Ultima Capital SA announces half-year 2023 results

***Ad hoc-Mitteilung*** Ultima Capital SA announces half-year 2023 results with a net profit of CHF15.26 million highlighting the continuous development of its high-quality real estate portfolio. Switzerland, 19th October 2023 – 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 2023. As announced in June 2023, Ultima acquired the management business relating to its properties from ULT Management and its subsidiaries. For the consolidated financials of Ultima, this purchase will deploy its effects mainly in the second half-year 2023. By acquiring the management business from ULT Management, Ultima became an operating firm. Ultima's success is attributed to its exceptional properties and the adaptability of its business model to challenges and opportunities. In H2 2023, this change in the business model will modify Ultima’s accounting. In H1 2023, the development of the high-end real estate portfolio was very active particularly for the Gstaad Promenade Chesery, Quai Wilson and Cologny (Geneva) properties. Consolidated net result for H1 2023 up 77% at CHF15.26 million, significant progress on current projects for the real estate portfolio In H1 2023, consolidated revenues of CHF 7.96 million (-8.2% vs CHF 8.67 million in H1 2022) were mainly generated by the lease of investment properties owned by Ultima Group to ULT Management in multiple locations (Gstaad, Megève, Corfu, Mies and Courchevel), by management activities in the Crans-Montana property, and by a license agreement signed with ULT Management. The H1 2023 operating profit (before revaluations and amortization) came to CHF 4.81 million (-8.9% vs CHF 5.28 million in H1 2022). During the first half-year, construction and renovation of the properties have kept going. The development of the portfolio with the improvements of several projects contributed to H1 2023 results. Since 31 December 2022, Ultima’s portfolio has increased in consolidated value by CHF 34.7 million from CHF 1,010.3 million to CHF 1,045.1 million as of 30 June 2023. This is a result of continued construction and development of the properties as well as the ongoing evolution of the portfolio. For the reporting period, the revaluation of investment properties amounted to CHF 21.17 million, underlining the strength of the well positioned portfolio. The operating profit (EBIT) was up 48.35% at CHF 24.27 million for H1 2023, compared to CHF 16.36 million in H1 2022. Ultima had a solid consolidated balance sheet of 1,068.9 million as of 30 June 2023, with a conservative adjusted Loan To Value (adjusted LTV) ratio2 of 44.7%. In H1 2023, the financial result came to CHF -5.1 million mainly due to interest bearing financial liabilities. The consolidated net result for H1 2023 amounted to CHF 15.26 million (CHF 8.62 million in H1 2022), up 77%. The H1 2023 results demonstrate the solidity of Ultima’s portfolio covering prestigious destinations with premium assets.