Warimpex Finanz- und Beteiligungs AG

EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG
First Quarter of 2010

@@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@@

3-month report


• Upward trend on the hotel markets in the second half of 2009 continued  in

@@start.t2@@the first three months of 2010
      • Markets in Poland, Germany and France stabilized
      • Successful capital increase raises  funds  for  development  work  in  St.
         Petersburg and Warsaw and for the launch of the budget hotel chain in CEE

|Key figures in EUR thousands                    |Q1/2010          |Change         |Q1/2009
|                                                                 |                      |                  |
|Revenues                                                    |20,351            |+38%            |14,715
|Gains from the sale of project companies |3,112              |-                 |-
|EBITDA                                                        |4,287              |-                 |-3,840
|EBIT                                                          |2,910              |-                 |-7,316
|Profit for the period                                |-656                |-                 |-10,276
|Earnings/loss per share in EUR                 |-0.02              |-                 |-0.28

Vienna, 27 May 2010 - The second half of 2009  already  brought  a  recovery  on most hotel markets. This trend continued into the current year, as can  be  seen in the satisfying figures for the quarter. Warimpex Finanz- und Beteiligungs  AG achieved a 38 per cent increase in sales, pushing revenues to EUR 20.4  million. EBIT also grew nicely to EUR 2.9 million, and EBITDA to  EUR  4.3  million.  The sales growth was primarily due to revenues from the new hotels  that  opened  in Berlin and ?ód? in 2009 and that had a very good start, but revenues  at  hotels@@end@@

in Poland, Germany and France also improved in like for like terms. However,  it will be some time before Prague and Bucharest see a significant recovery. In the Development segment, financing has again become available  at  reasonable terms and will allow us to move forward with the planned projects.

After the transaction market came to a virtual standstill  last   year,  activity is slowly picking up again thanks to  the   availability  of  financing  for  end investors, but there are still relatively few large-scale deals.

Financial result Revenues from hotel operation increased from  EUR   13.3  million  in  the  first three months of 2009 to EUR 17.4 million, while revenues  from  the  letting  of offices and development services  increased  from  EUR  1.5  million  to  EUR  3 million. All in all, consolidated sales improved by 38 per cent  from EUR  14.7 million to EUR 20.4 million.

In the first quarter of 2010, Warimpex sold  a  16.69  per  cent   share  in  the Palais Hansen development project in Vienna for a price of EUR 7.3 million.  The profit from this transaction was EUR 3.1 million, and Warimpex still holds  9.88 per cent of the project. No sales transactions were made in  the  first  quarter of  2009.   Earnings  before    interest,    taxes,    depreciation    and    goodwill amortization increased considerably from EUR -3.8 million in the   first  quarter of 2009 to EUR 4.3 million in the reporting period,   and  the  operating  result (EBIT) also surged from EUR -7.3 million to EUR 2.9 million. The profit for  the first quarter  improved   significantly  from  EUR  -10.3  million  to  EUR  -0.7 million. The cash flow from operations also grew nicely from EUR 0.9 million  to EUR 1.9 million.

Key events

@@start.t3@@In  the  Development  &  Asset  Management  segment,  which  comprises  property development  and  sales  activities,  the  four-star  angelo  design  hotel    in Katowice, Poland, was completed and  opened  on  schedule.    After  openings  in Prague, Bucharest, Munich, Plzen and Ekaterinburg, this  is  already  the  sixth angelo brand hotel overall and the first in Poland.

At the end of April (after the end of the reporting period), Warimpex  completed@@end@@

another capital increase on the basis of the authorization granted for  this  in October 2009. Part of the issue proceeds from the 14.4 million  new  shares  in the net amount of EUR 26 million will be allocated to  the  current  development work in St. Petersburg and Warsaw and to the budget hotels.  Another  part  will be used  to   refinance  existing  short-term  loans  and  to  repay  outstanding liabilities, thereby improving the financing structure.  This   capital  increase also strengthened the shareholder base and significantly increased  the  portion of shares in free float to over 40 per cent.

Outlook The current focus of the development activities is  on  the   completion  of  the Crowne Plaza Hotel and the office towers at Airport City St. Petersburg  and  on the start of construction at the Le Palais Office Building in  Warsaw,  as  well as the start of construction of the first budget hotels in the Polish cities  of Wroc?aw, Zielona Gora and  Bydgoszcz.  These  first  hotels  of  the successful Louvre Hotel brands Campanile and Premiere Classe are to be opened in  2011  and 2012. Further budget hotels are being planned in Poland and Hungary.

@@start.t4@@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

Weitere Meldungen: Warimpex Finanz- und Beteiligungs AG

Das könnte Sie auch interessieren: