Warimpex Finanz- und Beteiligungs AG · VIE:WXF
Warimpex Finanz- und Beteiligungs — 9M 2015 Earnings Presentation
22 slides from Warimpex Finanz- und Beteiligungs's earnings presentation, Nov 30, 2015
Slide 1: First nine months of 2015
First nine months of 2015 Mastertitelformat bearbeiten 30 November 2015 !
Slide 2: Company Highlights
Company Highlights Warimpex Finanz- und Beteiligungs AG, Vienna is one of the largest investors in commercial property development, operation and sale in the CEE region with 15 Hotels (3,700 rooms) and 5 office buildings (42,000 sqm) in 7 countries § Superior locations and upper-end quality of hotel
Slide 3: Portfolio Overview
Portfolio Overview 1 Hotels 1 Office Development AIRPORTCITY St. Petersburg Offices incl. land reserve 6 Hotels 1 Office Building Development: 3 offices 1 land reserve 4 Hotels 1 Hotel 3 Office 1 Hotel 2 Hotels Buildings land reserve 3
Slide 4: Hotel Portfolio at a Glance
Hotel Portfolio at a Glance 100% Hotels (as of 30.09.2015) City Country Rooms Stake Occupancy Rate RevPAR 1-6 2015 1-6 2014 1-6 2015 64 % 62 % EUR 50 Angelo**** Prague CZ 168 100 % Diplomat**** Prague CZ 398 100 % Dvořák**** Karlovy Vary CZ 126 100 % Angelo**** Plzeň CZ 144 50 % Angelo**** Katowice
Slide 5: Operational Update
Operational Update § 11/2015 Warimpex redeems and extends convertible bonds § 09/2015 Handover of office tower A at Erzsebet Office, Budapest § 09/2015 Warimpex sells hotels in Ekaterinburg § 09/2015 Union Investment acquires conference hotel andel’s Berlin from UBM and Warimpex § 06/2015 Handover o
Slide 6: Hotel market 1-10/2015
Hotel market 1- 10 / 2015 Occupancy, Room Rate, Room RevPAR and Total Gross Operating Profit Occupancy is the proportion of the bedrooms available during the Room Rate in EUR is the total bedroom revenue for the period period which are occupied during the period divided by the total bedrooms occupie
Slide 7: Operating Cash Flow from Hotel Portfolio
Operating Cash Flow from Hotel Portfolio Net Operating Profit (EUR) per available room Difficult years in hotel industry Solid recovery Impact of adverse development in Russia - 52 % 54 % -3% 12.131 11.837 12 % + 14 % 8.954 development 8.796 without Russia 8.088 8.031 8.031 7.375 7.819 6.890 7.213 7
Slide 8: Office Portfolio at a Glance
Office Portfolio at a Glance 100% 42,000 sqm office in total (stake adjusted 30,000 sqm) Occupancy Offices (as of 30.09.2015) City Country Area Stake Tenant rate (approx.) Parkur Tower Warsaw PL 9,700 sqm 50% 90% Sodexo, etc. Zeppelin St. Petersburg RU 16,150 sqm 55% 100% Gazprom Groupama Erzsebet O
Slide 9: Pipeline Overview
Pipeline Overview Beneficial Expected Total area / ownership Development Projects opening no. of rooms (%) Planning phase: Airport Car Park, AIRPORTCITY St. approx 20,000 m2 55 Zeppelin, Petersburg AIRPORTCITY St. Petersburg Mogilska Office, Krakow 2017 up to 20,000 m2 100 Chopin Office, Krakow 2017
Slide 10: Segment Reporting
Segment Reporting * EUR (in thousand) 1-9 2015 1- 9 2014 +/- HOTELS Revenues 75,170 80,924 -7% Net operating profit (NOP) 23,522 25,119 -6% Rooms available 3,344 3,482 -4% NOP per available room in EUR 7,035 7,213 -3% Occupancy Rate in % 69% 67% 2pp RevPAR in EUR 55 54 2% INVESTMENT PROPERTIES – OFF
Slide 11: Income Statement
Income Statement EUR (in thousand) 1-9 2015 1-9 2014 +/- Revenues from Hotels 41,627 47,446 -12% Revenues from Investment Properties 2,863 7,381 -61% Revenues from Development & Services 1,616 1,078 50% Total revenues 46,105 55,905 -18% Expenses directly attributable to the revenues -28,145 -34,541
