Warimpex Finanz- und Beteiligungs AG

EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG
Warimpex publishes full-year 2009 results

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annual report

24.03.2010

Warimpex publishes full-year 2009 results

@@start.t2@@• Major development projects in Berlin, Lodz and Ekaterinburg  completed  in
         2009 - angelo hotel Katowice opened in March 2010  -  andel´s  hotel  Lodz
         wins multiple awards
      • Results for 2009 significantly impacted by impairments in the  first  half
         of 2009 and significant decline in revenues, in particular in  the  luxury
         segment in Prague
      • Full-year 2009 EBIT of minus EUR 71.8 million and loss for the  period  of
         EUR 92.7 million

|Key figures in thousands of      |2009         |+/-    |2008        |Q4/2009  |+/-
|Q4/2008  |
|euros                                         |                |         |              |              |      |
      |
|Revenues - "Hotels & Resorts"  |79,608      |-8%    |86,663    |21,537    |5%
|20,420    |
|Revenues - "Development & Asset|5,650        |-27%  |7,705      |1,501
|-50%|3,047      |
|Management"                                |                |         |              |              |      |
      |
|EBITDA                                        |8,053        |-73%  |29,353    |5,596      |43%
|3,900      |
|Number of hotels *                    |20            |+2      |18          |              |      |
      |
|Number of rooms (adjusted for  |3,322        |+623  |2,699      |              |      |
      |
|proportionate share of              |                |         |              |              |      |
      |
|ownership) *                              |                |         |              |              |      |
      |
|Number of office and commercial|5              |-1      |6            |              |      |
      |
|properties                                 |                |         |              |              |      |
      |
|Number of hotel development      |3              |-4      |7            |              |      |
      |
|projects                                    |                |         |              |              |      |
      |
|                                                 |                |         |              |              |      |
      |
|Gross asset value (GAV) in        |571.9        |-14%  |666.7      |              |      |
      |
|millions of euros                      |                |         |              |              |      |
      |
|Triple net asset value              |148.5        |-51%  |301.9      |              |      |
      |
|(NNNAV**) in millions of euros |                |         |              |              |      |
      |
|NNNAV** per share in EUR          |3.8          |-55%  |8.4         |              |      |
      |

End-of-year share price in EUR  |2.18 |74% |1.25 | | | |  |*  The  angelo  hotel Katowice opened in March 2010 and is not included in the figures above. ** For a description of how  Warimpex  calculates  the  NNNAV,  please  see  the annual report 2009.

Vienna, 24 March 2010 - The financial  year  2009  was  highly  challenging  for Warimpex Finanz- und Beteiligungs AG, the real estate industry  and  the  entire global economy. After a difficult first  half  of  the  year,  confidence  in  a global recovery steadily gained momentum in the second half of 2009,  generating growth on global equity markets, which also  had  a  positive  effect  upon  the prices of real estate shares. Warimpex´ business figures  clearly  reflect  this development with impairments heavily influencing the results of the  first  half of the year and results for the third and fourth quarter slightly positive.@@end@@

Results Group sales fell by 10 per cent from EUR  94.4  million  in   2008  to  EUR  85.3 million in 2009. This drop was primarily caused by the conditions in the  Prague market, where revenues in the   five-star  segment  were  down  by  35  per  cent compared to 2008 in addition to a significant slide in  the  four-star  segment. Revenue decreases, in some cases significant, were  also  encountered  in   other markets.

Earnings before interest, tax, depreciation and amortization   (EBITDA)  fell  by 73 per cent, from EUR 29.4 million in 2008 to EUR 8.1 million in the year  under review. This decrease of EUR  21.3   million  is  attributable  mostly  to  lower proceeds from the sale of project companies and real estate and lower income  in the Hotels & Resorts segment. Non-scheduled write-downs had to be made  on  real estate (and on goodwill in properties) in the reporting period.   Impairments  in the amount of EUR 62.5 million (2008: EUR 19.8 million)  were  recognized  based upon the half-yearly valuation by CB Richard Ellis.  Because  of  these  effects and the factors discussed above, EBIT fell from EUR -3.4 million  to  EUR  -71.8 million year-on-year.

The financial result was EUR -20.6 million (compared to  EUR  -26.0   million  in 2008). Interest on current account loans, long-term project financing and  other loans decreased by only two per cent in the  financial  year  2009  compared  to 2008, despite the fact that loan and credit portfolio grew  significantly.  This effect is primarily attributable to the fact that  the  strong  decline  in   the EURIBOR had a significant positive effect on finance expenses.

The Warimpex Group's result for the year fell from EUR -29.4 million in 2008  to EUR  -92.7  million  in  the  reporting  period.  This   decline    is    primarily attributable to  non-scheduled  write-downs, which  were  already  reported  in August 2009, as well as to a significant decline in revenues.

In September 2009, the shareholders of Warimpex passed a resolution that  allows the Company to increase the share capital by up to 18 million shares within  the next five years. On the basis  of  this   authorizationthe  Company  successfully increased its capital by 3,599,999 shares  or  10  per  cent  in  October  2009, generating   proceeds  of  EUR  8.1  million.  Provided  that  sentiment  on  the financial  markets  is  positive,  Warimpex  will  consider  a   further  capital measure.

Real estate assets As of 31 December  2009,  the  real  estate   portfolio  of  the  Warimpex  Group comprised 20 hotels with a total of over 4,800 rooms (3,322 rooms when  adjusted for the proportionate share of ownership), plus five office  properties  with  a total lettable floor area of some 32,000 square  meters  (23,000  square   meters when adjusted for the proportionate share of ownership).

As of 31 December 2009, the NNNAV per share was EUR 3.8, and   therefore  roughly 54 per cent lower than at the end  of  2008.   However,  a  comparison  with  the latest appraisal as of 30 June 2009 -  EUR  3.3  per  share  -  shows  that  the current trend is positive and signals that the decline in real estate values  in the region has passed its lowest point.

Outlook The plan is to advance our current development projects, including  the  Airport City St. Petersburg project,  which  is   already  under  construction  with  the structural work substantially completed, as well as other  development  projects in more preliminary stages, such as the Warsaw  Le  Palais  office   development. Several budget hotels are  planned  under  the   Campanile  and  Premiere  Classe brands in cooperation with Louvre Hotels,  for  which  five  plots  of  land  in Central and Eastern Europe for  a  total  of  seven  hotels  have  already  been secured. Through selling  properties  where  opportunities  arise,  as  well   as renegotiating certain of the short-term  financing  arrangements   and  improving the Group´s capital and financing structures, cash flows are  to  be  increased. In the period of transition from crisis to normality in  2010  the  goal  is  to build upon the tentative upturn that was observed in the last  two  quarters  of 2009 in order to participate actively in a gradual but sustained recovery.

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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
Christoph Salzer
mailto:presse@warimpex.com
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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