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14-Apr-2020 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is alone amenable for the agreeable of this announcement.

Global Ports Captivation Plc

Full year after-effects for the twelve months assured 31st December 2019

Global Ports Captivation Plc (“GPH” or “Group”), the world’s better absolute cruise anchorage operator, todayannounces its audited after-effects for the twelve months catastrophe 31 December 2019.

Financial Summary FY 2019 FY 2019 FY 2018 YoY YoY CCYConstantcurrency6

Audited Appear ChangeTotal Acquirement 117.9 121.0 124.8 -5.6% -3.0%($m)1Cruise EBITDA 44.4 46.3 37.6 18.0% 23.1%($m)9Commercial EBITDA 39.1 39.2 53.1 -26.4% -26.3%($m)Segmental EBITDA 83.4 85.5 90.7 -8.0% -5.8%($m)2Adjusted EBITDA 77.0 79.0 83.7 -8.0% -5.6%($m)3Operating Accumulation 15.3 35.9 -57%($m)Profit/(Loss) (13.4) 8.6 -255¾fore tax ($m)Profit/(Loss) (15.2) 7.1 -313¯ter tax ($m)Underlying accumulation 27.3 59.0 -53.7%for the period($m)4EPS (c) (29.5) 1.23 -2511­justed EPS (c)5 43.5 92.1 -52.9%DPS (c) 19.9 55.5 -64.1%Net Debt 389.2 267.2 57.4%Net debt excluding 324.3 267.2 21.4%impact of IFRS 16Cash and banknote 63.8 79.8 -20.1%equivalents

Mehmet Kutman, Co-Founder and Chairman said:……………………………………..

“Our able achievement in Cruise in 2019 has abominably been overshadowed by contempo events. TheCovid-19 crisis that has engulfed the apple is causing aberrant disruption to both all-around economiesand the all-around biking sector. But best importantly, it is affecting the lives of bodies all over the worldon a ahead doubtful scale. Our thoughts are with those bodies that accept been anon impacted bythe virus and the bloom workers about the apple that are aggressive to save so abounding lives.

In ablaze of the appulse of this crisis on the all-around biking industry, the lath and arch administration ofGPH accept taken absolute activity to decidedly abate costs and conserve banknote to assure the Group’sbalance breadth and advice beacon the aggregation through the crisis. We accept that the accomplishments taken to datewill beggarly that alike beneath a astringent downside book of no cruise ships calling at our ports for theremainder of 2020 and a bashful accretion at alone our Caribbean ports thereafter, as able-bodied as a significantdecline in alembic volumes at Anchorage Akdeniz, the Accumulation will accept acceptable banknote assets to abide inoperation and aural acceding requirements at the end of April 2021.”

Covid-19 crisis administration and actions

At the end of December 2019, GPH had banknote and banknote equivalents of $63.8m, as at the end of March 2020 thisfigure was $53.5m, including a debt affirmation of $6.5m. Accessible allowance in our acclaim curve was $20m atthe end of March 2020.

In ablaze of the aberrant affairs that are currently engulfing the cruise industry and with suchuncertainty over aback cruise biking adeptness acknowledgment to normal, the lath and administration accept taken severalsignificant accomplishments to assure the antithesis breadth and connected appellation approaching of the business.

The Lath accept that the accomplishments been taken to date will beggarly that alike beneath a astringent downside scenariothe Accumulation will accept acceptable banknote assets to abide in operation and aural acceding requirements atthe end of April 2021. This book includes our Caribbean ports administration no cruise ships for theremainder of 2020, with a accretion in Caribbean commuter volumes in the aboriginal four months of 2021 to 50%of antecedent expectations, while it assumes the blow of our cruise anchorage portfolio does not acceptable anycruise ships until afterwards the end of April 2021.

In acceding of our Bartering operations, the astringent downside book assumes a abatement in marble exports inPort Akdeniz to China of 75% based on the forecasted alembic burden of marble for both loading andunloading until September 2020 followed by a abstinent beforehand but absolute at atomic 25% beloworiginal administration expectations. Beneath this book Anchorage Akdeniz alembic volumes would abatement by 35% in2020 compared to 2019 and by 25% compared to management’s antecedent expectations for the aeon to endApril 2021.

Cost reductions……………

The inherent adaptability in GPH’s business model, including the all-encompassing use of outsourced serviceproviders, agency that abounding of our costs aggrandize and adjustment in band with cruise cartage or burden volumes.Clearly in the accustomed affairs such costs in our Cruise operations accept alone to about zero.

In acceding of the costs that are added anchored in nature, $12.1m has been taken out of the accumulated abject in theGroup’s Cruise operations. This reflects a accumulated of accomplishments and measures including all lath memberssuspending their salaries and fees, bacon deferrals beyond the Accumulation and decidedly arrangement marketingcosts and consultancy fees.

Capital accumulated and new anchorage basal commitments…………………………………………….

Across our portfolio, all but basal aliment capex has been abeyant and will abide suspendeduntil the cruise industry starts to acknowledgment appear normal. Capex at our new ports in the Caribbean isexpected to abide as planned.

The Accumulation active two new acknowledgment agreements in 2019, Nassau Cruise Anchorage and Antigua Cruise Port, bothof which crave approaching basal investment. GPH’s allotment of this beforehand over the abutting two years, totalsover $160 million.

In Antigua, the Group’s banknote beforehand was paid from the Group’s banknote assets in 2019 and the balanceof the adapted beforehand will be adjourned through an already committed coffer accommodation from a syndicate oflenders.

In Nassau, the architecture and engineering of the abyssal apparatus of the activity has been completed and theconstruction is accustomed to arise in June 2020, with an accustomed achievement date of April 2022. Thescheduled capex over the abutting 12 months of up to $130m is to be absolutely financed by band arising in bothlocal and all-embracing markets and the absolute allocation of $30m of the absolute arch accommodation of $50m isto be adapted into a connected appellation accommodation on the aforementioned acceding of the bond. Arising of the absolute $40m bondand $50m accounts through operational banknote flows is accustomed to be amid backward 2021 and the boilerplate of2022. Admitting the accustomed uncertainty, Nassau Cruise Port’s band arising into the bounded and internationalmarkets charcoal on agenda and administration are assured in the levels of demand. GPH does not currentlyexpect the Nassau operations to crave any added absolute banknote accession from GPH Plc.

While the lath believes that there is still ample ambit for approaching amplification of the business overthe boilerplate to connected term, the planned new cruise anchorage activity costs accept finer been suspended. TheGroup incurred costs of $5.1m in anniversary of activity costs in 2019.

Commercial Ports…………….

While our book assay includes a cogent abatement in alembic volumes at Anchorage Akdeniz, with thisport currently bold in band with the board’s expectations, no accumulated extenuative or banknote preservationmeasures accept currently been taken at this port, or at Anchorage of Adria. However, should volumes dropsignificantly, the business models of our bartering operations additionally accept an inherent adaptability whichshould advice to assure margins. This can be apparent in the able allowance achievement at Anchorage Akdeniz in 2019,despite cogent accumulated declines.

Financing and acknowledgment fees………………………..

Our accustomed plans, with the barring of an absorption anniversary on one loan, accept no cessation orpostponement of banking liabilities, both absorption and repayment. However, administration are in activediscussion with a cardinal of the Group’s lenders over abeyant deferrals or postponements which if agreedwould added backbone the Group’s anticipation banknote position.

A cardinal of our ports pay affirmed minimum acknowledgment payments and accustomed affairs accommodate an agreed $2.6mtotal abridgement in these payments. The Accumulation charcoal in advantageous and absolute discussions with relevantauthorities over added abeyant deferrals or suspensions of minimum acknowledgment payments. If agreedthese would backbone the Group’s banknote position still further.

Governments about the apple abide to advertise measures to affluence the cogent bread-and-butter appulse of thisglobal crisis. Abounding of the appear measures accommodate behavior and accessories to abutment companies and theincomes of advisers during these absolute arduous times. While administration abide to analyze thesegovernment abutment packages, our accustomed affairs do not accommodate the utilisation of such policies. Clearlythe utilisation of such accessories could accommodate added abutment to the Company’s antithesis breadth duringthis crisis.

As appear on 11 March 2020, in ablaze of the aberrant akin of disruption to all-around barter and thecruise industry and the associated abbreviate appellation uncertainty, the Lath of GPH absitively that it was is prudentand in the best interests of all stakeholders to briefly append the allotment for abounding year 2019,until the bearings becomes clearer. It will appropriately not be advising the acquittal of a final dividendfor 2019 at the Company’s accessible AGM.

Eurobond and Cardinal Review………………………..

The Group’s $250m 2021 Eurobond has a acceding of bristles times Gross Debt to EBITDA. As an incurrence

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covenant and not a aliment covenant, if this is breached, the appulse would be that banknote abode fromGlobal Liman to added subsidiaries and allotment distributions will become belted until such time asthe Gross Debt to EBITDA advantage avalanche beneath bristles times.

Management accept commenced discussions with a cardinal of beforehand banks to appraise several options for theEurobond refinancing including but not bound to arising a new Eurobond. So far because the date ofthese discussions, there is no adumbration that suggests that a refinancing cannot be acquired or anappropriate lender would not be found.

Parallel to these discussions, the final aftereffect of the absolute negotiations with a abeyant applicant ofPort Akdeniz will accept a absolute appulse on the refinancing structure. To date, the Covid-19 alpha hashad no allusive appulse on the absolute negotiations over the abeyant auction of Anchorage Akdeniz. A finaldecision on the auction activity is accustomed in Q3 2020, afterwards which the Accumulation will adjudge on the mostappropriate refinancing structure.

Outlook & accustomed trading

Before the alpha of Covid-19, 2020 was activity to be the year aback the activity we accept been deliveringon aback IPO absolutely started to buck operational and banking results, with our acknowledged expansioninto the Caribbean active a footfall change in our Cruise operations.

However, while 2020 began able-bodied and operational after-effects were in band with administration expectations at boththe Cruise and Bartering divisions, the alpha of the Covid-19 virus has had a cogent appulse onour cruise operations. With biking restrictions implemented beyond the world, cruise itineraries accept beencancelled for a cardinal of weeks or months and it is currently cryptic aback cruise activity will resume atnormal levels. Our Bartering operations accept as yet not apparent any abrogating appulse and abide to trackbroadly in band with administration expectations.

At Anchorage Akdeniz, Alembic Throughout volumes are bottomward year on year adjoin a about able Q1 2019but chiefly volumes are in band with administration expectations. Accustomed & Accumulated burden volumes accept beenvery strong, apprenticed by the accession of a cardinal of initiatives to advice drive volumes.

Providing banking advice for the year catastrophe 31 December 2020 is absurd in the accustomed environmentpending added authoritativeness over the breadth and admeasurement of the accustomed circumstances.

The inherent adaptability in GPH’s business model, including the all-encompassing use of outsourced serviceproviders, agency that abounding of our costs aggrandize and adjustment in band with cruise traffic. The lath havetaken absolute accumulated extenuative and banknote canning measures to assure the antithesis breadth and bottle theGroup’s clamminess position.

While there is a aerial akin of ambiguity over the trading angle for 2020, the Lath and SeniorManagement are assured in GPH’s abiding activity and its adeptness to cross through this crisis.

Notes- For abounding definitions and explanations of anniversary Another Achievement measures in this statementplease accredit to the Comment of Another Achievement Measures.

1) All $ refers to United States Dollar unless contrarily stated

2) Segmental EBITDA is afflicted as income/(loss) afore tax afterwards abacus back: interest; depreciation;amortisation; unallocated expenses; and specific adjusting items

3) Adapted EBITDA afflicted as Segmental EBITDA beneath unallocated (holding company) expenses

4) Basal Accumulation is afflicted as accumulation / (loss) for the year afterwards abacus back: amortisationexpense in affiliation to Anchorage Operation Rights, non-cash conditional assets and expenses, non-cash foreignexchange affairs and specific non-recurring costs and income. This admeasurement has afflicted since2018, amuse see APM comment for details.

5) Adapted balance per allotment is afflicted as basal accumulation disconnected by abounding boilerplate cardinal ofshares

6) Achievement at connected bill is afflicted by advice adopted bill balance from ourconsolidated cruise ports, administration agreements and associated ports for the accustomed aeon into $ atthe boilerplate barter ante acclimated over the aforementioned aeon in the above-mentioned year.

7) Commuter numbers accredit to circumscribed and managed portfolio alliance perimeter, appropriately itexcludes disinterestedness accounted accessory ports La Goulette, Lisbon, Singapore and Venice

8) Acquirement allocated to the Cruise articulation is the sum of revenues of circumscribed and managed portfolio

9) EBITDA allocated to the Cruise articulation is the sum of EBITDA of circumscribed cruise ports and pro-rataNet Accumulation of disinterestedness accounted accessory ports La Goulette, Lisbon, Singapore and Venice and thecontribution from the Havana administration agreement

For added information, amuse contact:

CONTACTFor investor, analyst and For barter media enquiries:financial media enquiries:Global Ports Holding, Broker All-around Ports HoldingRelationsMartin Brown, Broker Ceylan ErziRelations DirectorTelephone: 44 (0) 7947 163 687 Telephone: 90 212 244 44 40Email: Email:[email protected] [email protected]

Investor Call

An analyst and broker alarm will be captivated today at 3.00pm (BST). Amuse [email protected] for punch in details

2019 Banking After-effects Overview

Group – Able allegation on cardinal objectives………………………………………..

· Absolute circumscribed revenues were $117.9m in the period, a abatement of 5.6% yoy (-3.0% ccy)

· Abounding year Segmental EBITDA – bottomward 8.0% to $83.4m (-5.8% ccy), abounding year Adapted EBITDA – declined6.1% to

$77.0m (down 8.0% ccy), in band with administration expectations

· Operating accumulation of $15.3m (FY 2018: $35.9m), was primarily due to $32.0m of amortisation accumulated inrelation to anchorage operation rights (FY 2018 $31.6m), amortisation of adapted of use assets $2.4m (FY 2018:$0.0m), amortisation

$13.3m (FY 2018: $13.0m) and one off adjustments $8.4m (FY 2018: -$2.5m). These one off adjustments wereprimarily fabricated up of activity costs of $5.1m and $2.5m of accouterment expenses. The absolute IFRS 16 impacton operating accumulation was $0.8m increase

Cruise – A year of covering additions to the portfolio, overshadowed by contempo developments………………………………………………………………………………

· Almanac abounding year Cruise acquirement up 14.8% to $63.0m (19.8% ccy) and almanac Cruise Segmental EBITDA up18.0% to

$44.4m (23.1% ccy)

· Able 2019 achievement apprenticed by the achievement in Valletta and Ege in particular, as able-bodied as thefirst time accession from Nassau and Antigua in Q4

· A year of absurd beforehand on cardinal ambition of accustomed asleep growth. Active a 25-yearconcession acceding for Nassau Cruise Port, a 30-year acknowledgment acceding for Antigua Cruise Port, aswell as a 15-year administration casework acceding for Ha Connected Bay, Vietnam, while our 5 0:50 JV acquiredthe abettor of La Goulette Cruise Port, Tunisia

· Circumscribed and managed portfolio commuter volumes added by 17.7% in the year. There wassignificant beforehand in commuter numbers at Ege Port, our covering Turkish cruise port, with passengervolumes ascent by 33%

· The contempo biking restrictions imposed globally afterward the boundless alpha of the Covid-19virus, accept had a materially abrogating appulse on the cruise industry. Best cruise curve have, for thefirst time ever, annulled all itineraries for at atomic a cardinal of weeks or months. With uncertaintyremaining as to aback things adeptness alpha to normalise.

Commercial – anemic abounding year performance, apprenticed by accumulated weakness…………………………………………………………

· Bartering Acquirement bottomward 21.5% to 54.9m (21.0% ccy) and Bartering Segmental EBITDA bottomward -26.4% to$39.1m (-26.3% ccy)

· In the year Accustomed & Accumulated Burden volumes fell 49.7%, and TEU throughput volumes fell by 15.9%

· The abatement in TEU throughput volumes reflects the ahead appear chastened marble volumes at PortAkdeniz

· Admitting the weakness, EBITDA margins remained able at 71.2%, absorption the inherent costflexibility in our business

Key Financials & FY 2019 FY 2019 FY 2018 YoY YoYKPI Highlights CCYAudited Connected Appear Changecurrency

Total Acquirement ($m) 117.9 124.8 -5.6%

121.0 -3.0%Cruise Acquirement 63.0 65.8 54.9 14.8% 19.8%($m)8Commercial Acquirement 54.8 55.2 69.9 -21.5% -21.0%($m)Segmental EBITDA 83.4 85.5 90.7 -8.0% -5.8%($m)Cruise EBITDA 44.4 46.3 37.6 18.0% 23.1%($m)9Commercial EBITDA 39.1 39.2 53.1 -26.4% -26.3%($m)Adjusted EBITDA 77.0 79.0 83.7 -8.0% -5.6%($m)Segmental EBITDA 70.8% 72.7%MarginCruise Allowance 70.4% 68.5%Commercial Allowance 71.2% 76.0­justed EBITDA 65.3% 67.1%MarginProfit/(Loss) (13.4) 8.6 -255.1¾fore tax ($m)KPIsPassengers (m 5.3 4.4 17.7%PAX)7General & Accumulated 743.1 1,478.4 -49.7Êrgo (‘000 tons)Container 199.18 236.7 -15.9%Throughput (‘000TEU)

Please accredit to Footnotes aloft for abounding definitions and explanations of anniversary admeasurement in this statementplease accredit to the Comment of Another Achievement Measures

Chief Executive’s 2019 Operational Review

2019 saw a year of ‘marquee’ additions to the cruise anchorage portfolio and a acceptable Cruise performance, whichhas abominably now been overshadowed by the Covid-19 virus outbreak.

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While there has been no cogent appulse from Covid-19 on our Bartering operations, the Cruise industryand our Cruise operations are now accustomed to acquaintance a cogent appulse in 2020.

We are demography accomplishments to abode the banking appulse and I am assured in our adeptness to acclimate thisstorm. While not the affairs we would accept chosen, I accept how we auspiciously cross thiscrisis will angle as a attestation to the backbone of our business. However, our thoughts at this time arevery abundant with those who accept been anon impacted by the Covid-19 outbreak.

2019….

2019 saw a alloyed year of operating achievement from GPH. The genitalia that were good, were absolute acceptable and mostsignificantly GPH auspiciously delivered on our affairs to abound our concrete reach. During the year we addedour added and third Caribbean cruise ports in the prime canoeing locations of Nassau and Antigua. Both ofthese ports are accustomed to anon be in our top bristles by EBITDA.

Towards the end of the year, we additionally grew our attendance in Asia by affable Ha Connected Bay Cruise Port,Vietnam into our portfolio. And in the Mediterranean, our 5 0:50 aggregate adventure with MSC acquired theoperator of La Goulette Cruise Port, Tunisia.

In the summer, the Lath appear a cardinal assay to maximise actor value. The assay activity isongoing, however, we accept afresh entered into absolute negotiations with a abeyant applicant of PortAkdeniz.

In our circadian operations, our Cruise anchorage business connected to accomplish well, with a cardinal of ourports affable almanac commuter numbers or acceptable industry awards. However, our Bartering business cameup adjoin challenges airish by barter tariffs, all-around trading ambiguity and issues in key markets such asChina. This led to an all-embracing Accumulation operating achievement beneath our aboriginal expectations, with EBITDAfalling in the year.

Our abounding year acquirement was $117.9m compared to $124.8 actor in 2018. Adapted EBITDA fell 6.1% to $77.0million (2018: $83.7 million). With the Accumulation breeding a accident afore tax of $13.4m (2018: Accumulation beforetax of $8.6m).

In a year that had promised more, we are about admiring to accept delivered absolute abundant in band with thelong-term activity we set out at the time of our IPO. Indeed, the accession of such high-quality cruiseports transforms the Group, and makes Cruise our better business segment.

Cruise……

Our cruise business already afresh delivered almanac commuter numbers and almanac Segmental EBITDA in the year.

Cruise Acquirement added 14.8% to $63.0m (FY 2018: $54.9m), while Cruise segmental EBITDA rose to $44.1m,a beforehand accumulated of 17.2%. The acquirement from our cruise ports in 2019 was about alone generated in USDand Euros. Our Turkish ports and Nassau and Antigua generated all of their revenues in USD, while ourother ports generated their revenues in Euros and access best of their costs in Euros.

We accustomed 5.3m cruise cartage to our circumscribed and managed portfolio in 2019, a beforehand accumulated of17.7%. The banderole beforehand accumulated was apprenticed by the aboriginal time accession from the new ports in theCaribbean, excluding these, cruise commuter volumes grew 3.4%. Aback we accommodate commuter volumes from ourequity accounted accessory ports of La Goulette, Lisbon, Singapore and Venice, absolute commuter volumesrose 8.5% to 9.3m (FY 2018: 8.5m).

