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1 Annual results 2012 Mastertitelformat bearbeiten April 2013!

2 Warimpex Portfolio Existing portfolio: 3 hotels, 1 office building Development: AIRPORTCITY St. Petersburg offices Existing portfolio: 1 hotel Development: 1 conference centre 1 residential / commercial project Existing portfolio: 7 hotels Existing portfolio: 6 hotels, 1 office building Development: 2 offices Existing portfolio: 2 hotels Headquarters Existing portfolio: 1 hotel / residental building Existing portfolio: 3 office buildings Existing portfolio: 1 hotel 2

3 Warimpex portfolio at a glance Hotels (as of 31 December 2012) Rooms Stake angelo****; Prague (mid market) % angelo****, Plzeň % angelo****, Katowice % angelo Airporthotel****, Bucharest % angelo Airporthotel****, Ekaterinburg % andel s****, Krakow 159 Operational lease andel s****, Berlin % andel s****, Łódź % Crowne Plaza****, St. Petersburg Airport %* Dvořák****, Karlovy Vary % Golden Tulip Savoy Prague****, Prague % Amber Baltic****, Międzyzdroje % Diplomat****, Prague % Dream Castle****, Paris % Magic Circus****, Paris % Chopin***, Krakow (others) % Liner***, Ekaterinburg % Le Palais*****, Prague (luxury) % Palace*****, Prague % InterContinental****, Warsaw % operational lease** 4,742 rooms in total (stake adjusted 3,408 rooms) Note: angelo****, Munich with 146 rooms (50% stake) sold in January InterContinental****, Warsaw sold in Dec 2012, but is currently leased back Offices (as of 31 December 2012) Area Stake Parkur Tower, Warsaw 9,700 sqm 50% Airport City, St. Petersburg 17,000 sqm 55%* Erzsebet Office, Budapest 15,000 sqm 100% Dioszegi Office, Budapest 800 sqm 100% Sajka Office, Budapest 600 sqm 100% 100% Consolidation according to the equity method Shares of more than 50% are (generally) recognized on the balance sheet. Criterion: economic control Shares of 50% or less are (generally) not recognized on the balance sheet, but are instead accounted for using the equity method. * Equity 3 method (not controlled by Warimpex, defined in the articles of association) ** 50% stake in InterContinental Warsaw prior to sale

4 Highlights /2012 Head of terms agreement for the intended sale of the InterContinental hotel in Warsaw signed 10/2012 Pre-Agreement for the sale of the InterContinental hotel in Warsaw signed 11/2012 Gazprom new tenant at AIRPORTCITY St. Petersburg 12/2012 Sale of the InterContinental in Warsaw concluded 4 4

5 Highlights 2013 up to date 1/2013 Warimpex sells its share in angelo hotel, Munich and adjacent development plot 1/2013 Business Tower Jupiter 2 fully leased to a blue-chip energy industry player 2/2013 Successfull refinancing with Sberbank of a EUR 37 million credit line for two hotels in Ekaterinburg 2/2013 Opening of Le Palais, Warsaw (6,600m 2 offices), forward sale agreement signed 3/2013 Palais Hansen, Kempinski Hotel*****, Vienna opened (150 rooms, 4,600 m 2 residential) 3/3013 PLN 63.1 million (approx EUR 15.1 million) corporate bond placed in Poland 3/2013 PLN 26.5 million (approx EUR 6.4 million) convertible bond placed in Poland 5 5

6 Financial results / 2012 FY Upward trend continues " Revenues up by 13% " EBITDA of EUR 10.8m (EUR 12.5m) " EBIT of EUR 7.4m (EUR 9.7m) " Sale of the InterContinental hotel Warsaw brings a profit of EUR 11.6 " Profit for the year EUR 9.4m (EUR 7.4m) Warimpex at equity Proportional consolidated EUR th / / Revenues Hotels & Resorts 62,382 6% 58, ,481 9% 103,443 Revenues Development & Asset Mgt 11,227 78% 6,312 12,756 73% 7,388 Total revenues 73,608 13% 64, ,237 13% 110,832 Gains from the sale of real estate % 3,018 12, % 3,018 EBITDA 10,792-14% 12,492 32,555 47% 22,075 EBIT 7,414-23% 9,662 Profit/Loss for the period 9,665 31% 7,

