Warimpex Finanz- und Beteiligungs AG

Very strong first half of 2017 for Warimpex - Seite 2

EBITDA increased from EUR 6.3 million to EUR 29.5 million due to sales proceeds, and EBIT also advanced considerably from EUR 10.2 million to EUR 43.4 million. The measurement of the assets also improved by a substantial 12 per cent in the NNNAV compared with the end of 2016. The financial result including joint ventures went from EUR 3.9 million to minus EUR 9.2 million as a result of non-cash foreign currency losses stemming from exchange rate movements in rouble. In total, this resulted in a profit for the first half of 2017 of EUR 33.5 million (H1 2016: EUR 12.3 million).

As a result of the portfolio sale, revenues from hotel operations will be lower from the third quarter onward. By contrast, revenues from the rental of office properties and from the Development and Services segment will rise due to completions and new development projects.

Progress in the current development projects
With regards to development projects, Warimpex is pleased to report that it has completed one project and is moving forward with four others. At AIRPORTCITY St. Petersburg, the fully let-out Bykovskaya multi-use building with roughly 6,000 square metres of office and archive space and parking spaces for around 450 vehicles was handed over to the tenant at the end of May. Warimpex also holds property reserves for around 150,000 square metres of office space at AIRPORTCITY.

The construction of Ogrodowa Office is progressing in Łódź. The ground floor has already been built, and the building is expected to be completed in the first quarter of 2018. Advance leases have been signed for roughly 8,000 square metres of the 26,000 square metres of total space. A letter of intent was signed for the letting of about 60 per cent of the 12,000 square metres of space in the Mogilska office building in Krakow and the terms of the lease are now being negotiated. The demolition of the existing building is all but finished, meaning that the construction of the new building can begin soon. The building is scheduled to be completed in the end of 2018. An office building with around 20,000 square metres of space is also to be built in Krakow, next to the Chopin Hotel. Planning for this is in progress.