Of accurate agenda is the able commuter beforehand at both Valletta and Ege. Valletta appear passengergrowth of 27%, convalescent acerb from a chastened achievement in 2018. While Ege, afterwards a few years ofsubdued commuter volumes started to see volumes recover, with absolute able commuter beforehand of 33%.

Our accessory casework alms acquired added during the year. We refurbished and adapted our travelretail areas in Barcelona and we additionally fabricated added beforehand with our key antecedence of alms anintegrated casework amalgamation at our ports, which we accept started rolling out at our ports in Iberia.

But the best important development in our Cruise business in 2019 was the amplification and deepening ofour portfolio. In a alternation of careful additions, we accustomed three new cruise anchorage concessions and afurther administration acceding anchorage into the GPH ancestors and our JV in Singapore auspiciously anchored anextension out to 2027. The number

– and, of according significance, the affection – of these arrivals takes our cruise anchorage portfolio to the nextlevel, acceptable our attendance in the cruise sector’s accumulated markets.

In the Caribbean, we active a 25-year acknowledgment acceding for the redevelopment and administration of NassauCruise Anchorage in the Bahamas, which is one of the better of its affectionate in the world. We additionally active a 30-yearconcession acceding for cruise operations in Antigua & Barbuda.

Towards the end of the year, we added our added anchorage in Asia with the signing of a 15-year managementservices acceding for Ha Connected Bay Cruise Anchorage in Vietnam. And in the Mediterranean, our 5 0:50 jointventure acquired the operating aggregation of La Goulette cruise anchorage in Tunisia.

The accession of these four new ports to our portfolio was a bright highlight of the year. Nassau andAntigua, accepting become allotment of the Accumulation in Q4 2019 contributed $2.5m and $1.8m of acquirement respectivelyfor the year. Ha Connected Bay and La Goulette abutting at the end of December so there was no allusive impactfrom these ports during the year.

Excluding the appulse of Covid-19, the aftereffect of these additions will be significant, added than doublingour commuter volumes from 2019 levels.

Cruise Anchorage Operations 2019 2019 2018 Yoy Chge YOY CCY

Reported CCY ReportedRevenue (USD m) 63.0 65.8 54.9 14.8% 19.8%Segmental EBITDA (USD m) 44.4 46.3 37.6 18.0% 23.1%Segmental EBITDA Allowance 70.4% 70.3% 68.5%Passengers (m)1 5.3 4.5 17.7%Creuers (Barcelona andMalaga)Revenue (USD m) 31.3 32.9 31.6 -0.9% 4.1%Segmental EBITDA (USD m) 20.5 21.5 19.8 3.4% 8.6%Segmental EBITDA Allowance 65.4% 65.4% 62.7%Passengers (m)1 2.6 2.51 1.5%Ege PortRevenue (USD m) 6.5 6.5 4.7 40.8% 40.8%Segmental EBITDA (USD m) 4.6 4.6 3.1 48.9% 48.9%Segmental EBITDA Allowance 70.1% 70.1% 66.3%Passengers (m)1 0.3 0.2 32.8%Valletta Cruise PortRevenue (USD m) 13.9 14.6 13.0 6.6% 12.0%Segmental EBITDA (USD m) 8.0 8.4 6.4 25.4% 31.8%Segmental EBITDA Allowance 57.9% 57.9% 49.2%Passengers (m)1 0.9 0.7 26.9%Nassau Cruise PortRevenue (USD m) 2.5 2.5 n/aSegmental EBITDA (USD m) 1.8 1.8 n/aSegmental EBITDA Allowance 72.5% 72.5% n/aPassengers (m)1 41.6% 41.6% n/aOther CruiseRevenue (USD m) 8.8 9.3 5.7 55.6% 63.6%Segmental EBITDA (USD m) 9.5 10.0 8.3 13.8% 19.6%Passengers (m)1 1.2 1.1 8.1%

Commercial……….

The achievement of our Bartering business in 2019 was disappointing, with Bartering Segmental EBITDAdeclining by 26.4%

The primary drivers abaft the depressed volumes were macro-economic factors such as barter tariffs and thegeneral ambiguity about all-around trade, decidedly involving China. This appulse was acquainted best at PortAkdeniz, breadth alembic throughput volumes fell by 19.0% and accustomed & accumulated burden volumes fell by 54.9%.The alembic abatement was apprenticed by a abatement in marble volumes to China, the better bazaar for Antalyamarble, while accustomed & accumulated burden volumes were mainly afflicted by anemic adhesive volumes.

Port Akdeniz’s cogent absolute acknowledgment to China meant it acquainted this appulse added acutely than Anchorage Adriawhere, excluding activity burden volumes, basal trading was broadly unchanged.

Despite the aciculate abatement in volumes, it is attestation to the backbone and adaptability of our businessmodel that Bartering EBITDA margins were still aloft 70% in the year.

Following a aggressive sales activity conducted in the added bisected of 2019, GPH has entered exclusivenegotiations with a abeyant applicant of Anchorage Akdeniz. A added advertisement will be fabricated aback it isappropriate to do so.

Commercial 2019 Aeon 2018 Yoy Chge YOY CCYConstant Reportedcurrency

ReportedRevenue (USD m) 54.9 55.2 69.9 -21.5% -21.0%Segmental 39.1 39.2 53.1 -26.4% -26.3ëITDA (USD m)Segmental 72.4% 70.9% 76.0ëITDA MarginGeneral & Accumulated 743.1 1478.4 -49.7Êrgo (‘000)Throughput 199.1 236.7 -15.9%(‘000 TEU)Port AkdenizRevenue (USD m) 47.5 47.5 59.9 -20.7% -20.7%Segmental 37.4 37.4 49.2 -24.0% -24.0ëITDA (USD m)Segmental 78.7% 78.7% 82.1ëITDA MarginGeneral & Accumulated 588.9 1305.2 -54.9Êrgo (‘000)Throughput 150.9 186.3 -19.0%(‘000 TEU)Port AdriaRevenue (USD m) 7.4 7.8 10.0 -26.3% -22.5%Segmental 1.7 1.8 3.9 -56.5% -54.3ëITDA (USD m)Segmental 23.1% 23.1% 39.2ëITDA MarginGeneral & Accumulated 154.2 173.2 -11.0Êrgo (‘000)Throughput 48.2 50.4 -4.5%(‘000 TEU)

Board changes………….

In Q1 2020 some changes were appear to GPH’s Board. Thierry Edmond Déau and Thomas Josef Maier, havingboth absitively not to angle for re-election as Absolute Non-Executive Admiral at the abutting AGM, agreedto footfall bottomward aboriginal to acquiesce new lath assembly to accompany as anon as about possible.

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As a result, Andy Stuart, until afresh President and Arch Executive Officer of Norwegian Cruise Line,the better cruise band of Norwegian Cruise Band Holdings Ltd, abutting the board. Andy brings vastexperience of the cruise industry, acquired over a aeon of added than 30 years, and he will be a valuableaddition to the team.

The activity of appointing a added Non-Executive Director, with a able accomplishments aural the UK Plcenvironment, is able-bodied underway. A added advertisement in this absorption will be fabricated aback it is appropriateto do so.

Financial Review

Revenue for the year was $117.9m, bottomward 5.6% (-5.0% in abidingness currency) and Adapted EBITDA fell 8.0%(-7.7% in connected currency) to $77.0m, with basal accumulation falling 53% to $27.3m and accident afterwards tax of$13.4m.

Full year beforehand in circumscribed and managed portfolio cartage was 17.7% to 5.3m, apprenticed by the prorata accession from Nassau and Antigua in the year, while absolute commuter volumes in our portfoliovolumes grew 8.5% to 9.3m, with our disinterestedness accounted accessory ports (Venice, Lisbon and Singapore)welcoming 4.0m passengers.

Cruise Acquirement added 14.8% to $63.0m (FY 2018: $54.9m), and Cruise segmental EBITDA added by 18.0%to

$44.4m (FY 2018: $37.6m). Our disinterestedness accounted accessory ports (La Goulette, Lisbon, Singapore and Venice)performed in band with aftermost year, with their pro-rata net assets accidental at the Segmental andAdjusted EBITDA akin $5.6m, (FY 2018: $5.6m). Excluding the appulse of our disinterestedness accounted associates,Cruise EBITDA beforehand was 20.4%. On a connected bill basis, abounding year cruise acquirement was $63.3m andCruise segmental EBITDA was $44.5m.

Commercial acquirement fell 21.5% in the aeon to $54.8m (FY 2018: $69.9m). Anchorage Akdeniz acquirement fell by20.7% to $47.5m (FY 2018: $59.9m), while Anchorage Adria revenues fell by 26.3% to $7.4m (FY 2018: $10.0m).General & Accumulated Burden volumes fell 49.7% in the year, while in Containers volumes fell 15.9% in the year.

Commercial Segmental EBITDA fell by 26.4% to $39.1m in the year. EBITDA at Anchorage Akdeniz fell by 24.0%,driven by the ahead appear cogent abatement in volumes during the year. Anchorage Adria EBITDA declinedby 56.5%, abundantly as a aftereffect of the non-recurrence of activity burden in the year. Bartering SegmentalEBITDA allowance of 71.2% was a aciculate abatement vs 2018 but in the face of such a cogent bead in volumes,this achievement stands as attestation to the adaptability aural the business model.

Unallocated expenses………………..

Unallocated costs or axial costs fell by 8.3% yoy to $6.4m, absorption the annualising of ourprevious beforehand into our axial functions in 2018 as able-bodied as some anniversary from the weaker TurkishLira compared to 2018 as able-bodied as a bashful IFRS 16 impact.

Depreciation and Amortisation Costs……………………………..

Depreciation and amortisation costs added to $47.8m in the year from $44.6 actor in 2018. Thisincrease is primarily due to IFRS 16 – Leases impact, an added $2.4m was expensed as a aftereffect of thedepreciation associated with capitalising all operational leases.

Specific Adjusting Items in Operating Profit……………………………………..

During 2019 specific adjusting items of -$8.4m comprised Activity costs amounting to -$5.1m a decreaseon the -$9.6m in 2018, -$2.5 actor provisions, and -$0.8m added expenses. The abatement in projectexpenses is mostly accompanying to acceding of incurred activity costs for Antigua and Nassau CruisePorts. The access in accoutrement is mostly accompanying to management’s accommodation to absolutely accommodate for certainlegal cases during 2019

On a accustomed (IFRS) abject operating accumulation fell by 57.4% to $15.3m which was primarily apprenticed by the5.6% abatement in revenues and best decidedly the absence of the $12.2m absolute appulse from thereversal of backup accouterment for the Spanish cruise ports in 2018. Allotment of accumulation ofequity-accounted investees was finer collapsed on the year, at $5.6m (FY 2018: $5.6m), with Net FinanceCost ascent to $34.3m (FY 2018: $32.9m) apprenticed the $2.4m appulse of IFRS 16 on the assay of operatingleases. There was appropriately a accident afore tax of $13.4m compared to a accumulation afore tax of $8.6m in 2018.

Net Accounts Costs……………..

The Group’s net accounts allegation in the aeon was $3.1m, a slight access on the $32.9 actor allegation in2018. The access was primarily the aftereffect of IFRS 16 application, absorption appulse on operational leases,partly anniversary by the abatement in adopted barter losses.

The Accounts allegation decreased to $42.3m compared to a $60.9m allegation in 2018, this was primarily due to thedecrease in TL aberration adjoin added currencies; which resulted cogent non-cash losses, whenrevaluing the Eurobond debt as this is issued by a Turkish Lira denominated, 100% endemic commodity aural thegroup, alternating with non-cash revaluations on Turkish entities adopted bill bedeviled liabilities.

Finance assets additionally decreased to $8.1m as a aftereffect of a abiding year in bill movement of TL againstother currencies, due to non-cash revaluations on Turkish entities adopted bill bedeviled assets.

Net absorption accumulated added by $3.1m to $28.4m (2018: $25.2m). This is due to the IFRS 16 – Leasesapplication, an added $64.8m charter accountability was recognised on Antithesis Sheet, as a aftereffect of longterm acknowledgment affairs capitalisation.

Taxation……..

The Group’s able tax accumulated was 26.34% in the year compared to 25.56% in above-mentioned year. All-around PortsHolding is a bunch accumulation and as such is accountable for taxation in assorted jurisdictions about theworld. The Group’s tax allegation for the aeon was $1.9m compared to $1.5m in 2018.

The Accumulation is advantageous accumulated tax due to specific apparatus actuality assisting about due to accumulation taxrelief restrictions, losses created on added apparatus (mostly sub-holding companies) cannot be utilised.On a banknote basis, the Group’s assets taxes paid amounted to $7.2m in band with the $7.3m paid in 2018.

Earnings Per Share………………

The Group’s Basal balance per allotment was a accident of -29.54c (FY 2018: 1.23c), this abatement is in band withthe decreases in loss/profit for the year attributable to owners of the aggregation to -$18.6m (2018: $0.8m).

Underlying balance per allotment is basal accumulation disconnected by abounding boilerplate cardinal of shares.Underlying balance per allotment of 43.5c (FY 2018: 94.0c), was primarily apprenticed by the abacus aback of theamortisation of anchorage operating rights of

$34.5m (FY 2018: $31.6m), non-cash allegation of conditional costs $2.5m (FY 2018: $0.5m) and allegation ofunrealised allocation of unhedged allocation of GLI Eurobond of $5.2m (FY 2018: 17.6m).

Cash Breeze and Investment……………………

Operating banknote breeze was $37.1m (FY 2018: $61.1m). Basal accumulated during the aeon was $24.0m, anincrease on the $14.8m incurred in FY 2018. The access is mostly accompanying to costs fabricated on new projectdevelopment amounting

$8.2 actor and $5.7 actor for the new Berth architecture in Antigua. $21 actor included in theconsolidated banknote breeze anniversary is accompanying to the affirmation of a band on anniversary of the Government ofAntigua as allotment of signing the acknowledgment agreement. Added areas of beforehand included $1.5 actor onoffice and terminal beforehand in Barcelona, $1.6 actor in anchorage operating rights for the addendum inBodrum, $3.1 actor on enhancements to architecture in Anchorage Akdeniz, $1.6 actor on enhancements tosuperstructure in Anchorage of Adria. Assets paid to disinterestedness owners totals $29.2m during the year, comprisingthe final allotment in anniversary of 2018 of $16.7 actor and the acting allotment in anniversary of 2019 of$12.5 million.

Balance Sheet

Pre-IFRS 16 Gross debt at 31 December 2019 was $388.6 actor compared to $347.1 actor at 31 December2018. Post IFRS 16 Gross debt at aeon end was $453.0m (31st December 2018: $347.1m), the access wasmainly apprenticed by acceptance of charter liabilities of the acknowledgment agreements in band with IFRS 16 -Leases resulted in an access of $65.4m in banking statements. New loans accustomed in Antigua and Nassauamounting $15.2m and $16.0m, respectively, for costs of the beforehand and architecture of Portfacilities. Basal accumulated requirements were financed through non-recourse drawdowns, partiallyoffset by fractional affirmation of loans in Barcelona and Valletta Cruise Port.

The Advantage Adjustment as per GPH’s Eurobond acceding affirmation added to 4.65x at 31st December 2019(31st December 2018: 4.2x), vs a akin acceding affirmation of 5.0x.

At 31 December 2019 pre IFRS net debt was $324.3m compared to $267.2m at 31 December 2018. Post IFRS 16net debt at the end of year was $389.1m. This access was mainly apprenticed by the change in gross debtdescribed aloft and banknote acclimated for investments and capex activity the year. The group’s pre IFRS 16 NetDebt/Adjusted EBITDA adjustment was 4.3x times as at 31 December 2019 compared to 3.2x at 31 December 2018.

Dividend

The Aggregation paid a $12.5m acting allotment (15.5 pence per share) in November 2019. In acceding of a fullyear allotment payment, in ablaze of the aberrant akin of disruption to all-around barter and the cruiseindustry and the associated abbreviate appellation uncertainty, the Lath of GPH absitively that it was advisable and inthe best interests of all stakeholders to briefly append the allotment for abounding year 2019, until thesituation becomes clearer.

GLOSSARY OF ALTERNATIVE PERFORMANCE MEASURES (APM)

These banking statements includes assertive measures to appraise the banking achievement of the Group’sbusiness that are termed “non-IFRS measures” because they exclude amounts that are included in, or includeamounts that are afar from, the best anon commensurable admeasurement afflicted and presented inaccordance with IFRS, or are afflicted appliance banking measures that are not afflicted in accordance

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with IFRS. These non-GAAP measures comprise the following;

Segmental EBITDA…………….

Segmental EBITDA afflicted as income/(loss) afore tax afterwards abacus back: interest; depreciation;amortisation; unallocated expenses; and specific adjusting items.

Management evaluates segmental achievement based on Segmental EBITDA. This is done to reflect the factthat there is a array of costs structures in abode both at a anchorage and Group-level, and the attributes ofthe anchorage operating adapted abstract assets alter by anchorage depending on which concessions were acquiredversus awarded, and which abatement to be advised beneath IFRIC 12. As such, administration considers monitoringperformance in this way, appliance Segmental EBITDA, gives a added commensurable abject for advantage betweenthe portfolio of ports and a metric afterpiece to net banknote generation. Excluding activity costs foracquisitions and one-off affairs such as activity specific development costs as able-bodied as unallocatedexpenses, gives a added commensurable year-on-year admeasurement of port-level trading performance.

Management is appliance Segmental EBITDA for evaluating anniversary anchorage and group-level performances on operationallevel. As per management’s view, some specific adjusting items included on the ciphering of SegmentalEBITDA.

Specific adjusting items……………………

The Accumulation presents specific adjusting items separately. For able appraisal of alone portsfinancial achievement and circumscribed banking statements, Administration considers advice specificadjusting items alone because of their admeasurement and nature. These costs and assets accommodate projectexpenses; actuality the costs of specific M&A activities and the costs associated with appraising and securingnew and abeyant approaching anchorage agreements which should not be advised aback assessing the underlyingtrading performance, the backup provisions, actuality accouterment created for backup of anchored assetswhich does not accommodate accustomed maintenance, agent abortion expenses, assets from insurancerepayments, assets from atom sales, gain/loss on auction of securities, added accouterment expenses, redundancyexpenses and donations and grants.

Specific adjusting items comprised as following,

Year assured 31 December 2019 Year assured 31December 2018

(USD ‘000)(USD ‘000)Project costs 5,146 9,594Employee abortion costs 215 147Replacement accoutrement 673 677Provisions / (reversal of 1,569 (12,210)provisions)Other costs 788 (690)Specific adjusting items 8,391 (2,482)

Adjusted EBITDA……………

Adjusted EBITDA afflicted as Segmental EBITDA beneath unallocated (holding company) expenses.

Management uses Adapted EBITDA admeasurement to appraise Group’s circumscribed achievement on an “as-is” basiswith anniversary to the absolute portfolio of ports. Notably afar from Adapted EBITDA, the costs ofspecific M&A activities and the costs associated with appraising and accepting new and abeyant futureport agreements. M&A and activity development are key elements of the Group’s activity in the Cruisesegment. Activity beforehand times and upfront costs for projects can be significant, about these expenses(as able-bodied as costs accompanying to adopting costs such as IPO or accretion financing) do not chronicle tothe accustomed portfolio of ports but to approaching EBITDA potential. Accordingly, these costs would distortAdjusted EBITDA which administration is appliance to adviser the absolute portfolio’s performance.

A abounding adaptation for Segmental EBITDA and Adapted EBITDA to accumulation afore tax is provided in theSegment Advertisement Agenda 2 to these banking statements.

Underlying Profit……………..

Management uses this admeasurement to appraise the advantage of the Accumulation normalised to exclude the specificnon- alternating costs and income, non-cash adopted barter transactions, and adapted for the non-cashport affluence amortisation charge, giving a admeasurement afterpiece to absolute net banknote generation, which thedirectors’ accede a key criterion in authoritative the allotment decision. Basal Accumulation is additionally consistentwith Circumscribed Net Assets (CNI), as authentic in the Group’s 2021 Eurobond, which is monitored to ensurecovenant compliance.

Underlying Accumulation is afflicted as accumulation / (loss) for the year afterwards abacus back: acquittal accumulated inrelation to Anchorage Operation Rights, non-cash conditional assets and expenses, non-cash adopted exchangetransactions and specific non-recurring costs and income.

Adjusted balance per share………………………

Adjusted balance per allotment is afflicted as basal accumulation disconnected by abounding boilerplate per share.

Management uses these measures to appraise the advantage of the Accumulation normalised to exclude the gainon changeabout of provisions, non-cash conditional assets and expenses, accretion or accident on adopted currencytranslation on equity, unhedged allocation of beforehand ambiguity on All-around Liman, adapted for the non-cashport affluence amortisation charge, and adapted for change in accounting policies, giving a measurecloser to absolute net banknote generation, which the directors’ accede a key criterion in authoritative the dividenddecision. Basal Accumulation is additionally constant with Circumscribed Net Assets (CNI), as authentic in theGroup’s 2021 Eurobond, which is monitored to ensure acceding compliance. Administration absitively this year thatin the ablaze of a added allusive presentation of the basal profit, the unhedged allocation of theinvestment barrier on All-around Liman and any accretion or accident on adopted bill adaptation on disinterestedness asexplained in agenda 7 accept been excluded.

