Warimpex Finanz- und Beteiligungs AG

Very strong first half of 2017 for Warimpex - Seite 3

In Budapest, Warimpex owns a property on which a hotel with adjacent apartments is to be built. Planning is under way, the construction permit was issued in March 2017.

Outlook and strategy
The sale showed that good projects bear fruit at the right time and that the transaction markets for hotel investments in CEE have become more attractive again. The company now hopes to carry this positive momentum into the future. Warimpex's business will continue to focus on hotel and office development projects in CEE and Russia, as the markets have recently matured and are improving. Poland will remain a core Warimpex market in the future as well. The company is also currently evaluating options for new development activities.

in EUR '000	1-6/2017	Change	1-6/2016
Hotels revenues	20,786	-14%	24,188
Investment Properties revenues	6,053	52%	3,983
Development and Services revenues	665	-16%	789
Total revenues	27,505	-5%	28,959
Expenses directly attributable to revenues	-15,406	-9%	-16,906
Gross income from revenues	12,099	-	12,054
Gains or losses from the disposal of properties	23,624	-	147
EBITDA	29,452	368%	6,289
Depreciation, amortisation, and remeasurement	13,901	255%	3,918
EBIT	43,353	325%	10,207
Earnings from joint ventures	599	889%	61
Profit or loss for the period	33,547	173%	12,300
Net cash flow from operating activities	4,452	-30%	6,382
Equity ratio	30%	21 pp	9%
Segment information
(including joint ventures on a proportionate basis):
Hotels revenues	35,637	-5%	37,832
Net operating profit (NOP)	10,507	-3%	10,824
NOP per available room	4,463	15%	3,884
Investment Properties revenues	8,161	88%	4,351
Investment Properties EBITDA	6,647	102%	3,287
Development and Services revenues	1,389	29%	1,075
Gains or losses from the disposal of properties	23,624	-	147
Development and Services EBITDA	20,201	-	-2,368
	30.06.17	Change	31.12.16
Gross asset value (GAV)	171,3	-50%	343,3
in EUR millions
Triple net asset value (NNNAV) in EUR millions	117,1	12%	104,7
NNNAV per share in EUR	2,2	16%	1,9

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