Warimpex Finanz- Und Beteiligungs Ag · VIE:WXF

Warimpex Finanz- Und Beteiligungs — H1 2015 Earnings Presentation

27 slides from Warimpex Finanz- Und Beteiligungs's earnings presentation, Aug 27, 2015

  1. Slide 1: First half of 2015

    First half of 2015 Mastertitelformat bearbeiten 27 August 2015 !

  2. 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 18 Hotels (4,600 rooms) and 5 office buildings (42,000 sqm) in 8 countries § Superior locations and upper-end quality of hote

  3. Slide 3: Portfolio Overview

    Portfolio Overview 3 Hotels 1 Office Development AIRPORTCITY St. Petersburg Offices incl. land reserve 6 Hotels 1 Hotel 1 Office Building Development: Development: conference centre 2 offices commercial 1 land reserve project 4 Hotels 1 Hotel 3 Office 1 Hotel 2 Hotels Buildings land reserve 3

  4. Slide 4: Hotel Portfolio at a Glance

    Hotel Portfolio at a Glance 100% Hotels (as of 30.06.2015) 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

  5. Slide 5: Operational Update

    Operational Update § 07/2015 Union Investment acquires conference hotel andel’s Berlin from UBM and Warimpex § 06/2015 Sale and Lease back of andel’s Hotel Lodz will significantly reduce the current financing costs (transaction volume over EUR 45 M; among the biggest such deals on the Polish marke

  6. Slide 6: Hotel market 1-6 / 2015

    Hotel market 1-6 / 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 occupied

  7. 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 % 12.131 11.837 -8% 12 % 8.954 8.796 8.088 8.031 + 12 % 8.031 7.375 6.890 development without Russia 5.853 4.493 4

  8. 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 31.12.2014) City Country Area Stake Tenant rate Parkur Tower Warsaw PL 9,700 sqm 50% 90% Sodexo, etc. Zeppelin St. Petersburg RU 16,150 sqm 100% 100% Gazprom Groupama Erzsebet Office Bud

  9. 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 Retail & Conference Centre, Berlin 2016/17 up to 18,000 m2 50 Prenzlauer Be

  10. Slide 10: Completed in H1/2015 - AIRPORTCITY St. Petersburg, Zeppelin tower

    Completed in H1/2015- AIRPORTCITY St. Petersburg, Zeppelin tower AIRPORTCITY St. Petersburg Offices § Phase II: Zeppelin, opened mid 2015 - 16,150m2 office, fully leased • Fully leased • Long term financing in place as of Aug. 2013 as of June 2015 10

  11. Slide 11: Completed in H1/2015 - Erzsébet Office Building, Budapest

    Completed in H1/2015 - Erzsébet Office Building, Budapest § The project consists of 2 separate office buildings located on one plot of land with a total of 13,149 sqm. of net leasable office area § Parking is provided for about 153 cars on the surface § Total leasable area 15,764 sqm. (incl. Offi

  12. Slide 12: Targets and Strategy

    Targets and Strategy § Improve the financial and operational performance of our assets Ø Improve substantially recurring revenues and earnings Ø Generate stable cash flows from existing hotels Ø Increase NOP per available room and NAV per share § Take advantage of recovery on transaction market

  13. Slide 13: Segment Reporting

    Segment Reporting * EUR (in thousand) 1-6 2015 1- 6 2014 +/- HOTELS Revenues 48,156 52,335 -8% Net operating profit (NOP) 14,001 15,642 -10% Rooms available 3,397 3,482 -2% NOP per available room in EUR 4,122 4,492 -8% Occupancy Rate in % 64% 62% 2pp RevPAR in EUR 50 51 -2% INVESTMENT PROPERTIES – O

  14. Slide 14: Income Statement

    Income Statement EUR (in thousand) 1-6 2015 1-6 2014 +/- Revenues from Hotels 25,777 30,977 -17% Revenues from Investment Properties 716 4,926 -85% Revenues from Development & Services 1,453 802 81% Total revenues 27,945 36,705 -24% Expense directly attributable to the revenues -18,309 -24,192 -24%

  15. Slide 15: Balance Sheet

    Balance Sheet EUR (in thousand) 30 06 2015 31 12 2014 +/- Non-Current Assets 403,756 389,247 4% Current Assets 35,215 104,157 -66% Total Assets 438,971 493,404 -11% Total Equity 26,615 57,676 -54% Long-term Debt 301,925 352,447 -14% Short-term Debt 110,431 83,280 33% Total Equity and Liabilities 438

  16. Slide 16: Cash Flow Statement

    Cash Flow Statement EUR (in thousand) 1-6 2015 1-6 2014 +/- Inflow 29,499 37,293 -21% Outflow -24,906 -30,618 -19% Cash flow from operating activities 4,592 6,675 -31% Inflow 41,373 7,031 488% Outflow -23,849 -2,596 819% Cash flow from investing activities 17,524 4,435 295% Cash flow from financing

  17. Slide 17: Appendix

    Appendix 17 warimpex

  18. Slide 18: 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 signific

  19. Slide 19: 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 Core Assets Non – Core Sale • Acquisition of land • Zeppelin tower, Assets next to and below AIRPORTCITY St.

  20. Slide 20: 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

  21. Slide 21: Appraisers' Valuation of Warimpex Assets as of 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

  22. Slide 22: Over 30 Years Experience in Real Estate Asset Management

    Over 30 Years Experience in Real Estate Asset Management HOTELS Number of rooms In Portfolio from Sale Palace Hotel Prague 5-star, 124 rooms Purchased 2001 2013 angelo Hotel Munich 4-star, 146 rooms Opened 2008 2013 Intercont Warsaw 5-star, 414 rooms Opened 2003 2012 Sobieski Hotel Warsaw 4-star, 43

  23. Slide 23: Long-Term Positive Global Trends

    Long-Term Positive Global Trends Warimpex business stands at the intersection of three powerful global trends Middle Class Population 5 bn. R 5% CAG R EXPANDING 4% CAG 2 bn. 1 1 bn. MIDDLE CLASS 1990 2010 2030 Global Tourist Arrivals (in mn.) 1809 lion +870 mil STRONG GROWTH +500 mil lion 940 2 IN G

  24. Slide 24: 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. 12/2014 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

  25. Slide 25: 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 Stock Exchanges WXF Amber Privatstiftung Tick

  26. Slide 26: 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, Kattowic

  27. Slide 27: Corporate calendar

    Corporate calendar § 27 Aug 2015 Publication of the results for the first half of 2015 § 30 Nov 2015 Publication of the results for the third quarter 2015 Contact details Franz Jurkowitsch Daniel Folian Christoph Salzer CEO Investor Relations Press Tel.: +43 1 310 55 00 – 125 Tel.: +43 1 310 55 00

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