Primecity Investment Plc
Primecity Investment Plc: announces 2014 figures, showing a strong operational and financial performance
Primecity Investment Plc / Key word(s): Final Results/Real Estate 01.04.2015 09:00 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 2014 figures, showing a strong operational and financial performance - EPRA NAV at EUR362 million, + 251% YOY - FFO I amounted to EUR13.6 million, + 348% YOY - FFO I per share at EUR0.14, + 367% - FFO II of EUR36.6 million - Revenue increased to EUR25.6 million, +159% YOY - Adjusted EBITDA at EUR21.7 million, +190% YOY - Net Profit increased to EUR104 million, + 247% YOY - EPS up by 223% to EUR0.97, 223% YOY - LTV of 40% (18% assuming conversion) - Interest Coverage Ratio of 4.2 April 01, 2015 - Primecity Investment plc (the "Company") announces the full year results for 2014. The results illustrate the successful implementation of the Company's growth strategy with strong operational and financial improvements to support its continuous growth ambitions. Strong portfolio growth and excellent growth prospects The portfolio grew from 16 hotels in 2013 to 34 by December 2014 and further rose to 42 as of April 2015. Hotels room figures were 2,700, 5,000 and 6,200 respectively. This strong growth combined with rental lease increases led to a sharp revenue rise of 159% YOY to EUR25.6 million. The effect of the acquisitions at the end of the year, together with further acquisitions in 2015 is reflected in April 2015's lease revenue run rate of EUR36 million. The operational performance strongly impacted the bottom line, with net profit rising by 247% to EUR104 million, in comparison to 2013 and an increase in Earnings per Share of 223%. Profitability rise based on improved financial fundamentals The strong operational and financial performances are reflected in an FFO I of EUR13.6 million (EUR 0.14 per share) and an adjusted EBITDA of EUR21.7 million. FFO II amounted to EUR36.6 million, due to strong results from realized disposal gains at the end of year and illustrating PCI's sourcing abilities and conservative valuation stance. EPRA NAV rose in 2014 to EUR362 million, reflecting an increase of 251%. Successful capital market access supported by conservative financing structure The Company's growth and strong financial positon led to a successful listing on the Euronext Paris Stock Exchange in November 2014. To fund its portfolio growth Primecity issued convertible bonds at EUR100 million in principal amount at the end of 2014, with a EUR50 million tap up in February 2015. This proven access to capital markets underlines PCI's ability to maintain its strong growth momentum. Throughout the exponential portfolio growth PCI maintained a conservative capital structure with an LTV of 40% (18% assuming conversion of the convertible bond) and an Interest Coverage Ratio of 4.2. The full 2014 annual 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 focused 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, Hamburg, Bremen, Frankfurt, Dresden, Düsseldorf, Baden-Baden 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. 01.04.2015 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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