30.8.2020 18:22:29 EEST | Sunborn (Gibraltar) Limited |
Quarterly report
SUNBORN GIBRALTAR LTD: INTERIM REPORT FOR APRIL – JUNE 2020STOCK EXCHANGE RELEASE
This is a summary of the Q2 2020 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Key Figures (IFRS) – Issuer Sunborn Gibraltar Plc
Sunborn Gibraltar Ltd Financial summary 1 April – 30 June 2020
Sunborn receives lease income from the management company. Lease income was reduced to £134K in 2020 (£795K in 2019) due to the closure of the hotel and the permitted lease waivers as per the written procedure waivers and amendments 15th June 2020.
The value of the Yacht hotel is at €110.6M based on the latest valuation report dated June 2020.
Business environment
Business environment in Gibraltar has been negatively impacted during the period. During the period the number of airline movements decreased. Restaurant were closed and restrictions on services applied locally.
Notable events during and after the end of the reporting period and estimate future development
As a result of Covid-19 impacts on the operator’s activities Sunborn Gibraltar initiated a written procedure to request the bondholders to vote in favor of certain waivers and amendments of the terms and conditions of the bonds, as set out in the notice of written procedure published 15 May 2020 and voted on favorably on 15 June 2020. The waivers provide temporary relief on interest coverage ratio, minimum cash covenant and lease payment covenant.
Short-term risks and uncertainties
The Covid-19 outbreak is severely and negatively affecting the tourism globally. As the company is reliant on the ability of the property operator to pay rent, recent temporary closure of the underlying business and the subsequent forecasted recovery period is likely to affect the performance of the operator in the short and medium term.
Sunborn Gibraltar PlcBoard of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
Sunborn Group in brief
Sunborn is over 40 years old, privately owned company based in Finland, with decades of experience in the hospitality sector. Our focus is on the development of luxury spa and yacht hotels, restaurants and other high-quality property.
Sunborn is present at the moment in Finland, Denmark, United Kingdom and Gibraltar. Operations vary from spa resorts and residential communities to hotels and yacht hotels, restaurants, and catering operations in the best locations.
www.sunborn.com
Disclaimer
The information contained in this release shall not constitute an offer to sell or the solicitation of an offer to buy securities of Sunborn Gibraltar Plc in any jurisdiction.
About Sunborn (Gibraltar) Limited
Sunborn Gibraltar is part of the Sunborn Group, which is over 40 years old, privately owned group of companies based in Finland, with decades of experience in the hospitality sector. Sunborn’s focus is on the development of luxury spa and yacht hotels, restaurants and other high-quality property.
Sunborn is present at the moment in Finland, Denmark, United Kingdom and Gibraltar. Operations vary from spa resorts and residential communities to hotels and yacht hotels, restaurants, and catering operations in the best locations.
www.sunborn.com
Attachments
Download announcement as PDF.pdf
Financial statements_Sunborn Gibraltar Ltd Q2 2020.pdf
