Warimpex Finanz- und Beteiligungs AG · VIE:WXF
Warimpex Finanz- und Beteiligungs — Q3 2016 Earnings Presentation
31 slides from Warimpex Finanz- und Beteiligungs's earnings presentation, Nov 30, 2016
Slide 1: Report on the first three quarters of 2016
. Nov. 2016 – Report on the first three quarters of 2016 !
Slide 2: Company Highlights
Company Highlights Warimpex Finanz- und Beteiligungs AG, Vienna is one of the largest investors in commercial property in the CEE region with 14 Hotels (3,500 rooms) and 3 office buildings (31,000 sqm) in 7 countries § Superior locations and upper-end quality of hotels provide good customer value In
Slide 3: Warimpex Snapshot – Business Model
Warimpex Snapshot – Business Model Warimpex Finanz- und Beteiligungs AG, Vienna Hotels & Sale Acquisition Development • Palace Hotel, Prague Investment Properties (July 2013) Growth Potential Long-term Value Creation Ongoing Income • Le Palais office, Warsaw, (Oct 2013) • Le Palais Hotel, Core Asset
Slide 4: Operational Highlights
Operational Highlights • 4/2016 Warimpex receives construction permit for Orgrodowa office building (roughly 26,000 square metres) in Łódź • 6/2016 Warimpex sells 50% share in office property Parkur Tower, Warsaw, to joint venture partner • 7/2016 Warimpex receives construction permit for Mogilska o
Slide 5: Company Overview – stake adjusted as of 30.06.2016
Company Overview – stake adjusted as of 30.06.2016 (31.12.2015) Strong regional diversification Real estate held by sector Total GAV Real estate assets by country (share of GAV) 344mn. (share of GAV) development F RO 10% (9%) 13% 4% (4%) CZ (13%) offices DE 24% 13% 0% (0%) (22%) (17%) RU 13% (18%) h
Slide 6: Portfolio Overview
Portfolio Overview 1 Hotel 1 Office Development AIRPORTCITY St. Petersburg Offices incl. land reserve 6 Hotels 1 Office Building Development: 3 offices 1 land reserve 3 Hotels 2 Office 1 Hotel Buildings 2 Hotels land reserve 1 Hotel 6
Slide 7: Hotel Portfolio at a Glance
Hotel Portfolio at a Glance 100% Hotels (as of 30.06.2016) City Country Rooms Stake Occupancy Rate RevPAR 1-6/16 1-6/15 1-6/16 64 % 64 % EUR 49 Angelo**** (sold 10.2016) Prague CZ 168 100 % Diplomat**** Prague CZ 398 100 % Dvořák**** Karlovy Vary CZ 126 100 % operating lease Angelo**** Plzeň CZ 144
Slide 8: Hotel market 1-10/2016
Hotel market 1- 10 / 2016 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 9: 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 12.131 11.837 - 52 % development in Russia and France 54 % 8.954 8.796 8.752 8.088 8.031 8.031 7.375 6.890 7.035 7.161 5.853 2006 Y 2007 Y 2008 Y
Slide 10: Total liabilities (at equity) have declined by EUR 15.6 mn. in 6 months
Total liabilities (at equity) have declined by EUR 15.6 mn. In 6 months § Total liabilities (incl. liabilities of non-controlling interests, excluding joint ventures) have declined from € 286.7 mn. as of December 31, 2015 to € 270.2 mn. as of 30.06.2016 € 286.7 mn. € 2.6 mn. € 270.2 mn. € 9.9 mn. €
Slide 11: Office Portfolio at a Glance
Office Portfolio at a Glance 100% 32,000 sqm office in total (stake adjusted 25,000 sqm) Occupancy Offices (as of 30.06.2016) City Country Area Stake Tenant rate (approx.) Zeppelin St. Petersburg RU 15,600 sqm 55% 100% Gazprom Groupama Erzsebet Office Budapest HU 15,000 sqm 100% 90% Garancia Insuran
Slide 12: Pipeline Overview
Pipeline Overview Beneficial Expected Total area / ownership Development Projects opening no. of rooms (%) Planning phase: Airport Car Park, AIRPORTCITY St. mid 2017 450 cars and 55 Petersburg (under construction) approx. 6,000 m2 Ogrodowa Office, Lodz Q1 2018 approx. 26,000 m2 100 Chopin office, Kr
Slide 13: Development Pipeline – Mogilska Office, Krakow
Development Pipeline – Mogilska Office, Krakow • Prime location in the commercial district of Krakow • Direct connection to public transportation at Rondo Mogilskie • Vicinity of courts and public offices • Total of approx. 12,000 m2 leasable office space • Underground Parking is provided 13
Slide 14: Development Pipeline – Chopin Office, Krakow
Development Pipeline – Chopin Office, Krakow • New office buildings to be built near to Chopin hotel Krakow • One of the best office locations in the city at Mogilskie Roundabout (one of the main public transport hubs, 10 min from railway station and city centre) • Total of approx. 26,000 m2 (approx
