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Warimpex Finanz- und Beteiligungs AG

euro adhoc: Warimpex Finanz- und Beteiligungs AG
Financial Figures/Balance Sheet
Despite plunging real estate stock prices, Warimpex posts a dynamic operating result for H1 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
28.08.2008
Despite plunging real estate stock prices, Warimpex posts  a  dynamic
operating result for H1 2008
. Revenues up 25% to EUR 44.3 million
    . 63% in increase in EBITDA to EUR 22 million and EBIT up 76%  to  EUR  15.8
      million, thanks to higher gains on property sales
    . NNNAV per share of EUR 9.5
|Key figures(in EUR       |H1 2008  |H1 2007  |Change     |
|million)                 |         |         |           |
|                         |         |         |           |
|Revenues                 |44.3     |35.4     |+25%       |
|Gains from the sale of   |9.6      |2.3      |+312%      |
|project companies        |         |         |           |
|EBITDA                   |22       |13.5     |+63%       |
|EBIT                     |15.8     |8.9      |+76%       |
|Profit for the period    |3.1      |5.5      |-45%       |
|Earnings per share in    |0.09     |0.16     |-44%       |
|EUR*                     |         |         |           |
|                         |         |         |           |
|                         |30.6.2008|31.12.200|           |
|                         |         |7        |           |
|Gross Asset Value (GAV)  |636.4    |614.8    |+4%        |
|Triple Net Asset Value   |341.4    |387.4    |-12%       |
|(NNNAV)                  |         |         |           |
|NNNAV per share in EUR   |9.5      |10.8     |-12%       |
*) calculated based on the average number of shares in the period (H1  2007:  35
million; H1 2008: 36 million)
Compared to the first six months of 2007,  revenues  increased  by  25%,  rising
from EUR 35.4 million to EUR  44.3  million.  EBITDA  rose  63%  from  EUR  13.5
million to EUR 22.0 million, while EBIT amounted to EUR 15.8  million,  compared
to EUR 8.9 million for the same period of the previous year.  This  increase  is
mainly due to the higher revenues realised on the sale of real estate  and  real
estate development projects. While revenues from the sale of  project  companies
amounted to EUR 2.3 million in  H1  2007,  a  result  of  EUR  9.6  million  was
registered for the same period of 2008. This increase resulted from the sale  of
a 10% stake in Airportcity St. Petersburg. The profit for the  period  decreased
from EUR 5.5 million to EUR 3.1 million, due to deterioration in  the  financial
result.
Real estate assets As of 30 June 2008, Warimpex's real estate 
portfolio consisted of 17 hotels  and 7 office buildings. The number 
of rooms increased by 553 to 2,562 (adjusted  for proportional share 
of ownership). Above and beyond this, there are currently  14 
projects at an advanced stage or under construction.
Compared to 31 December 2007, the estimated real estate value 
declined,  due  to significant increases in yields in CEE and higher 
construction costs, which  led to a reduction in the NNNAV. As of 30 
June 2008, NNNAV amounted to EUR  9.5  and was thus some 12% lower 
than at year-end,  but  still  well  above  the  current stock market
price of the share.
Outlook By Q2 2009, two andel's and three angelo hotels are scheduled
to  be  opened  in various  markets.  Further  expansion  of  the   
hotel   brands   in   secondary metropolitan areas is under  
evaluation.  Within  the  framework  of  the  joint venture with 
Louvre Hotels, more properties are  to  be  acquired  so  that  the 
first joint Budget hotels can be opened in early 2010. In the coming 
months, the Warimpex Group will continue to focus on the  projects 
under construction and development, with  an  eye  to  further  
reinforcing  its market position on its domestic markets.
end of announcement                               euro adhoc

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: Wiener Börse AG / official market

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