EANS-Adhoc: Warimpex Finanz- und Beteiligungs AG / Stabilization in the third quarter of 2009

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9-month report

26.11.2009

Warimpex: Stabilization in the third quarter of 2009

• Markt stabilization brings profit in the amount of EUR 0.4 million in the
third quarter
• Result for the first three quarters significantly influenced by write-
downs in the first half of the year - some impairment write-downs reversed
• Good sale of the andel´s hotel in Krakow despite the difficult conditions
on the transaction market
• Successful capital increase: issue proceeds total EUR 8.1 million

|Key figures in thousands of |1-9/2009 |+/- |1-9/2008|7-9/2009|+/- |7-9/2008|
|euros | | |* | |
|Total revenues |62,219 |-12% |70,901 |24,441|-8% |26,576 |
|Gains from the sale of project|2,288 |-76% |9,585 |- |- |- |
|companies | | | | | | |
|EBITDA |2,457 |-90% |25,453 |4,332 |-33%|6,478 |
|EBIT |-76,721 |- |16,213 |5,910 |73% |3,426 |
|Profit for the period |-98,194 |- |-889 |373 |- |-966 |
|Earnings/loss per share in EUR|2.63 |- |-0.03 |0.00 |- |-0.03 |
| | | | | | | |
|Number of hotels |20 |+3 |17 | | | |
|Number of rooms (adjusted for |3,322 |+691 |2,631 | | | |
|proportionate share of | | | | | | |
|ownership) | | | | | | |
|Number of office and |5 |-2 |7 | | | |
|commercial properties | | | | | | |
|Number of hotel development |4 |-10 |14 | | | |
|projects | | | | | | |
| | | | | | | |
| |30/6/2009| |31/12/20| | | |
| |** | |08 | | | |
|Gross asset value (GAV) in |557.5 |-16% |666.7 | | | |
|millions of euros | | | | | | |
|Triple net asset value (NNNAV)|117.6 |-62% |310.9 | | | |
|in millions of euros | | | | | | |
|NNNAV per share in EUR |3.3 |-62% |8.4 | | | |
* restated
** An external valuation of the entire portfolio was not completed as of 30
September 2009.

Vienna, 26 November 2009 - WARIMPEX Finanz- und Beteiligungs AG was able to
profit from the gradual stabilization of the hotel market in the third quarter
of the current financial year. This can be seen on the one hand in the current
figures, including positive EBITDA in the amount of EUR 4.3 million, and also
in the reversal of some of the impairments that were recognized in the first
half of the year. All in all, this resulted in positive EBIT in the amount of
EUR 5.9 million and a positive result for the period in the amount of EUR 0.4
million. However, the results for the entire reporting period are heavily
influenced by the non-scheduled write-downs in the first half of the year as
reported in August.

Group sales fell by 8 per cent from EUR 26.6 million to EUR 24.4 million in the
third quarter of 2009. This drop was primarily caused by the conditions in
Prague, where revenues in the five-star segment were down by as much as 40 per
cent compared to 2009 in addition to the significant slide in the four-star
segment. Revenue decreases, in some cases significant, were also encountered in
other markets. However, a gradual stabilization of the hotel market became
apparent in the third quarter of 2009, and declines in sales were offset by
capacity increases in some cases.

In the Development & Asset Management segment, which comprises our property
development and sales activities, the development projects that we currently
have under construction are proceeding according to schedule, and the market
for real estate transactions is also showing definite signs of recovery. In the
third quarter, another good transaction was closed under difficult market
conditions with the sale of the andel´s in Krakow. Warimpex was the sole owner
of this hotel from February 2008 to the date of the sale, and will lease it
back under a 15-year fixed lease. As the property was sold at its carrying
value, the transaction had no effect on the current income statement. However,
the lease structure is expected to generate net earnings in the coming year
because the lease payments should be lower than the hotel's revenue.

The operating result before depreciation and amortization (EBITDA) fell from
EUR 6.5 million in the third quarter of 2008 to EUR 4.3 million in the
reporting period, while the operating result (EBIT) increased from EUR 3.4
million to EUR 5.9 million.

In order to ensure the highest possible level of transparency, Warimpex decided
to have its properties appraised by the independent external agency CB Richard
Ellis twice per year. All properties were valued as of 30 June 2009. The
property values that were determined were impacted especially by the difficult
market environment on 30 June, especially in terms of transaction volume. As
reported already for the first half of the year, impairments totalling EUR 87.5
million had to be recognized because the fair values at the reporting date were
lower than the carrying values. Updates as of 30 September 2009 were obtained
from CB Richard Ellis for three properties (Hotel Liner and angelo hotel in
Ekaterinburg, and the andel´s in ?ód?) that were significantly impaired as of
30 June 2009 but performed well; a corresponding reversal was recognized after
the latest appraisals showed that the assumptions made on 30 June 2009 were too
pessimistic.

The financial result improved slightly in the third quarter of the year after
the hefty decline in the EURIBOR had a significantly positive effect on finance
expenses. The profit for the period amounted to EUR 0.4 million, after a minus
of nearly 1 million in the prior period.

Successful capital increase

After the end of the reporting period in October 2009, the Management
Board of Warimpex was authorized by the general meeting of
shareholders to complete capital increases over the next five
years. Following this, the company´s capital stock was increased
by just under 10 per cent. The fact that the issue was
significantly oversubscribed at its issue price confirms that this
step was taken at the right time.

Development All projects remained on schedule in the third quarter of
2009. The opening of angelo airport hotel in Ekaterinburg
brought another four-star hotel with excellent prospects onto the
Russian market, and the Magic Circus Hotel at Disneyland®
Resort Paris has been shining in new splendour since the middle of
November after its successful renovation. In late autumn 2009, we
were also able to win a renowned operator and leaseholder for our
first Austrian project, Palais Hansen: the luxury hotel operator
Kempinski. This property on Vienna´s Ring boulevard will be
operated as a hotel and residential complex starting in 2012. The
angelo design hotel in Katowice, which is slated to open in the
first quarter of 2010, and a Crowne Plaza Hotel at Airport City in
St. Petersburg, which is scheduled to open at the end of
2010, are currently under construction.

Real estate assets At 30 September 2009, the real estate portfolio of
the Warimpex Group comprised twenty hotels with a total of 4,800
rooms (3,322 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).

Pursuant to the international accounting standard pertaining to
owner-operated hotels (IAS 40.12), Warimpex recognizes its
properties at cost less depreciation and amortization. Any
increases in the value of other properties are not recognized in
profit in the respective reporting period unless they represent
reversals of impairments of the respective property. To
ensure complete transparency and to allow comparison with other real
estate companies that report unrealized profits, Warimpex reports
the triple net asset value (NNNAV) in its Group management
report.[1] 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 Our goal for the coming months is to complete our current
development projects on schedule, to increase our cash flow by means
of active asset management and to implement new projects such our
budget hotel chain using the proceeds from the capital increase.
At the same time, we must place a special focus on
maintaining the high quality of our existing properties so that we
can tap the full potential of the current market 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 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