Sunborn London Oyj: HALF YEAR REPORT FOR JANUARY - JUNE 2018
Sunborn London Oyj
STOCK EXCHANGE RELEASE
30 August 2018 at 16:00
This is a summary of the January - June 2018 half year report. The complete report is attached to this release and is also available at www.sunborn.com/press/
SUNBORN LONDON OYJ HALF YEAR REPORT 1 January - 30 June 2018
Key Figures
| EUR thousand | 1 Jan - 30 Jun 2018 | 1 Jan - 30 Jun 2017 | 1 Jan - 31 Dec 2017 |
| Rental income | 1 463 | 1 496 | 2 941 |
| Operating profit | 691 | 637 | 1 253 |
| Investment property (yacht hotel) | 40 165 | 41 669 | 40 917 |
| Total Equity | 31 834 | 32 944 | 31 431 |
| Borrowings | 30 812 | 31 193 | 30 722 |
Financial summary 1 January - 30 June 2018
Rental Income for the reporting period was 1,47 M€ (1,50 M€). Rental income in EUR was slightly affected by weakening of GBP versus EUR, which is in line with our expected FX fluctuations considering Brexit negotiations are taking place. With comparable exchange rates rental income remained the same.
Operating costs increased due to the one-time costs related to the listing.
Fair value of the yacht hotel as at 30 June 2018 approximates the book value of the yacht hotel. The volatility in the fair value is mainly due to fluctuation of the GBP/EUR exchange rate.
Business environment
No significant changes in business environment.
Estimate future development
The company estimates that its financial performance and debt service capacity will remain stable.
Notable events during and reporting period after the end of the reporting period
No significant event to report.
Short-term risks and uncertainties
The management review financial risks on regular basis to manage financial risk position and decide on necessary actions.
Sunborn London Oyj
Board of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, tel.+358 2 44 54 513, hans.niemi@sunborn.com
Sunborn Group CFO Niina Stade, tel.+358 44 55 66 153, 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.
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 London Oyj in any jurisdiction.
Attachment
Sunborn_London-Financial_Statements-H12018
