Warimpex 1Q 20 - 1Q impacted by negative FX effects, covid no effect on rents
Warimpexs 1Q results were defined by significant negative FX effects (mainly driven by PLN and RUB) which resulted in the net loss a.m. of EUR 17.3 mn. The top-line was solid at EUR 7.9 mn, it grew by 26.3% yoy (qoq it was slightly lower due to the impact of the crisis on Hotel revenues of EUR 0.4 mn). Somewhat higher operating expenses and especially the lack of income from disposals (which contributed EUR 7.3 mn in 1Q 19) resulted in an EBITDA of EUR 0.9 mn (vs. EUR 7.6 mn in 1Q 19). Negative revaluation effects contributed EUR -3.3 mn in the quarter, nevertheless the largest impact was recorded from non-cash FX effects going through financial income which amounted to EUR -8.2 mn (vs. EUR +6 mn in 1Q 19). This was the primary driver of the net loss a.m. of EUR 17.3 mn in 1Q.Warimpex is a real estate group based in Austria Co. is a "hybrid" real estate company that develops and operates properties itself as an asset manager and property owner until the time at which the highest added value can be realized through sale. The majority of these projects is located in Central and Eastern Europe. Co. has developed real estate with investments including hotels in the five-, four- and three-star categories. In addition, Co. also develops office buildings and other real estate. Accordingly, Co. generates revenue from the operation of hotel properties and the letting of commercial and office space while simultaneously realizing proceeds from real estate sales.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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