Underlying accumulation and adapted balance per allotment computed as following;

Year assured 31 Year assured 31December 2019 December 2018

(USD ‘000) (USD ‘000)(Loss) / Accumulation for the (13,597) 7,136Period, net of IFRS 16impactImpact of IFRS 16 (1,622) (Loss) / Accumulation for the (15,219) 7,136PeriodAmortisation of portoperating rights / RoUasset /

34,453 31,648

Investment PropertyGain on changeabout of (12,209)provisionsNon-cash conditional 2,457 502(income) / expensesUnhedged allocation of 5,222 17,552Investment ambiguity onGlobal Liman(Gain) / accident on adopted 414 14,417currency adaptation onequityUnderlying Accumulation 27,327 59,046Weighted boilerplate cardinal of 62,826,963 62,826,963sharesAdjusted balance per 43.5 94.0share (pence)

Net debt……..

Net debt comprises absolute borrowings (bank loans, Eurobond and accounts leases net of accrued tax) lesscash, banknote equivalents and abbreviate appellation investments.

Management includes abbreviate appellation investments into the analogue of Net Debt, because these abbreviate terminvestment are comprised of bankable balance which can be bound adapted into cash.

Net debt comprised as following;

Year assured 31 Year assured 31December 2019 December 2018

(USD ‘000) (USD ‘000)Current loans and 62,691 48,755borrowingsNon-current loans and 390,299 298,296borrowingsGross debt 452,990 347,051Lease liabilities (64,828) accustomed due to IFRS 16applicationGross debt, net of IFRS 388,162 347,05116 impactCash and coffer balances (63,780) (79,829)Short appellation banking (71) (72)investmentsNet debt 324,311 267,150Equity 155,263 215,721Net debt to Disinterestedness adjustment 2.09 1.24

Leverage ratio…………..

Leverage adjustment is acclimated by administration to adviser accessible acclaim accommodation of the Group. Advantage adjustment iscomputed by adding gross debt to Adapted EBITDA.

Leverage adjustment ciphering is fabricated as follows;

Year assured 31 Year assured 31December 2019 December 2018

(USD ‘000) (USD ‘000)Gross debt 452,990 347,051Lease liabilities (64,828) recognised due to IFRS16 applicationGross debt, net of IFRS 388,162 347,05116 impactAdjusted EBITDA 77,015 83,714Impact of IFRS 16 on (3,204) EBITDAAdjusted EBITDA, net of 73,811 83,714IFRS 16 impactLeverage ratio* 5.26x 4.15x

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* As per Eurobond analogue on agenda 13, Cruceros, NCP, GPH Antigua and GPH PLC Gross Debt (net off ifrs16 appulse amounted to USD 35,635 thousand) and adapted EBITDA (USD 391 thousand) abstracts should beexcluded from aloft ciphering of advantage adjustment in adjustment to access at the acceding adjustment as per Eurobondmemorandum. This will aftereffect to a 4.8x advantage ratio, which is beneath 5x acceding threshold.

CAPEX…..

CAPEX represents the alternating akin of basal accumulated adapted by the Accumulation excluding M&A relatedcapital expenditure.

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CAPEX computed as ‘Acquisition of acreage and equipment’ and ‘Acquisition of abstract assets’ per thecash breeze statement.

Year assured 31 Year assured 31December 2019 December 2018

(USD ‘000) (USD ‘000)Acquisition of acreage 15,813 11,896and equipmentAcquisition of abstract 8,155 2,911assets *CAPEX 23,968 14,807

* Accretion of abstract assets doesnot accommodate anchorage operating rights.

Cash about-face ratio…………………

Cash about-face adjustment represents a admeasurement of banknote bearing afterwards demography anniversary of on-going capitalexpenditure adapted to beforehand the absolute portfolio of ports.

It is computed as Adapted EBITDA beneath CAPEX disconnected by Adapted EBITDA.

Year assured 31 December Year assured 312019 December 2018

(USD ‘000) (USD ‘000)Adjusted EBITDA 77,015 83,714Impact of IFRS 16 on EBITDA (3,204) Adapted EBITDA, net of IFRS 73,811 83,71416 impactCAPEX (23,968) (14,912)Cash adapted afterwards CAPEX 49,843 68,802Cash about-face adjustment 67.5% 82.2%

Hard currency………….

Management uses the appellation adamantine bill to accredit to those currencies that historically accept been lesssusceptible to barter accumulated volatility. For the year assured 31 December 2019 and 2018, the accordant hardcurrencies for the Accumulation are US Dollar, Euro and Singaporean Dollar.

Year assured 31 Year assured 31December December

2019 2018

Note(USD ‘000) (USD ‘000)Revenue 3 117,884 124,812Cost of sales 4 (79,884) (77,523)Gross accumulation 38,000 47,289Other assets 6 3,501 19,728Selling and business (2,109) (1,293)expensesAdministrative costs 5 (15,505) (15,993)Other costs 6 (8,580) (13,834)Operating accumulation 15,307 35,897Finance assets 7 8,082 27,955Finance costs 7 (42,333) (60,867)Net accounts costs (34,251) (32,912)Share of accumulation of 10 5,580 5,631equity-accounted investees(Loss) / Accumulation afore tax (13,364) 8,616Tax accumulated (1,855) (1,480)(Loss) / Accumulation for the (15,219) 7,136year

Profit / (Loss) for theyear attributable to:Owners of the Aggregation (18,558) 770Non-controlling interests 3,339 6,366(15,219) 7,136

the accompanying addendum anatomy allotment of these banking statements

Year assured 31 Year assured 31December December

2019 2018

Note(USD ‘000) (USD ‘000)Other comprehensiveincomeItems that will not bereclassified subsequently

to accumulation or lossRemeasurement of authentic (40) (19)benefit liabilityIncome tax apropos toitems that will not bereclassified subsequentlyto accumulation or loss9 4(31) (15)Items that may bereclassified subsequentlyto accumulation or lossForeign bill 14,774 42,107translation differencesCash breeze hedges -effective allocation ofchanges in

335 155

fair valueCash breeze hedges -realized amountstransferred to incomestatement(246) (216)Losses on a barrier of a (24,725) (59,630)net investment(9,862) (17,584)Other comprehensiveincome / (loss) for theyear, net of assets tax

(9,893) (17,599)Total absolute (25,112) (10,463)income / (loss) for theyearTotal comprehensiveincome / (loss)attributable to:Owners of the Aggregation (26,757) (12,315)Non-controlling interests 1,645 1,852(25,112) (10,463)

Basic and dilutedearnings / (loss) pershare (cents per share)

14 (29.5) 1.23

the accompanying addendum anatomy allotment of these banking statements

As at 31 As at 31December December

Note2019 2018

(USD ‘000) (USD ‘000)Non-current assetsProperty and accessories 8 130,511 129,351Intangible assets 9 424,618 392,361Right of use assets 16 81,123 Beforehand acreage 17 2,139 Goodwill 13,485 13,485Equity-accounted 10 26,637 26,003investmentsDue from accompanying parties 18 6,811 Added investments 4 12,013Deferred tax assets 2,179 3,066Other non-current assets 4,573 4,626692,080 580,905Current assetsTrade and added 31,022 19,999receivablesDue from accompanying parties 18 771 1,027Other investments 71 72Other accustomed assets 3,916 3,336Inventories 1,393 1,454Prepaid taxes 1,846 1,363Cash and banknote 11 63,780 79,829equivalents102,799 107,080Total assets 794,879 687,985

Current liabilities

Loans and borrowings 13 62,691 48,755Other banking 4,536 liabilitiesTrade and added payables 21,367 15,279Due to accompanying parties 18 1,317 542Current tax liabilities 2,725 2,459Provisions 2,043 95594,679 67,990Non-current liabilitiesLoans and borrowings 13 390,299 298,296Other banking 50,394 3,408liabilitiesDeferred tax liabilities 84,715 92,294Provisions 18,175 8,862Employee allowances 869 797Derivative banking 485 617liabilities544,937 404,274Total liabilities 639,616 472,264Net assets 155,263 215,721

EquityShare basal 12 811 811Legal affluence 12 13,144 13,030Share based acquittal 239 reservesHedging affluence 12 (220,029) (195,393)Translation affluence 12 213,715 197,247Retained balance 61,053 108,981Equity attributable to 68,933 124,676equity holders of theCompanyNon-controlling 86,330 91,045interestsTotal disinterestedness 155,263 215,721

The Accumulation has initially activated IFRS 16 at 1 January 2019, appliance the adapted attendant approach.Under this approach, allusive advice is not restated and the accumulative aftereffect of initiallyapplying IFRS 16 (if any) is recognised in retained balance at the date of antecedent application. See Note1.

the accompanying addendum anatomy allotment of these banking statements

Sharebasedpayment

Share Acknowledged Ambiguity Adaptation Retained Non- Totalcapit reser assets balance cont equital ves affluence s cycle yin g(USD ‘000) Addendum affluence Absolute interestsBalance at 1 811 13,03 (195,39 197,247 108,981 124,6 91,0 215,7January 2019 0 3) 76 45 21Adjustmenton initialapplicationof IFRS 16

(net of tax)(*)Adjusted 811 13,03 (195,39 197,247 108,981 124,6 91,0 215,7balance at 1 0 3) 76 45 21

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January 2019

(Loss) / (18,558) (18,5 3,33 (15,2income for 58) 9 19)the yearOthercomprehensive (loss) /income forthe (24,636 16,468 (31) (8,19 (1,6 (9,89) 9) 94) 3)

yearTotalcomprehensive (loss) /income forthe year (24,636 16,468 (18,589) (26,7 1,64 (25,1) 57) 5 12)

Transactionswith ownersof theCompanyTransactions 6 6withnon-controlling interestTransfer to 12 114 (114) acknowledged (b) ireservesEquity 239 239 239settledshare-basedpaymentexpensesDividends 12 (29,225) (29,2 (6,3 (35,5(c) 25) 66) 91)Total 114 239 (29,339) (28,9 (6,3 (35,3contribution 86) 60) 46)s anddistributionsTotal 114 239 (24,636 16,468 (47,928) (55,7 (4,7 (60,4transactions ) 43) 15) 58)with ownersof theCompanyBalance at 811 13,14 239 (220,02 213,715 61,053 68,93 86,3 155,231 December 4 9) 3 30 632019

(*) The Accumulation has initially activated IFRS 16 at 1 January 2019, appliance the adapted attendant approach.Under this approach, allusive advice is not restated and the accumulative aftereffect of initiallyapplying IFRS 16 (if any) is accustomed in retained balance at the date of antecedent application. See Note1.

the accompanying addendum anatomy allotment of these banking statements

Non-

(USD ‘000) Addendum Allotment Allotment Acknowledged Ambiguity Adaptation Retained Absolute authoritative Totalcapit premi reser assets balance interests equital um ves s y

reservesBalance at 1 12 811 13,01 (135,76 150,626 143,148 171,8 92,896 264,7January 2018 2 3) 34 30

(Loss) / 770 770 6,366 7,136income forthe yearOthercomprehensive (loss) /income forthe (59,630 46,621 (76) (13,0 (4,514) (17,5) 85) 99)

yearTotalcomprehensive (loss) /income forthe year (59,630 46,621 694 (12,3 1,852 (10,4) 15) 63)

Transactionswith ownersof theCompanyTransactions 94 94withnon-controlling interestTransfer to 18 (18) legalreservesDividends 12 (34,843) (34,8 (3,797) (38,6(c) 43) 40)Total 18 (34,861) (34,8 (3,703) (38,5contribution 43) 46)s anddistributionsTotal 18 (59,630 46,621 (34,167) (47,1 (1,851) (49,0transactions ) 58) 09)with ownersof theCompanyBalance at 811 13,03 (195,39 197,247 108,981 124,6 91,045 215,731 December 0 3) 76 212018

the accompanying addendum anatomy allotment of these banking statements

For the years assured 31 December 2019 and 2018

Year assured 31 Year assured 31

Note December 2019 December 2018

(USD ‘000) (USD ‘000)Cash flows fromoperating activities(Loss) / Accumulation for the (15,219) 7,136yearAdjustments for:Depreciation of PPE, 8, 9, 16, 17 47,737 44,668and RoU assets, andamortization expenseShare of accumulation of 10 (5,580) (5,631)equity-accountedinvestees, net of taxGain on auctioning of (17) (142)property bulb andequipmentFinance costs 30,571 26,623(excluding foreignexchange differences)Finance assets (2,017) (1,684)(excluding foreignexchange differences)Foreign barter 5,697 7,973differences on financecosts and income, netIncome tax (benefit) / 1,855 1,480expenseEmployment abortion 139 39indemnity reserveEquity acclimatized 239 share-based paymentexpensesReversal of / (Charges 1,676 (12,000)to) ProvisionOperating banknote flowbefore changes inoperating assets andliabilities65,081 68,462Changes in:- barter and added (11,023) (4,297)receivables- added accustomed assets (1,003) 3,510- accompanying affair (6,555) 572receivables- added non-current 346 412assets- barter and added (11,849) (71)payables- accompanying affair 775 59payables- Post-employment (31) (131)benefits paid- accoutrement 8,573 (64)Cash generated byoperations beforebenefit and taxpayments44,314 68,452Income taxes paid (7,195) (7,345)Net banknote generated from 37,119 61,107operating activitiesInvesting activitiesAcquisition of acreage 8 (15,813) (11,896)and equipmentAcquisition of 9 (8,155) (2,911)intangible assetsAcquisition of a charter (21,000) assetProceeds from auction of 35 234property and equipmentBond and concise (30)investment incomeProceeds from auction of 13,944investmentsBank absorption accustomed 251 348Dividends from disinterestedness 2,849 541accounted investeesProceeds from auction of 13,184 added investments inFVTPL instrumentsInvestment in disinterestedness (61)accounted investeeIncorporation of (5) subsidiaryOther Beforehand in (11,977)FVTPL instrumentsAdvances accustomed for (292) (85)tangible assetsNet banknote (used in)/from (29,007) (11,832)investing activitiesFinancing activitiesEquity bang by 7 94minorities tosubsidiariesDividends paid to 12(c) (29,225) (34,843)equity ownersDividends paid to NCIs 12(c) (5,062) (3,797)Interest paid (26,388) (23,902)Proceeds from 74,918 44,205borrowingsRepayments of (31,949) (34,697)borrowingsRepayments of leseliabilities (2018:payment of financelease(3,066) (1,427)

liabilities) (*)Net banknote (used in)/from (20,765) (54,367)financing activitiesNet access / (12,653) (5,092)(decrease in banknote andcash equivalentsEffect of foreignexchange accumulated changeson banknote and cash

(3,396) (14,527)

equivalentsCash and banknote 11 79,829 99,448equivalents atbeginning of yearCash and banknote 11 63,780 79,829equivalents at end ofyear

(*) The Accumulation has initially activated IFRS 16 at 1 January 2019, appliance the adapted attendant approach.Under this approach, allusive advice is not restated and the accumulative aftereffect of initiallyapplying IFRS 16 (if any) is recognised in retained balance at the date of antecedent application. See Note1.

the accompanying addendum anatomy allotment of these banking statements

1) Abject of preparation

Global Ports Captivation PLC is a accessible aggregation congenital in the United Kingdom and registered in Englandand Wales beneath the Companies Act 2006. The abode of the registered appointment is 34 Brook Street 3rd Floor,London W1K 5DN, United Kingdom. All-around Ports Captivation PLC is the ancestor aggregation of All-around Liman IsletmeleriA.S. and its subsidiaries (the “Existing Group”). The majority actor of the Aggregation is GlobalYatirim Holding.

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The banking advice for the year assured 31 December 2019 independent in this News Release was approvedby the Lath on 13 April 2020. These abridged Banking Statements for the year assured 31 December 2019have been able in accordance with the Acknowledgment Advice and Transparency Rules of the FinancialConduct Authority. They accept been able in accordance with EU accustomed All-embracing FinancialReporting Standards (“IFRSs”) but do not accede with the abounding acknowledgment requirements of these standards.The banking advice set out aloft does not accumulated the company’s accustomed accounts for the yearsended 31 December 2019 or 2018.

Statutory banking statements for the year assured 31 December 2019, which accept been able on a goingconcern basis, will be delivered to the Registrar of Companies in due course. The accountant has appear onthose banking statements. Their address was not qualified, did not accommodate a advertence to any affairs towhich the auditors drew absorption by way of accent afterwards condoning their report, and did not containa anniversary beneath Section 498 (2) or (3) of the Companies Act 2006.

Accounting policies

With the barring of those changes declared beneath the accounting behavior adopted of these CondensedFinancial Statements are constant with those declared on pages 172 – 185 of the Anniversary Address andFinancial Statements for the year assured 31 December 2018.

In the year assured 31 December 2019, the Accumulation activated a cardinal of amendments to IFRSs issued by theInternational Accounting Standards Lath (IASB) that are mandatorily able for an accounting periodthat begins on or afterwards 1 January 2019. The Accumulation has adopted IFRS 16 Leases and IFRS 2 Share-basedpayment arrange from 1 January 2019. A cardinal of added new standards are able from 1 January2019 but they do not accept a absolute aftereffect on the Group’s banking statements.

The aftereffect of initially applying these standards is mainly attributed to the following:

The Accumulation activated IFRS 16 appliance the adapted attendant approach, beneath which the accumulative aftereffect ofinitial appliance is recognised in retained balance at 1 January 2019. Accordingly, the comparativeinformation presented for 2018 is not restated – i.e. it is presented, as ahead reported, beneath IAS17 and accompanying interpretations. The accommodation of the changes in accounting behavior are appear below.Additionally, the acknowledgment requirements in IFRS 16 accept not about been activated to comparativeinformation.

Definition of a lease

Previously, the Accumulation bent at adjustment birth whether an adjustment was, or contained, a leaseunder IFRIC 4 Chargeless Whether an Adjustment contains a Lease. The Accumulation now assesses whether acontract is or contains a charter based on the new analogue of a charter as explained in agenda 3I of theAnnual address and banking statements. Beneath IFRS 16, a adjustment is, or contains, a charter if the contractconveys a adapted to ascendancy the use of an articular asset for a aeon of time in barter forconsideration.

On alteration to IFRS 16, the Accumulation adopted to administer the activated expedient to grandfathering the assessmentof which affairs are leases. The Accumulation activated IFRS 16 alone to affairs that were previouslyidentified as leases. Affairs that were not articular as leases beneath IAS 17 and IFRIC 4 were notreassessed for whether there is a charter beneath IFRS 16. Therefore, the analogue of a charter beneath IFRS 16has been activated alone to affairs entered into or afflicted on or afterwards 1 January 2019.

As a lessee………..

As a lessee, the Accumulation leases abounding assets including land, property, and cars. The Accumulation previouslyclassified leases as operating or accounts leases based on its appraisal of whether the charter transferredsignificantly all of the risks and rewards accidental to buying of the basal asset to the Group.Under IFRS 16, the

Group recognises right-of-use assets and charter liabilities for best of these leases – i.e. these leasesare on-balance sheet.

Lease payments affiliated to an base or accumulated are included in the antecedent altitude of the lessee’s leaseliability and ROU asset appliance the base as at the admission date or alteration date for absolute leaseagreements. For any consecutive changes in those indices, the charter accountability needs to be abstinent with thecorresponding increase/decrease to be accounted in the ROU assets.

Leases classified as operating leases beneath IAS 17

Previously, the Accumulation classified charter payments beneath acknowledgment agreements which do not abatement aural IFRIC122, as operating leases beneath IAS 17. On transition, for these leases, charter liabilities were abstinent atthe present accumulated of the absolute charter payments, discounted at the accompanying Subsidiary’s incrementalborrowing accumulated as at 1 January 2019. Right-of-use assets are abstinent at:

· an accumulated according to the charter liability, adapted by the accumulated of any prepaid or accrued leasepayments: the Accumulation activated this access to its acknowledgment agreements that abatement alfresco of IFRIC 12scope.

The Accumulation has activated its right-of-use assets for crime on the date of alteration as allotment of therelevant CGU and has assured that there is no adumbration that the right-of-use assets are impaired.

The Accumulation acclimated a cardinal of activated expedients aback applying IFRS 16 to leases ahead classified asoperating leases beneath IAS 17. In particular, the Group:

· did not recognise right-of-use assets and liabilities for leases for which the charter appellation ends within12 months of the date of antecedent application;

· did not recognise right-of-use assets and liabilities for leases of low accumulated assets;

· afar antecedent absolute costs from the altitude of the right-of-use asset at the date of initialapplication; and

· acclimated hindsight aback chargeless the charter term.

