Warimpex Finanz- und Beteiligungs AG

Warimpex Q3 2015 results:

Adhoc announcement according to article 48d section 1 BörseG

Wien (pta010/30.11.2015/08:00) - * Hotels not dependent on Russian clientele deliver good performance with increases in occupancy and room rates (NOP per available room +14 per cent), 34 per cent revenue contraction at Russian hotels * EBITDA increased by 19 per cent to EUR 16.3 million * Sale of andel's Berlin results in positive earnings from joint ventures of EUR 11.6 million * Additional successful transactions in Ekaterinburg in addition to Berlin * Office spaces at AIRPORTCITY St. Petersburg and at Erzsébet Office in Budapest completed and handed over to the tenants * Planning under way for office developments in Poland * Loss for the period of EUR 31.6 million due to soft rouble and measurement losses in Russia

Vienna/Warsaw, 30 November 2015 - Experts are predicting a slight recovery for the Russian economy next year. At the moment, however, the trend seen in the first half of the year is continuing for Warimpex Finanz- und Beteiligungs AG: The difficult conditions on the Russian market and the soft rouble continue to impact the company's earnings. While the performance of hotels that are not dependent on Russian clientele was good in all markets - occupancy and room rates were increased at the majority of the hotels and the NOP per available room rose by 14 per cent - the continuing weakness of the rouble caused revenues to decline at the hotels in St. Petersburg and Ekaterinburg. Revenues at the Russian hotels were roughly 34 per cent lower than in the previous year. At the same time, the Dvoák spa hotel in the Czech town of Karlovy Vary has not yet seen a recovery, either. While efforts are being made to attract more guests from other countries in addition to Russia, this reorientation has not yet had an impact on revenues. The Dvorak hotel consequently suffered a revenue contraction of around 36 per cent.

This development had the following impact on the results for the first three quarters of 2015: Total revenues from hotel operations fell by 12 per cent to EUR 41.6 million. Consolidated revenues retreated by 18 per cent from EUR 55.9 million to EUR 46.1 million. While EBITDA increased by 19 per cent from EUR 13.6 million to EUR 16.3 million, EBIT declined from EUR 4.5 million to EUR -13.0 million. This decline can be attributed primarily to a non-cash loss from depreciation, amortisation, and remeasurement. Finance income including earnings from joint ventures was negatively affected by non-cash foreign currency losses in connection with exchange rate changes and went from EUR -16.2 million to EUR -18.7 million. Earnings from joint ventures rose from EUR 1.1 million to EUR 11.6 million due to the sale of the andel's hotel in Berlin. All in all, this led to a loss for the period of EUR 31.6 million due to negative measurement and exchange rate effects, compared with a negative result of EUR 10.9 million in the comparison period.