22.8.2022 18:34:04 EEST | Sunborn (Gibraltar) Limited |
Half Year financial report
SUNBORN GIBRALTAR LTD
INTERIM REPORT FOR APRIL – JUNE 2022
STOCK EXCHANGE RELEASE
This is a summary of the Q2 2022 interim financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Issuer Sunborn Gibraltar Ltd Financial summary 1 April -30 June
The Issuer Sunborn Gibraltar Ltd lease income in Q2 2022 from the Operator was as per budget £795 K (£795K in Q2 2021) and costs were also in line with expectations.
Great performance for operator over Q2 period boosted by return of corporate travel, solid MICE and increase in inbound flight capacity to Gibraltar. Revenue under Sunborn (Gibraltar) Resort Ltd increased by 70% YoY to £3,4M (£2.02M) and EBITDAR came in at £1,43M (+36% YoY 2021 and +33% over 2019).
The fair value of the Yacht hotel is at €111.7 Million based on the latest valuation report dated June 2022.
Business environment
Leisure travel from the UK continues to rebound in 2022 and the hotel experienced +156% increase over 2021 +41% increase over 2019 in room revenue during the same period respectively. Corporate business travel is also returning to pre-pandemic levels.
During the period, the operator continued to maintain high levels of Guest satisfaction ratings.
Notable events during and after the end of the reporting period and estimate future development
Amendment proposal has been approved to extend the final maturity date of the bonds by 18 months to 5 March 2024.
The war in Ukraine continues to impact prices of various items, particularly in food and beverage such as grain related items as well as various supplies which are reliant upon fuel prices that have increased. Management is adapting to the price increases.
Short-term risks and uncertainties
The ongoing and continuing pandemic is an ongoing uncertainty that may cause disruptions to hospitality businesses, including Sunborn Gibraltar.
Sunborn Gibraltar LtdBoard of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
Sunborn Group in brief
Sunborn is over 40 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 Gibraltar Plc in any jurisdiction.
Attachments
Download announcement as PDF.pdf
Sunborn Gibraltar Ltd Q2 2022.pdf
22.8.2022 18:34:04 EEST | Sunborn (Gibraltar) Limited |
Halvårsrapport
SUNBORN GIBRALTAR LTD
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 Gibraltar Ltd
Sunborn Gibraltar Ltd Financial summary 1 April – 30 June 2021
The Issuer Sunborn Gibraltar Ltd receives lease income from the Operator. Lease income in Q2 2021 was £795 K (£134K in Q2 2020). Costs were in line with previous year.
The depreciated value of the Yacht hotel is at €107.6 Million based on the latest valuation report dated June 2021.
Operations slow start for Q2 under pandemic travel restrictions ended with record breaking sales and the trend continued throughout the summer. June outperformed any previous month on record with near 90 % occupancy. Second half of 2021 looks promising. The Operator Q2 EBITDA performance covenant was met and in excess.
Business environment
Gibraltar continues to be on the Green List of countries or territories which UK citizens could travel to without quarantine upon arrival or return home as of May 17th. During the period, the number of flights per week increased to 45 which is at the level of 2017 before the Monarch airlines demise.
Notable events during and after the end of the reporting period and estimate future development
Despite the Covid-19 situation, the management is confident the business is well placed to continue operations normally regardless of the subsequent changes in the operating environment.
Looking forward, Q3 is shaping up to be another record occupancy period exceeding 2019 levels. Q4 showing signs of recuperation in some business travel and pre-bookings for Christmas events. However, leisure travel remains dominant over corporate or event travel.
Gibraltar, UK and Spain are in process of ratifying an in-principle agreement allowing Gibraltar to form part of Schengen travel zone.
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 yacht hotel the Company holds as investment property.
Sunborn Gibraltar LtdBoard of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
Sunborn Group in brief
Sunborn is over 40 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 Gibraltar Plc in any jurisdiction.
Bilagor
Ladda ned som PDF.pdf