Leases classified as accounts leases beneath IAS 17

The Accumulation leases a cardinal of items of accouterment and equipment. These leases were classified as financeleases beneath IAS 17. For these accounts leases, the accustomed accumulated of the right-of-use asset and the leaseliability at 1 January 2019 were bent at the accustomed accumulated of the charter asset and charter liabilityunder IAS 17 anon afore that date.

As a lessor

The accounting behavior applicative to the Accumulation as a freeholder are not altered from those beneath IAS 17. TheGroup is not adapted to accomplish any adjustments on alteration to IFRS 16 for leases in which it acts as alessor.

Impacts on transition…………………

On alteration to IFRS 16, the Accumulation recognised right-of-use assets including beforehand propoerty andadditional charter liabilities. For the anniversary year starting at 1 January 2019, the Right-of-use assets havebeen abstinent at an accumulated according to the charter liability, adapted by the accumulated of any prepaid or accruedlease payments. The appulse on alteration is abbreviated below.

USD’000 1 January 2019Right of use assets 58,983Investment acreage 2,250Prepayments 328Accruals (1,423)Lease liabilities 62,328

For the appulse of IFRS 16 on articulation advice and EBITDA, see Agenda 2.

When barometer charter liabilities for leases that were classified as operating leases, the Accumulation discountedlease payments appliance its incremental borrowing accumulated at 1 January 2019. The weighted- boilerplate accumulated appliedis 3.4%.

USD’000 1 January 2019Operating charter allegation at 31 December 2018 asdisclosed in the Group’s

158,860consolidated banking statementsDiscounted appliance the incremental borrowing accumulated 61,268at 1 January 2019Finance charter liabilities recognised as at 31 1,905December 2018- Acceptance absolution for concise leases (35)Lease liabilities recognised at 1 January 2019 63,138

The Accumulation presents right-of-use assets are presented as a band anniversary on the face of financials. Thecarrying amounts of right-of-use assets are as below.

USD’000 Adapted of Use Beforehand propertyBalance at 1 January 2019 58,983 2,250Balance at 31 December 2019 81,123 2,139

The Accumulation presents charter liabilities in ‘loans and borrowings’ in the anniversary of banking position. Theadoption of IFRS 16 does not appulse the adeptness of the Accumulation to accede with its Gross debt to EBITDAcovenant. Accommodation declared on Agenda 13.

On 1 January 2019, the Accumulation accustomed allotment advantage affairs that entitles key administration cadre toreceive shares in the Aggregation based on the achievement of the Aggregation during the vesting period. Underthis program, holders of vested advantage are advantaged to accept shares of the Aggregation at the admission date.Currently, this affairs is bound to key administration cadre and added arch employees.

The advantage will be acclimatized by concrete allegation of shares.

On 1 January 2019, the Accumulation accustomed 204,000 Belted Stock Units (RSUs) to advisers that baptize themto a allotment issued afterwards three years of service. The RSUs will be accustomed at the end of three-year vestingperiod and issued afterwards two year captivation period. Shares issued beneath the LTIP are accountable to a dilutionlimit of up to 3% over 10 years, which will be monitored by the Committee. Aloft vesting of an RSU,Employees allegation pay the par accumulated in anniversary of anniversary allotment that vests. Advisers are additionally amenable todeclare and pay the tax accompanying to assets from RSUs to the authorities.

The grant-date fair accumulated of equity-settled share-based acquittal arrange accustomed to advisers isgenerally recognised as an expense, with a agnate access in equity, over the vesting aeon ofthe awards. The accumulated recognised as an accumulated is adapted to reflect the cardinal of awards for which the

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related anniversary and non-market achievement altitude are accustomed to be met, such that the amountultimately recognised is based on the cardinal of awards that accommodated the accompanying anniversary and non-marketperformance altitude at the vesting date.

Going concern

The Group’s business activities, calm with the factors acceptable to affect its approaching development,performance and position are set out in the Bartering and Cruise business models on pages 14 to 17 of theAnnual address and banking statements. The banking position of the Group, its banknote flows, liquidityposition and borrowing accessories are declared in the banking assay on pages 22 to 23 of the Annualreport and banking statements. In addition, addendum 3 and 32 of the Anniversary address and banking statementsto the banking statements accommodate the Group’s objectives, behavior and processes for managing itscapital; its banking accident administration objectives; accommodation of its banking instruments and hedgingactivities; and its exposures to acclaim accident and clamminess risk.

The Group’s portfolio consists of investments in or administration of 19 cruise ports and two bartering portsin 13 countries which diversifies bread-and-butter and political risks. As a consequence, the admiral believethat the Accumulation is able-bodied placed to administer its business risks auspiciously admitting the accustomed uncertaineconomic outlook.

The arch contest and altitude articular by Administration that accept the best cogent appulse on thegoing affair of the Accumulation are:

a) the commuter levels that will be empiric during the Activity Affair appraisal aeon of not lessthan 12 months from the date of approval of these Anniversary Address and Accounts in appearance of the COVID-19situation and the associated aftereffect on Accumulation revenues and banknote position;

b) the refinancing of the Group’s Eurobond arch amounting to USD 250 actor which has a maturitydate of 14 November 2021;

c) the costs requirements for committed and planned accumulated over the afterward 24 months,particularly in anniversary of the Group’s anew acquired Caribbean Ports totalling USD 160 actor (GPHGroup’s portion) and

d) any abrogating business angle on bartering operations accompanying to macro-economic factors such astrade tariffs and their associated appulse on all-around economies.

The ambiguity acquired by the contempo COVID-19 alpha has been advised by the Group. The Group’s maincruise anchorage portfolio is amid in Mediterranean region. Peak division for the cruise business inMediterranean arena starts in aboriginal May, due to the seasonality of the cruise business, with passengernumbers during the aboriginal Q1 approaching and empiric to be low. However, as at the approval date of theseAnnual Address and Accounts, the Accumulation has accomplished a cogent akin of cancellations for theApril-May 2020 aeon from cruise band customers.

One of the aloft consign articles in Anchorage Akdeniz is marble exports to China. Afterwards the closing of bordersin China due to the beforehand of COVID-19, there were several delays in marble exports accomplished in Q1.Management does not apprehend these delays to anniversary cogent appulse on the business and the abatement incontainer volumes the Anchorage is experiencing during the aboriginal months of 2020 is partly anniversary by an increasein accustomed and accumulated burden volumes. A accretion of marble consign is accustomed in 2020.

Management has advised the abeyant appulse of COVID-19 alpha on the Group’s after-effects and financialposition. The afterward key, abject case, assumptions were acclimated in advancing this analysis:

· A abatement to aught in the cardinal of cruise cartage accession at all ports in the GPH portfolio for aperiod to 1 June 2020 with a agnate appulse on commuter revenues and ports’ capricious expenses.

· A abatement in ascendancy ante by 60% in the Mediterranean and 60% in the Caribbean for all cruise lines,with a agnate appulse on commuter revenues and ports’ capricious expenses, based on the issueditineraries for the aeon 1 June 2020 to 31 March 2021.

· A abatement in marble exports in Anchorage Akdeniz to China of 25% based on the forecasted alembic burden ofmarble for both loading and auction for the abutting 12 months.

· Delay of allotment payments by the Accumulation and alone ports for the abutting 12 months.

Under this book the Accumulation expects to accept acceptable banknote assets to abide in operation and remainwithin acceding requirements for a aeon of not beneath than 12 months from the date of approval of theseAnnual Address and Accounts. Administration has additionally adjourned the appulse of the aloft book on the Group’scovenants. Barcelona Ports Investments and Valetta Cruise Anchorage Bound covenants are projected to remainabove the adapted level. The Group’s Eurobond has a circumscribed advantage adjustment absolute of 5x which is onlyrequired to be afflicted aback there is a change in the adjustment due to added acknowledgment oracquisition or disposals of entities aural the sub-group of the Eurobond acceding perimeter.

However, in adjustment to accent assay the banking position of the Group, administration has additionally advised aplausible but, awful unlikely, astringent downside book whereby the accustomed commuter levels andcommercial barter volumes due to the COVID-19 accompanying affairs abide for a aeon of 12 months. Thefollowing key, astringent but plausible, assumptions were acclimated in advancing this analysis:

· A abatement to aught in the cardinal of cruise cartage accession at all ports in the GPH portfolio for aperiod to 31 December 2020 with a agnate appulse on commuter revenues and ports’ variableexpenses. To be followed by a abstinent return, absolute 50% beneath aboriginal forecast, of cruisepassengers to our Caribbean ports only.

· A abatement in marble exports in Anchorage Akdeniz to China of 75% based on the forecasted alembic burden ofmarble for both loading and auction until September 2020 followed by a abstinent return, absolute atleast 25% beneath aboriginal forecasts.

· Delay of allotment payments by the Accumulation and alone ports for the abutting 12 months.

· Fractional abeyance of the basal beforehand in Nassau Cruise Anchorage Bound forecasted for 2020 and2021 amounting to a USD 10m reduction.

Under this book the Accumulation still expects to accept acceptable banknote assets and abide aural covenantrequirements for a aeon of not beneath than 12 months from the date of approval of these Anniversary Address andAccounts accepting taken into account: committed, undrawn acclaim lines, acceding waivers that accept beenreceived, and abeyant mitigating accomplishments aural the ascendancy of the Accumulation including the appliance of anumber of acknowledged Force Majeure clauses.

In the affairs of this astringent downside book administration are of the appearance that there may be anumber of added mitigating accomplishments that could be accomplished to abate the burning of banknote assets butthat are not aural the ascendancy of Accumulation at the date of approval of these Anniversary Address and Accounts andthus not included in the assessment. These includes actuality acceptable for and accepting assertive Governmentalreliefs currently actuality discussed by assorted Governments and adjourned cessation or abandonment of concessionpayments due to concessionaires.

Management has additionally commenced discussions with a cardinal of beforehand banks to appraise several options forthe Eurobond refinancing including but not bound to re-issuing a new Eurobond. With Anchorage Akdeniz actuality asignificant angel of the bond, the aftereffect of the Group’s absolute negotiations with a potentialbuyer of this anchorage may accept a absolute appulse on the adapted refinancing structure. A final decisionon the auction activity is accustomed in Q3 2020, afterwards which the Accumulation will accompany the best appropriaterefinancing structure.

So far because the date of these discussions, there is no adumbration that suggests that a refinancingcannot be acquired or an adapted lender would not be found. The appulse of COVID-19 has additionally beenconsidered in affiliation to the Eurobond refinancing. Noting that the refinancing is alone due by November2021, Administration does not currently apprehend any abrogating appulse on its axiological adeptness to securefinancing by that time and has performed the Activity Affair assay on this basis.

The Accumulation has abiding the adapted accounts for the beforehand requirements of GPH Antigua while forNassau Cruise Anchorage an antecedent arch costs adjustment of $50m has been agreed which will awning thefirst year’s requirements. (Note 13).

The Accumulation is not assured any cogent appulse on its operations from the UK accommodation to leave theEuropean Union.

The admiral accept advised the advice declared herein and accept a reasonable apprehension that theGroup and its subsidiaries accept able assets to abide in operational existence. Thus, theycontinue to accept the activity affair abject of accounting in advancing the circumscribed financialstatements.

2) Articulation reporting

a) Articles and casework from which reportable segments access their revenues…………………………………………………………………..

The Accumulation operates assorted cruise and bartering ports and all acquirement is generated from externalcustomers such as cruise liners, ferries, yachts, alone passengers, alembic ships and accumulated andgeneral burden ships.

b) Reportable segments………………….

Operating segments are authentic as apparatus of an activity for which detached banking advice isavailable that is evaluated consistently by the arch operating decision-maker, in arch how to allocateresources and assessing performance.

The Accumulation has articular two basal segments as bartering and cruise businesses. Beneath anniversary basal segment,Group had presented its operations on anchorage abject as an operating segment, as anniversary anchorage represents a set ofactivities which generates acquirement and the banking advice of anniversary anchorage is advised by the Group’s

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chief operating decision-maker in arch how to admeasure assets and appraise performance. Spanish Portsare aggregated due to the Group’s operational structure. The Group’s arch operating decision-maker is theChief Executive Officer (“CEO”), who reviews the administration belletrist of anniversary anchorage at atomic on a monthlybasis.

2) Articulation advertisement (continued)

b) Reportable segments (continued)

The CEO evaluates segmental achievement on the abject of balance afore interest, tax, abrasion andamortisation excluding the furnishings of specific adjusting assets and costs absolute activity expenses,bargain acquirement assets and reserves, lath affiliate abrogation fees, agent abortion payments, unallocatedexpenses, accounts income, accounts costs, and including the allotment of equity-accounted investments which isfully chip into GPH cruise anchorage arrangement (“Adjusted EBITDA” or “Segmental EBITDA”). Adapted EBITDAis advised by Accumulation administration to be the best adapted accumulation admeasurement for the assay of the segmentoperations because it excludes items which the Accumulation does not accede to represent the operating cashflows generated by basal business performance. The allotment of equity-accounted investees has beenincluded as it is advised to represent operating banknote flows generated by the Group’s operations thatare structured in this manner.

The Accumulation has the afterward operating segments beneath IFRS 8:

· BPI (“Creuers” or “Creuers (Barcelona and Málaga)”), VCP (“Valetta Cruise Port”), Ege Liman (“EgePorts-Kusadasi”), Bodrum Liman (“Bodrum Cruise Port”), Ortadogu Liman (Cruise anchorage operations), POH,Nassau Cruise Anchorage (“NCP”), Antigua Cruise Anchorage (“GPH Antigua”), Lisbon Cruise Terminals, SATS – CreuersCruise Casework Pte. Ltd. (“Singapore Port”), Venezia

Investimenti Srl. (“Venice Investment” or “Venice Cruise Port”) and La Spezia Cruise Facility Srl. (“LaSpezia”) which abatement beneath the Group’s cruise anchorage operations.

· Ortadogu Liman (Commercial anchorage operations) (“Port Akdeniz-Antalya”) and Anchorage of Adria (“Port ofAdria-Bar”) which both abatement beneath the Group’s bartering anchorage operations.

The Group’s reportable segments beneath IFRS 8 are BPI, VCP, Ege Liman, Nassau Cruise Port, Ortadogu Liman(Commercial anchorage operations) and Anchorage of Adria (Commercial anchorage operations).

Bodrum Cruise Port, Italian Ports, Ortadogu Liman (Cruise operations), Anchorage of Adria (Cruise Operations),and GPH Antigua, [that aloof started its operations at the end of 2019] are not beyond the quantitativethreshold, accept been included in Added Cruise Ports.

Global Depolama does not accomplish any revenues and appropriately is presented as unallocated to accommodate tothe circumscribed banking statements results.

Assets, acquirement and costs anon attributable to segments are appear beneath anniversary reportable segment.Any items which are not attributable to segments accept been appear as unallocated.

The Accumulation has initially activated IFRS 16 at 1 January 2019, appliance the adapted attendant approach.Under this approach, allusive advice is not restated (see Agenda 2). In adjustment to anniversary for theapplication of IFRS 16, administration has presented as abstracted reconciling items the appulse of IFRS 16 onsegmental and adapted EBITDA, articulation assets, articulation liabilities, depreciation, accounts costs.

As a result, the Accumulation recognised USD 82,381 thousand of right-of-use assets and USD 64,828 thousand ofliabilities from those charter contracts. These assets and liabilities are included in BPI, VCP, OtherCruise Ports, Ortadogu Liman and Anchorage of Adria segments as at 31 December 2019. The Accumulation recognisesdepreciation and absorption costs, instead of operating charter accumulated (see Agenda 2a). During the year ended31 December 2019, in affiliation to those leases, the Accumulation recognised USD 2,319 thousand of depreciationcharges and USD 2,385 thousand of added absorption costs from leases.

2 Articulation advertisement (continued)

b) Reportable segments (continued)

i) Articulation revenues, after-effects and adaptation to accumulation afore tax

The afterward is an assay of the Group’s revenue, after-effects and adaptation to accumulation afore tax byreportable segment:

Nassau OtherCruise CruisPort ePortsEge Absolute Ortadogu Anchorage TotalLim Cruis of Commean e Adri rcialaUSD ‘000 BPI VCP Liman Total31 December2019Revenue 31, 13, 6,5 2,492 8,855 63,04 47,486 7,35 54,83 117,8278 872 49 6 2 8 84Segmental 20, 8,0 4,5 1,808 9,478 44,36 37,369 1,70 39,07 83,44EBITDA 461 27 90 4 8 7 1- Segmental 19, 7,1 4,5 1,808 8,879 42,03 37,306 1,12 38,42 80,46EBITDA pre 564 94 90 5 0 6 1IFRS 16- IFRS 16 897 833 599 2,329 63 588 651 2,980impact onSegmentalEBITDAUnallocated (6,42expenses 6)Adjusted 77,01EBITDA 5- IFRS 16 appulse on Adapted EBITDA 224Reconciliationto profitbefore tax

(47,737)Depreciationandamortisationexpenses- IFRS 16 appulse on abrasion and acquittal (2,44expenses 1)Specific (8,39adjusting 1)items (*)Finance assets 8,082Finance costs (42,333)- IFRS 16 appulse on accounts costs (2,385)Profit afore assets tax (13,364)31 December2018Revenue 31, 13, 4,6 5,670 54,91 59,887 10,0 69,89 124,8577 017 50 4 11 8 12Segmental 19, 6,3 3,0 8,331 37,60 49,184 3,92 53,11 90,71EBITDA 793 99 84 7 8 2 9Unallocated (7,00expenses 5)Adjusted 83,71EBITDA 4Reconciliationto profitbefore taxDepreciation (44,6and 68)amortisationexpensesSpecific 2,482adjustingitems (*)Finance assets 27,955Finance costs (60,867)Profit afore 8,616income tax

(*) Amuse accredit to comment of another achievement measures (APM).

The Accumulation did not accept inter-segment revenues in any of the periods apparent above.

2 Articulation advertisement (continued)

b) Reportable segments (continued)

ii) Articulation assets and liabilities

The afterward is an assay of the Group’s assets and liabilities by reportable articulation for the yearsended:

Nassau Other

Ege Cruise Cruise Ortadogu Anchorage TotalLim Anchorage Ports of Commean Adri rcialaUSD ‘000 BPI VCP Absolute Liman TotalCruise31 December 2019

745,076Segment assets 151 117 46, 79,794 44,994 440,4 231,789 72,8 304,6,93 ,43 283 43 44 338 4- Right-of-use 11, 21, 39,123 72,52 49 7,91 7,966 80,48assets 770 627 0 7 6- Beforehand 2,1 2,139 2,139property 39Equity-accounted 26,637 26,63 26,63investees 7 7Unallocated 23,16assets 6- Right-of-use assets 637Total assets 794,879Segment 68, 60, 9,9 79,583 41,930 260,4 72,367 38,4 110,8 371,2liabilities 591 430 18 52 74 41 93

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– Charter 11, 25, 17,868 54,77 9,40 9,408 64,18liabilities 903 001 2 8 0recognized underIFRS 16Unallocated 268,3liabilities 23- Charter 648liabilitiesrecognized underIFRS 16Total 639,6liabilities 1631 December 2018Segment assets 152 96, 48, 12,789 310,0 220,984 67,6 288,6 598,6,34 756 117 03 72 56 591Equity-accounted 26,003 26,00 26,00investees 3 3Unallocated 63,32assets 3Total assets 687,985Segment 66, 35, 13, 7,048 122,1 56,969 29,7 86,69 208,8liabilities 652 248 202 50 25 4 44Unallocated 263,4liabilities 20Total 472,2liabilities 64

iii) Added articulation information

The afterward table accommodation added articulation advice for the years ended:

Nassau Other

Ege Cruise Cruise Absolute Ortadogu Anchorage TotalLim Anchorage Ports Cruis of Commean e Adria rcial

USD ‘000 BPI VCP Liman Unallocated Total31 December2019

(377) (47,737)Depreciation (11,6 (3,10 (2, (1,027 (3,705 (22,3 (21,832) (3,14 (24,9and 96) 2) 857 ) ) 87) 1) 73)amortisation )expenses- (738) (657) (438) (1,83 (68) (328) (396) (212) (2,44Depreciation 3) 1)of adapted ofuse assetsrecognisedunder IFRS

16Additions tonon-currentassets (*)- Basal 1,571 1,615 46 7,850 7,903 18,98 3,311 1,596 4,907 76 23,96expenditures 5 8Total 1,571 1,615 46 7,850 7,903 18,98 3,311 1,596 4,907 76 23,96additions to 5 8non-currentassets (*)31 December2018Depreciation (11,3 (2,59 (3, (3,359 (20,3 (21,342) (2,87 (24,2 (120) (44,6and 50) 5) 027 ) 31) 5) 17) 68)amortisation )expensesAdditions tonon-currentassets (*)- Basal 2,074 927 259 2,361 5,621 4,761 3,443 8,204 982 14,80expenditures 7- Added Absolute 2,074 927 259 2,361 5,621 4,761 3,443 8,204 982 14,80additions to 7non-currentassets (*)

(*) Non-current assets exclude those apropos to deferred tax assets and banking instruments (includingequity-accounted investees).

iv) Geographical information

The Anchorage operations of the Accumulation are managed on a common basis, but operational ports and managementoffices are primarily in Turkey, Montenegro, Malta, Spain, Bahamas, Antigua&Barbuda and Italy. Thegeographic advice beneath analyses the Group’s acquirement and non-current assets by countries. Inpresenting the afterward information, articulation acquirement has been based on the geographic breadth of portoperations and articulation non-current assets were based on the geographic breadth of the assets.

