Warimpex Finanz- und Beteiligungs AG
Ansprechpartner: Daniel Folian
Tel.: +43 1 310 55 00


10.05.2016 - 10:25 | Warimpex Finanz- und Beteiligungs AG
10.05.2016 - 10:25 | Warimpex Finanz- und Beteiligungs AG
28.04.2016 - 14:54 | Warimpex Finanz- und Beteiligungs AG
28.04.2016 - 14:42 | Warimpex Finanz- und Beteiligungs AG
28.04.2016 - 08:00 | Warimpex Finanz- und Beteiligungs AG
Public disclosure of inside information according to article 17 MAR

Warimpex Finanz- und Beteiligungs AG: Significant improvement in result for the period

Wien (pta/30.05.2016/08:00 UTC+2) * Hotel operations stable, Investment Properties revenues increase to EUR 1.9 million due to completions in St. Petersburg and Budapest
* Improvement in financial result from minus EUR 3.9 million to plus EUR 0.2 million
* Loss for the period of EUR 0.5 million considerably better than in Q1 2015
* Development projects in St. Petersburg, Krakow, and ód
* Letter of intent signed for hotel sale - deal expected to close in mid-2016

The first quarter of 2016 brought stable development in the hotel operations of Warimpex Finanz- und Beteiligungs AG, with occupancy and room rates remaining constant. However, the hotel sales concluded last year in Ekaterinburg and the resulting drop in the number of rooms led to a 7 per cent decline in revenues in the Hotels segment to EUR 9.4 million. In contrast, revenues from the Investment Properties segment increased from EUR 0.4 million to EUR 1.9 million due to the completion and letting of the Zeppelin office tower at AIRPORTCITY St. Petersburg and of the Erzsebet office building in Budapest. As a result, total revenues improved by 8 per cent in year-on-year terms to EUR 11.9 million. Gross income from revenues also rose by 63 per cent to roughly EUR 4 million.

However, EBITDA fell from EUR 1.6 million to EUR 0.8 million due to exchange rate gains from operations in the prior-year period, while EBIT remained relatively stable at minus EUR 0.5 million. The financial result including earnings from joint ventures climbed into positive territory, increasing from minus EUR 3.9 million to plus EUR 0.1 million. All in all, this led to a loss for the period of EUR 0.5 million, which marks an improvement over the comparison period (2015: loss of EUR 5.3 million).

The Russian economy remains in a slump and the rouble is still subject to major fluctuations, although it experienced a slight recovery in the first quarter of 2016. Conditions are not expected to stabilise until 2017. As announced at the end of 2015, it is already apparent that the appreciation of the currency will allow the company to make up non-cash foreign currency losses. Another point worth noting is that the first three months of the year are traditionally the weakest in terms of revenues for the hotel industry due to seasonal effects and are not representative of the development of revenues for the full year.

Current developments in Poland and Russia
In the Development segment, progress is being made on the projects in Russia and Poland. Warimpex recently obtained the building permit for the development of an office building with 26,000 square metres of space near the andel's ód. Depending on tenant demand, the implementation of the project will start soon. In Krakow, Warimpex is working on the development of two office buildings. The first is an office building with around 26,000 square metres of space that will be built on a plot next to the Chopin Hotel, and the second is a building owned by Warimpex that is to be demolished and replaced by a new office building with approximately 20,000 square metres of space. A parking garage with 20,000 square metres of space is under construction at AIRPORTCITY St. Petersburg. In May 2016, a long-term preliminary lease agreement was signed for the entire building.

Outlook for 2016
The goal for the 2016 financial year is to boost the earnings of the hotels across the portfolio, to cut interest expenses, and to move forward with the company's development projects. Once again, Warimpex plans to complete a number of transactions this year, and the company signed a letter of intent for the sale of a hotel after the reporting period. The deal is expected to close at the middle of the year.

Key financial figures for the first quarter of 2016 at a glance (as at 31 March 2016)

in EUR '0001-3/2016Change1-3/2015
Hotels revenues9,353-7%10,069
Investment Properties revenues1,902413%371
Development and Services revenues60214%527
Total revenues11,8578%10,966
Expenses directly attributable to revenues-7,885-8%-8,533
Gross income from revenues3,97363%2,433
Gains or losses from the disposal of properties---1,376
Depreciation, amortisation, and remeasurement-1,287-40%-2,158
Earnings from joint ventures-709350%-158
Profit or loss for the period-463- -5,337
Net cash flow from operating activities2,30314%2,014
Segment information
(including joint ventures on a proportionate basis):
Hotels revenues15,308-21%19,383
Hotels net operating profit (NOP)2,782-25%3,712
NOP per hotel room990-9%1,094
Investment Properties revenues2,088274%559
Investment Properties EBITDA1,518470%266
Development and Services revenues73211%660
Gains or losses from the disposal of properties---1,376
Development and Services EBITDA-1,528--492


Emitter: Warimpex Finanz- und Beteiligungs AG
Floridsdorfer Hauptstrasse 1
1210 Wien
Contact Person: Daniel Folian
Phone: +43 1 310 55 00
ISIN(s): AT0000827209 (Share)
Stock Exchange(s): Vienna Stock Exchange (Official Trade)
Other Stock Exchanges: Warsaw