25.11.2020 21:18:06 EET | Sunborn (Gibraltar) Limited |
Interim report (Q1 and Q3)
SUNBORN GIBRALTAR LTD
INTERIM REPORT FOR JULY – SEPTEMBER 2020
STOCK EXCHANGE RELEASE
This is a summary of the Q3 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 Gibraltar Plc
Key Figures Issuer Sunborn (Gibraltar) Limited
1 Jul-30 Sep
1 Jul-30 Sep
1 Jan-30 Sep
1 Jan- 31 Dec
1 Jan-30 Sep
GBP thousand
2020
2019
2020
2019
2019
Rental income
681
795
1,609
3,180
2,385
EBITDA
615
746
1,430
2,967
2,250
Investment property (yacht hotel)
85,665
83,237
85,128
85,665
Total Equity
818
7,724
5,966
Bond
52,351
48,300
50,753
Issuer Sunborn Gibraltar Ltd Financial summary 1 July – 30 September 2020
Sunborn receives lease income from the management company. Lease income for the period was slightly lower £681K in 2020 (£795K in 2019). Permitted lease waivers were applied as per the written procedure voted on favorably by bondholders 25th June 2020.
The value of the Yacht hotel is at €110.6M based on the latest valuation report dated June 2020.
Business environment
Despite challenging circumstances of Covid-19, operations in August and September were successful considering the extraordinary operating environment. Operator Sunborn Gibraltar Resort Q3 revenue was £1.3M (£3.1M) and EBITDAR was £0.25M (£1.16M). Business environment in Gibraltar has been negatively impacted during the period. During the period the number of airline movements decreased materially but are expected to resume. Gibraltar has been one of few quarantine free destinations for UK travelers. Wizz air announced new routes for December.
Notable events during and after the end of the reporting period and estimate future development
As a result of Covid-19 impacts on the operator’s activities Sunborn Gibraltar entered into written procedure to amend bond terms and conditions in June 2020 and secured bondholder approval for certain waivers and amendments to the terms and conditions of the bonds. Amended and Restated Terms and Conditions provide temporary relief on interest coverage ratio, minimum cash covenant and lease payment covenant. As part of the Amended and Restated Terms and Conditions, Sunborn International Holding Oy entered into an Additional Guarantee Agreement, as principle obligor, guarantee to the Agent and Bondholders the punctual performance of Sunborn (Gibraltar) limited obligations under the Bond’s Finance Documents. Although good performance in August and September, management expects the UK lockdown in November to negatively impact Q4 operations.
Short-term risks and uncertainties
The Covid-19 outbreak is severely and negatively affecting the tourism 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 forecasted recovery period is likely to affect the performance of the operator in the short and medium term.
Sunborn Gibraltar PlcBoard of Directors
For additional information, please contact:Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
DISTRIBUTION:Nasdaq Helsinki Ltdwww.sunborn.com/press/
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.
About Sunborn (Gibraltar) Limited
Sunborn Gibraltar is part of the Sunborn Group, which is over 40 years old, privately owned group of companies based in Finland, with decades of experience in the hospitality sector. Sunborn’s 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
Attachments
Download announcement as PDF.pdf
Financial statements_Sunborn Gibraltar Ltd Q3 2020.pdf
