Warimpex Finanz- und Beteiligungs AG: Good Preliminary Results for 2010

Vienna/Warsaw (pta006/25.02.2011/08:00 UTC+1) Warimpex: Good Preliminary Results for 2010
* 20 per cent increase of sales revenues: EUR 102.7 million
* 180 per cent increase of EBITDA from EUR 8.1 million in 2009 to EUR 22.8 million in 2010
* EBIT improved significantly from EUR -71.8 million in 2009 to EUR 24.4 million in 2010
* Pre-tax profit: EUR 2.4 million
* NAV per share up by roughly 10 per cent since June 2010

Vienna, 25 February 2011 - The preliminary results for 2010 show that Warimpex Finanz- und Beteiligungs AG had a good financial year. This success was driven in particular by the overall improvements in the market conditions in the hotel industry and in real estate financing after the crisis, as well as the overall good performance of the Warimpex hotels in the period. Sales in the 2010 financial year increased by 20 per cent compared to 2009. This trend had a corresponding positive effect on EBITDA and EBIT, which jumped well into the black.

Business with the operation of hotels developed considerably better in 2010 than in 2009. Warimpex' core hotel markets developed differently, however. While revenues in Munich, Berlin and Paris grew substantially, turnover in the Czech Republic remained constant. The sales growth in Poland also varied from region to region. While the hotels in Warsaw enjoyed significant gains, other major cities in the country did not post such high growth.
Sales revenues improved more rapidly in all markets in the second half of 2010 than in the first half, so a clear positive trend was seen.

Financial result
Preliminary consolidated sales increased by 20 per cent from EUR 85.3 million to EUR 102.7 million in financial year 2010. Sales revenues from hotel operations increased by 22 per cent from EUR 79.6 million in 2009 to EUR 97.7 million in the reporting period. This gain can be attributed on the one hand to the hotels that were opened in 2009 (angelo Ekaterinburg, andel's Lodz, andel's Berlin) and that had their first full year of operation in 2010, and on the other to the opening of the angelo in Kattowice and significant increases in sales in Munich, Berlin and Paris and at the Hotel InterContinental in Warsaw. Revenues from the letting of offices and the provision of development services fell by 12 per cent to EUR 5.0 million.

Preliminary earnings before interest, taxes, depreciation and amortization (EBITDA) increased considerably by about 180 per cent from EUR 8.1 million in the prior period to EUR 22.8 million in the reporting period, and the preliminary operating result (EBIT) also surged from EUR -71.8 million to a positive EUR 24.4 million. The preliminary profit for the period before taxes improved significantly from EUR -92.6 million to EUR 2.4 million. The non-current and current liabilities were reduced by a total of about EUR 32.3 million.

Outlook
"We are confident that Warimpex will be able to profit from the positive trends on the real estate market, and that the level of real estate transactions will continue to rise. We will continue to maintain a high level of quality at our existing hotel projects to generate stable cash flows. With the good results achieved in 2010, we expect sales and earnings to improve further in 2011," said Jurkowitsch, CEO of Warimpex Finanz- und Beteiligungs AG.

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Emitter:	Warimpex Finanz- und Beteiligungs AG Floridsdorfer Hauptstrasse 1 1210 Wien Austria
Contact Person:	Daniel Folian
Phone:	+43 1 310 55 00
E-Mail:	investor.relations@warimpex.com
Website:	www.warimpex.com
ISIN(s):	AT0000827209 (Share)
Stock Exchange(s):	Vienna Stock Exchange
Other Stock Exchanges:	Warsaw