Warimpex Finanz- und Beteiligungs AG
euro adhoc: Warimpex Finanz- und Beteiligungs AG
Financial Figures/Balance
Sheet
Warimpex boosts revenues by 23% in the first three quarters of 2008
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9-month report
27.11.2008
Warimpex boosts revenues by 23% in the first three quarters of 2008
. Total revenues up by 23% to EUR 70.9 million
. EBITDA grow by 20% to EUR 28.4 million, EBIT by 15% to EUR 19.1 million
. angelo Plzen opens and angelo Bucharest re-opens|Key figures in millions of euros |1-9/2008 |1-9/2007 |Change | | | | | | |Total revenues |70.9 |57.7 |+23% | |Gains from the sale of project companies |9.6 |2.4 |+305% | |EBITDA |28.4 |23.7 |+20% | |EBIT |19.1 |16.6 |+15% | |Profit for the period |2.0 |11.5 |-82% | |Earnings per share in EUR* |0.06 |0.32 |-81% | | | | | | |Number of hotels |17 |14 |+3 | |Number of rooms (adjusted for proportional |2,631 |2,117 |+514 | |share of ownership) | | | | |Number of office and commercial properties |7 |7 |- | |Number of development projects |14 |9 |+5 | | | | | | | |6/30/2008|12/31/2007| | |Gross asset value (GAV) |636.4 |614.8 |+4% | |Triple net asset value (NNNAV) |341.4 |387.4 |-12% | |NNNAV per share in EUR |9.5 |10.8 |-12% |
*) Based on average number of shares in the period
Total revenues in the first nine months of this year grew from EUR 57.7 million to EUR 70.9 million compared to the same period of 2007, an increase of 23%. EBITDA and EBIT also improved; the EUR 2.5 million increase in EBIT can above all be attributed to increased proceeds from the sale of properties and property development projects.
While gains from the sale of project companies totalled EUR 2.4 million in the first three quarters of 2007, such proceeds increased to EUR 9.6 million in the same period of 2008. This is due to the sale of a 10% stake in the Airport City development project in St. Petersburg. Because of the poorer financial result, however, the profit for the period fell from EUR 11.5 million to EUR 2.0 million in year-on-year comparison.
Real estate assets As of the end of September 2008, the Warimpex Group real estate portfolio comprised twenty-four properties in total, seventeen of which were hotels and seven office buildings. The company also holds a large number of undeveloped plots and development projects in eight countries in Central and Eastern Europe. The primary regional focus is on Hungary, the Czech Republic, Poland, Romania and Russia.
Compared to the end of 2007, estimated property values were down due to considerably increased yields in CEE and higher construction costs. This also depressed the NNNAV. As of 30 June 2008, the NNNAV per share was EUR 9.5, roughly 12% lower than at the end of 2007, but still well above the current share price.
Outlook Warimpex is currently developing thirteen projects; the expansion of the angelo airport hotel in Bucharest was concluded in September and the angelo in Plzen opened at the beginning of October. Two andel's hotels are set to open in Berlin and Lodz and one angelo hotel in Ekaterinburg by the second quarter of 2009. The development of budget hotels under the joint venture with Louvre Hotels is proceeding according to schedule.
Warimpex Group will be focusing on completing its development projects and thereby bolstering its market position on its home markets in the coming months. Management will also be employing active asset management to maintain the current good yields from the group's existing high-quality properties.
end of announcement euro adhoc
Further inquiry note:
Warimpex Finanz- und Beteiligungs AG
Phone: +43 1 310 55 00
Christoph Salzer
mailto:presse@warimpex.com
Daniel Folian, mailto:investor.relations@warimpex.com
www.warimpex.com
Branche: Real Estate
ISIN: AT0000827209
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / official market