26.8.2021 23:15:01 EEST | Sunborn Finance Oyj |
Quarterly report
Sunborn Finance Oyj: INTERIM REPORT FOR APRIL – JUNE 2021
STOCK EXCHANGE RELEASE
This is a summary of the Q2 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
1 Apr- 30 Jun 2021
1 Apr- 30 Jun 2020
1 Jan- 30 Jun 2021
1 Jan- 30 Jun 2020
1 Jan – 31 Dec 2020
Revenue
1 041
883
1 956
1 794
3 060
EBITDA
901
713
1 664
1 479
2 190
Investment property (Spa Hotels)
61 820
65 918
61 820
Total equity
2 707
6 559
2 587
Bond
49 758
49 476
49 616
Sunborn Finance Oyj Financial summary 1 January – 31 March 2020
Sunborn Finance revenue 1,04 M€ consists of fixed lease income from the operator and other services income. Lease income 4-6/2021 was 0,85 M€ (4-6/2020 0,85 M€). Other services income refers to personnel costs for facility services and cost support income related to Covid-19. Costs overall were in line with previous year.
According to December 2020 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
By March the Covid-19 situation in Finland was more severe than last spring. The government held back issuing a total lockdown, instead imposing restrictions to restaurant and other services, travelling and gatherings. This caused a decline in bookings and number of overnight and daily visitors for the first two months of Q2, especially for April. Regardless, operations succeeded in adapting most services to the situation and still retained significant Operating revenue of 5.2 M€ (Q2 2020 1.7 M€) and 0.9 M€ in EBITDA. Summer bookings levels since end of Q2 have continued the good results seen in June and exceed management expectations.
The amended bond terms and conditions introduced an Operator covenant 80 % EBITDA vs 2019 Q2, which was passed at € 917 K or >85 % (€1 098K in Q2 2019).
Business environment
The continuing Covid-19 cases and restrictions continue to negatively impact especially international travel and corporate business. International travel is not anticipated to recover before 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.
Short-term risks and uncertainties
The Covid -19 outbreak has severely and negatively affecting the tourism market globally. Prolonged Covid -19 restrictions could further impact the Company’s business through continued negative impact on the operator. Prolonged crisis could also in the long term impact the fair value of the spa hotels the Company holds as investment property.
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/
Sunborn Group in brief
Sunborn is over 45 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 Finance Oyj in any jurisdiction.
Attachments
Download announcement as PDF.pdf
Sunborn_Finance Q2 2021 Report.pdf
