DGAP-News

Primecity Investment Plc: RELEASES RESULTS FOR THE FIRST 9 MONTHS OF 2015, REFLECTING A STRONG GROWTH AND PROFITABILITY UPLIFT

Primecity Investment Plc / Key word(s): 9-month figures/Real Estate

25.11.2015 07:02

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PRIMECITY INVESTMENT PLC RELEASES RESULTS FOR THE FIRST 9 MONTHS OF 2015,
REFLECTING A STRONG GROWTH AND PROFITABILITY UPLIFT

- Revenue increased to EUR27.9 million, +57% YOY

- Adjusted EBITDA at EUR23.7 million, +65% YOY

- Net profit up by 134% YOY to EUR138.6 million

- EPS (basic) at EUR1.03 +75% YOY, EPS (diluted) at EUR0.75 +27% YOY

- Net cash provided by operating activities increased to EUR21.8 million,
+66% YOY

- FFO I increased by 84% to EUR15.0 million YOY

- FFO I per share at EUR0.15, up by 78% YOY

- Total equity increased by 69% to EUR392 million YTD

- EPRA NAV at EUR592 million, + 64% YTD

- Investment property at EUR780 million, +76% YTD

- LTV of 37% (22% assuming conversion) and Equity ratio at 48% (62%
assuming conversion)

- 54 hotels and 8,500 rooms as of October 2015 in portfolio; Rental
income run rate of EUR46 million and FFO I run rate at EUR25 million

November 25, 2015 - Primecity Investment plc (the "Company") announces the
interim results for the first nine months of 2015. Mirrored in the figures
are the accretive growth and the successful optimization measures of the
Company's hotel portfolio, leading to a significant rise in profitability.

A growing portfolio of accretive assets and materializing potentials
In the third quarter of the year PCI continued its success- growing
sustainably and improving the Company's profitability while maintaining its
strong and conservative financing structure. Rental income rose due to the
growth of the portfolio and lease optimization from EUR17.8 million in the
first 9 months of 2014 to EUR27.9 million in the first 9 months of 2015.
This 57% rise was surpassed by the 65% increase in the operational
performance figure, adjusted EBITDA, over the same period. With FFO I
rising by an even greater 84%, indicating PCI's outstanding financial
profitability development, the 9 month figures depict an all-around
successful period and affirm the Company's business model and management's