As at 31 December As at 31 December2019 2018

(USD ‘000) (USD ‘000)

Non-current assetsTurkey 222,615 243,224Spain 129,114 129,695Malta 115,467 94,703Montenegro 70,080 65,202Bahamas 69,213 Antigua & Barbuda 40,494 Italy 5,863 6,962UK 7,474 12,048Croatia 2,944 Unallocated 28,816 29,071692,080 580,905

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Non-current assets apropos to deferred tax assets and banking instruments (including equity-accountedinvestments) are presented as unallocated.

v) Advice about aloft customers

The Accumulation did not accept a distinct chump that accounted for added than 10% of the Group’s circumscribed netrevenues in any of the periods presented.

3 Revenue

For the years assured 31 December, acquirement comprised the following:

BPI VCP EP NC oth s Cruise Anchorage Anchorage of Commer ConsoliP er Akdeniz Adria cial dated(USD 201 2018 201 2018 201 2018 20 2018 201 2018 201 2018 201 2018 201 2018 20 2018 201 2018’000) 9 9 9 19 9 9 9 9 19 9Point intimeContainer 29, 37,1 5,0 5,36 34 42,5 34, 42,5revenue 259 58 90 0 ,3 18 349 1849Landing 26, 27,3 5,8 4,75 2,5 1,83 2, 4,5 3,14 42, 37,0 42, 37,0fees 829 56 52 4 85 8 45 81 4 297 92 297 920Port 1,7 1,74 1,0 1,16 2,0 1,46 18 570 746 5,4 5,11 9,9 12,1 229 282 10 12,4 15, 17,5service 33 2 93 3 71 8 85 9 80 46 ,2 28 694 47revenue 09Cargo 3,8 9,30 1,5 3,37 5, 12,6 5,4 12,6revenue 96 7 05 8 40 85 01 851Domestic 406 695 47 86 20 34 473 815 29 35 15 19 44 54 517 869watersalesIncome 4,0 4,03 4,0 4,03 4,0 4,03from assignment 01 0 01 0 01 0freeoperationsOther 351 384 436 733 264 24 1,0 454 2,5 1,15 3,6 589 33 3, 622 6,1 1,77revenue 70 62 4 36 63 98 66Over timeRental 1,9 1,78 2,5 2,63 1,1 994 996 713 6,6 6,12 686 653 513 938 1, 1,59 7,8 7,71income 59 4 42 4 13 10 5 19 1 09 69Habana 1,6 579 1,6 579 1,6 579Managemen 18 18 18t feeTotal 31, 31,5 13, 13,0 6,5 4,65 2, 8,8 5,67 63, 54,9 47, 59,8 7,3 10,0 54 69,8 117 124,278 77 872 17 49 0 49 55 0 046 14 486 88 52 10 ,8 98 ,88 8122 38 4

The afterward table provides advice about receivables, adjustment assets and adjustment liabilities fromcontracts with customers;

Year assured 31 Year assured 31December 2019 December 2018

(USD ‘000) (USD ‘000)

RevenueReceivables, which are 19,195 12,129included in ‘trade andother receivables’Contract assets 1,765 797Contract liabilities (967) (990)19,993 11,936

The adjustment assets primarily chronicle to the Group’s rights to appliance for assignment completed but notbilled at the advertisement date on Bartering casework provided to argosy and administration agreements. Thecontract assets are transferred to receivables aback the rights become unconditional. This occurs aback theGroup issues an balance to the customer.

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The adjustment liabilities primarily chronicle to the beforehand appliance accustomed from barter forservices not yet been provided. These amounts will be recognised as acquirement aback the casework has providedto barter and billed, which was based on the attributes of the business beneath than one anniversary period.

The accumulated of $654 thousand recognised in adjustment liabilities at the alpha of the aeon has beenrecognised as acquirement for the aeon assured 31 December 2019.

The accumulated of acquirement recognised in the aeon assured 31 December 2019 from achievement obligationssatisfied (or partially satisfied) in antecedent periods is $797 thousand. This is mainly due to the natureof operations.

No advice is provided about absolute achievement obligations at 31 December 2019 that accept anoriginal accustomed continuance of one year or less, as accustomed by IFRS 15.

4) Accumulated of sales

For the years assured 31 December, accumulated of sales comprised the following:

2019 2018

(USD ‘000) (USD ‘000)Depreciation and acquittal costs 45,587 41,655Personnel costs * 16,418 14,228Cost of inventories awash 2,884 2,453Commission fees to government authoritiesand administration expenses

2,289 3,716Security costs 3,168 2,627Repair and aliment costs 1,827 1,923Subcontractor lashing costs 1,074 1,403Subcontractor crane costs 930 1,305Replacement accouterment 673 677Other costs 5,034 7,536Total 79,884 77,523

* 6,003 thousand USD (2018: 4,058 thousand USD) of absolute cadre costs are accompanying to outsourcedpersonnel expenses.

5 Authoritative expenses

For the years assured 31 December, authoritative costs comprised the following:

2019 2018

(USD ‘000) (USD ‘000)Personnel costs 6,954 5,983Depreciation and acquittal costs 2,145 3,013Consultancy costs 2,651 2,191Representation and biking costs 570 826Other costs 3,185 3,980Total 15,505 15,993

6 Added assets and added expenses

For the years assured 31 December, added assets comprised the following:

2019 2018

USD’000 USD’000Reversal of backup for Spanish Ports (*) 12,210Foreign bill assets from operations 1,813 4,646Income from changeabout of denial tax (**) 1,095Insurance assets 587 615Gain on auction of anchored assets 17 145Other 1,084 1,017Total 3,501 19,728

(*) Changeabout of backup for Spanish Ports are accompanying to an acceptance change on provision.

(**) Assets from changeabout of denial tax is accompanying to abandoning of tax for broadcast dividendsto adopted entities.

For the years assured 31 December, added costs comprised the following:

2019 2018

USD’000 USD’000Project costs 5,146 9,594Foreign bill losses from operations 1,523Tax absolution costs 920Recovery from allowance 346 496Impairment losses on anniversary 262 106Provisions 1,203 34Other 1,623 1,161Total 8,580 13,834

7 Accounts assets and costs

For the years assured 31 December, accounts assets comprised the following:

2019 2018

Finance assets (USD ‘000) (USD ‘000)Other adopted barter assets 6,065 26,271Interest assets on accompanying parties 449Interest assets on banks and others 248 470Interest assets from apartment loans 3 33Interest assets from debt instruments 1,766 Added assets 732Total 8,082 27,955

The assets from banking instruments aural the class banking assets at amortized accumulated is USD 251thousand (31 December 2018: USD 952 thousand). Assets from banking instruments aural the class fairvalue through accumulation and accident is 1,814 thousand (31 December 2018: nil).

For the years assured 31 December, accounts costs comprised the following:

2019 2018

Finance costs (USD ‘000) (USD’000)Interest accumulated on loans and borrowings 26,077 25,005Foreign barter losses from Eurobond 5,222 17,552Foreign barter losses on loans and 3,956 1,321borrowingsInterest accumulated on leases 2,434 192Other adopted barter losses * 2,584 15,371Loan agency costs 1,097 103Unwinding of accoutrement during the year 355 303Letter of acceding agency costs 215 158Other absorption costs 235 17Other costs 158 845Total 42,333 60,867

* Anchorage Akdeniz, Ege Ports and Bodrum Cruise Anchorage accept anatomic bill of USD while their books arerequired to be kept as per Turkish Companies Law “VUK 213” commodity 215 in TL. All disinterestedness affairs aremade in TL and transaction incurred during the year are actuality translated to USD consistent to foreignexchange differences on the accumulation or accident account.

The absorption accumulated for banking liabilities not classified as fair accumulated through accumulation or accident is28,355 thousand (31 December 2018: USD 25,325 thousand).

8 Acreage and equipment

Movements of acreage and accessories for the year assured 31 December 2019 comprised the following:

USD ‘000Currencytranslationdifferences

31December

Cost 1 Additions Disposals TransfersJanuar 2019y2019Leasehold 122 2,597 (2) 4,431 (1,587) 127,improvements ,48 9212Machinery 55, 1,147 (30) 227 (423) 56,0and 159 80equipmentMotor 17, 126 (6) (82) 17,8vehicles 858 96Furniture 9,6 1,931 (18) (242) 11,3and accessories 66 37Construction 4,3 9,987 (4,658) 42 9,75in beforehand 88 9Land 67 25 92improvementTotal 209 15,813 (56) (2,292) 223,,62 0850

Currencytranslation

Accumulated 1 Abrasion Disposals Transfers 31depreciation Jan differences Deceuar mbery201 expense92019Leasehold 33, 6,022 (170) 39,4improvements 586 38Machinery 30, 4,385 (31) (6) (104) 34,5and 326 70equipmentMotor 10, 1,386 6 (2) 11,4vehicles 041 31Furniture 6,2 859 (6) (38) 7,09and accessories 78 3Land 38 4 42improvementTotal 80, 12,656 (37) (314) 92,5269 74Net book 129 130,value ,35 5111

8 Acreage and accessories (continued)

Movements of acreage and accessories for the year assured 31 December 2018 comprised the following:

USD ‘000Currencytranslationdifferences

31December

Cost 1 Additions Disposals Transfers

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Januar 2018y2018Leasehold 121 2,358 (62) 2,955 (4,459) 122,improvements ,69 4820Machinery 53, 2,925 (167) 22 (848) 55,1and 227 59equipmentMotor 18, 111 (327) 4 (523) 17,8vehicles 593 58Furniture 9,2 932 (1) 71 (602) 9,66and accessories 66 6Construction 1,5 5,570 (2,709) (69) 4,38in beforehand 96 8Land 151 (81) (3) 67improvementTotal 204 11,896 (557) 262 (6,504) 209,,52 6203

Currencytranslation

Accumulated 1 Abrasion Disposals Transfers 31depreciation Jan differences Deceuar mbery201 expense82018Leasehold 28, 5,657 922 (1,073) 33,5improvements 080 86Machinery 26, 4,208 (158) 250 (215) 30,3and 241 26equipmentMotor 9,1 1,485 (328) (257) 10,0vehicles 41 41Furniture 5,4 1,012 (1) (1) (185) 6,27and accessories 53 8Land 944 5 (909) (2) 38improvementTotal 69, 12,367 (487) 262 (1,732) 80,2859 69Net book 134 129,value ,66 3514

Global Ports Captivation PLC and its Subsidiaries*********************************************

Notes to the circumscribed banking statements (continued)

8) Acreage and accessories (continued)

As at 31 December 2019, the net book accumulated of accouterment and accessories purchased through leasing amounts toUSD 1,511 thousand (31 December 2018: USD 1,689 thousand), the net book accumulated of motor cartage purchasedthrough leasing amounts to USD 6,810 thousand (31 December 2018: USD 7,991 thousand), and the net bookvalue of appliance and accessories purchased through leasing amounts to USD 7 thousand (31 December 2018: USD45 thousand). In 2019, no basal accumulated was fabricated through accounts leases (31 December 2018: nil).

As at 31 December 2019 and 2018, according to the “TOORA” and “BOT” breakable agreements active with therelated Authorities, at the end of the acceding periods, absolute acreage with their basal improvements willbe alternate as running, clean, chargeless of any accountability and chargeless of charge.

For the years assured 31 December 2019 and 2018, there are no borrowing costs capitalised into acreage andequipment.

As at 31 December 2019, the insured accumulated of acreage and accessories amounts to USD 295,721 thousand (31December 2018: USD 326,671 thousand).

9 Abstract assets

Movements of abstract assets for the year assured 31 December 2019 comprised the following:

USD ‘000Currencytranslationdifferences

1 31Janu Deceary mber

Cost Additions Disposals Transfers

2019 2019Port 605, 70,028 (393) (6,174) 668,operation 115 576

rightsCustomer 3,93 3,937 7

relationshipsSoftware 1,26 88 (13) 1,348 3Other 713 58 (65) 706intangiblesTotal 611, 70,174 (393) (6,252) 674,033 562

Accumulated Currencyamortisation translation

1 Amortisation Disposals Transfers 31Janu differences Deceary mber

expense

2019 2019Port 214, 32,012 (79) 7 (1,245) 244,operation 227 922

rightsCustomer 3,36 328 3,69relationships 5 3Software 646 156 (5) 797Other 434 144 (7) (39) 532intangiblesTotal 218, 32,640 (79) (1,289) 249,672 944Net book 392, 424,value 361 618

Movements of abstract assets for the year assured 31 December 2018 comprised the following:

USD ‘000Currencytranslation

1 31Janu differences Deceary mber

Cost Additions Disposals Transfers

2018 2018Port 616, 2,068 (23) (13,341) 605,operation 411 115

rightsCustomer 4,11 (176) 3,93relationships 3 7Software 1,15 140 (3) (24) 1,265 8Other 889 703 (879) 713intangiblesTotal 622, 2,911 (26) (14,420) 611,568 033

Currency

Accumulated 1 Amortisation Disposals Transfers adaptation 31amortisation Janu differences Deceary mber

expense

2018 2018Port 185, 31,648 (2,873) 214,operation 452 227

rightsCustomer 3,17 337 (145) 3,363 5

relationshipsSoftware 492 164 (3) (7) 646Other 376 152 (94) 434intangiblesTotal 189, 32,301 (3) (3,119) 218,493 672Net book 433, 392,value 075 361

The accommodation of Anchorage operation rights for the years assured 31 December 2019 and 2018 are as follows:

As at 31 December 2019 As at 31 December 2018Remaining RemainingAmortisati Amortisationon Aeon Period

Carrying Accustomed AmountAmount

USD ‘000Creuers del 100,336 126 months 112,652 138 monthsPort deBarcelonaCruceros 11,400 152 months 12,300 164 monthsMalagaValletta 61,299 563 months 64,072 575 monthsCruise PortPort of 19,623 288 months 20,919 300 monthsAdriaPort 144,198 104 months 160,798 116 monthsAkdenizEge Ports 11,240 159 months 12,079 171 monthsBodrum 2,657 579 months 2,446 591 monthsCruise PortNassau 68,488 332 months Cruise PortCagliari 2,201 84 months 2,889 96 monthsCruise PortCatania 2,173 96 months 2,514 108 monthsCruise PortRavenna 39 12 months 220 24 monthsCruise Port

All anchorage operating rights accept arisen as a aftereffect of IFRS 3 Business combinations, except Barcelona PortInvestments, Ravenna Cruise Port, Catania Cruise Anchorage and Nassau Cruise Port, which arose as a aftereffect ofapplying IFRIC 12. Anniversary anchorage represent a abstracted CGU as per IAS 36.

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Port operating rights of Nassau accept been created by discounted banknote outflows of anchored payments accompanying tothe approaching acknowledgment fees payable to the government and approaching payments to bounded alignment (insubstance payments to access the rights) in accordance with the acknowledgment agreement. The abatement rateused is a risk-adjusted accumulated that matches the continuance of acknowledgment appellation and bill of the banknote flows.As these payments are contractually agreed, an agnate abiding banking accountability of USD 48,083thousand, abbreviate appellation banking accountability of USD 4,079 thousand has been created

Project costs anon attributable to the conception of the anchorage adapted of USD 7,125 accept additionally beencapitalized as allotment of the anchorage operating rights.

Recoverability of abstract assets

The recoverable accumulated of the CGU apropos to the Anchorage Akdeniz was based on its accumulated in use, determinedby discounting the estimated approaching banknote flows to be generated from the continuing use of the CGU. Thecarrying accumulated of the CGU was bent to be lower than its recoverable accumulated of USD 226 actor andno crime accident during 2019 (2018: nil) was recognised.

The key assumptions are the accustomed beforehand accumulated in alembic accumulated of the anchorage and the abatement rateused. Banknote flows acclimated to anniversary value-in-use are able in USD. A post-tax abatement accumulated of 11.24%was acclimated for discounting approaching banknote flows to the advertisement date. The beforehand in alembic operations wasforecasted at 2.2% boilerplate per annum until end of concession. Accustomed Burden has been afflicted to recoverback to 2017 levels in 2023 and no beforehand has been forecasted for the absolute activity of concession. 9years of banknote flows were included instead of 5 years added terminal accumulated as the activity of the rightsdetermined in the acknowledgment agreement. The beforehand is forecasted based on the actual information,management ability on the business and affairs fabricated with barter for 2020. Approaching beforehand expectationsforecasted based on the boilerplate beforehand accumulated apprehension of containerized articles and Country growthforecast fabricated by Apple Bank.

The banknote breeze archetypal is complete on a post-tax abject and the abatement accumulated acclimated is post-tax. Anequivalent pre-tax abatement accumulated would be 14.8%.

The estimated recoverable accumulated of the CGU exceeded its accustomed accumulated by about USD 55.1m.Management has not articular any analytic accessible change in the cardinal of alembic burden or thediscount accumulated that could anniversary the accustomed accumulated to beat the recoverable amount.

The low achievement in Anchorage of Adria is accompanying to non-recurring project-based revenues in 2018 which wassubsequently discontinued in aboriginal 2019. Aback these revenues are actuality excluded, accumulated operations showed abetter bold year compared to aftermost year.

10 Equity-accounted investments

The attributes of the operations and the locations of the equity-accounted investees of the Aggregation are listedbelow:

Equity-accounted investees Locations OperationsLCT – Lisbon Cruise Terminals, LDA Portugal Anchorage operationsSATS – Creuers Cruise Casework Pte. Singapore Anchorage operationsLtd. (“Singapore Port”)Venezia Investimenti Srl. (“Venice Italy Anchorage investmentsInvestment”)Goulette Cruise Captivation (“Goulette”) UK Anchorage investmentsLa Spezia Cruise Facility Srl. (“La Italy Anchorage operationsSpezia”)

Lisbon Cruise Terminals

The Accumulation has entered into the acknowledgment acceding of Lisbon Cruise Anchorage aural the framework of apublic-service acknowledgment on 18 July 2014 as a allotment of the bunch absolute All-around Liman, RCCL,Creuers and Accumulation Sousa

– Investimentos SGPS, LDA. The operation adapted of Lisbon Cruise Anchorage has been transferred by the PortAuthority of Lisbon to LCT-Lisbon Cruise Terminals, LDA, which was accustomed by the Bunch on 26August 2014. The Accumulation has a 46.2% able absorption in Lisbon Cruise Terminals as at 31 December 2019,hence the Accumulation can alone accredit a boyhood of Admiral to the Lath and appropriately does not accept controlover the Entity. Lisbon Cruise Terminals has been recognised as an equity-accounted investee in theconsolidated banking address as at and for the years assured 31 December 2019 and 2018.

Singapore Port

Barcelona Anchorage Investments, S.L (“BPI”) was accustomed as a aggregate adventure amid the Accumulation and RoyalCaribbean Cruises Ltd. (“RCCL”) on 26 July 2013 for the purpose of accepting Creuers. All-around Liman has 62%ownership in BPI. Creuers holds a 100% absorption in the anchorage operation rights for the Barcelona cruiseport, as able-bodied as an 80% absorption in the anchorage operation rights for the Malaga cruise anchorage and a 40%interest in the anchorage operation rights for the Singapore cruise port. The commodity has a budgetary year startingfrom 1 April and catastrophe on 31 March. The entity’s banking after-effects are accumbent to the Group’s budgetary yearto anniversary for beneath the ambit of IAS 28. The able absorption captivated on Singapore cruise anchorage is 24.8%.Singapore has been recognised as an equity-accounted investee in the circumscribed banking address as atand for the years assured 31 December 2019 and 2018.

Venice Investment

Venezia Investimenti Srl is an all-embracing bunch formed for beforehand in Venezia Terminal PassegeriS.p.A (“VTP”). The all-embracing bunch formed as a aggregate adventure by GPH, Costa Crociere SpA, MSCCruises SA and Royal Caribbean Cruises Ltd anniversary accepting a 25% allotment of the Company.

Goulette Cruise Holding

Goulette Cruise Captivation is a aggregate adventure accustomed 50%-50% amid the Aggregation and MSC Cruises S.A.(“MSC”), to access La Goulette Shipping Cruise, which operates the cruise terminal in La Goulette,Tunisia. The Aggregation fabricated a allotment basal accession for its 50% shareholding amounting to &euro55thousand and issued a accommodation of $6m in December 2019 to armamentarium the accretion of La Goulette Shipping Cruiseproportionately to its share. The aggregate adventure acquired the shares in La Goulette Shipping Cruise on 26December 2019.

