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1 Mastertitelformat bearbeiten Annual report 2014 April 2015!

2 Company Highlights Warimpex Finanz- und Beteiligungs AG, Vienna is one of the largest investors in commercial property development, operation and sale in the CEE region with 18 Hotels (4,600 rooms) and 5 office buildings ( sqm) in 8 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 78 mn. (i.e. EUR 1.4/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 Portfolio Overview 3 Hotels Development AIRPORTCITY St. Petersburg Offices incl. land reserve 1 Hotel Development: conference centre commercial project 4 Hotels 6 Hotels 1 Office Building Development: 2 offices 1 land reserve 2 Hotels 1 Hotel 3 Office Buildings 1 Hotel land reserve 3

4 Operational Update 02/2015 AIRPORTCITY St. Petersburg: Sale of Jupiter tower closed 12/2014 PLN 14 mn. (ca. EUR 3.3 mn.) corporate bonds placed 11/2014 AIRPORTCITY St. Petersburg: Signing for the sale of Jupiter tower 6/2014 EUR 5 mn. convertible bonds placed 6/2014 Warimpex sells Hotel Savoy in Prague 5/2014 Florian Petrowsky new member of the board 3/2014 New tenant for Erzsébet Office in Budapest for 12,250 m² 2/2014 PLN 9 mn. (ca. EUR 2.15 mn.) corporate bonds placed 2/2014 AIRPORTCITY St. Petersburg: Term sheet signed for Jupiter Tower 12/2013 Warimpex sells five-star Le Palais Hotel in Prague 4 4

5 Company Overview stake adjusted 2014 Strong regional diversification with focus on profitability EBITDA by Segment Hotel NOP by Geography Current Rooms by Chain Scale Development and services; -12% FR 10% 5 stars; 7.1% 3 stars; 7.0% Office Buildings (IP); 12% DE; 10% CZ; 23% Hotels; 88% RU; 17% 4 stars; 85.9% RO; 2% PL; 38% EUR 25.4mn. EBITDA EUR 31.0 mn. Net Operating Profit 3,169 Rooms Source: Company Annual Report Segment Reporting Dec

6 Hotel Portfolio at a Glance Hotels (as of ) City 100% Country Rooms Stake Occupancy Rate RevPAR % 67 % EUR 53 Angelo**** Prague CZ % Diplomat**** Prague CZ % Dvořák**** Karlovy Vary CZ % Angelo**** Plzeň CZ % Angelo**** Katowice PL % InterContinental**** Warsaw PL % operational lease Chopin*** Krakow PL % Amber Baltic**** Międzyzdroje PL % Andel s**** Krakow PL % operational lease Andel s**** Łódź PL % Angelo Airporthotel**** Bucharest RO % Angelo Airporthotel**** Ekaterinburg RU % Liner*** Ekaterinburg RU % Crowne Plaza**** St. Petersburg Airport RU % Andel s**** Berlin DE % Dream Castle**** Paris FR % Magic Circus**** Paris FR % Andel s****, Lodz Palais Hansen Kempinski***** Vienna AT 152 9,88 %** 4,636 rooms in total (stake adjusted 3,169 rooms) Note: ** recognized as financial instrument 6

7 Hotel market 1-12 / 2014 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. 1-12/2013 Occ. 1-12/ ARR 1-12/2013 ARR 1-12/ % % % 80 50% EUR 60 40% 40 30% 20 20% Berlin Bucharest Prague St. Petersburg Warsaw Room RevPAR is the total bedroom revenue for the period divided by the total available rooms during the period 0 Berlin Bucharest Prague St. Petersburg Warsaw GOP PAR is the Total Gross Operating Profit for the period divided by the total available rooms during the period 100 RevPAR 1-12/2013 RevPAR 1-12/ GOP PAR 1-12/2013 GOP PAR 1-12/ EUR 50 EUR Berlin Bucharest Prague St. Petersburg Warsaw 0 Berlin Bucharest Prague St. Petersburg Warsaw Source: 7

8 Hotel market 1-3 / 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 80% Occ. 1-3/2014 Occ. 1-3/ ARR 1-3/2014 ARR 1-3/ % % 80 50% EUR 60 40% 40 30% 20 20% Berlin Bucharest Prague St. Petersburg Warsaw 0 Berlin 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 100 RevPAR 1-3/2014 RevPAR 1-3/ GOP PAR 1-3/2014 GOP PAR 1-12/ EUR 50 EUR Berlin Bucharest Prague St. Petersburg Warsaw 0 Berlin Bucharest Prague St. Petersburg Warsaw Source: 8

9 Strong Operating Cash Flow from Hotel Portfolio Net Operating Profit (EUR) per available room Difficult years in hotel industry Solid recovery % 54 % 12 % 2 % Y 2007 Y 2008 Y 2009 Y 2010 Y 2011 Y 2012 Y 2012 Y 2013 Y 2013 Y 2014 Y Source: Annual Reports

