30.8.2020 18:28:14 EEST | Sunborn London Oyj |
Half Year financial report
Sunborn London Oyj: HALF YEAR REPORT FOR JANUARY – JUNE 2020
Sunborn London Oyj
STOCK EXCHANGE RELEASE
This is a summary of the January – June 2020 half year financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Key Figures
EUR thousand
1 Jan – 30 Jun 2020
1 Jan – 30 Jun 2019
1 Jan – 31 Dec 2019
Rental income
1 467
1 473
2 945
Operating profit
638
687
1 336
Investment property (Yacht hotel)
37 155
38 660
37 907
Total Equity
29 274
30 636
29 128
Borrowings
29 911
30 390
29 814
Financial summary 1 January – 30 June 2020
Rental Income for the reporting period was as budgeted at 1.47 MEUR (1.47 MEUR).
Fair value of the yacht hotel as at 30 June 2019 approximates the book value of the yacht hotel. The management has considered the impact of Covid-19 in the fair value and continues to carefully monitor any further impact of the Covid-19.
Notable events during and reporting period after the end of the reporting period
The underlying hotel operations were impacted by Covid-19 disruption but continued operations with limited services. In 30 April 2020 Sunborn Oy transferred as a contribution in kind its shareholding in subsidiaries and all business operations relating to the yacht hotel business to Sunborn International Holding Limited.
Estimate future development
The management estimates that despite the Covid-19 pandemic and the permitted lease discount of 15%, the Company’s financial performance and debt service capacity is expected to remain stable.
Short-term risks and uncertainties
The management review financial risks on regular basis to manage financial risk position and decide on necessary actions. Due to Brexit the volatility in pound sterling versus euro is expected to continue while Sunborn Group has implemented certain currency hedges to alleviate but not completely remove the risk of a further declining pound versus euros. Prolonged Covid-19 restrictions could further impact the Company’s business through continued negative impact on the operator. The impact of the unprecedented crisis is difficult to predict, and it is unknown when the recovery of the affected businesses will take place. Prolonged crisis could also in the long term impact the fair value of the yacht hotel.
Sunborn London OyjBoard of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, tel.+358 2 44 54 513, hans.niemi@sunborn.com
Sunborn Group CFO Niina Stade, tel.+358 44 55 66 153, niina.stade@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 London Oyj in any jurisdiction.
Attachments
Download announcement as PDF.pdf
Sunborn_London-Financial_Statements-H1_2020.pdf
