PrimeCity Investments reported 1Q15 revenue of €7.4mn +41% YoY
PrimeCity Investments reported 1Q15 revenue of &euro;7.4mn +41% YoY. reflecting a successful continuation of the growth momentum of both operations and portfolio size. Seven hotel properties were added to the portfolio in 1Q15, and a further nine by May-15. Total number of hotel rooms has grown from 5,000 at end Dec, to 5,800 be end Mar and 8,000 by end May.
Primecity Investment Plc releases Q1 2015 figures, opening the year successfully

Freitag, 15.05.2015 12:45 von DGAP - Aufrufe: 163

Primecity Investment Plc / Key word(s): Quarter Results/Real Estate 15.05.2015 12:43 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 releases Q1 2015 figures, opening the year successfully - EPRA NAV at EUR467 million, + 29% compared to year-end 2014 - Revenue increased to EUR7.4 million, +41% compared to Q1 2014 - Adjusted EBITDA at EUR6.3 million, +38% compared to Q1 2014 - FFO I increased by 45% to EUR4.1 million compared to Q1 2014. FFO I per share at EUR4 cents - Net profit increased to EUR40.2 million - Low leverage with an LTV of 41% (15% assuming conversion) and an equity ratio of 40% (61% assuming conversion) - Interest Coverage Ratio of 4.4x May 15, 2015 - Primecity Investment plc (the "Company") announces the interim results for the first quarter of 2015. The figures mirror the successful continuation of the growth momentum of both operations and portfolio size. Successful realisation of property pipeline Continuing the strong growth in 2014, 7 hotel properties were added to the portfolio in the first 3 months of 2015 and further 9 properties by May 2015. This led the number of hotel rooms to rise from 5,000 at the end of December 2014 to 5,800 by March 2015 and to 8,000 by May 2015. The combination of rental income generated from newly acquired properties as well as increasing income from lease agreements with existing tenants led to a 41% revenue increase comparing Q1 2014 to Q1 2015. The May 2015 lease revenue run rate, annualizing the lease revenue of the May 2015 portfolio and excluding any further acquisitions or operational improvements, amounts to EUR42 million and provides a strong standing point looking forward. Continuous access to capital markets fuelling acquisitions Growing interest in the investment community allowed PCI to tap up its convertible bonds in February 2015 by EUR50 million in principal amount, following the initial issuance in November 2014 of EUR100 million. The issuance was oversubscribed and issued at a 5% premium to the nominal amount. The strong access to capital markets is fuelling the firepower of the Company to further pursue attractive deals and to continuously increase the portfolio accretively. The cash and liquid assets at the end of March 2015 amounted to EUR97 million. Despite the strong portfolio growth, the financial matrix remained sound as LTV was kept at a low leverage of 41% (15% assuming conversion of the convertible bond which is in the money), equity ratio of 40% (61% assuming conversion) and Interest Coverage Ratio improved to 4.4x. The conservative financial position enables the Company to both maintain high financial headroom and comfort to investors and to support future growth. Portfolio growth accompanied by profitability rise Along the strong asset growth in the first quarter the Company has improved the profitability of its operations. FFO I rose by 45% to EUR4.1 million in the first three months of 2015, resulting in FFO I per share of EUR4 cents. The annualized FFO I run rate as of May 2015, based on current lease agreements and operational and financial standpoints, is EUR23 million. The strong start of 2015 has resulted in an EPRA NAV of EUR467 million as of March 2015, an increase of 29% in comparison to December 2014. The full Q1 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 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, 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. 15.05.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------