7 Segment Reporting 1-12/2012 Hotels & Resorts Development Revenues hotels in EURm 9% NOP hotels in EURm Revenues Development & Asset Mgmt in EURm EBITDA development in EURm % % / / / / / / / /2012 Increase in occupancy and room rates Upswing in business travel and conference business 2011: sale of a 12.5% stake in Hotel Sobieski 2012: sale hotel Intercont 7

8 CBRE Valuation of Warimpex Assets as of December 2012 Gross Asset Value Structure (EURm)* Gross Asset Value vs. Book value (EURm)*- hidden reserves Total GAV*: EUR 558.5m Book Value: EUR 489.4m REVALUATION POLICY: The company does not revalue its properties each financial year 8 All gains from the appreciation in value of a property are recognised at the time the property is sold Note: All assets are valued in the Balance Sheet at maximum construction or acquisition costs Assets are devalued in the Balance Sheet, if, according to the half-yearly valuation of an internationally renowned real estate valuer (currently CB Richard Ellis), their value drops below acquisition or construction costs. This happened for several of the Company's hotels in the crisis years 2008 and 2009, leading to a deterioration of the equity ratio as a result of the devaluation losses. With the turnaround in the hotel sector since 2010 the Company's ongoing operating profits as well as the gradual reversal of devaluations of 2008 and 2009 are having an improving effect on the equity ratio. Gains in the value of assets above construction or acquisition costs are solely realized through the Company's Profit and Loss Account at the time, when they are sold with a profit. * CBRE as valuation of 31 December 2012

9 Carrying amount Typical valuation of a hotel property Warimpex Price per share: EUR 0,97 equity/share: EUR 1.6 NNNAV: EUR 3.2 Delta: EUR 1.6 Price / equity: 61 % Price / NNNAV: 30 % Fair value / External property valuation (CBRE) Amortized cost (= scheduled write-down) Impairment Write-up Third-party liabilities Undisclosed reserves Net asset value Completion Sale Cash flow Profit Purchase of land 9

10 Hotel market has grown in 2012 clear positive trend Occupancy, Room Rate, Room Revpar and Total Gross Operating Profit in 2012 Occupancy is the proportion of the bedrooms available during the period which are occupied during the period 80% 70% 60% Room Rate in EUR is the total bedroom revenue for the period divided by the total bedrooms occupied during the period % 40% EUR % % 120 Berlin Munich Prague St. Petersburg Warsaw Room Revpar is the total bedroom revenue for the period divided by the total available rooms during the period 0 GOP PAR is the Total Gross Operating Profit for the period divided by the total available rooms during the period 60 Berlin Munich Prague St. Petersburg Warsaw EUR EUR Berlin Munich Prague St. Petersburg Warsaw 0 Berlin Munich Prague St. Petersburg The latest hotel market statistics showed a clear increase in occupancy, in room rates and in revenue and in profit per available room Source: Warsaw

11 Hotel market 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 80% Room Rate in EUR is the total bedroom revenue for the period divided by the total bedrooms occupied during the period % % % 40% EUR % 20 20% Berlin Munich Prague St. Petersburg Warsaw 0 Berlin Munich 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 EUR 40 EUR Berlin Munich Prague St. Petersburg Warsaw 0 Berlin Munich Prague St. Petersburg Warsaw The latest hotel market statistics showed a clear increase in occupancy, in room rates and in revenue and in profit per available room 11 Source:

12 Net Operating Profit (NOP) from hotels Strong operating cash flow from hotel portfolio Net Operating Profit (EUR) per available room Difficult years in hotel industry Solid recovery % 33% % Y 2008 Y 2009 Y 2010 Y 2011 Y

