April 2016 Annual Report 2015

Transcription

1 . April 2016 Annual Report 2015!

2 Company Highlights Warimpex Finanz- und Beteiligungs AG, Vienna is one of the largest investors in commercial property 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 hotels provide good customer value Intercontinetal****, Warsaw Andel s****, Lodz Kempinski*****, Vienna Crowne Plaza****, St.Petersburg Growth and value creation through active management of undervalued assets in emerging markets EUR 36 mn. (EUR 0.7/share) hidden reserves as of Listed in Vienna and Warsaw and traded at discount to NNNAV Proven strong track record of professional, high-experienced management team and high transparency 2

3 Warimpex Snapshot Business Model Warimpex Finanz- und Beteiligungs AG, Vienna Acquisition Development Hotels & Investment Properties Growth Potential Long-term Value Creation Ongoing Income Sale Acquisition of land next to and below Hotel Chopin in H Lease of land next to AIRPORTCITY St. Petersburg for car park in 2014 Acquisition of land in Lodz (2015) Zeppelin tower, AIRPORTCITY St. Petersburg completed and fully let to Gazprom (June 15) New tenant for Erzsébet Office in Budapest (Sept. 2015) Further developments in Lodz, St. Petersburg, Krakow and Budapest Core Assets Non - Core Assets Palace Hotel, Prague (July 2013) Le Palais office, Warsaw, (Oct 2013) Le Palais Hotel, Prague (Dec. 2013) Savoy Hotel, Prague (June 2014) ü ü Jupiter office, St. Petersburg (Feb. 2015) Andel s Berlin (July 15) ü Angelo + Liner Ekaterinburg (Sept 15) 3 3

4 Company Overview stake adjusted as of ( ) Strong regional diversification Real estate held by sector (share of GAV) Total GAV 341mn. Real estate assets by country (share of GAV) offices 17% (12%) development 9% (11%) DE 0% (11%) F 13% (9%) RO 4% (3%) CZ 22% (23%) RU 18% (23%) hotels 74% (77%) HU 7% (4%) PL 36% (27%) 4

5 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 4 Hotels 2 Hotels 1 Hotel 3 Office Buildings 1 Hotel land reserve 5

6 Hotel Portfolio at a Glance Hotels (as of ) City 100% Country Rooms Stake Occupancy Rate RevPAR 1-12/ / /15 70 % 68 % EUR 55 Angelo**** Prague CZ % Diplomat**** Prague CZ % Dvořák**** Karlovy Vary CZ % operating lease Angelo**** Plzeň CZ % Angelo**** Katowice PL % InterContinental**** Warsaw PL % operating lease Chopin*** Krakow PL % Amber Baltic**** Międzyzdroje PL % Andel s**** Krakow PL % operating lease Andel s**** Łódź PL % Angelo Airporthotel**** Bucharest RO % Crowne Plaza**** St. Petersburg Airport RU % Dream Castle**** Paris FR % Magic Circus**** Paris FR % Palais Hansen Kempinski***** Vienna AT 152 9,88 %** 3,717 rooms in total (stake adjusted 2,672 rooms) Note: ** recognized as financial instrument 6

7 Hotel market 1-12 / 2015 Occupancy, Room Rate, Room RevPAR and Total Gross Operating Profit Occupancy is the proportion of the bedrooms available during the period which are occupied during the period Room Rate in EUR is the total bedroom revenue for the period divided by the total bedrooms occupied during the period 90% Occ. 1-12/2014 Occ. 1-12/ % ARR 1-12/2014 ARR 1-12/ % % 60 50% 40% 30% EUR % Bucharest Prague St. Petersburg Warsaw 0 Bucharest Prague St. Petersburg Warsaw Room RevPAR is the total bedroom revenue for the period divided by the total available rooms during the period GOP PAR is the Total Gross Operating Profit for the period divided by the total available rooms during the period 80 RevPAR 1-12/2014 RevPAR 1-12/ GOP PAR 1-12/2014 GOP PAR 1-12/ EUR 40 EUR Bucharest Prague St. Petersburg Warsaw 0 Bucharest Prague St. Petersburg Warsaw Source: 7

