DGAP-News

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

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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