28.5.2021 10:50:12 EEST | Sunborn Finance Oyj |
Interim report (Q1 and Q3)
Sunborn Finance Oyj: INTERIM REPORT FOR JANUARY – MARCH 2021
STOCK EXCHANGE RELEASE
This is a summary of the Q1 2021 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 Finance Oyj
EUR thousand
Q1 / 2021
1 Jan –
31 Mar 2021
Q1 / 2020
1 Jan –
31 Mar 2020
1 Jan –
31 Dec 2020
Revenue
915
911
3 060
EBITDA
763
766
2 190
Investment property (Spa Hotels)
61 820
65 914
61 820
Total equity
2 567
6 820
2 587
Bond
49 686
49 194
49 616
Sunborn Finance Oyj Financial summary 1 January – 31 March 2021
Sunborn Finance revenue 0,92 M€ consists of fixed lease income from the operator and other services income. Lease income 1-3/2021 was 0.85 M€ (1-3/2020 0.85 M€). Costs were in line with previous year.
According to December valuation reports the value of the Spa hotels is at Naantali Spa 52.2 M€ and at Ruissalo Spa 26.9 M€ (1/3 of Ruissalo Spa is owned by Sunborn Finance and shown as its assets).
Notable during the reporting period and estimated future development
Operations in hotel operator Sunborn Saga Oy throughout Q1 were impacted by wide and severe restrictions for restaurants, public and private gatherings, spas and swimming halls and fitness centres among others resulting in reduction in revenue and EBITDA from budget. The lock down circumstances impacting hospitality clearly effected the number of bookings and customers willing to travel during this time. Whilst the pandemic is likely to continue to impact business during the remainder of 2021, pre-bookings indicate good demand and strong performance for the upcoming key summer period. The company continues to manage and adjust costs to mirror the underlying market conditions.
Business environment
The continuing Covid-19 restrictions continue to negatively impact international travel and corporate business. International travel is not anticipated to recover before the year end 2021 or 2022. Major corporate groups and international conferences will remain absent at least until Q4/2021. In the meantime, our business will be focused on domestic leisure and rehabilitation segments, both of which are still affected by current and possible future restrictions.
Finland has yet succeeded better than other European countries in managing the pandemic. Finland has great potential in the future as a safe and attractive destination for international and domestic travelers, but before a Covid-19 vaccine is widely available travelling from and to Finland will not take place.
Short-term risks and uncertainties
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. The latest valuation of the properties shows a reduction in the fair value of the hotels the Company holds as investment property and the pandemic may further impact the fair value.
Sunborn Finance OyjBoard of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
Sunborn Group CFO Niina Stade, niina.stade@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
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 Finance Oyj in any jurisdiction.
About Sunborn Finance Oyj
Sunborn Finance 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
Sunborn_Finance_Q1_2021_Report.pdf
