The Reporting Period remained challenging, however as the second half progressed, the widespread easing of travel restrictions led to a significant increase in activity across the cruise industry.Pre-IFRS 16 net debt is composed of USD 534.7 million gross debt (USD 483.0 million as of 31 March 2021) less Cash & cash equivalents of USD 99.7 million (2021: USD 170.6 million). Pre-IFRS 16 net debt was USD 435.0 million at 31 March 2022 compared to USD 312.4 million at 31 March 2021.Loss from continuing operations was USD 43.9 million and the after tax the Loss from continuing operations was USD 44.5 million.The operating loss is Adjusted EBITDA less depreciation and amortisation of USD 28.5 million (2021: USD 34.2 million), of which USD 20.7 million (2021: USD 25.1 million) is amortisation of port operating rights, and USD 10.7 million (2021: USD 31.0 million) of specific adjusting items. The operating loss of USD 29.7 million in the period was a significant improvement on the loss of USD 72.4 million in the prior Reporting Period and primarily reflects the strong improvement in Adjusted EBITDA as well as lower specific adjusting items.This turnaround in financial performance was driven by the increase in cruise activity, particularly in the second half of the Reporting Period and our continued control of costs as our cruise operations are returning to normal operating conditions.Segmental EBITDA was USD 12.9 million compared to USD 1.2 million in the prior Reporting Period and Adjusted EBITDA, reflecting Cruise EBITDA and Commercial EBITDA less unallocated expenses, was USD 7.0 million compared to an EBITDA loss of USD 6.7 million in the prior Reporting Period.

IFRIC-12 construction revenue has no impact on cash generation and management believe Adjusted revenue is a better indicator of the operating performance of the business.

Under IFRIC-12, the expenditure for certain construction activities in Nassau is recognised as operating expenses and added with a margin to the Group’s revenue. Total consolidated revenues were USD 128.4 million in the Reporting Period, which includes IFRIC-12 construction revenue when compared to Adjusted revenue.Adjusted revenue of USD 40.3 million in the Reporting Period compared to USD 26.8 million in the longer, prior Reporting Period - this strong growth was primarily driven by the increase in passenger numbers to 2.4 million from 1.3 million in the 15-month period to 31 March 2021.Our commitment and investment into our ports and their communities remained a key focus for us despite the pandemic and while the economic outlook is increasingly uncertain we look forward to cruise operations continuing to normalize in the financial year ahead.” I am particularly pleased that we continued to grow our port network successfully during the Reporting Period, recently adding ports in Spain and Italy and our first port in Northern Europe. “Over the last year, we successfully navigated through the continued impact of Covid-19 and I believe we have emerged from the pandemic in a stronger position to welcome the return to normal cruise operations across our cruise port network.

Mehmet Kutman, Co-Founder, Chief Executive Office and Chairman, said: Underlying (loss)/profit for the period ($m) 7 Global Ports Holding Plc ('GPH' or 'Group'), the world's largest independent cruise port operator, today announces its audited financial results for the year ended 31 March 2022 (‘Reporting Period’). Financial results for the twelve months ended 31 March 2022

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