La Spezia

GPH purchased a boyhood absorption of 28.5% through POH in La Spezia Cruise Facility Srl, which has theoperating rights of La Spezia Cruise Port, Italy.

For the year assured 31 December 2019……………………………..

At 31 December 2019, La Spezia, Venezia Investimenti, Lisbon Cruise Terminals and Singapore Anchorage areequity- accounted investees in which the Accumulation participates.

The afterward table summarises the banking advice of La Spezia, Goulette Cruise Holding, VeneziaInvestimenti, Lisbon Cruise Terminals and Singapore Anchorage as included in the circumscribed financialstatements as at 31 December 2019. The table additionally reconciles the summarised banking advice to thecarrying accumulated of the Group’s absorption in Lisbon Cruise Terminals and Singapore Port.

Goulette Venezia LisbonCruise Investi CruiseHolding menti Terminals(USD’00La 0) SingaporeSpezia(USD’00 (USD’000) (USD’000)0)Port(USD’000)Percentage 30.00% 50.00% 25.00% 50.00% 40.00%ownershipinterestNon-current 13,536 34,274 29,465 7,141assetsCurrent 24 246 5,020 6,484 19,272assetsNon-current (13,659) (13,569) (2,846)liabilitiesCurrent (37) (3,476) (5,312)liabilitiesNet assets 24 123 39,257 18,904 18,255(100%)Group’s allotment 7 62 9,814 9,452 7,302of net assetsCarrying 7 62 9,814 9,452 7,302amount ofinterest inequity-accountedinvesteesRevenue 3,053 7,832 28,490Expenses (925) (6,340) (17,735)Profit and 2,128 1,492 10,755totalcomprehensiveincome for

the year(100%)Group’s allotment 532 746 4,302of accumulation andtotal

comprehensiveincome

As at 31 December 2019, the amounts in the aloft table accommodate the following:

Goulette Venezia LisbonCruise Investime CruiseHolding nti Terminals(USD’000)Singapore

(USD’000) (USD’000)

USD ‘000 La Anchorage (USDSpez 000)ia(USD’000)Cash and banknote 24 246 5,000 3,193 2,763equivalentsNon-current 13,659 (13,569) (2,403)financialliabilities(excluding

trade andotherpayables andprovisions)Current (934) (337)financialliabilities(excluding

trade andotherpayables andprovisions)Interest 74incomeDepreciation (2) (1,260) (1,885)andamortisationInterest (456) expenseIncome tax (444) (2,615)expense

For the year assured 31 December 2019, the Group’s allotment of accumulation and absolute absolute assets is set outbelow:

Net profit

(USD ‘000)Venezia Investimenti 532Lisbon Cruise Terminals 746Singapore Anchorage 4,302Group’s allotment of accumulation and absolute absolute assets 5,580

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For the year assured 31 December 2018……………………………..

At 31 December 2018, La Spezia, Venezia Investimenti, Lisbon Cruise Terminals and Singapore Anchorage areequity- accounted investees in which the Accumulation participates.

The afterward table summarises the banking advice of La Spezia, Venezia Investimenti, Lisbon CruiseTerminals and Singapore Anchorage as included in the circumscribed banking statements as at 31 December 2018.The table additionally reconciles the summarised banking advice to the accustomed accumulated of the Group’sinterest in Lisbon Cruise Terminals and Singapore Port.

Venezia LisbonInvestimen Cruiseti (USD Terminal’000) sLa Spezia (USD ‘000) Singapore

(USD’000) Anchorage (USD’000)Percentage 30.00% 25.00% 50.00% 40.00%ownership interestNon-current assets 35,082 30,307 3,370Current assets 134 2,967 5,990 21,858Non-current (14,843) liabilitiesCurrent liabilities 51 (3,487) (6,591)Net assets (100%) 134 38,100 17,967 18,637Group’s allotment of 40 9,525 8,983 7,455net assetsCarrying accumulated ofinterest inequity-accountedinvestees40 9,525 8,983 7,455Revenue 808 6,255 28,743Expenses (106) (4,800) (16,924)Profit and totalcomprehensiveincome for the year

702 1,455 11,819

(100%)Group’s allotment ofprofit and totalcomprehensiveincome176 728 4,727

As at 31 December 2018, the amounts in the aloft table accommodate the following:

Venezia LisbonInvestiment Cruisei (USD Terminals’000)La Spezia Singapore

(USD ‘000)

USD ‘000 (USD Anchorage (USD’000) ‘000)Cash and banknote 134 2,899 1,807 8,380equivalentsNon-current (14,843) financialliabilities(excluding trade

and otherpayables andprovisions)Current (874) financialliabilities(excluding tradeand

other payablesand provisions)Interest assets (40)Depreciation and (2) (1,253) (806)amortisationInterest accumulated (490) Absorption tax (437) (2,363)expense

For the year assured 31 December 2018, the Group’s allotment of accumulation and absolute absolute assets is set outbelow:

Net profit

(USD ‘000)Venezia Investimenti 176Lisbon Cruise Terminals 728Singapore Anchorage 4,727Group’s allotment of accumulation and absolute absolute assets 5,631

11 Banknote and banknote equivalents

As at 31 December, banknote and banknote equivalents comprised the following:

2019 2018

(USD ‘000) (USD ‘000)Cash on duke 132 63Cash at banks 63,601 79,766- Address deposits 39,288 52,548- Time deposits 17,815 27,218- Overnight deposits 6,498 Added banknote and banknote equivalents 47Cash and banknote equivalents 63,780 79,829

As at 31 December, maturities of time deposits comprised the following:

2019 2018

(USD ‘000) (USD ‘000)Up to 1 ages 23,248 26,7501-3 months 1,065 468Total 24,313 27,218

As at 31 December, the ranges of absorption ante for time deposits are as follows:

2019 2018Interest accumulated for time deposit-TL (highest) 9.0% 21.5%Interest accumulated for time deposit-TL (lowest) 8.0% 19.75%Interest accumulated for time deposit-USD (highest) 1.9% 3.17%Interest accumulated for time deposit-USD (lowest) 1.3% 1.5%Interest accumulated for time deposit-EUR (highest) 0.01% N/AInterest accumulated for time deposit-EUR (lowest) 0.15% N/A

As at 31 December 2019, banknote at coffer captivated at BPI, Anchorage Akdeniz, Ege and Anchorage of Adria amounting to USD5,672 thousand (31 December 2018: USD 7,475 thousand) is belted due to the coffer accommodation guarantees andsubscription guarantees (Note 13). Coffer accommodation guarantees were accustomed for the afterward period’s absorption andprincipal payment, and can be acclimated aback requested for beforehand purposes.

The Group’s acknowledgment to absorption accumulated accident and acuteness assay for banking assets and liabilitiesis appear in Agenda 31 of the Anniversary address and banking statements.

12 Basal and reserves

a) Allotment capital…………….

The Company’s shares are accustomed voting shares. There are no best rights absorbed to any sharesof the Company.

The accommodation of paid up allotment basal as of 31 December are as follows:

Number of Allotment Share

shares basal Premium’000 USD’000 USD’000Balance at 1 January 2018 62,827 811 Antithesis at 31 December 2018 62,827 811 Antithesis at 31 December 2019 62,827 811

b) Attributes and purpose of reserves……………………………

i) Adaptation reserves

The adaptation affluence amounting to USD 213,715 thousand (31 December 2018: USD 197,247 thousand) arerecognised as a abstracted anniversary beneath disinterestedness and comprises adopted barter differences arising from thetranslation of the circumscribed banking statements of subsidiaries and equity-accounted investees fromtheir anatomic currencies (of Euro and TL) to the presentation currency, USD.

ii) Acknowledged reserves

Under the Turkish Bartering Code, Turkish companies are adapted to set abreast aboriginal and added levellegal affluence out of their profits. Aboriginal akin acknowledged affluence are set abreast as up to 5% of thedistributable assets per the accustomed accounts anniversary year. The beam of the aboriginal akin affluence is 20%of the paid-up allotment capital. The affirmation to set abreast ends aback the 20% of the paid-up basal levelhas been reached. Added akin acknowledged affluence accord to 10% of accumulation broadcast afterwards the deductionof the aboriginal acknowledged affluence and the minimum binding allotment pay-out, but captivation companies are notsubject to this regulation. There is no beam for added akin acknowledged affluence and they are accumulatedevery year. Aboriginal and added akin acknowledged affluence cannot be broadcast until they beat 50% of thecapital, but the affluence can be acclimated for offsetting the losses in case chargeless affluence are unavailable. Asat 31 December 2019, the acknowledged affluence of the Accumulation amounted to USD 13,144 (31 December 2018: USD 13,030thousand).

iii) Ambiguity affluence Net beforehand hedge

In the year assured 31 December 2019, the Aggregation has acclimated its US Dollar Eurobond costs in a netinvestment barrier of the US Dollar net assets of Anchorage Akdeniz, Ege Anchorage and Bodrum Cruise Anchorage (31 December2018: the Aggregation has acclimated its US Dollar Eurobond costs in a net beforehand barrier of the US Dollar netasset of Anchorage Akdeniz). Starting from 1 January 2019, Ege Anchorage and Bodrum Cruise Anchorage were added to the USDollar denominated assets with the change in their anatomic bill as declared in Agenda 3(g) of theAnnual address and banking statements. A adopted barter accident recognised in added absolute incomeas a aftereffect of net beforehand ambiguity was USD 24,725 thousand (2018: accident USD 59,630 thousand).

Cash breeze hedge

The Accumulation entered into an absorption accumulated bandy in adjustment to barrier its position adjoin changes in interestrates. The able allocation of the banknote breeze barrier that was recognised in added absolute assets wasUSD 335 thousand accident (31 December 2018, USD 155 thousand loss). The accumulated that was reclassified fromequity to accumulation and accident aural the banknote breeze hedges – able allocation of changes in fair accumulated lineitem for the year was USD 246 thousand (31 December 2018, USD 216 thousand) accustomed at financialexpenses on accumulation and accident statement.

The barrier apparatus payments will be fabricated in the periods apparent below, at which time the accumulated deferredin disinterestedness will be reclassified to accumulation and loss:

More than 3 5 years orless3 months months but but added Added thanless thanor beneath than 1 year 1 year 5 years(USD (USD ‘000) (USD ‘000) (USD ‘000)’000)Net banknote outflowsexposureLiabilities 220 265 At 31 December 220 265 2019Net banknote outflowsexposureLiabilities 235 431 At 31 December 235 431 2018

b) Attributes and purpose of affluence (continued)

iv) Alliance reserves

On 17 May 2017, All-around Ports Captivation PLC was listed on the Accustomed Listing articulation of the Official List

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and trading on the Basal Bazaar of the London Stock Exchange. As allotment of a restructuring accompanying theInitial Accessible Alms (“IPO”) of the Accumulation on 17 May 2017, All-around Ports Captivation PLC replaced GlobalLiman Isletmeleri

A.S. as the Group’s ancestor aggregation by way of a Allotment barter agreement. Beneath IFRS 3 this has beenaccounted for as a Accumulation about-face beneath alliance accounting. These circumscribed banking statementshave been able as a assiduity of the absolute Group. Alliance accounting attempt for thiscombination accept accustomed acceleration to a alliance assets of $225m. This has been transferred from the mergerreserve to retained balance consecutive to the allotment basal reduction, as it does not accept any featuresdistinct from retained earnings.

c) Dividends…………

Dividend administration declarations are fabricated by the Aggregation in GBP and paid in USD in accordance with itsarticles of association, afterwards deducting taxes and ambience abreast the acknowledged affluence as discussed above.

GPH PLC proposed and paid a 2019 acting allotment of GBP 0.155 per allotment to its shareholders, giving adistribution of GBP 9,738 thousand (USD 12,580 thousand).

GPH PLC declared 2018 final allotment of GBP 0.212 per allotment to its shareholders on 24 May 2019 and paid on5 July 2019, giving a administration of GBP 13,319 thousand (USD 16,645 thousand).

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The absolute assets in anniversary of the year assured 31 December 2019 were USD 29,225 thousand.

GPH PLC declared on 13 August 2018 and paid on 26 October 2018, a 2018 acting allotment of GBP 0.215 pershare to its shareholders, giving a administration of GBP 13,571 thousand (USD 17,710 thousand).

GPH PLC declared 2017 final allotment of GBP 0.201 per allotment to its shareholders on 12 March 2018 and paidon 9 May 2018, giving a administration of GBP 12,628 thousand (USD 17,132 thousand).

The absolute assets in anniversary of the year assured 31 December 2018 were USD 34,843 thousand

Dividends to non-controlling interests totalled USD 6,366 in 2019 (2018: 3,797) and comprised adistribution of USD 2,550 thousand (2018: USD 1,320 thousand) fabricated to added shareholders by VallettaCruise Anchorage and USD 1,264 paid in cash, a administration of USD 65 thousand (2018: none) fabricated to othershareholders by Cagliari Cruise Anchorage no banknote settlement, and a administration of USD 3,751 thousand (2018:USD 2,477) fabricated to added shareholders by Barcelona Anchorage Investments absolutely paid in cash.

Events afterwards the advertisement period

The Lath of the Aggregation has absitively to briefly append the allotment for abounding year 2019, until thesituation accompanying to beforehand of Covid-19 (“coronavirus”) becomes clearer.

13 Loans and borrowings

As at 31 December, loans and borrowings comprised the following:

2019 2018

Current loans and borrowings (USD ‘000) (USD ‘000)Current allocation of Eurobond issued 18,554 18,558Current coffer loans 12,497 12,031- TL 3,632 – Added currencies 8,865 12,031Current allocation of abiding coffer loans 29,899 16,853- TL 822 575- Added currencies 29,077 16,278Lease obligations 1,741 1,313Finance leases 622 1,313Lease obligations accustomed beneath IFRS 16 1,119 Absolute 62,691 48,755

As at 31 December, the ability contour of abiding coffer loans comprised the following:

2019 2018

Year (USD ‘000) (USD ‘000)Between 1-2 years 270,997 34,122Between 2-3 years 11,463 225,086Between 3-4 years 9,130 11,259Over 4 years 35,002 27,237Total 326,592 297,704

As at 31 December, the ability contour of charter obligations comprised the following:

USD ‘000 2019 2018Present Presentvalue of accumulated ofminimum minimum

Future Futureminimum minimumlease leasepayments payments

lease leasepayments payments

Interest InterestLess than 3,646 (1,905) 1,741 1,382 (69) 1,313one yearBetween 142,638 (78,931) 63,707 637 (45) 592one andfiveyearsTotal 146,284 (80,836) 65,448 2,019 (114) 1,905

As at 31 December 2019Loans and Aggregation Bill Ability Absorption Absorption Arch Carryingborrowing name blazon accumulated % ethics typeLoans acclimated to accounts investments and projectsUnsecured All-around USD 2021 Anchored 8.13 250,000 250,989Eurobonds Liman(i)Secured Barcelona EUR 2023 Floating Euribor 18,224 17,857Loan (ii) Anchorage 4.00InvestmentsSecured Malaga EUR 2025 Floating Euribor 4,467 4,437Loan Cruise 3m (iii) Anchorage 1.75Secured Valetta EUR 2026 Floating Euribor 10,295 9,162Loan (iv) Cruise 2.80PortSecured All-around BV EUR 2020 Floating Euribor 5,430 5,441Loan (v) 4.60Secured Cagliari EUR 2026 Anchored 2.20 – 564 564Loan Cruise 6.20PortSecured Bodrum TL 2020 Anchored 17.0 – 513 594Loan Cruise 27.5PortSecured Anchorage of EUR 2025 Floating Euribor 22,392 22,551Loan (vi) Adria 4.25Secured Anchorage of EUR 2019 Anchored 3.85 840 842Loan AdriaSecured Ortadogu TL 2020 Anchored 14.50 339 339Loan LimanSecured Ortadogu USD 2020 Anchored 3.60 – 1,401 1,401Loan Liman 6.60Secured Ortadogu EUR 2020 Anchored 3.40 – 533 535Loan Liman 6.00Secured Barcelona EUR 2024 Floating EURIBOR 2,686 2,651Loan Cruise 4.00PortSecured Nassau USD 2021 Anchored 4.5 16,000 16,000Loan (ix) CruisePortSecured Antigua USD 2026 Floating LIBOR 16,104 15,197Loan (x) Cruise 5,75Port349,788 348,560Loansused tofinanceworkingcapitalUnsecured All-around TL 2020 Anchored 26.34 2,694 2,701Loan LimanUnsecured Ege Liman USD 2020 Anchored 4.95 1,500 1,511LoanUnsecured Ege Liman EUR 2020 Anchored 3.54 2,377 2,437LoanUnsecured Ege Liman TL 2020 – Anchored 15.84 – 534 509Loan 2021 30.6Secured Ortadogu EUR 2020 Anchored 3.80 – 20,849 21,025Loan Liman 8.75Secured Ortadogu USD 2020 Anchored 3.80 – 10,289 10,478Loan Liman 8.75Secured Ortadogu TL 2020 Anchored 26 320 321Loan Liman38,563 38,982FinanceleaseobligationsLeasing Ortadogu USD 2020 Anchored 7.35 186 186(vii) LimanLeasing Cagliari EUR 2021 Anchored 1.96 45 44CruisePortLeasing Ege Liman USD 2020 Anchored 7.75 1 1Leasing Ege Liman EUR 2020 Anchored 5.5 385 385(viii)Leasing All-around GBP 2022 Anchored 3.5 690 648Ports PLCLeasing Barcelona EUR 2020 Floating 3.9 3 4CruisePortLeasing Barcelona EUR 2030 Floating 4.0 2,424 2,424CruisePortLeasing Malaga EUR 2036 Floating 4.0 9,478 9,479CruisePortLeasing Valetta EUR 2066 Floating 4.27 25,386 25,001CruisePortLeasing Bodrum TL 2067 Anchored 8.3 2,441 2,474CruisePortLeasing Anchorage of EUR 2043 Floating 3.85 14,115 9,408AdriaLeasing Zadar HRK 2038 Anchored 9.35 2,993 2,994Leasing Cagliari EUR 2026 Anchored 4.5 328 328CruisePortLeasing Antigua USD 2048 Floating 7.65 12,072 12,072CruisePort70,547 65,448452,990

As at 31 December 2018Loans and Aggregation Bill Ability Absorption Absorption Arch Carryingborrowing name blazon accumulated % ethics typeLoans acclimated to accounts investments and projectsUnsecured All-around USD 2021 Anchored 8.13 250,000 250,224Eurobonds Liman(i)Secured Barcelona EUR 2023 Floating Euribor 22,873 22,333

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Loan (ii) Anchorage 4.00InvestmentsSecured Malaga EUR 2025 Floating Euribor 5,374 5,337Loan Cruise 3m (iii) Anchorage 1.75Secured Valetta EUR 2029 Floating Euribor 9,644 8,832Loan (iv) Cruise 3.00PortSecured All-around BV EUR 2020 Floating Euribor 11,172 11,176Loan (v) 4.60Secured Cagliari EUR 2026 Anchored 2.20 – 635 595Loan Cruise 6.20PortSecured Anchorage of EUR 2025 Floating Euribor 21,556 21,707Loan (vi) Adria 4.25Secured Ortadogu USD 2020 Anchored 3.60 – 699 700Loan Liman 6.60Secured Ortadogu EUR 2019 Anchored 3.40 – 572 575Loan Liman 6.00322,525 321,479Loansused tofinanceworkingcapitalUnsecured Ege Liman USD 2019 Anchored 6.50 330 347LoanUnsecured Ege Liman EUR 2020 Anchored 3.54 4,778 4,897LoanUnsecured Ege Liman TL 2020 Anchored 15.84 241 244LoanUnsecured Ege Liman TL 2019 Anchored 18.50 222 219LoanSecured Ege Liman TL 2020 Anchored 17.76 112 112LoanSecured Ortadogu EUR 2019 Anchored 3.80 – 14,876 15,136Loan Liman 8.75Secured Barcelona EUR 2024 Floating Euribor 2,749 2,712Loan Cruise 4.00Port23,308 23,667FinanceleaseobligationsLeasing Ortadogu USD 2020 Anchored 7.35 533 533(vii) LimanLeasing Cagliari EUR 2021 Anchored 1.96 63 64CruisePortLeasing Ege Liman EUR 2020 Anchored 7.75 1,133 1,133(viiii)Leasing Ege Liman USD 2020 Anchored 8.60 149 1751,878 1,905347,051

Detailed advice apropos to cogent loans undertaken by the Accumulation is as follows:

i) The sales activity of the Eurobond issuances amounting to USD 250 actor with 7 years of maturity,and 8.125% advertisement accumulated based on 8.250% reoffer crop was completed on 14 November 2014. Advertisement repaymentwas fabricated semi-annually. The bonds are now quoted on the Irish Stock Exchange.

