Sunborn London Oyj: HALF YEAR REPORT FOR JULY - DECEMBER 2017

Sunborn London Oyj: HALF YEAR REPORT FOR JULY - DECEMBER 2017Sunborn London OyjSTOCK EXCHANGE RELEASE 1 March 2017, at 17:00 pmThis is a summary of the July – December 2017 half year report. The complete report is available at www.sunborn.com/press/ SUNBORN LONDON OYJ HALF YEAR REPORT...

Turku, 01/03/2018 (informazione.news - comunicati stampa - turismo)

Sunborn London Oyj

STOCK EXCHANGE RELEASE

1 March 2017, at 17:00 pm

This is a summary of the July – December 2017 half year report. The complete report is available at www.sunborn.com/press/

Rental Income for the reporting period was 1,445 M€ (1,500 M€). Rental income in EUR was slightly affected by weakening of GBP versus EUR, which is in line with our expected FX fluctuations considering Brexit negotiations are taking place. With comparable exchange rates rental income remained the same.

Costs and operating profit remained at the same level.

Fair value of the yacht hotel as at 31 December 2017 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.

Mooring license with Royal Docks Management Authority (RODMA) was renewed in September for a further five years.

On October 2017 the company decided to enter into a one year EURGBP open window forward rate contract for an amount corresponding to the bond coupon payments to be made in the period.

No significant changes in business environment.

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

No significant event to report.

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 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