Warimpex Finanz- und Beteiligungs AG: Warimpex records positive result for 2013

Vienna / Warsaw (pta006/24.04.2014/08:00 UTC+2) * EBITDA and EBIT up to EUR 14.8 million and EUR 12.1 million (+ 31 % and + 53 %) respectively
* Profit for the year: EUR 2.4 million
* Increased focus on office property requires change to fair values for measuring office property

The Warimpex Finanz- und Beteiligungs AG provisional operating result published at the end of March with EBITDA of EUR 14.6 million has now been revised upwards slightly to EUR 14.8 million in accordance with the audited financial figures. These figures showed that operating activities developed positively. However, Group revenue declined slightly by 3 per cent to EUR 71.6 million following the disposal of some hotels and the resulting 5 per cent lower average number of available rooms. EBIT improved by 53 per cent to EUR 12.1 million. The underlying reasons were the positive performance of the hotels in the portfolio, property sales in Munich and Prague and also the change in measuring office property at fair value necessitated by the expansion of activities in the area of office property development and leasing - primarily due to the AIRPORTCITY project in St. Petersburg. In conjunction with the result from joint ventures amounting to EUR 11 million, this resulted in profit for the year of EUR 2.4 million.

Revenues fell by 4 per cent to EUR 107.7 million based on the proportionate recognition of all joint ventures. At the same time, net operating profit (NOP) improved by 6 per cent to EUR 30.7 million and, with a 12 per cent increase per available room, reflects the good performance of the hotel portfolio.

Outlook
After the reporting date, Warimpex gained a leading Hungarian insurance company as a long-term tenant for 12,250 square metres of space in the Erzsebet office building in Budapest, securing one of the largest leases on the Hungarian office market in recent years. A term sheet was also negotiated and signed at the start of the year with a Russian pension fund for the two office towers Jupiter 1 and Jupiter 2 at the AIRPORTCITY in St Petersburg.

"With the solid financial basis shown in these annual financial statements and the further sale of successful projects, we anticipate great potential for new development activities. We will continue focusing on our good hotel brands, and will invest in promising synergies between hotels and neighbouring office and residential space. In doing so we will maintain sufficient diversification both in geographical terms as well as in terms of asset classes and intend to improve existing land reserves and development properties to the point that they generate sustainable cash flows," said Franz Jurkowitsch, CEO of Warimpex.

Key financial figures for 2013 at a glance (reporting date: 31 December 2013)

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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 (Official Trade)
Other Stock Exchanges:	Warsaw