10 Office Portfolio at a Glance 100% 43,100 sqm office in total (stake adjusted 30,600 sqm) Offices (as of ) City Country Area Stake Occupancy rate Tenant Parkur Tower Warsaw PL 9,700 sqm 50% 90% Sodexo, etc. AIRPORTCITY, Jupiter St. Petersburg Airport RU 17,000 sqm 55% 100% Gazprom Erzsebet Office Budapest HU 15,000 sqm 100% 79% 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 10

11 Pipeline Overview Development Projects Expected opening Total area / no. of rooms Beneficial ownership (%) Under construction: Offices AIRPORTCITY St. Petersburg Phase II (Zeppelin) Q2-Q ,500 m 2 55 Erzsebet Office Tower 2, Budapest Planning phase: Q2-Q ,000 m Zeppelin, AIRPORTCITY St. Petersburg Airport Car Park, AIRPORTCITY St. Petersburg Retail & Conference Centre, Berlin Prenzlauer Berg approx 20,000 m /17 up to 18,000 m 2 50 Mogilska Office, Krakow 2016/17 up to 20,000 m Chopin Office, Krakow 2016/17 app. 20,000 m AIRPORTCITY St. Petersburg Phase III Offices Land reserves in Budapest, Bialystok, St. Petersburg (Phase IV up to 110,000 m 2 ) after 2016 approx. 40,000 m Erszebet Office Tower 2, Budapest 11

12 Under Construction - AIRPORTCITY St. Petersburg, Zeppelin tower AIRPORTCITY St. Petersburg Offices Phase II: Zeppelin, expected opening mid ,500m 2 office, fully pre-leased 2014 Fully pre-leased Financing in place as of Aug as of Oct

13 Under Construction - AIRPORTCITY St. Petersburg Hotel Crowne Plaza ****, 294 rooms Phase I: Jupiter 1 and Jupiter 2 opened 2011 and ,000 m 2 office, fully leased to Gazprom Phase II: Zeppelin expected opening mid ,500 m 2 leasable office area Phase III Offices - 60,000 m 2 leasable office area Phase IV Offices - up to 110,000 m 2 leasable office area 13

14 Pipeline - AIRPORTCITY St. Petersburg, Phase III and Phase IV Phase III Offices - 60,000 m 2 total leasable office area - 5 office towers à 13 floors - internally connected stylobat area - retail, conference and restaurant zones - 4 underground car parking levels Phase IV Offices - 110,000 m2 leasable office area 14

15 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 15

16 Under Construction - 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) Lease signed for 12,250 sqm. in March 2014 Office A Office A 16 Office B

17 Erzsébet Offices 17

18 Erzsébet Offices 18

19 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 Recycle 5 % - 8 % of Gross Asset Value p.a. (in 2014: 2%, incl. Jupiter sale closed in Feb. 15: 9%) Target development and land bank to 10 % - 15 % of Gross Asset Value (currently approx. 10%) Ø Monetize the land bank through selective development or divestment Long-term leverage target of adjusted equity ratio* of 40 % - 50 % ( : 24 %, incl. Jupiter sale > 25%) Assuming that the real estate assets are recognized at their fair value 19 19

20 Segment Reporting 2014 EUR (in thousand) /- restated HOTELS Revenues 106, ,289-5% Net operating profit (NOP) 30,992 31,262-1% Rooms available 3,461 3,554-3% NOP per available room in EUR 8,954 8,796 2% NOP Hotels 30,992 31,262-1% Occupancy Rate, % 68% 67% 1pp RevPAR in EUR INVESTMENT PROPERTIES- OFFICES Revenues 10,560 11,555-9% EBITDA Investment Properties 5,994 4,197 43% Development & Services Revenues 2,866 10,223-72% Gains on property disposals 367 4,240-91% EBITDA D&S -3,022-1,811 - Note: *including Joint Ventures on a proportionate basis 20 20

21 Income Statement 2014 EUR (in thousand) Y 2014 Y /- restated Revenues from Hotels 61,559 69,435-11% Revenues from Investment Properties 9,813 10,731-9% Revenues from Development & Services 2,476 10,019-75% Total revenues 73,848 90,185-18% Expense directly attributable to the revenues -45,559-60,382-25% Gross income from revenues 28,289 29,803-5% Income from the disposal of properties -30 2,030 - EBITDA 17,114 18,812-9% Depreciation, amortization and revaluation -22,274 16,839 - EBIT -5,160 35,674 - Financial result -31,592-23,578 34% Loss/Profit for the period -35,306-7, Measurement and foreign currency losses in Russia were the key reason for the loss of EUR 35.3 mn Operating costs decreased, Gross income from revenues minus 5 % to EUR 28.3 mn. EBITDA of EUR 17.1 mn. (- 9 %) even though there was no income from the disposal of properties 21

