Global Ports Investments Plc
Interim condensed consolidated financial information (unaudited) for the six month period ended 30 June 2022
GLOBAL PORTS INVESTMENTS PLC | ||
Table of contents | ||
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT........................................................................... | 3 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .................................... | 4 | |
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET .................................................................................. | 5 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ........................................................... | 6 | |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY .............................................. | 7 | |
Notes to the interim condensed consolidated financial information ............................................................................. | 8 | |
1 | General information........................................................................................................................................ | 8 |
2 | Basis of preparation ....................................................................................................................................... | 9 |
3 | Accounting policies......................................................................................................................................... | 9 |
4 | Estimates and judgements ............................................................................................................................. | 9 |
5 | Financial risk management .......................................................................................................................... | 11 |
6 | Seasonality of operations ............................................................................................................................. | 11 |
7 | Segmental information ................................................................................................................................. | 12 |
8 | Expenses by nature...................................................................................................................................... | 25 |
9 | Other gains/(losses) - net ............................................................................................................................ | 26 |
10 | Finance income/(costs) - net ....................................................................................................................... | 26 |
11 | Income tax.................................................................................................................................................... | 27 |
12 | Property, plant and equipment, intangible assets and right-of-use assets................................................... | 27 |
13 | Inventories.................................................................................................................................................... | 28 |
14 | Trade and other receivables......................................................................................................................... | 28 |
15 | Borrowings ................................................................................................................................................... | 28 |
16 | Leases.......................................................................................................................................................... | 29 |
17 | Derivative financial instruments.................................................................................................................... | 30 |
18 | Trade and other payables ............................................................................................................................ | 31 |
19 | Investments in joint ventures........................................................................................................................ | 31 |
20 | Earnings per share ....................................................................................................................................... | 32 |
21 | Related party transactions............................................................................................................................ | 32 |
22 | Events after the balance sheet date............................................................................................................. | 33 |
Independent Auditor's Review Report ................................................................................................................... | 34 |
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GLOBAL PORTS INVESTMENTS PLC
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands of US dollars)
Six month period | ||||||||
ended 30 June | ||||||||
Note | 2022 | 2021 | ||||||
Revenue | 7 | 271,576 | 229,790 | |||||
Cost of sales | 8 | (662,765) | (128,955) | |||||
(incl. impairment of property, plant and equipment, right-of-use assets and goodwill of $521,088 (2021: nil), | ||||||||
note 4) | ||||||||
Gross profit | (391,189) | 100,835 | ||||||
Administrative, selling and marketing expenses | 8 | (10,285) | (12,174) | |||||
Other income | 346 | 650 | ||||||
Share of profit/(loss) of joint ventures accounted for using the equity method | 19 | 1,338 | (1,518) | |||||
Other gains/(losses) - net | 9 | 114 | (346) | |||||
Operating profit/(loss) | (399,676) | 87,447 | ||||||
Finance income | 10 | 4,299 | 1,060 | |||||
Finance costs | 10 | (23,523) | (27,700) | |||||
Change in fair value of derivatives | 10 | 1,129 | (4,984) | |||||
Net foreign exchange gains/(losses) on financing activities | 10 | (5,987) | 6,079 | |||||
Finance income/(costs) - net | (24,082) | (25,545) | ||||||
Profit/(loss) before income tax | (423,758) | 61,902 | ||||||
Income tax expense | 11 | 23,022 | (8,023) | |||||
Profit/(loss) for the period | (400,736) | 53,879 | ||||||
Attributable to: | ||||||||
Owners of the Company | (394,085) | 54,006 | ||||||
Non-controlling interest | (6,651) | (127) | ||||||
(400,736) | 53,879 | |||||||
Basic and diluted earnings per share for profit/(loss) attributable to the owners of the parent of the | 20 | (0.69) | 0.09 | |||||
Company during the period (expressed in US$ per share) | ||||||||
The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.