13 Warimpex has a track record in developing and selling properties in CEE Gains from real estate sales (EURm) 38,3 31, ,3 13,9 1-12/ / / / / / / / : sale andel s Prague 2006: sale Brno shopping centre 2007: sale of a 25% stake in AIRPORTCITY St. Petersburg 2008: sale of a 10% stake in AIRPORTCITY St. Petersburg, sale Villa Margereta, sale of an office building in Budapest 3,9 8,8 3,0 11,6 2009: sale office building in Budapest, sale andel s Krakow 2010: sale of a stake in Palais Hansen, Vienna and the Le Palais office building, Warsaw. 2011: sale of a 25% stake in Hotel Sobieski, and sale of Louvre Joint Venture. 2012: sale of Hotel InterContinental Warsaw, currently leased back 13

14 Warimpex development example Hotel InterContinental, Warsaw 5-star hotel with 414 rooms 1997 Acquisition of first plot by Warimpex 1999 Acquisition of last plot by Warimpex 2000 Building Permit 2000 Management Contract with InterContinental Group (IHG) Construction by Porr / UBM 2003 Opening of the hotel 2012 Sale announced: Buyer was an open ended German fund Transaction closed at end of Operating lease on the hotel 14

15 Warimpex development example - Le Palais office building, Warsaw Warimpex initially bought a devastated historical building in the centre of Warsaw (Próżna street) The building was then sold and leased back; Warimpex performed renovation works Net lettable area of approximately 6,600m² Opened in January 2013 with 75% space already let Reconstruction efforts were awarded by Poland s largest daily newspaper Several awards: Nomination for award of merit Stołek by Gazeta Wyborcza (Poland s largest daily newspaper) for fantastic renovation of Próżna building, which turned ruins into architectural pearls CEE Quality Awards 2013 (Warsaw, ) Building of the Year 2013, & Office Development of the Year

16 Warimpex development example - Hotel angelo, Munich Warimpex converted a former office building into the angelo hotel in Munich The four-star design hotel was opened in 2008 and has 146 rooms and suites, a restaurant, a bar and four state-of-the-art conference rooms on a total area of 250 square metres January 2013 sale: The transaction also includes an adjacent development plot that is zoned for commercial use and that has a total area of 7,500 square metres Transaction closed in January

17 Development Pipeline Development Projects Expected opening Total area / no. of rooms Beneficial ownership (%) Under construction: Offices AIRPORTCITY St. Petersburg Phase II (Zeppelin) ,000 m 2 55 Erszebet Office Tower 2, Budapest ,000 m Zeppelin, AIRPORTCITY St. Petersburg Planning phase: Conference Centre, Berlin Prenzlauer Berg 2016 up to 18,000 m 2 50 Multidevelopment Krakow office building ,000 m AIRPORTCITY St. Petersburg Phase III Offices 2016 up to 150,000 m 2 55 Chopin Krakow office extension 2016 up to m Erszebet Office Tower 2, Budapest Berlin Prenzlauer Berg Residential & Commercial Project 2016 Ca m 2 50 Palais Hansen, Vienna 17

18 Development Pipeline AIRPORTCITY St. Petersburg Crowne Plaza Hotel 4-star hotel with 294 rooms Adjacent to Terminal 2 of St. Petersburg's principal airport, Pulkovo International Airport Opened December 2011 Offices AIRPORTCITY St. Petersburg 31,000 m² net rentable area Jupiter 1 rented by Gazprom Jupiter 2 fully leased to a blue-chip energy industry player Expression of interest from an international company in renting Zeppelin Opening: Phase I: December 2011 and March ,000m 2 office (Jupiter 1 and Jupiter 2) Phase II: Expected ,000m 2 office (Zeppelin) 18

