23.2.2022 15:11:20 EET | Sunborn Finance Oyj |
Quarterly report
Sunborn Finance Oyj: INTERIM REPORT FOR OCTOBER – DECEMBER 2021
STOCK EXCHANGE RELEASE
This is a summary of the Q4 2021 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
EUR thousand
1 Oct- 31
Dec 2021
1 Oct- 31
Dec 2020
1 Jan- 31
Dec 2021
1 Jan – 31
Dec 2020
Revenue
985
344
3 856
3 060
EBITDA
824
122
3 239
2 190
Investment property (Spa Hotels)
61 759
61 820
Total equity
2 638
2 587
Bond
49 906
49 616
Sunborn Finance Oyj Financial summary 1 October – 31 December 2021
Sunborn Finance revenue 0.99 M€ consists of fixed lease income from the operator and other services income. Lease income 10-12/2021 was 0.92 M€ (10-12/2020 0.28 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 2021 valuation reports the value of the Spa hotels is at Naantali Spa 52.2 M€ and at Ruissalo Spa 26.7 M€ (1/3 of Ruissalo Spa is owned by Sunborn Finance and shown as its assets).
Operator Sunborn Saga Oy Financial summary 1 October – 31 December 2021
Total revenue Q4 2021 was 5.84 M€ (Q4 2020 4.37 M€). EBITDA in Q4 2021 was 1.29 M€ (Q4 2020 0.74 M€).
A surge in domestic market demand in Q3 continued in Q4 with solid fall break sales in both hotels. Christmas period corporate event bookings had also finally returned to high levels after a two-year break. With the onset of “Omicron” variant in early December, government issued and implemented sudden and extreme restrictions for gatherings, restaurants, and public facilities just before Christmas resulting in material decrease in our bookings and events for the Christmas national holidays and thus contributing negatively to otherwise excellent Q4 results. Regardless, both hotels in Q4 showed improvement in all KPIs and YoY performance.
Notable during the reporting period and estimated future development
Despite sudden backlash in the end of Q4 and beginning of Q1 2022, the management is optimistic that better times lie ahead and the pandemic is shifting towards an endemic. The company foresees that Q2 will show improvement in revenue and number of guests and that the summer season will be busy in both hotels.
Business environment
The continuing restrictions and constantly high number of Covid cases continue to impact hospitality industry, particularly international travel, but possibly also corporate business. International travel is not anticipated to recover before Q3/2022. In the meantime, our business will be focused on domestic leisure, medical rehabilitation and domestic corporate and other groups.
Short-term risks and uncertainties
Covid restrictions have affected the tourism market globally. Prolonged restrictions could further impact the Company’s business through the 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 Finance Executive Director Hans Niemi, hans.niemi@sunborn.com
Sunborn Finance CFO Niina Stade, niina.stade@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
Sunborn Finance in brief
Sunborn Finance is a public limited liability company incorporated in Finland, established in 2017. The company owns the award winning Naantali Spa Hotel located in Naantali by the Baltic Sea and Ruissalo Spa Hotel located in Turku by the scenic Finnish archipelago. Sunborn Finance also provides property management and IT support services.
The company is owned by the Niemi family, which also controls the Sunborn Group. Sunborn Group’s focus is on the development of luxury spa and yacht hotels, restaurants and other high-quality property, with over 45 years of expertise in the hospitality sector.
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 Q4 2021 Report.pdf