Eurobonds accommodate the afterward key covenants:

· If a acknowledgment abortion accident occurs at any time, All-around Liman (the “Issuer”) allegation activity torepurchase all of the addendum pursuant to the acceding set alternating in the acknowledgment (a “Concession TerminationEvent Offer”). In the Acknowledgment Abortion Accident Offer, the Issuer will activity a “ConcessionTermination Accident Payment” in banknote according to 100% of the accumulated arch accumulated of addendum repurchased,in accession to accrued and contributed absorption and added amounts, if any, on the addendum repurchased, tothe date of acquirement (the “Concession Abortion Accident Acquittal Date”), accountable to the rights of holdersof addendum on the accordant almanac date to accept absorption due on the accordant absorption acquittal date.

· According to the Eurobond issued by All-around Liman, the circumscribed advantage adjustment may not beat 5.0to 1 (incurrence covenant). The circumscribed advantage adjustment as authentic in the Eurobond includes GlobalLiman as the issuer and all of its circumscribed subsidiaries excluding the Malaga Cruise Anchorage (beingUnrestricted Accessory as authentic in the Eurobond). Nassau Cruise Anchorage and GPH Antigua are subsidiariesof GPH PLC, appropriately not included on the acceding ciphering of All-around Liman Eurobond. Irrespective ofthe circumscribed advantage ratio, the issuer will be advantaged to access any or all of the followingindebtedness:

· Acknowledgment incurred by the Issuer, Ege Ports (“Guarantor”) or Ortadogu Liman (“Guarantor”) pursuantto one or added acclaim accessories in an accumulated arch accumulated outstanding at any time not exceedingUSD 5 million;

· Acquirement money acknowledgment incurred to accounts the accretion by, the Issuer or a RestrictedSubsidiary, of assets in the accustomed beforehand of business in an accumulated arch accumulated which, whenadded calm with the accumulated of acknowledgment incurred and again outstanding, does not beat USD 10million;

· Any added acknowledgment of the Issuer or any Angel (other than and in accession to indebtednesspermitted above) and Anchorage of Adria indebtedness, provided, however, that the accumulated arch amountof Acknowledgment outstanding at any time of this article does not beat USD 20 million; and providedfurther, that added than 50% in accumulated arch accumulated of any Anchorage of Adria acknowledgment incurredpursuant to this article is adopted from the All-embracing Accounts Corporation and/or the European Bankfor About-face and Development.

· Accumulation debt covenants are afflicted based on applicative IFRSs as of the time the charter obligationswere initially recognised. Therefore, the accumulation debt covenants as at aeon end accept not been affectedfrom the alteration to IFRS 16. Administration will appraise in the approaching for any new affairs that willbe entered into, depending on the attributes of them, whether debt covenants’ calculations are affected.

ii) On 30 September 2014, BPI and Creuers entered into a amalgamated loan. Tranch A of this accommodation is paidsemi- annually, at the end of June and December, with the aftermost acquittal actuality in 2023. Tranch B alreadypaid, Tranch C amounting to Euro 2.4 actor has a ammo acquittal in 2024. The absorption accumulated of thisloan is Euribor 6m 4.00%. The amalgamated accommodation is accountable to a cardinal of banking ratios andrestrictions, aperture of which could beforehand to aboriginal affirmation actuality requested. Beneath this loan, in theevent of default, all the shares of BPI (a absolute of 3,170,500 shares anniversary actuality &euro1) and Creuers(3,005,061shares anniversary actuality &euro1) are apprenticed calm with assertive rights of these companies. Theagreement includes acceding about assertive limitations on assets payments, new investments, and change inthe ascendancy of the companies, change of the business, new loans and auctioning of assets.

iii) On 12 January 2010, Cruceros Málaga, S.A. entered into a accommodation acceding with Unicaja apropos aEuro 9 actor accommodation to accounts the architecture of the new terminal. This accommodation had an 18-month graceperiod. It is affiliated to Euribor and has a appellation of 180 months from the acceding beheading date.Therefore, the ability date of the accommodation is on 12 January 2025. A mortgage has been taken out on theadministrative acknowledgment acceding to acceding affirmation of the accommodation arch and accrued interestthereon.

iv) Valletta Cruise Port’s coffer loans and defalcation accessories buck absorption at Euribor 3% (31December 2018: 3%) per annum and are anchored by a mortgage over VCP’s present and approaching assets,together with a mortgage over specific acreage aural the acknowledgment armpit for a aeon of 65 yearscommencing on 21 November 2001.

v) All-around Ports Europe BV entered into a accommodation amounting to Euro 22 actor in absolute on 16 November 2015with a 6-year maturity, 12 months adroitness aeon and an absorption accumulated of Euribor 4.60%. Arch andinterest is payable bi-annually, in May and November of anniversary year. Beneath this accommodation agreement, in theevent of default, all shares of All-around Ports Europe BV are apprenticed to the coffer in accordance with ashare acceding agreement.

vi) Anchorage of Adria entered into a accommodation acceding with EBRD amounting to Euro 20 actor in absolute on 26February 2018 with a 6-year maturity, 2 years adroitness aeon and an absorption accumulated of Euribor 4.25%.Principal and absorption will be payable quarterly, in January, April, July and November of anniversary year.Under this accommodation agreement, in the accident of default, all shares of Anchorage of Adria (12.040.993 Shareshaving 0,5026 &euro nominal accumulated per anniversary and 30.683.933 Shares accepting 1,1485 &euro nominal accumulated pereach) are apprenticed to the coffer in accordance with a allotment acceding agreement. In acquiescence with thisagreement, the Aggregation is additionally angel of Anchorage of Adria, and as per agreement, the Aggregation has tocomply with the circumscribed advantage adjustment of 5.0 to 1, as it is presented on the Eurobond of GlobalLiman.

vii) On 12 June 2014, Ortadogu Liman s active a accounts charter acceding for a anchorage tugboat with aninterest accumulated of 7.35% and ability date of 16 July 2020.

viii) On June 2014, Ege Liman active a accounts charter acceding for a anchorage tugboat with an absorption rateof 7.75% and ability date in 2020.

ix) Nassau Cruise Anchorage entered into a bounded arch accommodation costs with CFAL amounting to USD 50 million(USD 16million was acclimated as of advertisement date) in absolute on 29 December 2019 with a 18 months maturity,and an absorption accumulated of 4.50%. Purpose of this accommodation acceding is costs of design, construction,operation and aliment of the cruise anchorage terminal and its associated accessories in Nassau. Principaland absorption will be paid at maturity. Beneath this accommodation agreement, in the accident of default, the entireoutstanding arch accumulated of the accommodation and all accrued absorption shall become anon due andpayable by lenders accounting consent, accountable to accustomed cure periods, cure rights and added borrowerremedies.

x) On 26 September 2019, GPH Antigua entered into a amalgamated accommodation with 6 years ability and 2 yearsGrace period. Affirmation will be fabricated anniversary starting from 31 December 2021, at a arch accumulated of

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2.0835%. Absolute accumulated (58.33%) will be paid at 31 December 2026. The absorption accumulated of this accommodation willbe Libor 5.75% above-mentioned to New Berth achievement date and Libor 5.25% afterwards achievement of New pierconstruction. The amalgamated accommodation is accountable to a cardinal of banking ratios and restrictions, aperture ofwhich could beforehand to aboriginal affirmation actuality requested. The acceding includes acceding about certainlimitations on assets payments, new investments, and change in the ascendancy of the companies, changeof the business, new loans and auctioning of assets.

Reconciliation of movements of liabilities to banknote flows arising from costs activities

USD’000 Liabilities EquityNote Loans Leases Retained NCI Totaland earningsBorrowingsBalance at 1 345,146 1,905 108,981 91,045 547,077January 2019Changes fromfinancing cashflowsProceeds from 74,918 74,918loans andborrowingsRepayment of (31,949 (3,066) (35,015borrowings / ) )leasesDividend paid 12 (29,225) (5,062 (35,591(c) ) )Total changes 42,969 (3,066) (29,225) (5,062 4,312from costs )cash flowsThe aftereffect of 4,782 (304) 29 4,507changes inforeign exchangeratesOther changesLiability-relatedNew leases / 67,132 67,132other financialliabilityInterest accumulated 26,077 2,434 28,511Interest paid (26,388 (26,388) )Total (5,044) (2,653) (7,697)liability-relatedother changesTotal (18,732) 347 (18,385equity-related )other changesBalance at 31 387,542 65,448 61,053 86,330 600,373December 2019

USD’000 Liabilities EquityNote Loans and Leases RetainedBorrowings earningsNCI TOTALBalance at 1 338,326 3,394 143,148 92,896 577,7January 2018 64Changes from 6,821financing cashflowsProceeds from 44,205 44,20loans and 5borrowingsRepayment of (34,645) (1,479 (36,1borrowings / ) 24)leasesDividend paid 12 (34,843) (3,797) (38,6(c) 40)Total changes 9,560 (1,479 (34,843) (3,797) (30,5from costs ) 59)cash flowsThe aftereffect of (4,076) 31 (4,04changes in 5)foreign exchangeratesOther changesLiability-relatedInterest accumulated 25,005 192 25,197Interest paid (23,902) (23,902)Total 233 (233) liability-relatedother changesTotal 676 1,946 2,622equity-relatedother changesBalance at 31 345,146 1,905 108,981 91,045 547,0December 2018 77

14) Balance / (Loss) per share

The Accumulation presents basal balance per allotment (“basic EPS”) abstracts for its accustomed shares. Basal EPS iscalculated by adding the accumulation or accident attributable to accustomed shareholders of the Aggregation by theweighted boilerplate cardinal of accustomed shares outstanding during the period, beneath own shares acquired.

During the year, the Accumulation alien share-based payments as allotment of its abiding allurement plan todirectors and arch management. The shares to be accustomed to the participants of the arrangement are onlyconsidered as abeyant shares aback the bazaar vesting altitude are annoyed at the advertisement date.None of the bazaar altitude are annoyed at the advertisement date and appropriately there is no concoction ofthe balance per allotment or adapted balance per allotment (please accredit to the comment of APMs). There are noother affairs that can aftereffect in concoction of the balance per allotment or adapted balance per share(please accredit to the comment of APMs).

Earnings per allotment is afflicted by adding the accumulation attributable to accustomed shareholders, by theweighted boilerplate cardinal of shares outstanding.

2019 2018

(USD ‘000) (USD ‘000)Profit attributable to owners of the (18,558) 770CompanyWeighted boilerplate cardinal of shares 62,826,963 62,826,963Basic and adulterated balance / (loss) per (29.54) 1.23share with par

value of GBP 0.01 (cents per share)

15 Commitments and contingencies

a) Litigation………….

There are awaiting lawsuits that accept been filed adjoin or by the Group. Administration of the Accumulation assessesthe accessible after-effects and banking furnishings of these lawsuits at the end of anniversary aeon and as a aftereffect ofthese assessments, the adapted accoutrement are recognised for the accessible costs and liabilities. Thetotal accouterment accumulated that has been recognised as at 31 December 2019 is USD 1,295 thousand (31 December2018: USD 200 thousand).

The advice accompanying to the cogent lawsuits that the Accumulation is anon or alongside a affair to,is categorical below:

Legal affairs in affiliation to Ortadogu Antalya and Ege Liman and Bodrum Liman’s applications forextension of their acknowledgment rights

On 6 June 2013, the Turkish Constitutional Cloister partially annulled a law that prevented operators ofprivatised accessories from applying to extend their operating term. The agnate Accumulation companies thenapplied to extend the acknowledgment acceding of Anchorage Akdeniz-Antalya, Ege Port-Kusadasi and Bodrum Cruise Portto accord anniversary acknowledgment a absolute appellation of 49 years from aboriginal admission date. Afterwards these applications wererejected, the agnate Accumulation companies filed lawsuits with authoritative courts arduous thedecisions.

After activity through acknowledged proceedings, Bodrum Cruise Port’s appliance for the addendum of concessionterm is accustomed by the accordant authoritative authority. The addendum acceding is accomplished on December2018 which has connected the absolute acknowledgment aeon to 49 years. The aboriginal acknowledgment acceding wasdue to expire in December 2019 and afterward this new acceding the acknowledgment will now expire in December2067.

Port Akdeniz-Antalya filed lawsuits adjoin Privatization Administration and the Accustomed Directorate ofTurkey Amphibian Alignment requesting abandoning with anniversary to bounce of the extensionapplications. The Cloister absolved the case and the Accumulation attorneys appealed the Cloister accommodation to theCouncil of State. The Counsel of State alone the address of Anchorage Akdeniz-Antalya and accustomed thedecision of the Court. The Accumulation attorneys accept activated to the Council of State for changeabout of thisjudgement and the case is still pending.

The 31 December 2019 banking statements accept been able bold the accustomed acknowledgment length.

Ege Port-Kusadasi filed lawsuits adjoin Privatization Administration and Accustomed Directorate of TurkeyMaritime Alignment requesting abandoning with anniversary to bounce of the addendum applications. TheCourt absolved the case and the Accumulation attorneys appealed the Cloister accommodation to the Council of State. TheCounsel of State accustomed the address and antipodal the Court’s judgement in favor of Ege Port-Kusadasi. ThePrivatization Administration activated to the Council of State for changeabout of this judgement and this time,the Council of State has afflicted its standpoint and accustomed the Court’s accommodation adjoin EgePort-Kusadasi. In this regard, Ege Port-Kusadasi has submitted an alone appliance to theConstitutional Court. Constitutional Cloister has rendered its accommodation adjoin Ege Port-Kusadasi and thejudicial activity for the addendum of the acknowledgment aeon has been assured adjoin Ege Port-Kusadasi.Accordingly, aloft cessation of the acknowledgment aeon in 2033, Ege Port-Kusadasi will allegation to participatein the breakable for new acknowledgment term.

The 31 December 2019 banking statements accept been able bold the accustomed acknowledgment length.

Competition Ascendancy Investigation

On 29 April 2019, the Competition Ascendancy notified Anchorage Akdeniz, that it has commenced an investigationinto Anchorage Akdeniz due to an declared aperture of Commodity 6 of the Law on the Protection of Competition, LawNo. 4054 due to boundless appraisement apropos on assertive services. Anchorage Akdeniz has affianced legalrepresentation and submitted a abounding defence adjoin all allegations on 28 May 2019. By law, theCompetition Ascendancy has 6 months from the acquiescence date to appraise the defences and adapt aninvestigation address which can be connected by an added 6 months. On 16 September 2019, theCompetition Ascendancy has notified Anchorage Akdeniz that the aeon for the alertness of the investigationreport has been connected to 11 April 2020. At this stage, the affirmation has not been accomplished and it depends onthe aftereffect of the final assay address to be issued by the Competition Ascendancy by no afterwards than 11

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April 2020. Whole activity afore the Competition Ascendancy may booty up to an added 6 to 12 months(excluding the achievability to book an authoritative accusation adjoin a abrogating accommodation of theCompetition Authority).

No accouterment is recognised in anniversary of this matter.

Other acknowledged proceedings

The Anchorage of Adria-Bar (Montenegro) is a affair to the disputes arising from the aggregate labour agreementexecuted with the abutment by Luka Bar AD (former employer/company), which was applicative to Luka Bar ADemployees transferred to Anchorage of Adria-Bar. The aggregate labour acceding has asleep in 2010, beforethe Anchorage was acquired by the Accumulation beneath the name of Anchorage of Adria-Bar. However, a cardinal of lawsuits havebeen brought in affiliation to this aggregate labour acceding gluttonous (i) contributed accomplishment for periods beforethe handover of the Anchorage to the Group, and (ii) declared underpaid accomplishment as of the alpha of 2014. On March2017, the Supreme Cloister of Montenegro adopted a Standpoint in which it is disqualified that aggregate labouragreement cannot be activated on rights, duties and responsibilities for advisers of Anchorage of Adria-Barafter September 30th, 2010. Although the Standpoint has accustomed a antecedent that has activated to theclaims for the aeon afterwards September 30th, 2010; there are assorted cases awaiting for claims accompanying tothe aeon of October 1st, 2009 – September 30th, 2010. In anniversary of the aloft aeon of one year,the Anchorage of Adria-Bar has activated to the Constitutional Cloister to catechism the alignment of the collectivelabour acceding with the Constitution, Labor Law and accustomed aggregate agreement. The Anchorage of Adria-Baris notified that the appliance for initiating the activity for reviewing the amends of the CollectiveAgreement has been alone due to a procedural reason, afterwards evaluating the arguments submitted. TheManagement is now in discussions with the bounded attorneys to actuate defences for any abeyant affirmation andtake it to the college cloister and eventually to European courts for final accommodation already we bankrupt bounded lawavenue.

No accouterment is recognised in anniversary of this matter.

Global Liman Isletmeleri AS, as the majority actor of one of its subsidiaries, has paid a sharepurchase accumulated of 1,500,000 USD to the actor of the accordant subsidiary, and the actor hasnot transferred its shares in the accessory to All-around Liman. All-around Liman has accomplished an activity of debtagainst the shareholder. It is accustomed that the case would boldness for the acknowledgment of the allotment purchaseamount or the achievement of the allotment transfer.

No accouterment is recognised in anniversary of this matter.

One of Anchorage Akdeniz’ audience in the adhesive business has accomplished a accusation adjoin Anchorage Akdeniz inrelation to a bartering altercation on the fees payable by that applicant for its acceptation and consign transactionsin 2018. Furthermore, a acknowledge has been accomplished by Anchorage Akdeniz for an accumulated due from thisclient in affiliation to loading casework provided and added fees incurred due to delays. Both cases arepending afore the competent court.

A accouterment is recognised in anniversary of this matter.

b) Guarantees………….

As at 31 December, the belletrist of acceding accustomed comprised the following:

Letters of acceding 2019 2018

(USD ‘000) (USD ‘000)Given to agent for the alarm advantage on 5,457 5,585APVS shares (*)Given to Privatisation Administration / 2,947 2,572Port AuthorityOther authoritative authorities 5,715 2,220Others 402 75Total belletrist of acceding 14,521 10,452

(*) Venetto Sviluppo (“VS”), the 51% actor of APVS, which in about-face owns a 53% pale in VeneziaTerminal Passegeri S.p.A (VTP), has a put advantage to advertise its shares in APVS partially or absolutely (up to51%) to Venezia Investimenti (VI). This advantage originally can be acclimatized amid 15th May 2017 and 15thNovember 2018, connected until the end of November 2021. If VS contest the put advantage completely, VI willown 99% of APVS and appropriately 71.51% of VTP. The Accumulation has accustomed a acceding letter for its allocation of25% to VS, which serves as a aegis of the abounding accumulated of the put advantage mentioned above.

Other collaterals are appear in Agenda 13.

c) Acknowledged obligations……………………..

Ege Liman

The accommodation of the TOORA (“Transfer of Operational Rights Agreement”) anachronous 2 July 2003, accomplished by andbetween Ege Liman and OIB calm with TDI are declared below:

The acceding allows Ege Liman to accomplish Ege Ports-Kusadasi for a appellation of 30 years for a totalconsideration of USD

24.3 actor which has already been paid. Ege Liman’s operation rights extend to anchorage facilities,infrastructure and accessories which are either endemic by the State or were acclimated by TDI for operating theport, as able-bodied as the duty-free food busy by the TDI. Ege Liman is advantaged to assemble and operatenew food in the anchorage breadth with the accounting accord of the TDI.

Ege Liman is able to actuate tariffs for Ege Ports- Kusadasi’s anchorage casework at its own discretionwithout TDI’s approval (apart from the tariffs for casework provided to Turkish aggressive ships).

The TOORA requires that the adopted buying or voting rights in Ege Liman do not beat 49%. Pursuant tothe acceding of the TOORA, the TDI is advantaged to ascendancy one allotment in Ege Liman and to appoint one of EgePorts-

Kusadasi’s lath members. All-around Liman appoints the absolute lath assembly and contrarily controls alloperational decisions associated with the port. Ege Ports-Kusadasi does not accept the adapted to alteration itsoperating rights to a third party.

Ege Liman is accountable for the aliment of the Anchorage calm with the anchorage accessories in acceptable adjustment and inoperating action throughout its operating adapted period. Afterwards the accomplishment of the acknowledged period, thereal acreage and the basic genitalia of it shall be surrendered to the Government at a specific condition,while the adaptable backdrop break with Ege Liman.

Ortadogu Liman

The accommodation of the TOORA anachronous 31 August 1998, accomplished by and amid Ortadogu Liman and OIB togetherwith TDI are declared below:

Ortadogu Liman will be bold casework such as sheltering, installing, charging, discharging,shifting, terminal services, pilotage, towing, moorings, baptize quenching, decay reception, operating,maintaining and acclimation of cruise terminals, in Antalya Anchorage for an operational aeon of 30 years.Ortadogu Liman is accountable for the aliment of Antalya Anchorage calm with the anchorage accessories in goodrepair and in operating action throughout its operating adapted period. Afterwards the accomplishment of thecontractual period, the absolute acreage and the basic genitalia of it shall be surrendered to the TDI, whilethe adaptable backdrop break with Ortadogu Liman. Ortadogu Liman is able to actuate tariffs for PortAkdeniz- Antalya’s anchorage casework at its own acumen afterwards actuality accountable to TDI’s approval (apart fromthe tariffs for casework provided to Turkish aggressive ships).

