Sunborn London Oyj: HALF YEAR REPORT FOR JULY - DECEMBER 2018
Sunborn London Oyj
STOCK EXCHANGE RELEASE
28 February 2019 at 16:00
This is a summary of the July - December 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 July - 31 December 2018
Key Figures
| EUR thousand | 1 Jul - 31 Dec 2018 | 1 Jul - 31 Dec 2017 | 1 Jan - 31 Dec 2018 | 1 Jan - 31 Dec 2017 |
| Rental income | 1 450 | 1 445 | 2 913 | 2 941 |
| Operating profit | 633 | 615 | 1 324 | 1 253 |
| Investment property (yacht hotel) | 39 412 | 40 917 | 39 412 | 40 917 |
| Total Equity | 30 184 | 31 431 | 30 184 | 31 431 |
| Borrowings | 30 297 | 30 722 | 30 297 | 30 722 |
Financial summary 1 July - 31 December 2018
Rental Income for the reporting period was 1.45 M€ (1.45 M€).
Operating costs are in line with comparable reporting period.
Fair value of the yacht hotel as at 31 December 2018 was approximates 41 M€. 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.
Sunborn London Oyj
Board of Directors
For additional information, please contact:
Sunborn Group Executive Director Hans Niemi, hans.niemi@sunborn.com
Sunborn Group CFO 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.
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