22 Balance Sheet EUR (in thousand) /- restated Non-Current Assets 389, ,825-5% Current Assets 104, ,227-2% Total Assets 493, ,052-2% Total Equity 57,676 88,711-35% Long-term Debt 353, ,064 4% Short-term Debt 83,280 77,277 8% Total Liabilities 493, ,052-2% Sources: Financial Statements H

23 Cash Flow Statement EUR (in thousand) /- restated Inflow 76,073 88,066-14% Outflow (55,531) (69,618) -20% Cash flow from operating activities 20,542 18,448 11% Inflow 17,195 12,922 33% Outflow (23,684) (13,879) 71% Cash flow from investing activities (6,488) (957) 578% Cash flow from financing activities (8,848) (18,869) -53% Cash and cash equivalents at the end of period 9,765 6,618 48% 23

24 24 Appendix

25 Warimpex Snapshot Business Model Warimpex Finanz- und Beteiligungs AG, Vienna Acquisition Growth Potential Development Long-term Value Creation Hotels Investment Properties Ongoing Income Acquisition of land next to and below Hotel Chopin in H Lease of land next to AIRPORTCITY St. Petersburg for car park in 2014 Gazprom new tenant at AIRPORTCITY St. Petersburg New tenant for Erzsébet Office in Budapest Further developments in St. Petersburg, Krakow, Berlin and Budapest Core Assets Non Core Assets Sale 50% stake in angelo Hotel Munich (Jan 2013) Palace Hotel Prague (July 2013) Le Palais office Warsaw, (Oct 2013) Le Palais Hotel, Prague (Dec. 2013) Savoy Hotel, Prague (June 2014) Jupiter office, St. Petersburg (Feb. 2015) 25 25

26 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 26

27 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 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

28 Strong Track Record in Developing and Selling Properties in CEE Annual Gains from Disposal (EUR mn.) Total Gain from Disposal Angelo Munich, Palace and Le Palais, Prague, Le Palais Office Warsaw Hotel InterContinental Warsaw, currently leased back ,2 12,4 25% stake in Hotel Sobieski, and Louvre Joint Venture EUR 122,3 mn. Stake in Palais Hansen, Vienna and the Le Palais office building, Warsaw Office building in Budapest, andel s Krakow 10% stake in AIRPORTCITY St. Petersburg, Villa Margereta, office building in Budapest ,8 3,9 13,9 25% stake in AIRPORTCITY St. Petersburg ,5 Brno shopping centre ,3 andel s Prague ,

29 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 EUR Juni.07 Juni.08 Juni.09 Juni.10 Juni.11 Juni.12 Juni share price NNNAV/share Source: Company Annual Reports 29

30 CBRE Valuation of Warimpex Assets as of 31 Dec Gross Asset Value vs. Book Value (EUR mn.)*- Gross Asset Value Structure (EUR mn.)* hidden reserves ,0 382,6 60,6 54, ,0 419, Hidden reserves Gross Asset Value Existing hotel assets Existing office building assets Projects under development 380 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 30

31 Warimpex on the Stock Exchange Shareholder structure Free Float 40% MetLife PTE > 5% Aviva OFE > 5% Franz Jurkowitsch 14% Georg Folian 14% Amber Privatstiftung 11% Bocca Privatstiftung 11% Key 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 12% (24% adjusted)* *) assuming fair value of real estate assets according to latest external valuations 31

32 Long-Term Positive Global Trends Warimpex business stands at the intersection of three powerful global trends EXPANDING MIDDLE CLASS STRONG GROWTH IN GLOBAL TOURISM STRONG GROWTH IN RECEIPTS 1 bn. 48 Middle Class Population Global Tourist Arrivals (in mn.) bn bn Global Tourism Receipts in CEE (in bn.usd) +16.9% 4% CAGR +500 million 5% CAGR +870 million +6.6% Source: UNWTO,

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 Andel s Suites, long stay apartments, Prague Leaders Club guests recognition Award for Le Palais Hotel Angelo, Prague Hotel Chopin, Krakow Hotel Sobieski, 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 IPO in Vienna and Warsaw Hotel Andels s, Krakow Hotel Liner, Ekaterinburg Hotel Angelo, Munich Hotel Angelo Pilsen 33 33

34 Notes 34

35 Notes 35

36 Corporate calendar 29 April 2015 Publication of the Annual Report May 2015 Publication of the results for the first quarter of June 2015 Annual General Meeting 27 Aug 2015 Publication of the results for the first half of Nov 2015 Publication of the results for the third quarter 2015 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 36