Primecity Investment Plc
Primecity Investment Plc: ANNOUNCES SUCCESSFUL H1 2015 RESULTS SUPPORTED BY ACCELERATED EXTERNAL AND INTERNAL GROWTH
Primecity Investment Plc / Key word(s): Half Year Results/Real Estate 10.08.2015 07:00 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Corporate News THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PRIMECITY INVESTMENT PLC ANNOUNCES SUCCESSFUL H1 2015 RESULTS SUPPORTED BY ACCELERATED EXTERNAL AND INTERNAL GROWTH - EPRA NAV at EUR564 million, + 56% YTD - Revenue increased to EUR17.1 million, +62% YOY - Significantly higher Adjusted EBITDA at EUR14.7 million, +67% YOY - Significant increase in net profit by 137% YOY to EUR117.2 million. Rise in EPS (basic) to 0.86 Euro cents, +76% YOY - Net cash provided by operating activities increased to EUR13.7 million, +69% compared to H1 2014 - FFO I increased by 88% to EUR9.1 million YOY. - FFO I per share increased by 85% to 9 Euro cents. - Investment property rose to EUR741 million, +68% YTD - LTV of 40% (21% assuming conversion) illustrates conservative leverage approach - As of July 2015 portfolio increased to 52 hotels and 8,300 rooms. Lease revenue run rate to EUR44 million and FFO I run rate at EUR24 million August 10, 2015 - Primecity Investment plc (the "Company") (Symbol: ALPCI) announces interim results for the first six months of 2015. The results verify the Company's successful business strategy and the effective realization of the turnaround plans as well as the acquisition pipeline. Holding on to conservative financial positioning and strict acquisition criteria in face of strong portfolio growth PCI's portfolio growth accelerated in the second quarter with 9 hotels being added in addition to the 7 properties acquired in Q1. Including further purchases after the reporting date, the total portfolio as of July 2015 comprises 52 hotels and 8,300 rooms, generating lease revenue run rate of EUR44 million (July*12). While the portfolio expanded significantly, PCI continued with its conservative financial leverage approach and acquisition criteria. PCI has an LTV of 40% (21% assuming conversion of convertible bonds that are in the money) and an interest coverage ratio of 3.7x. Combined with an unencumbered ratio of 30%.This financial headroom will enable PCI to continue to expand through acquisitions in the foreseeable future. Significant increase in profitability fueled by efficiency gains The figures of the first half of 2015 also show the fruit of operational improvements made over the previous periods and efficiency gains through the portfolio growth. These efficiencies are reflected in the growing operational figures of the Adjusted EBITDA, FFO I, FFO I per share and the total profit of the Company. The full H1 2015 interim report is available on the Company's website: http://www.prime-city.com/downloads.html About Primecity Investment The Company (ISIN: CY0104972217) is a public limited liability company incorporated under the laws of Cyprus, having its registered office at Faros Avenue, Spyros Thalassines Alkyonides - Pervolia 7560, Larnaca, Cyprus and being registered with the registrar of companies in Cyprus under number HE 151151. The Company is a specialist hotel investment company with main focus on investing in and repositioning mismanaged Hotel portfolios primarily in Germany. The hotel properties are located in key locations which enjoy high tourism, business and exhibitions, such as Berlin, Munich, Hamburg, Frankfurt, Dresden, Düsseldorf, Mannheim and Leipzig. For more information please refer to the Company's website www.prime-city.com. Contact: Christian Hupfer (CFO) Primecity Investment Plc Faros Avenue Spyros Thalassines Alkyonides Pervolia 7560, Larnaca - CYPRUS www.prime-city.com Disclaimer: THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. THE SECURITIES MENTIONED IN THIS ANNOUNCEMENT HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES IN THE UNITED STATES. THIS ANNOUNCEMENT IS DIRECTED AT AND IS ONLY BEING DISTRIBUTED IN THE UNITED KINGDOM TO (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER"), (II) HIGH NET WORTH ENTITIES, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED FALLING WITHIN ARTICLE 49 OF THE ORDER, AND (III) PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). THIS COMMUNICATION MUST NOT BE READ, ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA"), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED ONLY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF ARTICLE 2(1)(E) OF DIRECTIVE 2003/71/EC, AS AMENDED (THE "PROSPECTUS DIRECTIVE") ("QUALIFIED INVESTORS"). ANY PERSON IN THE EEA WHO ACQUIRES THE SECURITIES IN ANY OFFER (AN "INVESTOR") OR TO WHOM ANY OFFER OF THE SECURITIES IS MADE WILL BE DEEMED TO HAVE REPRESENTED AND AGREED THAT IT IS A QUALIFIED INVESTOR. ANY INVESTOR WILL ALSO BE DEEMED TO HAVE REPRESENTED AND AGREED THAT ANY SECURITIES ACQUIRED BY IT IN THE OFFER HAVE NOT BEEN ACQUIRED ON BEHALF OF PERSONS IN THE EEA OTHER THAN QUALIFIED INVESTORS, NOR HAVE THE SECURITIES BEEN ACQUIRED WITH A VIEW TO THEIR OFFER OR RESALE IN THE EEA TO PERSONS WHERE THIS WOULD RESULT IN A REQUIREMENT FOR PUBLICATION BY THE COMPANY OR ANY OF THE MANAGERS OF A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE PROSPECTUS DIRECTIVE. THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF PRIMECITY INVESTMENT PLC. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS. 10.08.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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