Warimpex 4Q 19 - Revaluation gains drive net profit in 4Q
For FY 19 the group reported record earnings a.m. of EUR 61.5 mn, which was primarily driven by strong results on property sales and extraordinary financial income in 3Q and also by the revaluation result in 4Q. In 4Q net profit was at EUR EUR 8.4 mn above our expectation of EUR 4.6 mn due to a higher revaluation result (EUR 11.8 mn), which was not entirely unexpected. The top line also came in slightly above our expectations driven by both, hotel revenues and rental income. EBITDA amounted to EUR -2.7 mn (RCBe EUR 1.4 mn) mostly due to higher direct expenses (EUR 4.9 mn vs. RCBe EUR 3.1 mn) and overhead expenses (EUR -8.1 mn vs. RCBe EUR -3.4 mn). NNNAV per share amounted to EUR 3.41 per share, a significant increase from ca. EUR 2.71 at 1H (latest reported). It was however in line with our estimate of EUR 3.4 per share. The equity ratio moved from 42% at 3Q to 44% at 4Q.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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