Warimpex Finanz- und Beteiligungs AG

EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG
Losses from write-downs in the first half of 2009 - indicators show stabilizing hotel market

@@start.t1@@--------------------------------------------------------------------------------   ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide   distribution. The issuer is solely responsible for the content of this   announcement. --------------------------------------------------------------------------------@@end@@

6-month report


Losses from write-downs in the first half of 2009 - indicators show stabilizing hotel market

@@start.t2@@. Valuation of properties as at 30 June 2009 reveals  impairments  totalling
         EUR 87.5 million because of the difficult  market  conditions,  especially
         for transactions
      . Stabilization of the hotel market in the second quarter expected  to  slow
      . Falling interest rates and rising yields for  properties  in  Central  and
         Eastern Europe expected to boost transaction volumes at the end of 2009
      . Development projects  continued  successfully  and  according  to  plan  -
         showcase hotels andel's Berlin and andel's Lodz completed

|Key figures in EUR millions            |H1 2009          |Change         |H1 2008          |
|                                                        |                      |                  |                      |
|Total revenues                                  37,778            |-15%            |44,325            |
|Gains from the sale of
project companies                              |2,288              |-76%            |9,585              |
|EBITDA                                              |-1,875            |-                 |19,035            |
|EBIT                                                 |-82,631          |-                 |12,847            |
|Profit for the period                      |-98,567          |-                 |136                 |
|Earnings/loss per share in EUR        |-2.62              |-                 |-0.00              |
|                                                        |                      |                  |                      |
|Number of hotels                              |19                  |2                 |17                  |
|Number of rooms (adjusted for         |3,195              |633              |2,562              |
|proportionate share of ownership)  |                      |                  |                      |
|Number of office and commercial        5                    |-2                |7                    |
|properties                                        |                      |                  |                      |
|Number of hotel development projects|5                    |-9                |14
|                                                        |                      |                  |                      |
|                                                        |30.06.2009      |                  |31.12.2008      |
|Gross asset value (GAV) in EURm      |557.5              |-16%            |666.7              |
|Triple net asset value (NNNAV) EURm|117.6              |-62%            |310.9              |
|NNNAV per share in EUR                    |3.3                 |-62%            |8.4                 |
* restated

Vienna, 28 August 2009 - The first half of the year  for  Warimpex  Finanz-  und Beteiligungs AG brought a loss in the amount of  EUR  98.6  million  because  of impairment write-downs, and also in part serious declines  in  occupancy  levels and room rates. Warimpex was not able to  escape  the  effects  of  the  adverse overall market environment, and was hit especially hard by  the  virtual  freeze on the transaction market that led to rising discount margins and  therefore  to changes in the valuation of the Group's properties as at the reporting date.  In contrast, the Company also saw clear recovery tendencies  on  the  hotel  market towards the end of the reporting period, and  a  series  of  positive  events  - first and foremost the opening of the two showcase andel's hotels in Berlin  and@@end@@

Lodz. There are also clear signs that the transaction  market  will   recover  at the end of 2009.

The hotel industry is  also  generally  early  cyclical,  and   therefore  reacts differently to changes on the market than office properties. Compared  to  2008, the numbers at our hotels in May, June and  July  were  already  notably  better than in February and March. These gains can be  attributed  above  all  to  good business in the tourism segment. Now, the most  important  factor  will  be   the month of September, when the corporate market picks back up and the  room  rates for 2010 are negotiated. Advance reservations for conferences and  seminars  are already higher this year than at this point in 2008. In the Development & Asset Management  segment,  which comprises  our  property development  and  sales  activities,  our     development    projects    are    under construction and  proceeding   according  to  schedule.  Conditions  for  selling properties remained difficult in the second quarter of 2009,  but  the  sale  of the newly renovated Csogolany office building in Budapest at good terms  at  the end of June was very encouraging. Falling interest rates and rising  yields  for properties in Central and Eastern Europe are attracting increased  attention  to the region among institutional real estate investors.

Financial result Consolidated sales were down by 15 per cent from EUR 44.3 million  to  EUR  37.8 million in the first six months of the 2009 financial year. Revenues from  hotel operations fell from EUR 41.6 million in the first half  of  2008  to  EUR  34.9 million in the reporting period. The majority of this decline can be  attributed to Prague, where sales in the five-star segment declined by as much   as  40  per cent in annual comparison. Sales also contracted considerably in some  cases  in the four-star segment in the Czech Republic and on other markets.  In  contrast, revenues from the letting of offices and the provision of  development  services increased by 6 per cent to EUR 2.9 million.

The operating profit before write-downs (EBITDA) fell from  EUR  19   million  in the first six months of 2008 to minus EUR 1,9 million, and the operating  profit (EBIT) decreased from EUR 12.8 million  at 30  June  2008  to  minus  EUR  98.6 million at the reporting  date   because  of  write-downs.  All  properties  were valuated by the independent international appraiser CB Richard Ellis  (CBRE)  as of 30 June  2009.  The  property  values  that  were  determined  were   impacted especially  by  the  difficult  market  environment  at  the reporting    date, especially in terms of transaction volume. Overall, impairments  totalling  EUR 87.5 million had to be recognized because the fair values at the reporting  date were lower than the carrying values.

Real estate assets At 30 June 2009, the real estate  portfolio  of   the  Warimpex  Group  comprised nineteen hotels with a total of 4,603 rooms (3,195 rooms when adjusted  for  the proportionate share of ownership), plus five  office  properties  with  a  total lettable floor area of some 28,000 square  metres  (18,000  square  metres   when adjusted for the proportionate share of ownership).

To  ensure  complete  transparency,  all  properties  were    valuated by    the independent international appraiser CB Richard Ellis (CBRE) as at 30 June  2009, and Warimpex also reports its triple net asset Value (NNNAV) in  its  management report. As of 30 June 2009, the NNNAV per  share  was  EUR  3.3,  and  therefore roughly 62 per cent lower than at the end of 2008.

Outlook In the coming months, our strategic focus will be  on   completing  the  projects that we currently have under  construction, optimizing  our  portfolio  and  on actively managing our assets. As soon as transaction  volumes  pick  up  on  the market again,  we   plan  to  seize  promising  opportunities  to  buy  and  sell properties. We have already seen signs that  our  market  bottomed   out  in  the first half of the year. Warimpex has accounted for all developments to  date  in its balance sheet, and is now at the beginning of a phase of recovery.

[1] The NNNAV was defined by the EPRA (European Public Real Estate Association) as an internationally comparable "intrinsic value" of all assets of an investment company and takes reserves and deferred taxes into account in addition to the net asset value (NAV).

end of ad-hoc-announcement ========================================== ====================================== The Report is available for download on our website: www.warimpex.com

@@start.t3@@end of announcement                                                 euro adhoc

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
Christoph Salzer
Daniel Folian, mailto:investor.relations@warimpex.com

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

Das könnte Sie auch interessieren: