Ultima Capital : publishes half-year 2022 results

PRESS RELEASE

Ad hoc announcement pursuant to Art.16 BX Swiss Listing Rules

Ultima Capital SA publishes half-year 2022 results highlighting its growth and profitable business model

Switzerland, 14 October 2022 - Ultima Capital SA (BX: ULTIMA, "Ultima"), a Swiss luxury real estate owner, developer and operator listed on BX Swiss, reports its unaudited consolidated financial results1 as of 30 June 2022, with a net profit of CHF 8.62 million for the period (CHF 1.78 million in H1 2021). The increase in revenues (up 38% from H1 2021) and the management of operating costs underline the strength of Ultima's business strategy and value creation.

Despite challenges to the globally economy (Covid-19 pandemic and the conflict in Ukraine), the diversification and unique appeal of the real estate portfolio as well as the ultra-high net worth target client base has allowed Ultima to operate successfully.

The H1 2022 results underscore a strong operational and financial performance driven by growing revenues and the development of the high-end real estate portfolio.

Growing H1 2022 revenues and operating results

For the first half of 2022, the consolidated revenues of CHF 8.67 million (up 38.4% from CHF 6.26 million in H1 2021) were mainly generated by the growing recurring revenues of investment properties owned by Ultima leased to ULT Management Holding SA ("ULT Management") and its subsidiaries in several locations (Gstaad, Megève, Courchevel, Corfu and Mies), by management activities in the Crans-Montana property, and by a license agreement signed with ULT Management.

The H1 2022 operating profit before revaluations and amortization came to CHF 5.27 million (up 51.8% from CHF 3.47 million in H1 2021) confirming the profitable business model and the growing performance of the properties.

Continuous development of the high-end real estate portfolio and optimization of the financing structure

The development of the real estate portfolio was very active during H1 2022 with the start of construction at Cologny (2 villas with panoramic views on Geneva lake) as well as the delivery of the Grand Jardin property in Cannes and the continued renovation of Gstaad Promenade Chesery.

Since 31 December 2021, the company's portfolio has increased in consolidated value by CHF 16.1 million from CHF 991.3 million to CHF 1,007.4 million as of 30 June 2022.

The revaluation of investment properties amounted to CHF 12.5 million for the reporting period, which demonstrates the quality of our portfolio and the capacity of Ultima to create value even in times of rising interest rates and increasing inflation. The real estate portfolio responds very well to the current circumstances, in light of the increasing client need for exclusivity.

The operating profit (EBIT) was CHF 16.36 million for the first half of the year, compared to CHF 4.89 million in H1 2021.

• The unaudited consolidated interim financial statements are comprised of the consolidated balance sheet and income statement of Ultima Capital SA and its subsidiaries as of 30 June 2022 and cover the time period from 1 January, 2022 to 30 June, 2022.

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During H1 2022, Ultima has further improved its financing structure by switching some of its short-term financial liabilities into long-term bank financing loans, using the most suitable financing processes.

On 22 June 2022, Ultima Capital SA also issued by private placement CHF 20 million unsecured mandatory convertible notes with a 5 years maturity, which strengthen Shareholder's Equity as these convertible bonds fully meet the criteria of an equity instrument.

As of 30 June 2022, Ultima had a total available consolidated cash position of CHF 24.9 million.

Ultima had a solid consolidated balance sheet of 1,042.38 million as of 30 June 2022, with a conservative adjusted Loan To Value (adjusted LTV) ratio2 of 42.5%.

Outlook

All operational properties have continued to be in high demand during the summer season.

Delivery of Le Grand Jardin property in Cannes enables Ultima to expand the choice and services available to existing and new clients, and to further meet client demands for exclusivity and privacy.

The conflict in Ukraine has not had a significant impact on the activity to date. The diversity of clients and the attractiveness of the real estate portfolio allow Ultima to get through this period.

Considering the evolution of the ultra-wealthy segment during the last months and the relationships with ULT Management, Ultima remains confident in its ability to grow its business and the ongoing development projects.

About Ultima Capital SA

Ultima Capital SA holds and develops a portfolio of 48 residences, chalets, villas and plots across 11 locations. The business activity of Ultima includes the long-term direct or indirect holding of luxury properties, located in France (Courchevel, Megève, Cannes), in renowned ski resorts in Switzerland (Gstaad, Schönried, Crans- Montana), 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

• The LTV ratio was calculated on the basis of the ratio between the value of the properties and all financial debts (all durations included) minus the available cash and financial assets

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CONSOLIDATED BALANCE SHEET AS OF 30 JUNE 2022 (unaudited)

		As of		As of
In thousands of Swiss francs (CHF)	30.06.2022	31.12.2021
Current Assets
Cash and cash equivalents		24,961		18,554
Securities		1,856
Trade receivables		3,448		4,001
Other short-term receivables		2,553		2,961
Inventories		637		750
Prepaid expenses and accrued income		731		541
Total Current Assets		34,186		26,807
Non-Current Assets
Tangible fixed assets		1,007,481		991,314
Intangible assets		709		879
Financial assets		13		9
Total Non-Current Assets		1,008,203		992,202
TOTAL ASSETS	1,042,389	1,019,009
Current Liabilities
Short-term financial liabilities		21,205		102,884
Trade payables		7,526		13,879
Other short-term liabilities		1,558		1,042
Accrued expenses and deferred income		1,983		2,011
Total Current Liabilities		32,272		119,816
Non-Current(Long-Term) Liabilities
Long-term financial liabilities		433,644		347,477
Deferred tax liabilities		119,528		117,843
Total Non-Current(Long-Term) Liabilities		553,172		465,320
Shareholders' Equity
Share capital		591		591
Other Shareholders' Equity		20,000
Capital Reserves		303,373		303,373
Retained earnings		132,981		129,909
Total Shareholders' Equity		456,945		433,873
LIABILITIES AND EQUITY		1,042,389		1,019,009

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CONSOLIDATED INCOME STATEMENT FOR THE PERIOD JANUARY TO JUNE (unaudited)

In thousands of Swiss francs (CHF)		H1 2022		H1 2021
Revenue		8,671		6,265
Direct expenses for owner-operated properties		(442)		(232)
Personnel expense		(589)		(666)
Other operating expenses		(2,362)		(1,892)
Operating profit before revaluations, depreciation,
amortization and impairment		5,278		3,475
Revaluation of investment properties, net		12,532		2,608
Operating profit before depreciation, amortization
and impairment		17,810		6,083
Depreciation, amortization and impairment		(1,445)		(1,192)
Operating profit (EBIT)		16,365		4,891
Financial income		-		451
Financial expense		(4,138)		(1,447)
Foreign currency impact (net)		82		174
Financial result		(4,056)		(822)
Profit before income taxes		12,309		4,069
Income taxes		(3,689)		(2,283)
Profit for the period		8,620		1,786
Earning per share basic/diluted (EPS) (in CHF)		1.46		0.30

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