SUNBORN GIBRALTAR PLC: INTERIM REPORT FOR JANUARY – DECEMBER 2019
STOCK EXCHANGE RELEASE
February 29th 2020
This is a summary of the Q4 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
Sunborn Gibraltar Plc Financial summary 1 January - 30 December 2019
Sunborn receives lease income from the management company. Lease income was £3.18M in 2019 (£3.18M in 2018). Operating costs were in line with previous year.
The value of the Yacht hotel is at €113.6M based on the latest valuation report dated May 2019.
The months of November and December experienced a decline in leisure business as expected due to the published Brexit date of 31 October, other than this there were no notable changes in the business environment.
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
Nasdaq Helsinki Ltd
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.
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.