Sunborn London Oyj: HALF YEAR REPORT FOR JULY – DECEMBER 2019
Sunborn London Oyj
STOCK EXCHANGE RELEASE
28th of February 2020
This is a summary of the July- December 2019 half year financial report. The complete report is attached to this release and is also available at www.sunborn.com/press/
Key Figures
| EUR thousand | 1 Jul – 31 Dec 2019 | 1 Jul – 31 Dec 2018 | 1 Jan - 31 Dec 2019 | 1 Jan - 31 Dec 2018 |
| Rental income | 1 472 | 1 450 | 2 945 | 2 913 |
| Operating profit | 649 | 633 | 1 336 | 1 324 |
| Investment property (Yacht hotel) | 37 907 | 39 412 | ||
| Total Equity | 29 128 | 30 254 | ||
| Borrowings | 29 814 | 30 297 |
Financial summary 1 July – 31 December 2019
Rental Income for the reporting period was 1.47 M€ (1.46 M€). Rental income in EUR was slightly affected by FX fluctuations.
Operating costs are in line with previous year.
Fair value of the yacht hotel as at 31 December 2019 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
Volatility in GBP versus EUR is expected to continue due to ongoing Brexit process. UK transitional arrangements for leaving the EU is ending 31.12.2020 and the negotiations for the continuing relationship will cause market and FX movements towards the end of the year. The issuer has kept and continues to keep a prudent hedging practice in place to protect against major adverse movement in GBP.
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 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 London Oyj in any jurisdiction.
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