19 Development Pipeline - Erszebet 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) Annualised Total Rent as of 1st April 2014: EUR 1,760,000 Tenancy Period: 10 years + 5 years (optional prolongation) Building B was refurbished and has been rented to Groupama Garancia, the Hungarian subsidiary of the French insurance group that acquired the insurance branch of OTP. Groupama is a mutual insurance, banking and financial services group and is ranked 6th of multiline insurers in France. Groupama serves 13 million customers and generates total revenues of 17.2 billion worldwide (source: Groupama homepage) Office B Office B Office A 19

20 20 Appendix

21 Warimpex Snapshot Business Model Development Long-term Value Creation Acquisitions & Sales Growth Potential Hotel & Office Asset Mgmt. Ongoing Income Roll-out of own hotel chain concepts andel s and angelo in CEE Acquisition of attractive assets Acquisition of underperforming hotel assets and redevelopment Disposal through sale of mature assets Ownership, lease and operation of hotels and office buildings Pro-active asset management of hotel and office portfolio Building up own brands angelo andel s Day-to-day hotel management outsourced to third party managers Vienna International InterContinental Group Louvre Hotels Group Gradual portfolio diversification 21 21

22 Andel s & Angelo Brands Leading brands, ideally suited to their markets In 2002 and 2006 we developed two standalone hotel brands; Andel s & Angelo. Today we operate these brands in 11 hotels in 5 different countries. Andel s Brand Concept Angelo Brand Concept 22 Launched in Prague in 2002, today 4 andel s hotels are successfully operated Key brand concepts include: Four Star superior Comfortable room sizes Design led modern design adapted to the locahon Leading internahonal interior designers (JesHco & Whiles) Business / corporate orientated, Large conferencing space Good City LocaHon, well connected to transport or airport Managed by Vienna InternaHonal Brand owned by Warimpex Many architectural, design and quality awards Launched in Prague in 2006, today 7 angelo hotels are successfully operated. Key brand concepts include: Three Star superior or four star (at 3 star investment cost) reasonable room sizes Design led modern design, but standardised Interior design in- house by Warimpex Business / corporate orientated, reasonable conferencing space Good City LocaHons, well connected to transport or airport Managed by Vienna InternaHonal Brand owned by Warimpex 22

23 andel s the Design & Conference Hotel Four star superior service & award-winning design 23 23

24 Selected andel s hotels, totally 4 Hotels in CZ, PL (2), DE Leading four star superior brand, ideally suited to their respective market with significant conference business Opened in rooms Opened in rooms andel s Prague Opened in 2002, Andel s Prague was Warimpex first Andel s hotel, and the first design hotel in Prague. Sold in 2005 to Austrian institutional investor. andel s Krakow In 2009 Andel s Krakow was sold to German institutional investor. The hotel is leased and operated by Warimpex under a management contract. Opened in rooms Opened in rooms andel s Lodz Opened in May 2009, Andel s Łódź was developed within a restored landmark 19th century textile mill. Łódź is Poland s third largest city. andel s Berlin located in the east of city center, andel s has one of the largest conference capacities in Berlin. Opened in March 2009, the hotel has been developed and owned under a joint venture with UBM. 24

25 Angelo the Customer Service Design Hotel Four star quality at three star investment cost 25

26 Selected angelo hotels, (total 7 hotels in CZ (2), DE (2), RO, PL, RUS) Opened in rooms Opened in rooms angelo Prague Opened in 2006, the contemporary angelo Prague is located close to the historical centre of Prague, next to an underground & tramway station. angelo Munich Located in the east of the city, directly at the S-Bahn station between the Airport and the City Centre, sold in 2013 Renovated in rooms Opened in rooms angelo Bucharest Re-Opened in 2008, the angelo Bucharest is located within walking distance to Bucharest s Henri Coandă International Airport. angelo Katowice Developed under a joint venture with UBM, Angelo Katowice opened in 2010 and is located in the centre of southern Poland s leading industry and business city. 26

