SUNBORN (GIBRALTAR) Limited Plc: Interim report for January - March 2019
STOCK EXCHANGE RELEASE
29 May 2019
This is a summary of the Q1 2019 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
| GBP thousand | 1 Jan – 31 Mar 2019 | 1 Jan – 31 Mar 2018 | 1 Jan – 31 Dec 2018 | ||
| Rental income | 795 | 750 | 3,180 | ||
| EBITDA | 746 | 708 | 2,984 | ||
| Investment property (yacht hotel) | 87,007 | 89,276 | 87,633 | ||
| Total Equity | 7,497 | 807 | 8,251 | ||
| Bond | 50,554 | 49,774 | 50,461 |
Chief Executive Director, Hans Niemi
“Q1 2019 total turnover was £2,33M with an increase in rooms sold by +34 % YOY during the period. RevPar for the period experienced an increase of +10% YOY. Q1 EBITDA increased +33 % YOY in £GBP and +21 % as a percentage. During the period, management continues to drive efforts towards BAR, MICE and Government segments in rooms. Food & Beverage is a major component of the total revenue increase as it experienced a +14 % increase over the same period last year. Brexit still plays a significant role in the purchase decision of both companies and individuals given the fact that the majority of overnight stays are generated from the UK.”
Sunborn Gibraltar Plc Financial summary 1 January - 31 March 2019
Sunborn receives lease income from the operator company. Lease income was 0,80 M£ in 2019 (0,75 M£ in 2018). Costs were in line with previous year.
The value of the Yacht hotel is at 116,5 M€ according the latest valuation report.
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 CFO Niina Stade, niina.stade@sunborn.com
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 Gibraltar Plc in any jurisdiction.
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