29.8.2020 21:05:46 EEST | Sunborn Finance Oyj |
Quarterly report
Sunborn Finance Oyj: 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 Finance Oyj
EUR thousand
Q2 / 2020
1 Apr- 30 Jun 2020
Q2 / 2019
1 Apr- 30 Jun 2019
H1 / 2020
1 Jan- 30 Jun 2020
H1 / 2019
1 Jan- 30 Jun 2019
1 Jan – 31 Dec 2019
Revenue
883
907
1 794
1 813
3 625
EBITDA
713
710
1 479
1 360
2 806
Investment property (Spa Hotels)
65 918
64 146
65 914
Total equity
6 559
5 732
6 909
Bond
49 476
49 003
49 130
Sunborn Finance Oyj Financial summary 1 April– 30 June 2020
Sunborn Finance revenue consists of fixed lease income from the operator and other services income.
Lease income 4-6/2020 was 0.85 M€ (4-6/2019 0.84 M€). Other services income refers to personnel
costs for facility services and is a cost/income neutral line item. Costs in 2019 included one-time costs related to the listing.
The value of the Spa hotels is at Naantali Spa 55,7 M€ and at Ruissalo Spa 28,5 M€ (1/3 in Sunborn Finance assets) according the valuation reports.
Notable during the reporting period and estimated future development
As a result of Covid-19 impacts on the operator’s activities Sunborn Finance 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 accepted waivers provide temporary relief on interest coverage ratio, minimum cash covenant and lease payment covenant.
Business environment
The continuing COVID-19 restrictions impact drastically both international travel and corporate business and the business environment continues to be uncertain.
Short-term risks and uncertainties
The COVID-19 outbreak is severely and negatively affecting the tourism market 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 opening and recovery period is likely to affect the performance of the operator in the short and medium term.
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 40 year 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_2020.docx
