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    Warimpex Finanz- und Beteiligungs AG  402  0 Kommentare Very strong first half of 2017 for Warimpex

    Public disclosure of inside information according to article 17 MAR

    Wien (pta011/30.08.2017/08:00) - * Profit for the period improves significantly from EUR 12.3 million in the first half of the prior year to EUR 33.5 million
    * Successful closing of the sale of eight hotels strengthens financial base and increases equity ratio to 30 per cent
    * Hotel revenues down by 14 per cent due to sales, revenues from the rental of office properties increase by 52 per cent
    * Handover of the multi-use building at AIRPORTCITY St. Petersburg to the tenant
    * Progress continues for development projects in Krakow, Łódź, and Budapest

    Warimpex Finanz- und Beteiligungs AG can look back on a very strong first half of 2017, a period that was marked by progress in development projects and the partial sale of the hotel portfolio and that saw the company generate a profit for the period of EUR 33.5 million.

    The sale of eight hotel holdings that accounted for around 50 per cent of Warimpex's total property assets and that represented a property value of roughly EUR 180 million was successfully closed on 31 May. The transaction made a EUR 21.4 million contribution to the profit for the period. The transaction is a milestone in the history of Warimpex and will considerably strengthen the company's financial base. In addition, Warimpex repaid bonds and loans in the first half of the year and in July 2017 - in line with its goal. The early repayment of expensive bonds significantly reduced the interest costs within the group. The equity ratio improved substantially from 9 per cent to 30 per cent.

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    A detailed look at the results for the first half of 2017
    Although revenues in the Hotels segment declined by 14 per cent to EUR 20.8 million, this was due to the sale of the angelo hotel in Prague in the prior financial year and to the sale of the eight hotel holdings. As the deal closed on 31 May 2017, their performance was no longer included in the month of June, which is traditionally very strong in the hotel industry. Revenues from the rental of office properties rose from EUR 4.0 million to EUR 6.1 million, primarily as a result of index adjustments and the handover of the multi-use building at AIRPORTCITY St. Petersburg to the tenant. Consolidated revenues declined by 5 per cent to EUR 27.5 million in total.

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    Warimpex Finanz- und Beteiligungs AG Very strong first half of 2017 for Warimpex * Profit for the period improves significantly from EUR 12.3 million in the first half of the prior year to EUR 33.5 million * Successful closing of the sale of eight hotels strengthens financial base and increases equity ratio to 30 …