Warimpex 3Q 20 - Broadly in line, FX continues to be a burden
Warimpexs 3Q results came in broadly in line with RCBe. Revenues amounted to EUR 5.9 mn (vs. RCBe EUR 6.2 mn) mainly driven by rental income of EUR 5.1 mn (RCBe 5.6 mn). Hotel revenues contributed EUR 0.6 mn (vs. RCBe EUR 0.5 mn) and development revenues EUR 0.2 mn. Direct property expenses matched our forecast of EUR 2.5 mn, resulting in a profit on asset management of EUR 3.4 mn. On the back of lower than expected overhead expenses of only EUR 2 mn (RCBe EUR 3.4 mn) EBITDA was ahead of RCBe at EUR 1.4 mn (RCBe EUR 0.5 mn). This was however compensated by around EUR 1 mn negative revaluation effect which resulted in an EBIT of 0.3 mn. As expected, the largest negative effect on the result was from FX movements (EUR -4.2 mn, depreciation of RUB). A negative income from associates of EUR -2.6 mn (RCBe EUR 0.5 mn) resulted in an earnings miss on the bottom line.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.
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