Primecity Investment Plc releases full year 2016 results

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 FY 2016 RESULTS  

- Revenue increased in 2016 to EUR52.6 million from EUR39.7 million in 2015

- Operating profit amounted to EUR88 million

- Net profit amounted to EUR62 million

- Net cash provided by operating activities increased to EUR41 million in 2016, up from EUR31 million in 2015

- EPS amounted to EUR0.37

- Investment property at EUR959 million, up from EUR900 million as of year-end 2015

- Total assets amounted to over EUR1 billion as of year-end 2016

- Total equity increased to EUR619 million, up from EUR476 million as of year-end 2015

- LTV of 25%, 22% assuming conversion of the convertible bonds which were fully converted/redeemed in March 2017

- Equity ratio of 60%, 63% assuming conversion of the convertible bonds which were fully converted/redeemed in March 2017

April 28, 2017 - Primecity Investment plc (the "Company") announces the results for the financial year 2016. The results reflect increased operational performance of the portfolio, with an increase in revenue and cash provided by operating activities. Furthermore, the Company has seen further reduction of its leverage position, mostly attributable to the conversion of its convertible bonds, which have been fully converted/redeemed as of March 2017.

The FY 2016 financial 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 Artemidos & Nikou Dimitriou, 54 B, 6027, 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 of underperforming hotel properties primarily in key German locations. The hotel properties are located in key locations which benefit from strong demand through 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

Artemidos & Nikou Dimitriou, 54 B

6027, Larnaca, Cyprus

www.prime-city.com

Disclaimer:

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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.

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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.