Warimpex Finanz- und Beteiligungs AG

EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG
Stabilization in the third quarter of 2009

@@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@@

9-month report


Warimpex: Stabilization in the third quarter of 2009

@@start.t2@@• Markt stabilization brings profit in the amount of EUR 0.4 million in  the
         third quarter
      • Result for the first three quarters  significantly  influenced  by  write-
         downs in the first half of the year - some impairment write-downs reversed
      • Good sale of the andel´s hotel in Krakow despite the difficult  conditions
         on the transaction market
      • Successful capital increase: issue proceeds total EUR 8.1 million

|Key figures in thousands of    |1-9/2009 |+/- |1-9/2008|7-9/2009|+/- |7-9/2008|
|euros                                        |              |         |*          |         |
|Total revenues                         |62,219    |-12%  |70,901  |24,441|-8% |26,576  |
|Gains from the sale of project|2,288      |-76%  |9,585    |-        |-    |-          |
|companies                                 |              |         |            |         |      |            |
|EBITDA                                      |2,457      |-90%  |25,453  |4,332 |-33%|6,478    |
|EBIT                                         |-76,721  |-        |16,213  |5,910 |73% |3,426    |
|Profit for the period              |-98,194  |-        |-889      |373    |-    |-966      |
|Earnings/loss per share in EUR|2.63        |-        |-0.03    |0.00  |-    |-0.03    |
|                                                |              |         |            |         |      |            |
|Number of hotels                      |20          |+3      |17         |         |      |            |
|Number of rooms (adjusted for |3,322      |+691  |2,631    |         |      |            |
|proportionate share of            |              |         |            |         |      |            |
|ownership)                                |              |         |            |         |      |            |
|Number of office and                |5            |-2      |7          |         |      |            |
|commercial properties              |              |         |            |         |      |            |
|Number of hotel development    |4            |-10    |14         |         |      |            |
|projects                                  |              |         |            |         |      |            |
|                                                |              |         |            |         |      |            |
|                                                |30/6/2009|         |31/12/20|         |      |            |
|                                                |**          |         |08         |         |      |            |
|Gross asset value (GAV) in      |557.5      |-16%  |666.7    |         |      |            |
|millions of euros                    |              |         |            |         |      |            |
|Triple net asset value (NNNAV)|117.6      |-62%  |310.9    |         |      |            |
|in millions of euros                |              |         |            |         |      |            |
|NNNAV per share in EUR            |3.3         |-62%  |8.4        |         |      |            |
* restated
** An external valuation of the entire portfolio was not completed as of 30
September 2009.

Vienna, 26 November 2009 - WARIMPEX Finanz- und  Beteiligungs  AG  was  able  to profit from the gradual stabilization of the hotel market in the  third  quarter of the current financial year. This can be seen on the one hand in  the  current figures, including positive EBITDA in the amount of EUR 4.3  million,  and  also in the reversal of some of the impairments that were  recognized  in  the  first half of the year. All in all, this resulted in positive EBIT in  the  amount  of EUR 5.9 million and a positive result for the period in the amount  of  EUR  0.4 million. However, the results  for  the  entire  reporting  period  are  heavily influenced by the non-scheduled write-downs in the first half  of  the  year  as reported in August.

Group sales fell by 8 per cent from EUR 26.6 million to EUR 24.4 million in  the third quarter of 2009. This drop was  primarily  caused  by  the  conditions  in Prague, where revenues in the five-star segment were down by as much as  40  per cent compared to 2009 in addition to the  significant  slide  in  the  four-star segment. Revenue decreases, in some cases significant, were also encountered  in other markets. However, a gradual  stabilization  of  the  hotel  market  became apparent in the third quarter of 2009, and declines  in  sales  were  offset  by capacity increases in some cases.

