Ultima Capital : results for the first half of 2020

PRESS RELEASE

Ultima Capital SA results for the first half of 2020 reaffirm its effective strategy and the Group's profitable and sound business model.

Switzerland, 30 October 2020 - Ultima Capital SA (BX: ULTIMA, "Ultima"), a Swiss luxury real estate owner, developer and operator listed on BX Swiss, reports its consolidated financial results1 as of 30 June 2020, with a net profit of CHF 8.7 million for H1 2020. Ultima considers itself well positioned for the times ahead thanks to its high-endreal estate portfolio and the increasing needs of clients for privacy and exclusivity. The Covid-19pandemic and associated lockdowns had only a minor impact on the half-yearresults.

A solid business model driven by recurring revenues and development growth

For the first half (H1) of 2020, consolidated revenues1 of CHF 5.74 million were mainly generated by the lease of investment properties owned by Ultima Group to ULT Management in multiple locations (Gstaad, Megève, Corfu and Mies), by management activities in the Crans-Montana property, and by a license agreement signed with ULT Management.

Operating profit of CHF 12.2 million and development of the high-end real estate portfolio1

In June 2020, the properties of Mies and Corfu became operational. The Schönried project has been fully reviewed with a residential perspective which is more adapted to expectations and the Ultima strategy.

Construction and development of the properties continued in H1 2020. Since 31 December 2019, the company's portfolio has increased in consolidated value by CHF 20.6 million from CHF 742.3 million to CHF 762.9 million as at 30 June 2020. This is a result of continued construction and the ongoing evolution of the portfolio. The consolidated net gain from the fair value adjustments on investment properties amounted to CHF 9.8 million for the reporting period.

The operating profit (EBIT) came to CHF 12.2 million for the first six-month period of the year.

As at 30 June 2020, Ultima had a solid consolidated balance sheet with a total available consolidated cash position of CHF 20.2 million.

Net profit

For the first six-month period of 2020, the consolidated net profit of CHF 8.7 million reflects the excellent operating performances with value creating growth.

• The unaudited consolidated financial statements comprise the consolidated balance sheet and income statement of Ultima Capital SA and its subsidiaries as of 30 June 2020 (six-month period). Due to specific facts and circumstances with regard to the Ultima Group (Ultima Group in its current form started to exist only after the in- kind contribution of several companies as of 5 July 2019), the comparative H1 2019 income statement reports comparative information and figures of Ultima Capital SA stand alone.

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Outlook

Since the beginning of the Covid-19 pandemic, Ultima has acted quickly both at the property and corporate levels. Despite uncertainty, our strategy and business model are proving to be resilient. The high quality of our properties and the adaptation to the current circumstances and expectations are important success factors. While there is much uncertainty, so far, COVID-19 pandemic has had no significant direct negative financial impact on activities of the Group.

On July 1, 2020, Ultima Group acquired Le Grand Jardin, an historic and sole private property on Sainte- Marguerite Island facing the Bay of Cannes. It is one of the most exclusive properties on the French Riviera, and over the next months, renovations will take place to restore and improve the historic character of Le Grand Jardin while developing an ecological project around the gardens of the property.

This acquisition reinforces the Group's 360 degrees offering with developments in Alpine, Urban and Coastal destinations, always in prime locations.

In addition, Ultima Group has signed an exclusive purchase agreement for the acquisition of "The Chesery", an iconic chalet on the pedestrian promenade of Gstaad (see press release dated 15 October 2020).

Ultima is also pleased to announce a planned new major opening in December 2020 at the property of 13 chalets in Courchevel.

Ultima will continue to expand its portfolio through targeted acquisitions. The ongoing development projects will generate further growth.

About Ultima Capital SA

Ultima Capital SA holds and develops a portfolio of 42 hotels, residences, chalets, villas and plots across 15 properties. The business activity of Ultima Group includes the long-term direct or indirect holding of luxury properties, located in renowned ski resorts in Switzerland (Gstaad, Schönried, Crans-Montana), in France (Courchevel, Megève, Cannes) while the other properties are located in the Geneva City area and in Greece (Corfu).

The Company's shares are traded on the BX Swiss exchange in Switzerland under the ticker symbol 'ULTIMA' (Swiss Security number 49106400, ISIN: CH0491064009).

Media:	Investors:
Cabinet Privé de Conseils (CPC), Geneva	Ultima Capital SA
Toomas Kull: [phone]	Margaux Hirzel, Investor Relations
Nick Miles: [phone]	[e-mail]
CPC: [phone]
[e-mail]

Disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning ULTIMA CAPITAL SA and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of ULTIMA CAPITAL SA to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. ULTIMA CAPITAL SA is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

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ULTIMA GROUP

CONSOLIDATED BALANCE SHEET

(unaudited)
		As of		As of
In thousands of Swiss francs (CHF)	30.06.2020	31.12.2019
Current Assets
Cash and cash equivalents		20,183		19,725
Trade receivables		6,612		2,616
Other short-term receivables		17,438		17,417
Inventories		207		119
Prepaid expenses and accrued income		2,268		4,022
Total Current Assets		46,707		43,899
Non-Current Assets
Tangible fixed assets		762,987		742,287
Intangible assets		1,410		1,494
Financial assets		43,731		8
Total Non-Current Assets		808,128		743,789
TOTAL ASSETS	854,835	787,688
Current Liabilities
Short-term financial liabilities		93,648		340,052
Trade payables		10,037		8,728
Other short-term liabilities		806		2,126
Accrued expenses and deferred income		3,080		4,561
Total Current Liabilities		107,571		355,467
Non-Current(Long-Term) Liabilities
Long-term financial liabilities		306,631		-
Deferred tax liabilities		94,833		92,727
Total Non-Current(Long-Term) Liabilities		401,464		92,727
Shareholders' Equity
Share capital		591		591
Capital Reserves		303,672		303,672
Retained earnings		41,537		35,231
Total Shareholders' Equity		345,800		339,494
LIABILITIES AND EQUITY		854,835		787,688

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ULTIMA GROUP

CONSOLIDATED INCOME STATEMENT

(unaudited)
		H1 2020		H1 2019
In thousands of Swiss francs (CHF)			1)
Revenue		5,735		-
Direct expenses for owner-operated properties		(433)		-
Personnel expense		(614)		-
Other operating expense		(1,788)		(542)
Operating profit before revaluations, depreciation, amortization and
impairment		2,900		(542)
Revaluation of investment properties, net		9,844		-
Operating profit before depreciation, amortization and impairment		12,745		(542)
Depreciation, amortization and impairment		(566)		-
Operating profit (EBIT)		12,179		(542)
Financial income		659		-
Financial expense		(1,372)		-
Foreign currency impact (net)		277		-
Financial result		(437)		-
Profit before income taxes		11,742		(542)
Income taxes		(2,996)		-
Profit for the period		8,745		(542)

1. The H1 2019 figures include the period from 5.12.2018 (date of incorporation of the Company) to 30.6.2019.

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