Warimpex Finanz- und Beteiligungs AG

EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG
First quarter of 2009 Business impacted by the adverse conditions - beginnings of recovery expected at the end of 2009

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3-month report

25.05.2009

. Occupancy rates and revenues down in the first quarter        .
Difficult conditions on the hotel market pull sales down by 19 per
cent        . Cautiously optimistic outlook for the real estate market
in CEE

@@start.t2@@|Key figures in EUR millions            |Q1/2009          |Change         |Q1/2008*         |
|                                                        |                      |                  |                      |
|Total revenues                                 |14,715            |-19%            |18,240            |
|Gains from the sale of project
companies                                          |-                    |-                 |9,219              |
|EBITDA                                              |-3,840            |-                 |9,843              |
|EBIT                                                 |-7,316            |-                 |6,888              |
|Profit for the period                      |-10,276          |-                 |-1,884            |
|Earnings/loss per share                  |-0.28              |-                 |-0.05              |
|in EUR                                              |                      |                  |                      |
|                                                        |                      |                  |                      |
|Number of hotels**                          |18                  |2                 |16                  |
|Number of rooms (adjusted for         |2,916              |427              |2,489              |
|proportionate share
of ownership)  **                              |                      |                  |                      |
|Number of office and commercial      |6                    |-1                |7                    |
|properties                                        |                      |                  |                      |
|Number of hotel development
projects                                            |6                    |-10              |16                  |
|                                                        |                      |                  |                      |
|Gross asset value (GAV)
in EUR millions                                 |666.7              |8%                |614.8              |
|***                                                  |                      |                  |                      |
|Triple net asset value (NNNAV)
in EUR                                                |301.9              |- 22%          |387.4              |
|millions ***                                    |                      |                  |                      |
|NNNAV per share in EUR ***              8.4                 |- 22%          |10.8                |

* restated,    ** andel's hotel in ?ód? opened in May, after 31 March 2009,@@end@@

*** 31 December 2008

Vienna, 25 May 2009 - The first quarter of 2009 saw lower  occupancy rates  and lower revenues at Warimpex's hotels. Group sales fell by 19 per  cent  from  EUR 18.2 million to EUR  14.7  million  in  the   first  three  months  of  the  2009 financial year.

"Tourism is very sensitive to economic trends and cycles.  The   Warimpex  hotels were not able to escape the effects of the currently poor  economic  environment and saw significant decreases in sales, especially in  the  Czech  Republic  and France. However, business at our hotel in Munich has grown nicely  as  of  late, and conference business at the newly opened andel's in Berlin has gotten off  to a promising start. And in Prague, we are seeing a slight  turnaround   after  the significant declines in recent months," reported Franz Jurkowitsch, chairman  of Warimpex's Management Board. "Falling interest rates and rising property  yields in  CEE  are  causing   increased  interest  among  institutional    real    estate investors. Because of this change, I expect  that  the  volume  of  real  estate transactions will begin rising  again  at  the  end  of  2009.  Cheap money  is

@@start.t3@@effective, even if it is only flowing very slowly into  the  economy  right  now because  banks  are  still    pursuing    cautious    lending    strategies,"    said Jurkowitsch, expressing his cautious optimism.

Financial result Consolidated sales fell by 19 per  cent  from  EUR  18.2  million  to  EUR  14.7 million in the first three months of financial  year  2009.  Revenues  from  the hotel segment declined to EUR 13.3 million compared to EUR 16.8 million  in  the@@end@@

first quarter of 2008 in spite of the fact that  the  average  number of  rooms increased. Most of this decline in  sales  can  be   attributed  to  the  adverse conditions in Prague and Paris. According  to  HotStat  (European  Chain  Hotels Market Review - March 2009), occupancy rates at four- and  five-star  hotels  in Prague were down by 17 per cent compared to the first  quarter  of   2008,  while average occupancy fell by roughly 7 per cent in Paris. The Warimpex hotels  were not immune to the effects of these adverse market conditions  and  saw  turnover decline significantly. Revenues from the rental of offices and the provision  of development services remained stable at EUR 1.5 million.

EBITDA fell from EUR 9.8 million to EUR -3.8 million, and EBIT  were down  from EUR 6.9 million in the first quarter of 2008 to EUR -7.3 million. This EUR  14.2 million decline can primarily be attributed   to  the  higher  revenues  achieved through the sale of properties and shares in development projects in  the  prior period. The Group's financial result improved from EUR -9.5 million to EUR  -2.6 million. Above  all,  this  EUR  6.9  million  change  can  be  attributed     to adjustments in the fair  values  of  short-term  financial   investments  in  the amount of EUR 5.9 million in the first quarter of 2008.

Key events The largest four-star superior andel's  design  hotel  to date  was  opened  in Berlin at the beginning of March 2009. Compared to 31 March 2008, the number  of available hotel rooms (adjusted for the proportionate share of  ownership)  rose by  427,  from  2,489   to  2,916,  as  of  31  March  2009.  This  is  primarily attributable to the opening of the angelo hotel in  Munich,  the  69 additional rooms at angelo airport hotel in Bucharest, the opening of the angelo in  Plzen, and the opening of the andel's in  Berlin.  The Hansa  hotel  ship,  which  was operated as a branch of the Amber Baltic hotel, was closed.

Real estate assets At 31 March 2009, the real estate portfolio  of   the  Warimpex  Group  comprised eighteen hotels with a total of 4,300 rooms (2,916 rooms when adjusted  for  the proportionate share of ownership), plus seven office  properties  with  a  total lettable floor area of some 32,000 square  metres  (23,000  square  metres   when adjusted for the proportionate share of ownership). Eleven real estate  projects are currently under construction or  in  advanced   stages  of  development  (not including the planned budget hotels).

Outlook Our strategic focus in 2009 will be on the completion of the projects  that  we currently have under construction. The andel's in Berlin is one of  the  largest conference hotels in the city and enjoyed a very successful  start  to  business in the first quarter. The andel's in ?ód? opened in the middle of May 2009.  The angelo airport hotel in Ekaterinburg will be completed in the third  quarter of 2009, and Airport City in St. Petersburg  (including  the  Crowne Plaza  Hotel) will follow at the end of 2010.

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ots Originaltext: Warimpex Finanz- und Beteiligungs AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Warimpex Finanz- und Beteiligungs AG
Phone: +43 1 310 55 00
DI Christoph Salzer
mailto:presse@warimpex.com
Mag. Daniel Folian, mailto:investor.relations@warimpex.com
www.warimpex.com

Branche: Real Estate
ISIN:      AT0000827209
WKN:        
Index:    ATX Prime
Börsen:  Wien / official market



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