In the Development & Asset Management  segment,  which  comprises  our  property development and sales activities, the development  projects  that  we  currently have under construction are proceeding according to  schedule,  and  the  market for real estate transactions is also showing definite signs of recovery. In  the third quarter, another  good  transaction  was  closed  under  difficult  market conditions with the sale of the andel´s in Krakow.  Warimpex was the sole  owner of this hotel from February 2008 to the date of the  sale,  and  will  lease  it back under a 15-year fixed lease.  As the property  was  sold  at  its  carrying value, the transaction had no effect on the current income  statement.  However, the lease structure is expected to generate net  earnings  in  the  coming  year because the lease payments should be lower than the hotel's revenue.

The operating result before depreciation and  amortization  (EBITDA)  fell  from EUR 6.5 million in the  third  quarter  of  2008  to  EUR  4.3  million  in  the reporting period, while the operating  result  (EBIT)  increased  from  EUR  3.4 million to EUR 5.9 million.

In order to ensure the highest possible level of transparency, Warimpex  decided to have its properties appraised by the independent external agency  CB  Richard Ellis twice per year. All properties were  valued  as  of  30  June  2009.    The property values that were determined were impacted especially by  the  difficult market environment on 30 June, especially in terms of  transaction  volume.    As reported already for the first half of the year, impairments totalling EUR  87.5 million had to be recognized because the fair values at the reporting date  were lower than the carrying values.    Updates as of 30 September 2009 were  obtained from CB Richard Ellis for three properties (Hotel  Liner  and  angelo  hotel  in Ekaterinburg, and the andel´s in ?ód?) that were significantly  impaired  as  of 30 June 2009 but performed well; a corresponding reversal was  recognized  after the latest appraisals showed that the assumptions made on 30 June 2009 were  too pessimistic.

The financial result improved slightly in the third quarter of  the  year  after the hefty decline in the EURIBOR had a significantly positive effect on  finance expenses. The profit for the period amounted to EUR 0.4 million, after  a  minus of nearly 1 million in the prior period.

Successful capital increase@@end@@

After the end of the reporting period in October 2009, the Management Board  of Warimpex was authorized by the  general  meeting  of   shareholders  to  complete capital increases over the  next  five   years.  Following  this,  the  company´s capital stock was increased by just under 10 per cent. The fact that  the  issue was significantly oversubscribed at its issue price confirms that this step  was taken at the right time.

Development All projects remained on schedule in the third quarter of 2009. The  opening  of angelo airport hotel  in  Ekaterinburg   brought  another  four-star  hotel  with excellent prospects onto the Russian market,  and  the  Magic  Circus  Hotel  at Disneyland® Resort Paris has been shining in new splendour since the  middle  of November after its successful renovation. In late  autumn  2009,  we were  also able to win a renowned operator and leaseholder for our first Austrian  project, Palais Hansen: the luxury hotel operator Kempinski. This  property  on  Vienna´s Ring boulevard will be operated as a hotel and residential complex  starting  in 2012. The angelo design hotel in Katowice, which is slated to open in the   first quarter of 2010, and a Crowne Plaza Hotel at Airport  City  in St.  Petersburg, which  is  scheduled  to  open  at  the  end  of   2010,  are    currently    under construction.

Real estate assets At 30 September 2009, the real estate portfolio of the Warimpex Group  comprised twenty hotels with a total of 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 28,000 square  metres  (18,000  square  metres   when adjusted for the proportionate share of ownership).

Pursuant to the international accounting standard pertaining  to   owner-operated hotels  (IAS  40.12),  Warimpex  recognizes  its     properties    at    cost    less depreciation and amortization. Any increases in the value  of  other  properties are not recognized in profit in the  respective  reporting  period  unless  they represent reversals of  impairments  of  the  respective  property.    To   ensure complete transparency and to allow comparison with other real estate  companies that report unrealized profits, Warimpex reports   the  triple  net  asset  value (NNNAV) in its Group management report.[1] 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 Our goal for the coming months is to complete our current development  projects on schedule, to increase our cash flow by means of active asset  management  and to implement new projects such our budget hotel chain using  the  proceeds  from the capital increase. At the same  time,  we  must  place  a  special  focus  on maintaining the high quality of our existing properties so that we can  tap  the full potential of the current market 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).

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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:  Wien / official market

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