9 November 2017 Luxembourg

Transcription

1 . 9 November 2017 Luxembourg!

2 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 Multi-Use office/parking, St.Petersburg 2 2

3 Warimpex snapshot business model Warimpex Finanz- und Beteiligungs AG, Vienna Acquisition Growth Potential Development Long-term Value Creation Hotels & Investment Properties Ongoing Income ü Sale andel s Berlin (July 15) Acquisition of land next to and below Hotel Chopin in H Lease of land next to AIRPORTCITY St. Petersburg for car park in 2014 target: freehold Acquisition of land in Łódź (2015) Zeppelin tower, AIRPORTCITY St. Petersburg completed and fully let to Gazprom (June 15) New tenant for Erzsébet Office in Budapest (Sept. 2015) Office buildings under construction in Łódź and Krakow Further developments in St. Petersburg, Krakow and Budapest AIRPORTCITY St. Petersburg, 38,600 sqm Erzsébet Office in Budapest, 15,000 sqm Crowne Plaza, St. Petersburg At equity Joint Venture projects (Paris hotels) ü ü ü ü angelo + Liner Ekaterinburg (Sept 15) Parkur Tower Warsaw (June 16) angelo Prague (Oct. 16) Chopin Krakow, andel s Krakow, andel s Łódź, angelo Katowice, Amber Baltic Miedzyzdroje, Diplomat Prague, angelo Plzen, angelo Bucharest (May 17) 3 3

4 Ibis Hotel Krakow 06/2006 Vienna House Easy Krakow 4

5 Skygate Hotel Bucharest 07/2007 angelo Airporthotel Bucharest 09/2008 5

6 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

7 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

8 Operational highlights 5/2017 Handover of multi-use parking/office at AIRPORTCITY St. Petersburg 5/2017 Warimpex sells 8 hotels (1,800 rooms) in 3 countries (PL, CZ, RO) 7/2017 Start of construction of Mogilska office (12,000 sqm) in Krakow 7/2017 Early repayment of outstanding bonds of around EUR 27mn 9/2017 Warimpex takes minority stakes in multi-use parking/office at AIRPORTCITY St. Petersburg 8 8

9 Transaction highlights Warimpex Finanz- und Beteiligungs AG, Vienna sells 8 hotel (1,800 rooms) in 3 countries Closed 31. May 2017 Transaction value of approx. EUR 180 mn. (excluding the stakes of UBM) Positive earnings contribution of EUR 21.4 mn in Q plus: Diplomat, Prague; angelo, Plzen; Chopin, Krakow; Amber Baltic, Miedzyzdroje 9

10 Total liabilities (at equity) have declined by EUR mn. in 12 months Total liabilities (incl. liabilities of non-controlling interests, excluding joint ventures) have declined from EUR mn. as of June 30, 2016 to EUR mn. as of mn. 1.8 mn mn mn. 6.6 mn mn. Total debt as of June 30, 2016 Decline of project financing Decline of bank overdrafts Decline of bonds / convertible bonds Increase of other debt/liabilities Total debt as of June 30, 2017 Source: Company Financial Report as of June 2017, note 7.8. After balance sheet date EUR 27mn bonds were paid back, not considered in chart 10

11 Company overview stake adjusted as of Strong Diversification Real estate held by sector (share of GAV) Total GAV approx. 171 mn. Real estate assets by country (share of GAV) development 23% hotels 34% F 26% PL 18% HU 15% offices 43% RU 40% 11

12 Portfolio overview 1 hotel 2 offices 1 multi-use parking Development: AIRPORTCITY St. Petersburg offices incl. land reserve 1 leased hotel Development: 3 offices 1 land reserve 1 leased hotel 2 hotels 1 hotel 2 offices land reserve 1 Hotel 12

13 Hotel portfolio at a glance 100% Hotels (as of ) City Country Rooms Stake Dvořák**** Karlovy Vary CZ % operating lease InterContinental**** Warsaw PL % operating lease Crowne Plaza**** St. Petersburg Airport RU % Dream Castle**** Paris FR % Magic Circus**** Paris FR % Palais Hansen Kempinski***** Vienna AT 152 9,88 %** Hotel portfolio after disposal: 1,800 rooms in total (stake adjusted 900 rooms) Note: ** recognized as financial asset 13

14 Office portfolio at a glance 100% 54,000 sqm. office in total (stake adjusted 31,000 sqm.) Offices (as of ) City Country Area Stake Occupancy rate (approx.) Tenant Zeppelin St. Petersburg RU 15,600 sqm. 55% 100% Gazprom Jupiter St. Petersburg RU 17,000 sqm. 24% 100% Gazprom Multi-use parking/office St. Petersburg RU 6,000 sqm. 450 parking spaces 100% 100% Erzsébet Office Budapest HU 15,000 sqm. 100% 97% Gazprom Groupama Garancia Insurance Sajka Office Budapest HU 600 sqm. 100% 40% Zeppelin, AIRPORTCITY St. Petersburg 14

15 AIRPORTCITY St. Petersburg, multi-use parking/office handover May 2017 AIRPORTCITY Office / Parking - 4,700 m 2 office - 2,500 m 2 archive/storage area - 3 car parking decks (2 heated decks) car parking spaces - car wash station - car service station - bus parking spaces 15

16 AIRPORTCITY St. Petersburg, Zeppelin tower completed June 2015 AIRPORTCITY St. Petersburg Phase II: Zeppelin - 15,600m 2 offices, fully let since 6/