8 Hotel market 1-3 / 2016 Occupancy, Room Rate, Room RevPAR and Total Gross Operating Profit Occupancy is the proportion of the bedrooms available during the period which are occupied during the period Room Rate in EUR is the total bedroom revenue for the period divided by the total bedrooms occupied during the period 80% Occ. 1-12/2014 Occ. 1-3/ ARR 1-3/2015 ARR 1-3/ % % 80 50% EUR 60 40% 40 30% 20 20% Bucharest Prague St. Petersburg Warsaw 0 Bucharest Prague St. Petersburg Warsaw 80 Room RevPAR is the total bedroom revenue for the period divided by the total available rooms during the period RevPAR 1-3/2015 RevPAR 1-3/2016 GOP PAR is the Total Gross Operating Profit for the period divided by the total available rooms during the period 60 GOP PAR 1-3/2015 GOP PAR 1-3/ EUR 40 EUR Bucharest Prague St. Petersburg Warsaw 0 Bucharest Prague St. Petersburg Warsaw Source: 8

9 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 % 53 % - 2 % + 10 % development without Russia + Dvorak Y 2007 Y 2008 Y 2009 Y 2010 Y 2011 Y 2012 Y 2013 Y 2014 Y 2015 Y Source: Annual Reports , 1-9/15 report 9 9

10 Operational Update 12/2015 Warimpex redeems bonds and issues new bonds (EUR 25.8mn) 11/2015 Warimpex redeems (EUR 5.5mn) and extends (EUR 4.6mn) 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 of Zeppelin office tower at AIRPORTCITY St. Petersburg 06/2015 Sale and lease-back agreement with mleasing for andel s Hotel Lodz 02/2015 AIRPORTCITY St. Petersburg: Sale of Jupiter tower closed 10 10

11 2015: successful & profitable sale 105 M EUR Profit app. 10 M EUR in Q

12 Office Portfolio at a Glance 100% 42,000 sqm office in total (stake adjusted 30,000 sqm) Offices (as of ) City Country Area Stake Occupancy rate (approx.) Tenant Parkur Tower (sold in Q1 16) Warsaw PL 9,700 sqm 50% 90% Sodexo, etc. Zeppelin St. Petersburg RU 15,600 sqm 55% 100% Gazprom Erzsebet Office Budapest HU 15,000 sqm 100% 90% Dioszegi Office Budapest HU 800 sqm 100% 100% Sajka Office Budapest HU 600 sqm 100% 100% Groupama Garancia Insurance Zeppelin, AIRPORTCITY St. Petersburg AIRPORTCITY, St.Petersburg Parkur Tower, Warsaw Erszebet Office, Budapest 12

13 Construction completed - AIRPORTCITY St. Petersburg, Zeppelin tower AIRPORTCITY St. Petersburg Offices Phase II: Zeppelin, opened mid ,150 m 2 office, fully leased Fully leased Long term financing in place as of Aug as of June

14 Completed in H1/ 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. storage and common area) Office A Lease signed for 12,250 sqm. in March 2014 Office A Office B 14

15 Pipeline Overview Development Projects Expected opening Total area / no. of rooms Beneficial ownership (%) Planning phase: Airport Car Park, AIRPORTCITY St. Petersburg end 2016 approx. 20,000 m 2 55 Mogilska Office, Krakow 2017/18 approx. 20,000 m Chopin office, Krakow Ogrodowa Office, Lodz end 2017 approx. 26,000 m Chopin Office, Krakow 2018 approx. 26,000 m AIRPORTCITY St. Petersburg Phase III Offices approx. 40,000 m 2 55 Hotel, Budapest approx. 170 rooms 100 Land reserves in Bialystok, St. Petersburg (Phase IV up to 110,000 m 2 ) - - Mogilska Office, Krakow 15

16 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. 20,000 m 2 (12,500 m 2 leasable office space) Underground Parking is provided 16

17 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 m 2 (approx. 21,500 m 2 of leasable office area) Underground Parking is provided 17

18 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) Existing constuction permit (April 2016) Total of approx. 26,000 m 2 of leasable office area Underground Parking is provided Planned to be finished end

19 AIRPORTCITY St. Petersburg ü Hotel Crowne Plaza ****, 294 rooms ü Phase I: Jupiter 1 and Jupiter 2 opened 2011 and 2012 / sold ,000 m 2 office, fully leased to Gazprom ü Phase II: Zeppelin opened mid ,600 m 2 leasable office area Parking Phase III Offices - 60,000 m 2 leasable office area Phase IV Offices - up to 110,000 m 2 leasable office area 19