Slide 12: Balance Sheet
Balance Sheet EUR (in thousand) 30 09 2015 31 12 2014 +/- Non-Current Assets 368,365 389,247 -5% Current Assets 38,159 104,157 -63% Total Assets 406,524 493,404 -18% Total Equity 36,138 57,676 -37% Long-term Debt 299,879 352,447 -15% Short-term Debt 70,507 83,280 -15% Total Equity and Liabilities 40
Slide 13: Cash Flow Statement
Cash Flow Statement EUR (in thousand) 1-9 2015 1-9 2014 +/- Inflow 47,431 60,432 -22% Outflow -37,995 -46,248 -18% Cash flow from operating activities 9,436 14,184 -33% Inflow 43,001 8,030 436% Outflow -25,522 -7,024 263% Cash flow from investing activities 17,479 1,006 - Cash flow from financing ac
Slide 14: Appendix
Appendix 14 warimpex
Slide 15: Warimpex Snapshot – Business Model
Warimpex Snapshot – Business Model Warimpex Finanz- und Beteiligungs AG, Vienna Hotels & Acquisition Development Investment Properties Growth Potential Long-term Value Creation Ongoing Income Sale • Palace Hotel Core Assets Non – Core Prague (July 2013) • Acquisition of land • Zeppelin tower, Assets
Slide 16: Experienced Management Team
Experienced Management Team § Warimpex’s principal shareholders, Franz Jurkowitsch (Chairman) and Georg Folian (Deputy Chairman), have each more than 25 years of experience in developing, operating and owning real estate assets in CEE § Strong team of senior country managers in place with significan
Slide 17: NNNAV per share
NNNAV per share Comparison of NNNAV per share and the Company’s share price on the VSE 12 11 10 9 8 7 EUR 6 5 4 3 2 1 0 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 share price NNNAV/share Source: Company Annual Reports
Slide 18: Asset Valuation by External Appraisers
Asset Valuation by External Appraisers Real estate assets held by sector (share of GAV*) Triple Net Asset Value calculation Development Assets in EUR mn. 06/2015 12/2014 7% Equity before minority interests 52.5 72.1 Office buildings 11% Goodwill -0.9 -0.9 Deferred tax assets - - Deferred tax liabili
Slide 19: Appraisers' Valuation of Warimpex Assets as of 30 June 2015
Appraisers´ Valuation of Warimpex Assets as of 30 June 2015 Gross Asset Value vs. Book Value (EUR mn.)*- Gross Asset Value Structure (EUR mn.)* hidden reserves 500 459,8 480 31,9 450 459,8 52,7 460 400 375,2 350 440 69.6 300 420 Hidden 250 reserves 200 400 390,2 150 380 100 360 50 0 340 Gross Asset
Slide 20: Warimpex on the Stock Exchange
Warimpex on the Stock Exchange Shareholder structure Key Exchange Data Franz Jurkowitsch 14% Number of shares 54,000,000 Georg Folian Vienna Stock Exchange ATX Prime, Immobilien-ATX Free Float 14% 36% Warsaw Stock Exchange Market Main 50 Plus, WIG SWIG80 Amber Privatstiftung Stock Exchanges WXF 11%
Slide 21: Company History
Company History Impressive History 1980 § Warimpex enters real estate market § Novotel, first Warimpex hotel opened in Hungary 2009-2015 1982 - 1988 § Penta Hotel Budapest, Forum Hotel Prague § Holiday Inn, Warsaw 1988-1989 § Hotel Palace, Prague § Hotel Andel’s, Lodz § Hotel Angelo, Kattowice § Hot
Slide 22: Corporate calendar
Corporate calendar § 30 Nov 2015 Publication of the results for the third quarter 2015 § 28 April 2016 Publication of the Annual Report 2015 § 29 May 2016 record date § 30 May 2016 Publication of the results for the first quarter of 2016 § 8 June 2016 Annual General Meeting § 30 Aug 2016 Publication
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