22.11.2021 15:12:15 EET | Sunborn Finance Oyj |
Interim report (Q1 and Q3)
Sunborn Finance Oyj: INTERIM REPORT FOR JULY- SEPTEMBER 2021
STOCK EXCHANGE RELEASE
This is a summary of the Q3 2021 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Key Figures (IFRS) – Sunborn Finance Oyj
EUR thousand
1 Jul- 30 Sep 2021
1 Jul- 30
Sep 2020
1 Jan- 30 Sep 2021
1 Jan- 30 Sep 2020
1 Jan – 31 Dec 2020
Revenue
915
921
2 871
2 715
3 060
EBITDA
751
783
2 415
2 067
2 190
Investment property (Spa Hotels)
61 820
65 920
61 820
Total equity
2 734
6 541
2 587
Bond
49 831
49 546
49 616
Sunborn Finance Oyj Financial summary 1 July – 30 September 2020
Sunborn Finance revenue 0,92 M€ consists of fixed lease income from the operator and other services income. Lease income 7-9/2021 was 0,85 M€ (7-9/2020 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).
Operator Sunborn Saga Oy Financial summary 1 July– 30 September 2021
Excellent performance in all KPI´s for Operator Sunborn Saga saw Q3 revenue increasing +14% to 8.259 M€ (7.241 M€). EBITDA increased to 2.376 M€ or +5% YoY and increase of +23% compared to Q3 2019 exceeding forecasts. High demand from domestic leisure market contributed to high occupancy, ADR and RevPar all more than YoY numbers and generally at levels of 2019 or higher. The corporate market also provided business to both hotels in August, a promising sign for future expectations.
The amended bond terms and conditions introduced a quarterly Operator covenant. Operator Q3 2021 EBITDA exceeded the requirement 80 % at 2.376 M€ or > 123 % (1.938 M€ in Q3 2019).
Notable during the reporting period and estimated future development
Most Covid-19 restrictions were ceased in Q3 except for restaurant restrictions. Clients have largely adapted to the situation and restaurants enjoy higher visitor amounts and increasing revenue. As an alternative for restrictions Finnish Government introduced a national Covid pass scheme in October which has been implemented for restaurants and events.
No improvement is seen yet in foreign incoming travel. Restrictions concerning travelling from Finland abroad have been eased, whereas travelling to Finland is still restricted.
Business environment
The Covid 19 pandemic continues to negatively impact especially international travel, also corporate business levels all across hospitality industry. International travel is not anticipated to recover before H2 2022. In the meantime, our operations will continue to be focused on domestic leisure, medical rehabilitation and corporate segments.
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 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 and 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 Q3 2021 Report.pdf
