Sunborn Gibraltar Ltd
STOCK EXCHANGE RELEASE
28 February 2019, at 4:30 pm
This is a summary of the October – December 2018 interim report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Key Figures
| GBP thousand | 1 Oct – 31 Dec 2018 | 1 Oct – 31 Dec 2017 | 1 Jan – 31 Dec 2018 | 1 Jan - 31 Dec 2017 | |
| Rental income | 930 | 1,250 | 3,180 | 3,500 | |
| EBITDA | 875 | 1,237 | 2,984 | 3,283 | |
| Investment property (yacht hotel) | 87,633 | 90,104 | 87,633 | 90,104 | |
| Total Equity | 8,251 | 1,885 | 8,251 | 1,885 | |
| Borrowings | 81,458 | 90,674 | 81,458 | 90,674 |
Financial summary 1 January - 31 December 2018
Chief Executive Director, Hans Niemi
Hotel operations turnover in Q4 18 was £2,59M with an increase in rooms sold by +10% YOY during the period. RevPar for the period Q4 showed an increase of +1% YOY and Q4 EBITDA showed an increase of +7% YOY. During the period, management focused on increasing rates and MICE segment in rooms. Pre-bookings for the following year are above those YoY and the market overall is showing signs of rebounding incoming flight and visitor levels to those last seen in 2017.
The exceptional circumstance of Monarch Airline bankruptcy in Q4 FY17 continued to have effects throughout 2018. Overall YoY flight arrivals were down -22.8% over 2017, but management was pleased to see flight arrivals in November and December 2018 showed an increase to last year and positively reflected in hotel occupancy. Hotel management generated a multi-level strategy in Q1 to react to the situation has been a success, and this strategy was carried through the full year: 1) ADR we had a slight increase YOY of +3% with our modified pricing strategy 2) we continued negotiations with corporations to increase MICE business resulting in a substantial increase in this segment of +56% YOY 3) Continued efforts in generating new agreements with FIT companies which use the Malaga International airport, which produced a small positive gain (+1%) in Q4 and already producing a more significant gain in Q1 2019 with pre-bookings.
Business environment
No notable changes in the business environment.
Estimate future development
The company estimates that its financial performance and debt service capacity will remain stable.
Sunborn Gibraltar Plc
Board of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
Sunborn Group Chief Financial Officer Niina Stade, niina.stade@sunborn.com
DISTRIBUTION:
Nasdaq Helsinki Ltd
www.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.
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 London Oyj in any jurisdiction.
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