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GLOBAL PORTS INVESTMENTS PLC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in thousands of US dollars)
Six month period | ||||
ended 30 June | ||||
Note | 2022 | 2021 | ||
Profit/(loss) for the period | (400,736) | 53,879 | ||
Other comprehensive income/(loss) | ||||
Items that may be subsequently reclassified to profit or loss | ||||
Currency translation differences | 340,330 | 11,176 | ||
Change in employee benefits provision | (145) | - | ||
Share of currency translation differences of joint ventures accounted for using the equity method | 19 | 5,393 | (16) | |
Total items that can be reclassified subsequently to profit or loss | 345,578 | 11,160 | ||
Items that may not be subsequently reclassified to profit or loss | ||||
Share of currency translation differences attributable to non-controlling interest | 8,932 | 335 | ||
Total items that cannot be reclassified subsequently to profit or loss | 8,932 | 335 | ||
Other comprehensive income/(loss) for the period, net of tax | 354,510 | 11,495 | ||
Total comprehensive income/(loss) for the period | (46,226) | 65,374 | ||
Total comprehensive income/(loss) attributable to: | ||||
Owners of the Company | (48,507) | 65,166 | ||
Non-controlling interest | 2,281 | 208 | ||
Total comprehensive income/(loss) for the period | (46,226) | 65,374 |
Items in the statement above are disclosed net of tax. There is no income tax relating to the components of other comprehensive income above.
The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.
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GLOBAL PORTS INVESTMENTS PLC
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands of US dollars)
As at | |||||||
Note | 30 June | 31 December | |||||
2022 | 2021 | ||||||
ASSETS | |||||||
Non-current assets | 917,713 | 1,058,899 | |||||
Property, plant and equipment | 12 | 559,463 | 426,427 | ||||
Right-of-use assets | 12 | 272,224 | 525,161 | ||||
Intangible assets | 12 | 11,742 | 11,697 | ||||
Investments in joint ventures | 19 | 25,059 | 19,873 | ||||
Prepayments for property, plant and equipment | 8,012 | 3,915 | |||||
Deferred tax assets | 19,329 | 58,190 | |||||
Trade and other receivables | 14 | 21,884 | 13,636 | ||||
Current assets | 335,557 | 384,569 | |||||
Inventories | 13 | 13,127 | 8,237 | ||||
Derivative financial instruments | 17 | - | 5,465 | ||||
Trade and other receivables | 14 | 62,179 | 69,375 | ||||
Income tax receivable | 18,262 | 4,835 | |||||
Cash and cash equivalents | 241,989 | 296,657 | |||||
TOTAL ASSETS | 1,253,270 | 1,443,468 | |||||
EQUITY AND LIABILITIES | |||||||
Total equity | 453,165 | 499,391 | |||||
Equity attributable to the owners of the Company | 431,609 | 480,116 | |||||
Share capital | 57,317 | 57,317 | |||||
Share premium | 923,511 | 923,511 | |||||
Capital contribution | 101,300 | 101,300 | |||||
Currency translation reserve | (490,745) | (836,468) | |||||
Transactions with non-controlling interest | (209,122) | (209,122) | |||||
Retained earnings | 49,348 | 443,578 | |||||
Non-controlling interest | 21,556 | 19,275 | |||||
Total liabilities | 800,105 | 944,077 | |||||
Non-current liabilities | 743,823 | 691,627 | |||||
Borrowings | 15 | 599,770 | 536,110 | ||||
Lease liabilities | 16 | 53,285 | 36,725 | ||||
Trade and other payables | 18 | 6,399 | 1,732 | ||||
Deferred tax liabilities | 84,369 | 117,060 | |||||
Current liabilities | 56,282 | 252,450 | |||||
Borrowings | 15 | 8,225 | 211,816 | ||||
Lease liabilities | 16 | 4,722 | 3,439 | ||||
Trade and other payables | 18 | 43,335 | 36,705 | ||||
Current income tax liabilities | - | 490 | |||||
TOTAL EQUITY AND LIABILITIES | 1,253,270 | 1,443,468 | |||||
The interim condensed consolidated financial information was approved by the Board of Directors on 18 August 2021.
Soren Jakobsen, Chairman of the Board | Marinos Kallis, Director |
The notes on pages 8 to 33 are an integral part of this interim condensed consolidated financial information.
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Global Ports Investments plc published this content on 18 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 06:13:01 UTC.