27 Warimpex on the Stock Exchange Share price development since January 2012 (rebased) Warimpex (Warsaw in PLN) Warimpex (Vienna in EUR) IATX ATX prime Shareholder structure Key stock exchange data Number of shares 54,000,000 Vienna Stock Exchange Warsaw Stock Exchange Ticker symbols Equity Ratio ( ) ATX Prime, Immobilien-ATX Market Main 50 Plus, WIG SWIG80 Stock Exchanges WXF Reuters WXFB.VI 21% (33% adjusted)* *) assuming fair value of real estate assets according to CBRE Franz Jurkowitsch 14% Free Float 45% Georg Folian 14% Amber Privatstiftung 11% Aviva OFE > 5% Bocca Privatstiftung 11% 27

28 Stable NNNAV per share compared to June 2009 despite higher number of shares following capital increase in 2010 Comparison of NNNAV per share and the Company s share price on the VSE (since January 2007) 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 share price NNNAV/share Current positive trend signals that the decline in real estate values in the region passed its lowest point in June

29 Income Statement in EUR m Revenues Hotels & Resorts segment 62,382 58,613 52,950 46,410 Asset Management & Development segment 11,227 6,312 5,439 4,288 73,609 64,925 58,389 50,698 Gains from the sale of real estate ,253 20,080 34,738 Carrying amounts, loans and borrowings assumed by the purchaser ,234-11,323-30,828 Income from the sale of properties 212 3,018 8,756 3,910 Changes in real estate projects under development or construction 1, ,314 1,264 Other income - 1, ,081 1,007-1,011 1,881 Expenses Expenses for materials and services received -27,974-26,992-26,557-23,079 Expenses for project development -9,132-3, ,147 Personnel expenses -19,235-18,756-18,628-17,378 Other expenses -7,773-7,710-7,912-11,235 Total expenses -64,114-56,459-53,201-52,839 EBITDA 10,787 12,492 12,936 3,650 Depreciation and amortisation including goodwill amortisation -3,372-2,829 1,732-61,265 EBIT 7,414 9,663 14,665-57,615 Financial revenue 2,421 3, ,802 Finance cost -19,338-18,894-19,210-18,441 Result from joint ventures 18,433 12, ,807 Pre-tax profit 8,930 7,077-3,038-93,061 Profit/loss for the period 9,665 7,240-2,036-93,960 Sources: Audited Financial Statements 2009, 2010, 2011,

30 Summary Balance Sheet in EUR m 31/12/ /12/ /12/ /12/2009 Non-current assets 369, , , ,333 Current assets 22,218 18,334 16,859 20,542 Assets of a disposal group classified as held for sale 24,839 Total ASSETS 416, , , ,875 Equity 89,052 76,582 69,811 47,470 Long-term debt 187, , , ,531 Short-term debt 80,772 72,414 72,738 70,744 Other liabilities 58,705 37,290 37,678 53,130 Total EQUITY AND LIABILITIES 416, , , ,875 Sources: Audited Financial Statements 2009, 2010, 2011, 9/2012 unaudited financial statements 30

31 Cash Flow Statement in EUR m Cash receipts from operating activities 75,910 66,019 58,782 54,551 Cash payments from operating activities -59,586-57,810-52,286-48,655 Net cash flows from operating activities 16,323 8,209 6,496 5,896 Cash flows from investing activities 19,128-1,521-1,009-48,106 Net cash flows in / from financing activities -34,909-6,606-5,495 24,523 Cash and cash equivalents at end of period 7,369 7,016 7,292 7,380 Sources: Audited Financial Statements 2009, 2010, 2011, 9/2012 unaudited financial statements 31

32 Corporate calendar 25 April 2013 Publication of the financial report for May 2013 Publication of the results for the first quarter of June 2013 Annual General Meeting 30 Aug 2013 Publication of the results for the first half of Nov 2013 Publication of the results for the third quarter 2013 Contact details Franz Jurkowitsch Daniel Folian Christoph Salzer CEO Investor Relations Press Tel.: Tel.: Tel.: franz.jurkowitsch@warimpex.com daniel.folian@warimpex.com presse@warimpex.com 32