SUNBORN GIBRALTAR PLC: INTERIM REPORT FOR JANUARY - JUNE 2019
STOCK EXCHANGE RELEASE
30 August 2019
This is a summary of the Q2 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
| 1 Apr-30 Jun 2019 | 1 Apr-30 Jun 2018 | 1 Jan -30 Jun 2019 | 1 Jan -30 Jun 2018 | 1 Jan- 31 Dec 2018 | |
| GBP thousand | |||||
| Rental income | 795 | 750 | 1,590 | 1,500 | 3,180 |
| EBITDA | 746 | 700 | 1,504 | 1,408 | 2,984 |
| Investment property (yacht hotel) | 86,284 | 88,898 | 86,284 | 88,933 | 87,522 |
| Total Equity | 6,741 | 8,251 | |||
| Bond | 50,667 | 50,461 | |||
Sunborn Gibraltar Plc Financial summary 1 January - 30 June 2019
Sunborn receives lease income from the management company. Lease income was 1.59 M£ in 2019 (1.50 M£ in 2018). Costs were in line with previous year.
The value of the Yacht hotel is at 113,6 M€ according the latest valuation report May 2019.
Business environment
Due to the Brexit date of 31 March was postponed to the end of October the volatility in pound sterling versus euro is expected to continue.
Estimate future development
The company estimates that its financial performance and debt service capacity will remain stable.
Short-term risks and uncertainties
The Company is exposed to foreign currency risk through rental receivables and future cash flows arising from the lease contract of the Yacht hotel that is denominated in GBP.
The management review financial risks on regular basis to manage financial risk position and decide on necessary actions.
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
DISTRIBUTION:
Nasdaq Helsinki Ltd
www.sunborn.com/press/
Sunborn Group in brief
Sunborn is over 40 years 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 Gibraltar Plc in any jurisdiction.
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