17 Pipeline overview Development Projects Expected opening Total area / no. of rooms Stake (%) Ogrodowa Office, Łódź (under construction) Q approx. 26,000 m Mogilska Office, Krakow (under construction) Q approx. 12,000 m Ogrodowa 8 office, Łódź Planning phase: Chopin Office, Krakow 2019 approx. 21,000 m Hotel, Budapest 2019 approx. 165 rooms 100 AIRPORTCITY St. Petersburg Phase III Offices 2021 approx. 40,000 m 2 55 AIRPORTCITY St. Petersburg Phase IV up to 110,000 m Land reserves in Bialystok Mogilska Office, Krakow 17

18 Development pipeline Ogrodowa Office, Łódź New office buildings to be built near to andel s hotel Łódź 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) Total of approx. 26,000 m 2 of leasable office area Underground Parking is provided Construction started Q4/2016 Planned opening Q % of office space pre leased 18

19 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. 12,000 m 2 leasable office space Underground parking is provided Building permit received, demolition of old buildings completed Construction started Q3/2017 Planned opening Q4/2018 LOIs received for 60% of office space 19

20 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. 21,000 m 2 of leasable office area) Underground parking is provided Planning phase Planned opening

21 Development pipeline Hotel & Residential Project, Budapest 3*-hotel with approx. 165 rooms Approx. total area 16,000 m 2 67 apartments (3,200 m 2 ) for sale 3 underground parking floors Planning phase Construction permit received Planned opening

22 AIRPORTCITY St. Petersburg ü Hotel Crowne Plaza ****, 294 rooms 2011 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, fully leased to Gazprom ü Multifunctional office and parking opened mid 2017 fully leased to Gazprom Phase III offices - 60,000 m 2 leasable office area (2021 planned) Phase IV offices - up to 110,000 m 2 leasable office area (2025 planned) 22

23 Targets and strategy Improve the financial and operational performance of our assets Ø Improve substantially recurring revenues and earnings Take advantage of recovery on transaction markets and further strengthen the capital structure and efficiency of the Group s balance sheet Ø Recycle assets (Sale of Gross Asset Value p.a. in 2015: > 25 %, in 2016 approx. 7 %, in 2017 approx. 50 %) Long-term leverage target of adjusted equity ratio* of 40 % - 50 % ( : 18 %, as of 06/2017 approx. 35 %) Development and land bank of Gross Asset Value (as of approx. 12 %, as of 06/2017 approx. 23 %) Ø Monetize the land bank through selective development or divestment Ø Acquire land plots in secondary cities in Poland for future developments Ø Continue hotel and office (re-)developments in CEE and Russia Assuming that all the real estate assets are recognized at their fair value 23 23

24 24 Appendix

25 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 Jun-16 Dec-16 Jun-17 share price NNNAV/share Source: Company Financial Reports 25

26 Income statement H EUR (in thousand) /- Revenues from Hotels 20,786 24, % Revenues from Investment Properties 6,053 3, % Revenues from Development & Services % Total revenues 27,505 28,959-5 % Expenses directly attributable to the revenues - 15,406-16,906-9 % Gross income from revenues 12,099 12,054 - Income from the disposal of properties 23, EBITDA 29,452 6, % Depreciation, amortization and revaluation 13,901 3, % EBIT 43,353 10, % Financial result - 9,216 3,867 - Loss/Profit for the period 33,547 12, % Loss/Profit for the shareholder of the parent 28,716 7, % 26 26

27 Balance sheet EUR (in thousand) /- Non-Current Assets 191, ,185 10% Current Assets 64, ,701-65% Total Assets 255, ,886-28% Equity attributable to shareholders of the parent 100,649 70,188 43% Equity 78,004 43,074 81% Long-term Debt 129, ,371-23% Short-term Debt 48, ,457-67% Total Equity and Liabilities 255, ,886-28% 27

28 Cash flow statement EUR (in thousand) /- Inflow from operating activities 28,117 29,217-4% Outflow from operating activities -23,665-22,835 4% Cash flow from operating activities 4,452 6,382-31% Inflow from investing activities 73,895 5,468 1,251% Outflow from investing activities -9,138-3, % Cash flow from investing activities -64,702 2,254 - Cash flow from financing activities -27,844-9, % Cash and cash equivalents at the end of period 45,997 6, % 28

29 Segment reporting * EUR (in thousand) /- HOTELS Revenues 35,637 37,575-5 % Net operating profit (NOP) 10,509 10,824-3 % Rooms available 2,354 2, % NOP per available room in EUR 4,464 3, % Occupancy Rate in % 69% 64% 5pp RevPAR in EUR 54,2 48,6 12 % INVESTMENT PROPERTIES OFFICES Revenues 8,161 4, % EBITDA Investment Properties 6,647 3, % Development & Services Revenues 1,389 1, % Losses/Gains on property disposals 23, EBITDA D&S 20,201-2,368 - Note: * including Joint Ventures on a proportionate basis 29 29

30 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 30

31 Warimpex on the stock exchange Shareholder structure Free Float 44% 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 Amber Privatstiftung 11% Ticker symbols Stock Exchanges WXF Reuters WXFB.VI MetLife PTE > 5% Bocca Privatstiftung 11% 31

32 Corporate calendar 26 April 2018 Publication of the Annual Report for May 2018 Publication of the results for the first quarter of June 2018 Record Date 14 June 2018 Annual General Meeting 30 Aug 2018 Publication of the results for the first half of November 2018 Publication of the results for the first three quarters 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 32