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Sunborn (Gibraltar) Limited Plc: Financial statements 2018

Sunborn Gibraltar Ltd

STOCK EXCHANGE RELEASE

30 April 2019

This is a summary of the financial statements 2018. The complete report is attached to this release and is also available at www.sunborn.com/press/

SUNBORN GIBRALTAR FINANCIAL REPORT 2018

Key Figures

GBP thousand 1 Jan – 31 Dec 2018 1 Jan - 31 Dec 2017 Rental income 3,180 3,500 EBITDA 2,984 3,283 Investment property (yacht hotel) 87,633 90,104 Total Equity 8,251 1,885 Bond 51 882 51 459 General

Sunborn Gibraltar Ltd owns a luxury yacht hotel 'Sunborn Gibraltar' docked at Ocean Village in Gibraltar, which it has leased to its sister company Sunborn Gibraltar Resort Ltd. The hotel operations of the yacht hotel Sunborn Gibraltar are run by management company Sunborn Gibraltar Resort Ltd in accordance with the lease contract. The yacht hotel is equipped with 189 cabins, including 22 suites, conference and ball room facilities for up to 400 delegates, two major restaurants, three bars, casino and lounges inside the yacht hotel. Sunborn Gibraltar's sole operation consists of acting as a lessor of the yacht hotel. Sunborn Gibraltar Ltd had no employees on 2018 and 2017.

Sunborn Gibraltar Ltd Financial summary 1 January - 31 December 2018

Sunborn receives lease income from the management company. Lease income was 3,2 M£ in 2018 (3,5 M£ in 2017). 

The value of the Yacht hotel is at 116,5 M€ according the latest valuation report. 

Notable events during the reporting 

No notable events after the end of the reporting period

Business environment

No notable changes in the business environment.

Guest satisfaction continues to be excellent reflected by Trip Advisor rating of #1, Booking.com rating of 9.1/10, Hotels.com rating of 9.2/10, Expedia.com 4.6/5.

The airline capacity showed increases YoY and further announcements have been made by carriers to the effect of increasing capacity further in Q2 2019.

Estimate future development

The company estimates that its financial performance and debt service capacity will remain stable.

Notable events after the end of the reporting period

No significant event to report.

Short-term risks and uncertainties

The Company´s financial risks related to business are market risk (including interest rate risk and foreign currency risk), credit risk, liquidity risk and refinancing risk. 

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 of the company closely monitors the development of the GBP/EUR exchange rate and aims to protect the Company against unfavorable developments at the group level.

Financial risk management carried out by the management of the Company aims to protect the Company against unfavorable developments in the financial markets and ensure the performance. The management review financial risks on regular basis to manage financial risk position and decide on necessary actions.

Proposal for profit distribution 

The Board of Directors proposes to the Annual General Meeting that the funds are carried forward to retained earnings. 

Sunborn Gibraltar Plc
Board of Directors

For additional information, please contact:
Sunborn Group Executive Director Hans Niemi,
Sunborn Group Chief Financial Officer Niina Stade,

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

Sunborn Gibraltar Financial Statements_small

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