Black Sea Property (BSP) H1 2024 earnings summary

Executive summary

• Significant increase in hotel overnight stays to approximately 90,000 in summer 2024, up from 60,000 in 2023, reflecting strong operational performance at Sunrise River Beach Resort.

• Estimated full-year 2024 EBITDA of about EUR 620,000, including off-season costs; final results to be published in the annual report.

• Ongoing efforts to sell the entire resort or the company’s stake continue, with any transaction expected no earlier than 2025.

Financial highlights

• Group revenue for 1H 2024 was NOK 587,000, up from NOK 480,000 in 1H 2023.

• Group operating loss (EBIT) for 1H 2024 was NOK -1,221,000, similar to NOK -1,243,000 in 1H 2023.

• Net income for 1H 2024 was NOK 936,000, down from NOK 13,039,000 in 1H 2023, mainly due to lower net financial income.

• Total assets increased to NOK 366.5 million as of June 30, 2024, from NOK 309.5 million a year earlier.

• Cash and cash equivalents at June 30, 2024, were NOK 3.7 million, compared to NOK 3.9 million at June 30, 2023.

Outlook and guidance

• Board maintains a positive outlook, continuing focus on development, management, and operation of the main asset, Sunrise River Beach Resort.

• Sale of the resort or company’s stake remains a strategic goal, but no transaction is expected before 2025.