Slide 15: Development Pipeline – Hotel & Residential Projekt, Budapest
Development Pipeline – Hotel & Residential Projekt, Budapest • 3*- Hotel with approx. 175 rooms • Approx. 16.700 m2 • 63 apartments (3,200 m2) for sale • 3 underground parking floors • Planning phase 15
Slide 16: Development Pipeline – Ogrodowa Office, Lodz
Development Pipeline – Ogrodowa Office ,Lodz • New office buildings to be built near to andel‘s hotel Lodz • One of the best office locations in the city, near Manufaktura and Piotrkowska Street (perfect acces to the public transportation and within 10 minutes walk from Fabryczna railway station) •
Slide 17: AIRPORTCITY St. Petersburg
AIRPORTCITY St. Petersburg ü Hotel Crowne Plaza ****, 294 rooms ü Phase I: Jupiter 1 and Jupiter 2 opened 2011 and 2012 / sold 2015 - 17,000 m2 office, fully leased to Gazprom ü Phase II: Zeppelin opened mid 2015 - 15,600 m2 leasable office area § Parking – under contruction § Phase III Offices - 60
Slide 18: Pipeline - AIRPORTCITY St. Petersburg, parking
Pipeline - AIRPORTCITY St. Petersburg, parking § AIRPORTCITY Car Park - 450 car parking spaces - 3 car parking decks (2 heated decks) - 2,600 m2 archive/storage area - 4,000 m2 office - car wash station - car service station - bus parking spaces 18
Slide 19: 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 markets and
Slide 20: Segment Reporting
Segment Reporting * EUR (in thousand) 1-9 2016 1-9 2015 +/- HOTELS Revenues 61,698 75,170 -18% Net operating profit (NOP) 19,956 23,522 -15% Rooms available 2,787 3,344 -17% NOP per available room in EUR 7,161 7,035 2% Occupancy Rate in % 69% 69% - RevPAR in EUR 53.9 54.8 -2% INVESTMENT PROPERTIES –
Slide 21: Income Statement
Income Statement EUR (in thousand) 1-9 2016 1-9 2015 +/- Revenues from Hotels 39,550 41,627 - 5% Revenues from Investment Properties 6,224 2,863 117% Revenues from Development & Services 984 1,616 -39% Total revenues 46,758 46,105 1% Expenses directly attributable to the revenues -26,233 -28,145 - 7
Slide 22: Balance Sheet
Balance Sheet EUR (in thousand) 30 09 2016 31 12 2015 +/- Non-Current Assets 322,962 322,960 - Current Assets 34,317 27,274 26% Total Assets 357,279 350,235 2% Total Equity 25,857 21,728 19% Long-term Debt 264,316 286,722 -8% Short-term Debt 67,107 41,785 61% Total Equity and Liabilities 357,279 350
Slide 23: Cash Flow Statement
Cash Flow Statement EUR (in thousand) 1-9 2016 1-9 2015 +/- Inflow 48,571 47,431 2% Outflow -36,747 -37,995 -3% Cash flow from operating activities 11,824 9,436 25% Inflow 5,828 43,001 -86% Outflow -4,718 -25,522 -82% Cash flow from investing activities 1,110 17,479 -94% Cash flow from financing act
Slide 24: Appendix
Appendix 24 warimpex
Slide 25: Appraisers´ Valuation of Warimpex Assets as of 30 June 2016
Appraisers´ Valuation of Warimpex Assets as of 30 June 2016 Gross Asset Value vs. Book Value (EUR mn.)*- Gross Asset Value Structure (EUR mn.) hidden reserves 400 350 344.4 36.1 344.4 350 45.4 340 262.8 32mn 300 330 (EUR 0.6 / 250 share) 320 Hidden 200 310 312.4 reserves 150 100 300 50 290 0 280 Gro
Slide 26: 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 27: 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
Slide 28: 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 15% 35% Warsaw Stock Exchange Market Main 50 Plus, WIG SWIG80 Amber Privatstiftung Stock Exchanges WXF 11%
Slide 29: NNNAV per share EUR
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 Dec-15 Jun-16 share price NNNAV/share Source: Company
Slide 30: Company History
Company History Impressive History 1980 § Warimpex enters real estate market § Novotel, first Warimpex hotel opened in Hungary 2009-2014 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 31: Corporate calendar
Corporate calendar § 26 April 2017 Publication of the Annual Report for 2016 § 30 May 2017 Publication of the results for the first quarter of 2017 § 4 June 2017 Record Date § 14 June 2017 Annual General Meeting § 30 Aug 2017 Publication of the results for the first half of 2017 § 30 November 2017 P
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