20 Pipeline - AIRPORTCITY St. Petersburg, parking AIRPORTCITY Car Park - 19,500 m 2 total leasable area car parking spaces - 3 car parking decks (2 heated decks) - 1,600 m 2 archive/storage area m 2 retail zone - car wash station - car service station - bus parking spaces 20

21 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 further improve the capital structure and efficiency of the Group`s balance sheet Ø Sell 5 % - 8 % of Gross Asset Value p.a. (in 2015: > 25 %) Target development and land bank to 10 % - 15 % of Gross Asset Value (as of approx. 9 %) Ø Monetize the land bank through selective development or divestment Long-term leverage target of adjusted equity ratio* of 40 % - 50 % ( : 15 %) Assuming that the real estate assets are recognized at their fair value 21 21

22 Segment Reporting * EUR (in thousand) /- HOTELS Revenues 96, ,316-9% Net operating profit (NOP) 28,124 30,992-9% Rooms available 3,213 3,461-7% NOP per available room in EUR 8,752 8,954-2% NOP per available room (exkl. Russia + Dvorak) in EUR 9,663 8,765 10% NOP per available room (Russia + Dvorak) in EUR 4,799 9,606-50% Occupancy Rate in % 70% 68% 2pp RevPAR in EUR % INVESTMENT PROPERTIES OFFICES Revenues 5,121 10,560-52% EBITDA Investment Properties 3,170 5,994-47% Development & Services Revenues 3,514 2,866 23% Losses/Gains on property disposals 24, EBITDA D&S 23,375-3,022 - Note: * including Joint Ventures on a proportionate basis 22 22

23 Income Statement EUR (in thousand) /- Revenues from Hotels 54,462 61,559-12% Revenues from Investment Properties 4,384 9,813-55% Revenues from Development & Services 3,053 2,476 23% Total revenues 61,898 73,848-16% Expenses directly attributable to the revenues -38,539-45,559-15% Gross income from revenues 23,359 28,289-17% Income from the disposal of properties 14, EBITDA 29,280 17,114 71% Depreciation, amortization and revaluation -39,185-22,274 76% EBIT -9,905-5,160 92% Financial result -31,854-31,592 - Loss/Profit for the period -42,330-35,306 20% Loss/Profit for the shareholder of the parent -17,838-20,654-14% EBITDA increased Decline in revenues and gross income influenced by downturn of Russian economy compared to 2014 Decline of the value of Russian properties had a negative non-cash impact on the P&L Non-Cash FX loss of EUR 18mn due to Rubel depreciation 23 23

24 Balance Sheet EUR (in thousand) /- Non-Current Assets 322, ,247-17% Current Assets 27, ,157-74% Total Assets 350, ,404-29% Total Equity 21,728 57,676-62% Long-term Debt 286, ,447-19% Short-term Debt 41,785 83,280-50% Total Equity and Liabilities 350, ,404-29% Sources: Financial Statements H

25 Cash Flow Statement EUR (in thousand) /- Inflow 63,044 76,073-17% Outflow -50,191-55,531-10% Cash flow from operating activities 12,853 20,542-37% Inflow 67,133 17, % Outflow -28,374-24,416 16% Cash flow from investing activities 38,759-7,221 - Cash flow from financing activities -54,406-8, % Cash and cash equivalents at the end of period 7,394 9,765-24% 25

26 26 Appendix

27 Total liabilities (at equity) have declined by EUR 90.7 mn. in 12 months Total liabilities (incl. liabilities of non-controlling interests, excluding joint ventures) have declined from mn. as of December 31, 2014 to mn. as of mn mn mn. 5.0 mn mn mn. Total debt as of Dec. 31, 2014 Decline of project financing Decline of bank overdrafts Increase of bonds / convertible bonds Decline of other debt/ liabilities Total debt as of Dec. 31, 2015 Source: Company Financial Report as of Dec. 2015, note

28 Appraisers Valuation of Warimpex Assets as of 31 Dec Gross Asset Value vs. Book Value (EUR mn.)*- Gross Asset Value Structure (EUR mn.) hidden reserves ,8 265,6 47,0 28, ,8 305,3 35.5mn (EUR 0.7 / share) Hidden reserves Gross Asset Value Existing hotel assets Existing office building assets Projects under development 280 Gross Asset Value Book Value Total GAV: EUR mn. Book Value: EUR mn. REVALUATION POLICY: The company does not revalue its HOTEL properties each financial year All gains from the appreciation in value of a property are recognized at the time the property is sold 28

