EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG / Warimpex publishes full-year 2009 results

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24.03.2010

Warimpex publishes full-year 2009 results

• Major development projects in Berlin, Lodz and Ekaterinburg  completed  in
      2009 - angelo hotel Katowice opened in March 2010  -  andel´s  hotel  Lodz
      wins multiple awards
    • Results for 2009 significantly impacted by impairments in the  first  half
      of 2009 and significant decline in revenues, in particular in  the  luxury
      segment in Prague
    • Full-year 2009 EBIT of minus EUR 71.8 million and loss for the  period  of
      EUR 92.7 million

|Key figures in thousands of    |2009      |+/-   |2008     |Q4/2009  |+/-
|Q4/2008  |
|euros                          |          |      |         |         |    |    
    |
|Revenues - "Hotels & Resorts"  |79,608    |-8%   |86,663   |21,537   |5% 
|20,420   |
|Revenues - "Development & Asset|5,650     |-27%  |7,705    |1,501   
|-50%|3,047    |
|Management"                    |          |      |         |         |    |    
    |
|EBITDA                         |8,053     |-73%  |29,353   |5,596    |43%
|3,900    |
|Number of hotels *             |20        |+2    |18       |         |    |    
    |
|Number of rooms (adjusted for  |3,322     |+623  |2,699    |         |    |    
    |
|proportionate share of         |          |      |         |         |    |    
    |
|ownership) *                   |          |      |         |         |    |    
    |
|Number of office and commercial|5         |-1    |6        |         |    |    
    |
|properties                     |          |      |         |         |    |    
    |
|Number of hotel development    |3         |-4    |7        |         |    |    
    |
|projects                       |          |      |         |         |    |    
    |
|                               |          |      |         |         |    |    
    |
|Gross asset value (GAV) in     |571.9     |-14%  |666.7    |         |    |    
    |
|millions of euros              |          |      |         |         |    |    
    |
|Triple net asset value         |148.5     |-51%  |301.9    |         |    |    
    |
|(NNNAV**) in millions of euros |          |      |         |         |    |    
    |
|NNNAV** per share in EUR       |3.8       |-55%  |8.4      |         |    |    
    |

End-of-year share price in EUR |2.18 |74% |1.25 | | | | |* The angelo hotel
Katowice opened in March 2010 and is not included in the figures above.
** For a description of how Warimpex calculates the NNNAV, please see the
annual report 2009.

Vienna, 24 March 2010 - The financial year 2009 was highly challenging for
Warimpex Finanz- und Beteiligungs AG, the real estate industry and the entire
global economy. After a difficult first half of the year, confidence in a
global recovery steadily gained momentum in the second half of 2009, generating
growth on global equity markets, which also had a positive effect upon the
prices of real estate shares. Warimpex´ business figures clearly reflect this
development with impairments heavily influencing the results of the first half
of the year and results for the third and fourth quarter slightly positive.
Results
Group sales fell by 10 per cent from EUR 94.4 million in 2008 to EUR 85.3
million in 2009. This drop was primarily caused by the conditions in the Prague
market, where revenues in the five-star segment were down by 35 per cent
compared to 2008 in addition to a significant slide in the four-star segment.
Revenue decreases, in some cases significant, were also encountered in other
markets.

Earnings before interest, tax, depreciation and amortization (EBITDA) fell by
73 per cent, from EUR 29.4 million in 2008 to EUR 8.1 million in the year under
review. This decrease of EUR 21.3 million is attributable mostly to lower
proceeds from the sale of project companies and real estate and lower income in
the Hotels & Resorts segment. Non-scheduled write-downs had to be made on real
estate (and on goodwill in properties) in the reporting period. Impairments in
the amount of EUR 62.5 million (2008: EUR 19.8 million) were recognized based
upon the half-yearly valuation by CB Richard Ellis. Because of these effects
and the factors discussed above, EBIT fell from EUR -3.4 million to EUR -71.8
million year-on-year.

The financial result was EUR -20.6 million (compared to EUR -26.0 million in
2008). Interest on current account loans, long-term project financing and other
loans decreased by only two per cent in the financial year 2009 compared to
2008, despite the fact that loan and credit portfolio grew significantly. This
effect is primarily attributable to the fact that the strong decline in the
EURIBOR had a significant positive effect on finance expenses.

The Warimpex Group's result for the year fell from EUR -29.4 million in 2008 to
EUR -92.7 million in the reporting period. This decline is primarily
attributable to non-scheduled write-downs, which were already reported in
August 2009, as well as to a significant decline in revenues.

In September 2009, the shareholders of Warimpex passed a resolution that allows
the Company to increase the share capital by up to 18 million shares within the
next five years. On the basis of this authorizationthe Company successfully
increased its capital by 3,599,999 shares or 10 per cent in October 2009,
generating proceeds of EUR 8.1 million. Provided that sentiment on the
financial markets is positive, Warimpex will consider a further capital
measure.

Real estate assets
As of 31 December 2009, the real estate portfolio of the Warimpex Group
comprised 20 hotels with a total of over 4,800 rooms (3,322 rooms when adjusted
for the proportionate share of ownership), plus five office properties with a
total lettable floor area of some 32,000 square meters (23,000 square meters
when adjusted for the proportionate share of ownership).

As of 31 December 2009, the NNNAV per share was EUR 3.8, and therefore roughly
54 per cent lower than at the end of 2008. However, a comparison with the
latest appraisal as of 30 June 2009 - EUR 3.3 per share - shows that the
current trend is positive and signals that the decline in real estate values in
the region has passed its lowest point.

Outlook
The plan is to advance our current development projects, including the Airport
City St. Petersburg project, which is already under construction with the
structural work substantially completed, as well as other development projects
in more preliminary stages, such as the Warsaw Le Palais office development.
Several budget hotels are planned under the Campanile and Premiere Classe
brands in cooperation with Louvre Hotels, for which five plots of land in
Central and Eastern Europe for a total of seven hotels have already been
secured. Through selling properties where opportunities arise, as well as
renegotiating certain of the short-term financing arrangements and improving
the Group´s capital and financing structures, cash flows are to be increased.
In the period of transition from crisis to normality in 2010 the goal is to
build upon the tentative upturn that was observed in the last two quarters of
2009 in order to participate actively in a gradual but sustained recovery.

Further inquiry note:
Warimpex Finanz- und Beteiligungs AG
Phone: +43 1 310 55 00
Christoph Salzer
mailto:[email protected]
Daniel Folian, mailto:[email protected]
www.warimpex.com
end of announcement euro adhoc
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issuer:   Warimpex Finanz- und Beteiligungs AG
          Floridsdorfer Hauptstraße 1
          A-1210 Wien
phone:    +43 1 310 55 00
FAX:      +43 1 310 55 00 - 122
mail:     [email protected]
WWW:      www.warimpex.com
sector:   Real Estate
ISIN:     AT0000827209
indexes:  ATX Prime

stockmarkets: official market: Wien
language: English

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