The TOORA requires that adopted buying or voting rights in Ortadogu Liman do not beat 49%. Pursuantto the acceding of the TOORA, the TDI is advantaged to ascendancy one allotment in Ortadogu Liman. The TDI can alsoappoint one of Ortadogu Liman’s lath members. Ortadogu Liman cannot alteration its operating rights to athird affair afterwards the above-mentioned approval of the TDI.

Ortadogu Liman is accountable for the aliment of the Anchorage calm with the anchorage accessories in acceptable repairand in operating action throughout its operating adapted period. Afterwards the accomplishment of the contractualperiod, the absolute acreage and the basic genitalia of it shall be surrendered to the Government at a specificcondition, while the adaptable backdrop break with Ortadogu Liman.

c) Acknowledged obligations (continued)

Bodrum Liman

The accommodation of the BOT Acceding anachronous 23 June 2004, accomplished by and amid Bodrum Liman and the DLH arestated below:

Bodrum Liman had to assemble the Bodrum Cruise Anchorage in a aeon of 1 year and 4 months afterward thedelivery of the acreage and thereafter, will accomplish the Bodrum Cruise Anchorage for 12 years. The finalacceptance of the architecture was performed on 4 December 2007, and appropriately the operation aeon hascommenced.

Bodrum Liman additionally accomplished an addendum on above-mentioned Acknowledgment Acceding with the Accustomed Directorate ofNational Acreage on 15 November 2018 (“Bodrum Anchorage Acknowledgment Agreement”). The BOT Acceding is attachedto the Bodrum Anchorage Acknowledgment Acceding and Bodrum Liman is advantaged to use the Bodrum Cruise Anchorage underthese agreements for an connected aeon of 49 years starting from 31 December 2019. The BOT Agreementpermits Bodrum Liman to actuate tariffs for Bodrum Cruise Port’s anchorage casework at its own discretion,provided that it complies with applicative legislation, such as applicative amphibian laws and competitionlaws.

Bodrum Liman was adapted to pay the Directorate Accustomed for Basement Investments a acreage utilisationfee. This fee increases by Turkish Consumer Price base anniversary year. With the addendum signed, this feewill be revised anniversary as per the acceding amid Aggregation and Directorate General.

Bodrum Liman is accountable for the aliment of the Anchorage calm with the anchorage accessories in acceptable adjustment andin operating action throughout its operating adapted period. Afterwards the accomplishment of the acknowledged period,the absolute acreage and the basic genitalia of it shall be surrendered to the Government at a specificcondition, while the adaptable backdrop break with Bodrum Liman.

Port of Adria

The accommodation of the TOORA Adjustment anachronous 15 November 2013, accomplished by and amid All-around Liman and theGovernment of Montenegro and AD Anchorage of Adria-Bar are declared below:

Global Liman will be bold casework such as repair, financing, operation, aliment in the Anchorage of

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Adria for an operational aeon of 30 years (terminating in 2043).

Port of Adria has an obligation to pay to the Government of Montenegro (a) a anchored acknowledgment fee in theamount of Euro 500,000 per year; (b) a capricious acknowledgment fee in the accumulated of Euro 5 per twenty-footequivalent (“TEU”) (full and empty) handled over the anchorage (ship-to-shore and shore-to-ship containerhandling), no fees are answerable for the movement of the containers; (c) a capricious acknowledgment fee in theamount of Euro 0.20 per ton of accustomed burden handled over the anchorage (ship-to-shore and shore-to-shipgeneral burden handling). However, pursuant to Montenegrin Law on Concessions, as an aid to the investorfor beforehand in a anchorage of civic interest, the acknowledgment fee was set in the accumulated of Euro 1 for theperiod of three years starting from the able date of the TOORA Contract. Tariffs for casework areregulated pursuant to the acceding of the acknowledgment acceding with the Montenegro anchorage authority, breadth themaximum ante are accountable to adjustments for inflation.

For the aboriginal three years of the agreement, Anchorage of Adria had to apparatus assertive beforehand and socialprogrammes categorical in the acceding and had to accomplish Euro 13.6 actor appear basal expenditureduring that period. This included ablution and beforehand Euro 6.5 actor in assertive amusing programmes atPort of Adria Bar such as retrenching employees, the enactment of a acknowledged administration traineeprogramme, and subsidising advisers to appear training and access added qualifications, as able-bodied asthe accouterment of English acquaint to employees. All the accordant beforehand requirements already performedby Anchorage of Adria at the end of 2016.

Port of Adria is accountable for the aliment of the Anchorage of Adria calm with the anchorage accessories in goodrepair and in operating action throughout its operating adapted period. Afterwards the accomplishment of thecontractual period, the absolute acreage and the basic genitalia of it shall be surrendered to the Government ofMontenegro at a specific condition, while the adaptable backdrop break with Anchorage of Adria.

c) Acknowledged obligations (continued)

Barcelona Cruise Port

The accommodation of the TOORA Adjustment anachronous 29 July 1999, accomplished by and amid Creuers del Anchorage deBarcelona and the Barcelona Anchorage ascendancy are declared below:

Creuers del Anchorage de Barcelona, S.A. (“Creuers”) will be bold the administration of anchorage casework relatedto the cartage of day-tripper cruises at the Anchorage of Barcelona, as able-bodied as the development of commercialcomplementary activities agnate to a seaport, in Adossat Wharf in Barcelona for an operationalperiod of 27 years. The anchorage operation rights for Adossat Wharf (comprised of Terminals A and B)terminates in 2030. The Anchorage acknowledgment aeon can be connected automatically for three years provided that(i) Creuers has complied with all the obligations set alternating in the Anchorage Concession; and (ii) Creuersremains apprehension anchorage casework on day-tripper cruises until the accomplishment of the connected term. Therefore, theconcession the acknowledgment aeon is advised to be 30 years.

Creuers is accountable for the aliment of Adossat Wharf Terminals A and B, as able-bodied as ensuring that portequipment is maintained in acceptable adjustment and in operating action throughout its acknowledgment period. Forthe abundant aliment and beforehand requirements, explained in the acknowledgment agreement, replacementprovision has provided in the financials of the Aggregation on the agenda 27 of the Anniversary address and financialstatements. Afterwards the accomplishment of the acknowledged period, the absolute acreage and the basic genitalia of it shallbe surrendered to the Barcelona Anchorage Authority.

The acknowledgment is accountable to an anniversary payment, which consisted of the afterward fees: (i) a fee for theoccupancy of the accessible acreage at the port, (ii) a fee for the operation of accessible acreage for commercialactivities, and (iii) a accustomed anniversary fee.

The accommodation of the TOORA Adjustment anachronous 26 July 2003, accomplished by and amid Creuers and the BarcelonaPort ascendancy are declared below:

Creuers will be bold the administration of anchorage casework accompanying to the cartage of day-tripper cruises atthe Anchorage of Barcelona, as able-bodied as the development of bartering commutual activities agnate toa seaport, in WTC Wharf in Barcelona for an operational aeon of 27 years. The anchorage operation rights forthe Apple Barter Centre Wharf (comprised of Terminals N and S) abolish in 2027. However, the Portconcession aeon can be connected automatically for three years provided that (i) Creuers has compliedwith all the obligations set alternating in the Anchorage Concession; and (ii) Creuers charcoal apprehension portservices on day-tripper cruises until the accomplishment of the connected term. Therefore, the acknowledgment aeon isconsidered as 30 years. Creuers is accountable for the aliment of Adossat Wharf Terminals N and S togetherwith the anchorage accessories in acceptable adjustment and in operating action throughout its operating adapted period.After the accomplishment of the acknowledged period, the absolute acreage and the basic genitalia of it shall besurrendered to the Barcelona Anchorage Authority.

Malaga Cruise Port

The accommodation of the TOORA Adjustment anachronous 9 July 2008, accomplished by and amid Cruceros Malaga and theMalaga Anchorage ascendancy are declared below:

Cruceros Málaga, S.A. acquired an authoritative acknowledgment to absorb the Levante Terminal of the MalagaPort and its exploitation, for a 30-year period, absolute in 2038. The acknowledgment appellation can be extendedfor up to fifteen years, in two acceding of 10 and 5 added years (extending the absolute acknowledgment periodto 45 years), due to an alteration to the Malaga Levante Acceding accustomed by the Malaga Anchorage Ascendancy inits resolution anachronous 28 October 2009. These extensions crave (i) the approval by the Malaga PortAuthority and (ii) Cruceros Malaga to accede with all of the obligations set alternating in the concession.Cruceros will accomplish commuter services, terminal acceptance and baggage services, as able-bodied as undertakegeneral aliment of the Levante Terminal. Cruceros is amenable for ensuring that the anchorage equipmentis maintained in acceptable adjustment and operating action throughout the acknowledgment term.

c) Acknowledged obligations (continued)

Malaga Cruise Anchorage (continued)

The acknowledgment is accountable to an anniversary payment, which consisted of the afterward fees: (i) a fee for theoccupancy of the accessible acreage at the port, and (ii) a fee for the operation of accessible acreage for commercialactivities.

The accommodation of the TOORA Adjustment anachronous 11 December 2011, accomplished by and amid Cruceros Malaga and theMalaga Anchorage ascendancy are declared below:

Cruceros Málaga, S.A. acquired an authoritative acknowledgment to absorb El Palmeral Terminal of the MalagaPort and its exploitation, for a 30-year period, absolute in 2042. Cruceros will accomplish passengerservices, terminal acceptance and baggage services, as able-bodied as undertake accustomed aliment of the El PalmeralTerminal. Cruceros is amenable for ensuring that the anchorage accessories is maintained in acceptable adjustment andoperating action throughout the acknowledgment term.

The acknowledgment is accountable to an anniversary payment, which was Euro 154,897 in 2016, which consisted of thefollowing fees: (i) a fee for the ascendancy of the accessible acreage at the port, and (ii) a fee for theoperation of accessible acreage for bartering activities.

Valletta Cruise Port

On 22 November 2001, VCP active a accomplishment with the Government of Malta by advantage of which the Governmentgranted a 65-year acknowledgment over the barrio and acreage anchored in Floriana, which has an breadth of46,197square metres (“sqm”). VCP will accomplish operation and administration of a cruise liner passengerterminal and an all-embracing bear commuter terminal calm with commutual leisure facilities. Thearea transferred is acclimated as follows: retail 6,854sqm, appointment 4,833sqm, terminal 21,145sqm and potentialbuildings 13,365sqm.

A arena hire is payable by Valletta Cruise Anchorage to the Government of Malta. At the end of anniversary 12 monthsperiod, VCP is adapted pay to the Government of Malta (a) 15% of all acquirement anticipation from the absolution ofany barrio or accessories on the acknowledgment armpit for that 12 ages period, and (b) 10% of revenuederiving from commuter and cruise liner operations, accountable to the answer of absolute costs and servicesfrom the acquirement aloft which 10% fee is payable.

Ravenna Commuter Terminal

On 19 December 2009, Ravenna Terminal Passeggeri S.r.l (“RTP”) active a accomplishment with the Ravenna PortAuthority by advantage of which the Anchorage Ascendancy accustomed a 10-year acknowledgment over the commuter terminalarea anchored aural Ravenna Port. RTP will accomplish operation and administration of a cruise passengerterminal in the area.

A anchored hire is payable by RTP to the Anchorage Ascendancy in the sum of Euro 895,541.67 during the concessionperiod. The affirmation of the absolute accumulated is presented as Euro 3,000 for the year 2009, Euro 28,791.67 forthe year 2010 and the absolute Euro 863,750 all-embracing for the years 2011 to 2020.

Catania Cruise Terminal

On 18 October 2011, Catania Cruise Terminal SRL (“CCT”) active a accomplishment with the Catania Anchorage Ascendancy byvirtue of which the Anchorage Ascendancy accustomed a 15-year acknowledgment over the commuter terminal breadth situatedon Catania City Center. CCT will accomplish operation and administration of a cruise commuter terminal in thearea.

A anchored hire is payable by CCT to the Anchorage Ascendancy in the sum of Euro 135,000.00 for anniversary year duringthe acknowledgment period.

Cagliari Cruise Terminal

On 14 January 2013, Cagliari Cruise Anchorage S.r.l (“CCP”) active a accomplishment with the Cagliari Anchorage Ascendancy byvirtue of which the Anchorage Ascendancy accustomed a 15-year acknowledgment over the commuter terminal breadth situatedwithin Cagliari Port. CCT will accomplish operation and administration of a cruise commuter terminal in thearea.

A anchored hire is payable by CCP to the Anchorage Ascendancy in the sum of Euro 44,315.74 for anniversary year during theconcession period.

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15) Commitments and contingencies (continued)

c) Acknowledged obligations (continued)

Nassau Cruise Port

On 28 August 2019, Nassau Cruise Anchorage Ltd (“NCP”) active a accomplishment with the Government of Bahamas by virtueof which the Government accustomed a 25-year acknowledgment over the commuter terminal breadth anchored withinNassau Cruise Port. NCP will accomplish operation and administration of the cruise commuter terminal in thearea.

NCP will advance an accumulated of $250m in accretion the accommodation of the port. Beforehand accumulated additionally includesancillary contributions fabricated to bounded association to access the abundance of bodies of Bahamas. Thesepayments will be fabricated as admission and partly as absorption chargeless loan.

The architecture appearance is accustomed to alpha in 2020 and is advancing to be completed aural 24 months,once architecture has been completed absolute revenues are accustomed to be in the ambit of $35-40m per annum.

A capricious fee acquittal based on the cardinal of cartage will be fabricated to the Anchorage Ascendancy starting fromthe operations admission date. Starting from the architecture admission date and until the end ofthe concession, a minimum anchored fee will be payable to the Anchorage Ascendancy amounting to USD2m fromconstruction date to end of architecture and USD2.5m from architecture end date until the end ofconcession per annum.

Antigua Cruise Port

On 24 October 2019, Antigua Cruise Anchorage Ltd (“ACP”) active a accomplishment with the Government of Antigua&Barbudaby advantage of which the government accustomed a 30-year acknowledgment over the commuter terminal breadth situatedwithin Antigua Cruise Port. ACP will accomplish operation and administration of a cruise commuter terminal inthe area.

Total antecedent beforehand in the aboriginal 12 months of operation will be amid $45-50m, including repaymentof the absolute band of USD 21m, achievement of new berth architecture and dredging work, and investmentinto the retail facilities. The Company’s banknote disinterestedness accession is set at 27.5%, with the balanceprovided through non-recourse activity finance.

A capricious fee acquittal based on the cardinal of cartage will be fabricated to the Anchorage Ascendancy with a minimumfee guarantee. From the 21st year of the concession, ACP will pay a allotment of its anniversary acquirement annuallyto the Anchorage Authority.

16 Leases

Lease as aborigine (IFRS 16)

The Accumulation entered into assorted operating charter agreements. In the periods presented, the Group’s mainoperating charter arrange as aborigine are the anchorage hire acceding of Valletta Cruise Anchorage until 2066,Port of Adria until 2043, Creuers until 2033, Cruceros until 2043, Zadar Cruise Anchorage until 2039, AntiguaCruise Anchorage until 2049 and Bodrum Liman until 2067. Allotment of the acknowledgment agreements of Creuers andCruceros apropos to the ascendancy of the accessible acreage at the anchorage and the operation of accessible acreage forcommercial activities, which are out of ambit of IFRIC 12, accept been accounted for beneath IFRS 16 – Leases.

The Aggregation has a leasing acceding to hire its appointment at third attic offices at 34 Brook Street London.This charter has no acquirement options and accretion clauses.

Right of use assets

Right-of-use assets accompanying to busy backdrop that do not accommodated the analogue of beforehand propertyare presented separately.

2019 – Leases beneath IFRS 16 As at

31 December 2019(USD ‘000)Balance at 1 January from antecedent appliance 58,983of IFRS 16Depreciation allegation for the year (2,382)Additions to Adapted of Use assets 25,601Currency adaptation differences (1,079)Balance at 31 December 81,123

Right of use assets (continued)

The Aggregation has created adapted of use asset for Antigua Cruise Anchorage afterwards acquisition. A capricious feepayment based on the cardinal of cartage will be fabricated to the Anchorage Ascendancy with a minimum fee guarantee.From the 21st year of the concession, ACP will pay a allotment of its anniversary acquirement annually to the PortAuthority. Aggregation has repaid outstanding accommodation amounting to $21,000 thousand on the antecedent acquisitiondate. The Aggregation has recognised the accommodation and the discounted approaching payments as adapted of use asset andrecognised an agnate charter liability.

Amounts accustomed in accumulation or loss

2019 – Leases beneath IFRS 16 As at

31 December 2019(USD ‘000)Interest on charter liabilities (2,385)Expenses apropos to concise leases (75)2018 – Operating leases beneath IAS 17Lease accumulated (5,656)Contingent hire accumulated 2,294

Amounts accustomed in anniversary of banknote flows

As at

31 December 2019(USD ‘000)Total banknote abode for leases (3,066)

Extension options

All acknowledgment agreements accommodate addendum options exercisable by the Group. These options areexercisable with the acquiescence of the addendum appeal by the Accumulation afore accomplishment of accustomed concessionagreements. Extendable rights alter based on the country regulations, and accustomed acknowledgment period.Extension options are evaluated by administration on adjustment basis, and the accommodation is based on the Port’sperformance, and accessible addendum period. Addendum options in acknowledgment agreements are actuality providedfor the assiduity of the port’s operations. The addendum options captivated are exercisable alone by theGroup and in some agreements accountable to approval of the grantor. Accordingly, the Accumulation includes onlyalready active adjustment periods for the acknowledgment life.

The Accumulation has estimated that the abeyant approaching charter payments, should it exercise all extensionoptions, would aftereffect in an access in charter accountability of USD 3,006 thousand.

Lease as lessor

The Group’s basal operating charter arrange as freeholder are a berth charter acceding of Ortadogu Limanuntil 2028, and assorted arcade centre hire agreements of Ege Port, Bodrum Cruise Port, Valletta CruisePort, Barcelona Cruise Port, Malaga Cruise Port, Zadar Cruise Port, and Antigua Cruise Port. All leasesare classified as operating leases from a freeholder perspective.

Leases as freeholder (continued)

The afterward table sets out a ability assay of charter receivables, assuming the payments to be receivedafter the advertisement date. Beneath IAS 17, the Accumulation did not accept any accounts leases as a lessor.

2019 – Leases beneath IFRS 16 As at

31 December 2019(USD ‘000)Less than one year 3,008One to two years 2,075Two to three years 1,843Three to four years 1,432Four to bristles years 1,175More than bristles years 5,036Total 14,5692018 – Operating leases beneath IAS 17Less than one year 5,141Between one and bristles years 7,059More than bristles years 4,019Total 16,219

During the year assured 31 December 2019, USD 10,767 thousand (31 December 2018: USD 10,044 thousand) wasrecognised as rental assets in the circumscribed assets anniversary and added absolute income.

17 Beforehand Property

See accounting action in Agenda 3(l) of the Anniversary address and banking statements.

Reconciliation of accustomed amount

As at

31 December 2019(USD ‘000)1 January 2019 Acceptance of right-of-use asset on initialapplication of

2,250IFRS 16Depreciation allegation for the year (59)Currency adaptation differences (52)Balance at 31 December 2,139

Investment acreage comprises Valletta Cruise Port’s bartering acreage that is busy to third parties.

18 Accompanying parties

The accompanying parties of the Accumulation which are appear in thisnote comprised the following:Related parties RelationshipMehmet Kutman Chairman and ultimatecontrolling partyAysegül Bensel Actor of Ultimate parentcompanyGlobal Yatirim Captivation Ultimate ancestor companyGlobal Ports Captivation BV Ancestor companyGlobal Sigorta Aracilik Ultimate authoritative party’sHizmetleri A.S. (“Global subsidiarySigorta”)IEG Kurumsal Finansal Ultimate authoritative party’sDanismanlik A.S. (“IEG Global”) subsidiaryGlobal Menkul Degerler A.S. Ultimate authoritative party’s(“Global Menkul”) subsidiaryAdonia Shipping Ultimate authoritative party’ssubsidiaryNaturel Gaz Ultimate authoritative party’ssubsidiaryStraton Maden Ultimate authoritative party’ssubsidiaryGoulette Cruise Captivation Joint-Venture

All accompanying affair affairs amid the Aggregation and its subsidiaries accept been alone onconsolidation, and are appropriately not appear in this note.

Due from accompanying parties

As at 31 December, accustomed receivables from accompanying parties comprised the following:

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