EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG / Losses from write-downs in the first half of 2009 - indicators show stabilizing hotel market

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6-month report

28.08.2009

Losses from write-downs in the first half of 2009 - indicators show
stabilizing hotel market

. Valuation of properties as at 30 June 2009 reveals impairments totalling
EUR 87.5 million because of the difficult market conditions, especially
for transactions
. Stabilization of the hotel market in the second quarter expected to slow
decline
. Falling interest rates and rising yields for properties in Central and
Eastern Europe expected to boost transaction volumes at the end of 2009
. Development projects continued successfully and according to plan -
showcase hotels andel's Berlin and andel's Lodz completed

|Key figures in EUR millions |H1 2009 |Change |H1 2008 |
| | | | |
|Total revenues 37,778 |-15% |44,325 |
|Gains from the sale of
project companies |2,288 |-76% |9,585 |
|EBITDA |-1,875 |- |19,035 |
|EBIT |-82,631 |- |12,847 |
|Profit for the period |-98,567 |- |136 |
|Earnings/loss per share in EUR |-2.62 |- |-0.00 |
| | | | |
|Number of hotels |19 |2 |17 |
|Number of rooms (adjusted for |3,195 |633 |2,562 |
|proportionate share of ownership) | | | |
|Number of office and commercial 5 |-2 |7 |
|properties | | | |
|Number of hotel development projects|5 |-9 |14
| | | | |
| |30.06.2009 | |31.12.2008 |
|Gross asset value (GAV) in EURm |557.5 |-16% |666.7 |
|Triple net asset value (NNNAV) EURm|117.6 |-62% |310.9 |
|NNNAV per share in EUR |3.3 |-62% |8.4 |
* restated

Vienna, 28 August 2009 - The first half of the year for Warimpex Finanz- und
Beteiligungs AG brought a loss in the amount of EUR 98.6 million because of
impairment write-downs, and also in part serious declines in occupancy levels
and room rates. Warimpex was not able to escape the effects of the adverse
overall market environment, and was hit especially hard by the virtual freeze
on the transaction market that led to rising discount margins and therefore to
changes in the valuation of the Group's properties as at the reporting date. In
contrast, the Company also saw clear recovery tendencies on the hotel market
towards the end of the reporting period, and a series of positive events -
first and foremost the opening of the two showcase andel's hotels in Berlin and

Lodz. There are also clear signs that the transaction market will
recover at the end of 2009.

The hotel industry is also generally early cyclical, and
therefore reacts differently to changes on the market than office
properties. Compared to 2008, the numbers at our hotels in May,
June and July were already notably better than in February and
March. These gains can be attributed above all to good business
in the tourism segment. Now, the most important factor will be
the month of September, when the corporate market picks back up and
the room rates for 2010 are negotiated. Advance reservations for
conferences and seminars are already higher this year than at this
point in 2008. In the Development & Asset Management segment, which
comprises our property development and sales activities, our
development projects are under construction and proceeding
according to schedule. Conditions for selling properties
remained difficult in the second quarter of 2009, but the sale of
the newly renovated Csogolany office building in Budapest at good
terms at the end of June was very encouraging. Falling interest
rates and rising yields for properties in Central and Eastern
Europe are attracting increased attention to the region among
institutional real estate investors.

Financial result Consolidated sales were down by 15 per cent from EUR
44.3 million to EUR 37.8 million in the first six months of the
2009 financial year. Revenues from hotel operations fell from EUR
41.6 million in the first half of 2008 to EUR 34.9 million in
the reporting period. The majority of this decline can be attributed
to Prague, where sales in the five-star segment declined by as much
as 40 per cent in annual comparison. Sales also contracted
considerably in some cases in the four-star segment in the Czech
Republic and on other markets. In contrast, revenues from the
letting of offices and the provision of development services
increased by 6 per cent to EUR 2.9 million.

The operating profit before write-downs (EBITDA) fell from EUR 19
million in the first six months of 2008 to minus EUR 1,9 million,
and the operating profit (EBIT) decreased from EUR 12.8 million at
30 June 2008 to minus EUR 98.6 million at the reporting date
because of write-downs. All properties were valuated by the
independent international appraiser CB Richard Ellis (CBRE) as of
30 June 2009. The property values that were determined were
impacted especially by the difficult market environment at the
reporting date, especially in terms of transaction volume. Overall,
impairments totalling EUR 87.5 million had to be recognized because
the fair values at the reporting date were lower than the carrying
values.

Real estate assets At 30 June 2009, the real estate portfolio of
the Warimpex Group comprised nineteen hotels with a total of 4,603
rooms (3,195 rooms when adjusted for the proportionate share of
ownership), plus five office properties with a total lettable
floor area of some 28,000 square metres (18,000 square metres
when adjusted for the proportionate share of ownership).

To ensure complete transparency, all properties were valuated
by the independent international appraiser CB Richard Ellis (CBRE)
as at 30 June 2009, and Warimpex also reports its triple net asset
Value (NNNAV) in its management report. As of 30 June 2009, the
NNNAV per share was EUR 3.3, and therefore roughly 62 per cent
lower than at the end of 2008.

Outlook In the coming months, our strategic focus will be on
completing the projects that we currently have under construction,
optimizing our portfolio and on actively managing our assets. As
soon as transaction volumes pick up on the market again, we
plan to seize promising opportunities to buy and sell
properties. We have already seen signs that our market bottomed
out in the first half of the year. Warimpex has accounted for all
developments to date in its balance sheet, and is now at the
beginning of a phase of recovery.

[1] The NNNAV was defined by the EPRA (European Public Real Estate
Association) as an internationally comparable "intrinsic value" of
all assets of an investment company and takes reserves and deferred
taxes into account in addition to the net asset value (NAV).

end of ad-hoc-announcement ==========================================
====================================== The Report is available for
download on our website: www.warimpex.com

end of announcement euro adhoc
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ots Originaltext: Warimpex Finanz- und Beteiligungs AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Warimpex Finanz- und Beteiligungs AG

Phone: +43 1 310 55 00

Christoph Salzer

mailto:presse@warimpex.com

Daniel Folian, mailto:investor.relations@warimpex.com

www.warimpex.com

Branche: Real Estate
ISIN: AT0000827209
WKN:
Index: ATX Prime
Börsen: Wien / official market