29 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 significant local experience The management team has a proven track record in the region in developing or acquiring and redeveloping numerous real estate projects Management Board of Warimpex Alexander Jurkowitsch Franz Jurkowitsch Georg Folian Florian Petrowsky Member Chairman Deputy Chairman Member 29

30 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 angelo Hotel Munich 4-star, 146 rooms Opened Intercont Warsaw 5-star, 414 rooms Opened Sobieski Hotel Warsaw 4-star, 435 rooms Purchased andel s Krakow 4-star, 159 rooms Opened andel s Hotel & Suites Prague 4-star, 239 rooms + 51 studios Opened Sheraton Hotel Warsaw 5-star, 350 rooms Opened Pruhonice Sport Hotel, Prague 4-star, 100 rooms Opened Holiday Inn, Warsaw 4-star, 172 rooms Developed 1989 Forum Hotel, Prague 4-star, 560 rooms Developed 1989 Jelina Gora Hotel 4-star, 172 rooms Developed 1989 Panorama Hotel, Prague 4-star, 456 rooms Developed 1983 Novotel Hotel, Budapest 4-star, 324 rooms Developed 1982 Penta Hotel, Budapest 4-star, 400 rooms Developed 1982 OFFICES Area (sqm) In Portfolio from Sale Jupiter Towers 1+2, St. Petersburg 17,000 sqm Opened in 2011/ Csalogany office, Budapest 2,600 sqm Purchased Pauler office, Budapest 3,000 sqm Purchased andel s City SO 11, Prague 4,000 sqm Opened Warsaw Towers, Warsaw 20,000 sqm Opened

31 Warimpex on the Stock Exchange Shareholder structure Free Float 35% Franz Jurkowitsch 14% Georg Folian 15% Key Exchange Data Number of shares 54,000,000 Vienna Stock Exchange ATX Prime, Immobilien-ATX Warsaw Stock Exchange Market Main 50 Plus, WIG SWIG80 MetLife PTE > 5% Aviva OFE > 5% ING OFE 4% Amber Privatstiftung 11% Bocca Privatstiftung 11% Ticker symbols Equity Ratio ( ) Stock Exchanges WXF Reuters WXFB.VI 6% (15% adjusted)* *) assuming fair value of real estate assets according to latest external valuations 31

32 NNNAV per share Comparison of NNNAV per share and the Company s share price on the VSE EUR 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 share price NNNAV/share Source: Company Annual Reports 32

33 Company History Impressive History 1980 Warimpex enters real estate market Novotel, first Warimpex hotel opened in Hungary Penta Hotel Budapest, Forum Hotel Prague Holiday Inn, Warsaw Hotel Palace, Prague Hotel Savoy, Prague Hotel Sheraton, Warsaw 1999 Warsaw Towers (20,000sqm office building) Shopping and Entertainment Gallery, Brno Hotel Andel s, Prague Hotel Le Palais, Prague Hotel InterContinental, Warsaw Hotel Andel s, Lodz Hotel Angelo, Kattowice Hotel Andel`s, Berlin Hotel Angelo, Bucharest Hotel Angelo, Ekaterinburg Hotel Crowne Plaza, AirportCity St. Petersburg Le Palais office, Warsaw Jupiter towers, AirportCity St. Petersburg Palais Hansen Kempinski Vienna Andel s Suites, long stay apartments, Prague Leaders Club guests recognition Award for Le Palais Hotel Angelo, Prague Hotel Chopin, Krakow Hotel Sobieski, Warsaw IPO in Vienna and Warsaw Hotel Andels s, Krakow Hotel Liner, Ekaterinburg Hotel Angelo, Munich Hotel Angelo Pilsen Zeppelin tower, St. Petersburg Erzsebet office, Budapest 33 33

34 Corporate calendar 28 April 2016 Publication of the Annual Report May 2016 Record date 30 May 2016 Publication of the results for the first quarter of June 2016 Annual General Meeting 30 Aug 2016 Publication of the results for the first half of Nov 2016 Publication of the results for the third quarter 2016 Contact details Franz Jurkowitsch Daniel Folian Christoph Salzer CEO Investor Relations Press Relations Tel.: Tel.: Tel.: franz.jurkowitsch@warimpex.com daniel.folian@warimpex.com presse@warimpex.com 34