority of our ports have calls scheduled to start in the next few weeks. And we have good news from the Caribbean: the opening of the Caribbean cruise market is going to happen with homeport operations in Nassau and Antigua (first time for Nassau and Antigua). While we expect to see an increase in cruise activity in Q2 and Q3 2021, it is, as yet, unclear how the ramp up of cruise operations globally and on a regional level will shape up.

The power division, which includes co/tri-generation- along with biomass- and solar-based renewable power production, posted 76.5mn TL revenues in the quarter, increasing remarkably by 40% yoy. With all plants fully under operation, the division’s EBITDA has also improved substantially to 25.8mn TL in Q1 2021, registering more than 2-fold increase yoy (10.9mn TL in Q1 2020). The eye-catching financial performance during the quarter was mainly attributable to pleasing operational performance in power plants.

The mining division realized 99,430 tons of product sales in Q1 2021, down 16% yoy, mainly due to the Covid-19 lockdown in export markets. The mining division reported revenues of 29mn TL, up by 21% over the first quarter of 2020. The operating EBITDA was 11.2mn TL, more than doubling yoy and delivering a 38.7% operating EBITDA margin for the quarter (18.8% in Q1 2020). Despite the effects of Covid-19 pandemic, increase in ratio of high value-add products in the sales mix, effective cost controls as well as sales in hard currency in export markets results in noteworthy improvement in operating profitability.

The other business line which was seriously negatively impacted by Covid-19 was the real estate business. The real estate division disclosed revenues of 5.3mn TL and an operating EBITDA of 0.4mn TL in the first quarter of the year, compared to 9.8mn TL and 3.9mn TL, respectively in Q1 2020. The weakness was driven mainly by the lower real estate sales and rental revenues due to the safety precautions against Covid-19.

In Q1 2020, the financial services subsidiaries shone. The division has remarkably increased the number of transactions during Covid-19 crisis which was reflected positively on its financials. The brokerage & asset management division reported revenues of 42.1mn TL in Q1 2021, indicating a robust 116% yoy increase, while operating EBITDA increased almost 5-fold, reaching 21.3mn TL as opposed to last year’s 4.7mn TL. The outstanding performance was attributable to the increase in trading volumes, as well as effective cost management.

GIH reported a consolidated net loss of 184.7mn TL in the first quarter of 2021, compared to a net loss of 131.0mn TL in the same period last year. The net loss stemmed mainly from non-cash depreciation and foreign currency translation differences incurred on Group’s long term borrowings. The bottom line incorporated 204.2mn TL non-cash charges, of which 89.3mn TL are depreciation and amortization and 114.8mn TL net foreign exchange losses. When adjusted for the non-cash charges, the bottom line turns to positive. Depreciation and amortization charges, despite the depreciation of Turkish Lira against hard currencies, have decreased from 111.3mn TL in Q1 2020 to 89.3mn TL in Q1 2021, purely as a result of Port Akdeniz’s sale depreciation effect (33.2mn TL in Q1 2020). Also, the Group has incurred 114.8mn TL net non-cash foreign exchange losses, compared to 71.0mn TL in the first quarter of the last year. The Group’s net interest expenses in the quarter was 78.4mn TL, as opposed to 71.2mn TL in Q1 2020.

Major operational developments
On the operational front, developments are on track, in line with the growth strategy by means of new acquisitions and investments mainly into core businesses, which are ports infrastructure, clean energy and asset management. During the quarter, the strategic focus remained on the core businesses and how to best insulate the Group from the impact of Covid-19.

A major development on the ports side during the quarter, to position Global Ports Holding Plc (GPH) as a pure-play global cruise port operator, was the divestment of our concession in Port Akdeniz. Agreed in October 2020, this was finalised in January 2021, with the sale being materialized to QTerminals of Qatar. The sale’s successful closing was an essential element of the Group’s refinancing strategy for the 250mn USD 8.125% Senior Unsecured Notes due 2021 (Eurobond). On 7 April 2021, an offer was launched for up to 75mn USD of Eurobond, which was expired on 16 April 2021. Following the unmodified Dutch Auction procedure conducted in connection with the Offer, the total amount of cash used in connection with the Offer is 44.7mn USD excluding accrued interest on the Notes validly tendered and accepted. Following the completion of the tender offer, 200.3mn USD of Eurobond remain outstanding. Recently, GPH has entered into a five-year, senior secured loan agreement for up to 261mn USD with the leading global investment firm Sixth Street, managing assets in excess of 50bn USD. This new investment from Sixth Street will strengthen GPH’s balance sheet and provide flexible growth capital for GPH to pursue expansion opportunities at a dynamic juncture in the global cruise industry. The net proceeds from the loan will be used, inter alia, to refinance the outstanding Eurobond. Last but not least, as part of its global expansion strategy, GPH continuously monitors potential public and private acquisitions around world. For example, on 30 April 2021, GPH has signed a 20-year concession agreement to manage the cruise passenger terminal of the Port of Taranto, Italy. This has enhanced and further strengthened the GPH’s presence in the cruise sector’s core markets.

During the year, Global Investment Holdings took major steps forward with its natural gas efforts. In the second core business area, Naturelgaz, the non-pipeline natural gas subsidiary, took a significant step towards its growth strategy and started to float on Borsa Istanbul as of 1st April 2021 following the completion of exceptionally successful IPO. The IPO has received overwhelming investor demand, with 75.3 times domestic individual investor oversubscription, 28.8 times domestic institutional investor oversubscription, and 3.5 times international institutional investor oversubscription with a total demand exceeding 15.5bn TL. Norges Bank Investment Management, out of Norway, acquired 8.3% of the total shares offered in the IPO. Naturelgaz received gross proceeds of 127mn TL which will be used to develop and expand the its business. The Company, while improving its leadership position in Turkey, also envisages expanding its operations to Sub-Saharan countries where lack of pipeline infrastructure is an opportunity to transport natural gas to power and industrial plants. Moreover, on 10 February 2021, Naturelgaz signed an agreement with Petrol Ofisi to create synergies in the Auto CNG business. Such development will further strengthen the position of Naturelgaz in LNG, bulk CNG, and auto CNG businesses; increasing volume and geographical coverage while diversifying the product portfolio.

In the third core business line, GIH initiated the process to exercise its option to buy additional 40% of Istanbul Asset Management.

At the holding level, The Board of Directors of Global Investment Holdings resolved on 22 April 2021 to increase the issued share capital of the Company by 324mn TL, from 325mn TL to 650mn TL which is the upper limit of its registered capital. Such capital increase will be paid in cash. Completion of the capital increase is conditional upon receipt of customary regulatory clearances and approvals from various Turkish governmental authorities, including the Capital Markets Board of Turkey (CMB Application Date for Capital Increase: 27 April 2021), Borsa Istanbul, Central Registry Agency and Istanbul Settlement and Custody Bank. With the assumption that our shareholders will fully exercise their right to purchase new issued shares, a gross revenue of 486mn TL will be raised from the share capital increase. Through the capital increase, GIH is taking effective steps to stabilise its liquidity position and manage its long-term debt obligations. This aims to provide the company with a more stable, deleveraged capital structure.

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The redemption and the redemption date is conditioned upon financial close of the recently announced loan financing. For further details, a copy of the Conditional Notice of Full Redemption can be found on the GLI Eurobond refinancing page of the Company’s website. www.globalportsholding.com

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