pta20170424022
Public disclosure of inside information according to article 17 MAR

Warimpex Finanz- und Beteiligungs AG: Warimpex solidly in the black in 2016

Vienna/Warsaw (pta022/24.04.2017/13:00 UTC+2) * Profit for the year goes from a negative EUR -42.3 million in 2015 to a strong plus of EUR 22.9 million in 2016 - driven largely by the rouble recovery and good development of operating business
* Revenues from the rental of office properties nearly doubled
* Sales transactions in Warsaw, Budapest, and Prague effective in 2016
* Contract concluded for the sale of hotel holdings after the reporting date

Warimpex Finanz- und Beteiligungs AG significantly boosted its result for the year in 2016 and posted a profit of EUR 22.9 million. This success was driven by a recovery on the Russian market and of the rouble as well as by the good development of operating business.

Warimpex signed an agreement on the sale of a part of the hotel portfolio to the Thai investor U City Public Company Limited (U City) after the reporting date. The transaction covers eight hotel holdings that account for around 50 per cent of the total real estate assets of Warimpex and represent a property value of roughly EUR 180 million.

Company performance in 2016
Because of the completion and rental of the Zeppelin office tower at AIRPORTCITY St. Petersburg and of the Erzsébet office building in Budapest, revenues from the rental of office properties rose from EUR 4.4 million to EUR 8.6 million. Consolidated revenue remained unchanged at roughly EUR 62 million. The reduction in the number of rooms as a result of the sale of hotel assets led to a slight decrease in hotel revenues from EUR 54.5 million to EUR 51.9 million.

EBITDA declined by 27 per cent from EUR 29.3 million in 2015 to EUR 21.5 million. This was due above all to the lower gains from the disposal of properties. EBIT went from negative EUR -9.9 million to positive EUR 25.7 million thanks to a positive remeasurement result from office properties, especially the office building that is under development in Łódź and the Zeppelin office tower in St. Petersburg. The financial result including joint ventures improved as a result of positive exchange rate changes and a better financing structure, going from EUR -31.9 million to EUR -1.9 million.

Successful transactions
The transaction markets in Central and Eastern Europe have become more attractive again since 2015. Warimpex not only used this positive momentum to sell part of the hotel portfolio to U City, but also to sell multiple other properties during the reporting period. In June, the company sold its 50 per cent stake in the Parkur Tower office building in Warsaw to the joint venture partner and sold the Dioszegi office building in Budapest in October. Warimpex also sold the angelo hotel in Prague in October.

Warimpex will publish the consolidated annual report for the 2016 financial year on 26 April.

The numbers for 2016 at a glance (as at 31 December 2016):

in EUR '0002016Change2015
Hotels revenues51,864-5%54,462
Investment Properties revenues8,58096%4,384
Development and Services revenues1,757-42%3,053
Total revenues62,201-61,898
Expenses directly attributable to revenues-35,967-7%-38,539
Gross income from revenues26,23512%23,359
Gains or losses from the disposal of properties8,674-39%14,220
EBITDA21,450-27%29,280
Depreciation, amortisation, and remeasurement4,285--39,185
EBIT25,735--9,905
Earnings from joint ventures-1,156-9,647
Profit for the year22,862--42,330
Profit or loss for the period (shareholders of the parent)17,423--17,838

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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
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