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

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6-month report


Despite plunging real estate stock prices, Warimpex posts  a  dynamic operating result for H1 2008

@@start.t2@@. 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.@@end@@

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.

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

Branche: Real Estate
ISIN:      AT0000827209
Index:    ATX Prime
Börsen:  Wiener Börse AG / official market

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