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    ULTIMA   CH0491064009

ULTIMA CAPITAL SA

(ULTIMA)
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Ultima Capital : results for the first half of 2020

10/30/2020 | 01:25am EDT

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.

Page 1 / 4

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: +41 76 748 01 74

Margaux Hirzel, Investor Relations

Nick Miles: +41 79 678 76 26

investors@ultimacapital.com

CPC: +41 22 552 46 46

media@ultimacapital.com

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

Page 3 / 4

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.

Page 4 / 4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ultima Capital SA published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 06:24:02 UTC


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Managers and Directors
Alexis Delayre Chief Financial Officer
Jean-Pierre Verlaine Chairman
Beat Spoerri Director
Dany Roizman Director
Gregorio PÚrez Tenorio Director
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