The Sunborn Millions: Principal activity is rental of yacht to a sister company

The company's principal activity is rental of the luxury yacht hotel docked at Ocean Village to its sister company Sunborn (Gibraltar) Resort Limited, which runs the operations in accordance with a lease contract. The Yacht hotel is equipped with 189 cabins, including 22 suites.

There are also conference facilities for up to 400 delegates, restaurants, bars fitness center, spa and lounges inside the Yacht hotel.

The Director considers that the level of business during the year was satisfactory. It is expected that this level of activity will be continued in the ensuing year.

The Company’s activities expose it to a variety of financial risks. In particular, the exposure to market risk (including interest rate risk and foreign currency risk), credit risk, liquidity risk and refinancing risk.

SOME FIGURES Dec 2018

Rental income £3,180,000

Investment property (yacht hotel) £87,633,000

Total Equity £8,251,000

Sunborn receives lease income from the management company. Lease income was £3.2 million in 2018 (£3.5 million in 2017).

The value of the Yacht hotel is at 116.5 million € according the latest valuation report.

SUNBORN GROUP IN BRIEF

* The company says: 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.

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