Warimpex

Warimpex's Cash & Cash Equivalents rose 49.7% yoy to EUR 9.77 mil in 2014

By Helgi Analytics - April 2, 2020

Warimpex's total assets reached EUR 493 mil at the end of 2014, down 2.5% compared to the previous year. Current a...

Profit Statement 2012 2013 2014
Sales EUR mil 73.6 90.2 73.8
Gross Profit EUR mil 36.5 29.8 28.3
EBITDA EUR mil 10.8 49.0 13.4
EBIT EUR mil 7.41 35.6 -5.16
Financing Cost EUR mil -1.52 23.6 31.6
Pre-Tax Profit EUR mil 8.93 12.1 -36.8
Net Profit EUR mil 7.53 2.99 -20.7
Dividends EUR mil 0 0 0
Balance Sheet 2012 2013 2014
Total Assets EUR mil 416 506 493
Non-Current Assets EUR mil 369 404 389
Current Assets EUR mil 47.1 102 104
Working Capital EUR mil -17.4 -4.89 -13.4
Shareholders' Equity EUR mil 89.1 88.7 57.7
Liabilities EUR mil 327 417 436
Total Debt EUR mil 269 364 377
Net Debt EUR mil 262 358 368
Ratios 2012 2013 2014
ROE % 9.09 3.37 -28.2
ROCE % 2.04 0.797 -5.33
Gross Margin % 49.6 33.0 38.3
EBITDA Margin % 14.7 54.4 18.1
EBIT Margin % 10.1 39.5 -6.99
Net Margin % 10.2 3.32 -28.0
Net Debt/EBITDA 24.2 7.30 27.5
Net Debt/Equity 2.94 4.04 6.37
Cost of Financing % -0.535 7.45 8.52
Valuation 2012 2013 2014
Market Capitalisation USD mil 69.0 140 46.1
Enterprise Value (EV) USD mil 414 633 491
Number Of Shares mil 53.9 54.0 54.0
Share Price EUR 0.970 1.88 0.705
EV/EBITDA 29.9 9.73 28.5
EV/Sales 4.38 5.29 5.16
Price/Earnings (P/E) 6.95 33.9 -1.84
Price/Book Value (P/BV) 0.587 1.14 0.660
Dividend Yield % 0 0 0

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil ...     99.1 50.7 58.4 64.9 73.6    
Gross Profit EUR mil ...     43.2 26.5 31.7 34.9 36.5    
EBIT EUR mil ...     3.41 -57.6 14.7 9.66 7.41    
Net Profit EUR mil ...     -29.2 -87.8 -0.530 6.48 7.53    
ROE % ...     -18.1 -91.0 -0.903 8.85 9.09    
EBIT Margin % ...     3.44 -114 25.1 14.9 10.1    
Net Margin % ...     -29.4 -173 -0.907 9.98 10.2    
Employees ...     1,457 1,466 1,605 1,150 1,114    
balance sheet                    
Total Assets EUR mil ...     642 404 395 412 416    
Non-Current Assets EUR mil ...     582 383 378 394 369    
Current Assets EUR mil ...     59.9 20.5 16.9 18.3 47.1    
Shareholders' Equity EUR mil ...     146 47.5 69.8 76.6 89.1    
Liabilities EUR mil ...     497 356 325 336 327    
Non-Current Liabilities EUR mil ...     378 252 240 243 205    
Current Liabilities EUR mil ...     119 104 84.5 92.4 122    
Net Debt/EBITDA ...     13.9 -2.49 17.1 23.3 24.2    
Net Debt/Equity ...     2.81 6.23 4.01 3.81 2.94    
Cost of Financing % ... ...   7.22 9.51 6.00 0.883 -0.535    
cash flow                    
Total Cash From Operations EUR mil ...     11.5 3.33 5.18 8.21 12.8    
Total Cash From Investing EUR mil ...     -125 -48.1 -1.01 -1.52 24.3    
Total Cash From Financing EUR mil ...     123 24.3 -5.50 -6.61 -40.8    
Net Change In Cash EUR mil ...     9.43 -20.5 -1.32 0.081 -3.68    
valuation                    
Market Capitalisation USD mil ... ...   62.6 114 173 54.5 69.0    
Number Of Shares mil       36.0 36.6 48.8 53.9 53.9    
Share Price EUR ... ...   1.25 2.18 2.68 0.780 0.970    
Earnings Per Share (EPS) EUR ...     -0.810 -2.40 -0.011 0.120 0.140    
Book Value Per Share EUR ...     4.04 1.30 1.43 1.42 1.65    
Dividend Per Share EUR       0 0 0 0 0    
Price/Earnings (P/E) ... ...   -1.54 -0.909 -247 6.49 6.95    
Price/Book Value (P/BV) ... ...   0.309 1.68 1.87 0.549 0.587    
Dividend Yield % ... ...   0 0 0 0 0    
Earnings Per Share Growth % ... ...   -185 196 -99.5 -1,206 16.2    
Book Value Per Share Growth % ... ...   -19.1 -67.9 10.4 -0.813 16.3    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
income statement                    
Sales EUR mil ...     99.1 50.7 58.4 64.9 73.6    
Cost of Goods & Services EUR mil ...     56.0 24.2 26.7 30.0 37.1    
Gross Profit EUR mil ...     43.2 26.5 31.7 34.9 36.5    
Staff Cost EUR mil ...     27.7 17.4 18.6 18.8 19.2    
Other Cost EUR mil ...     -13.9 128 -3.30 3.68 6.48    
EBITDA EUR mil ...     29.4 -119 16.4 12.5 10.8    
Depreciation EUR mil ...     26.0 -61.3 1.73 2.83 3.37    
EBIT EUR mil ...     3.41 -57.6 14.7 9.66 7.41    
Financing Cost EUR mil ...     26.0 35.4 17.7 2.59 -1.52    
Extraordinary Cost EUR mil ...     6.83 0 0 0 0    
Pre-Tax Profit EUR mil ...     -29.4 -93.1 -3.04 7.08 8.93    
Tax EUR mil ...     -0.051 -0.899 1.00 0.164 0.735    
Minorities EUR mil ...     0.218 -6.15 -1.51 0.762 2.14    
Net Profit EUR mil ...     -29.2 -87.8 -0.530 6.48 7.53    
Dividends EUR mil       0 0 0 0 0    
growth rates                    
Total Revenue Growth % ... ...   17.5 -48.9 15.2 11.2 13.4    
Operating Cost Growth % ... ...   -208 958 -89.5 46.4 14.6    
EBITDA Growth % ... ...   -48.3 -504 -114 -23.8 -13.7    
EBIT Growth % ... ...   -92.8 -1,789 -125 -34.1 -23.3    
Pre-Tax Profit Growth % ... ...   -188 216 -96.7 -333 26.2    
Net Profit Growth % ... ...   -186 201 -99.4 -1,323 16.2    
ratios                    
ROE % ...     -18.1 -91.0 -0.903 8.85 9.09    
ROCE % ... ...   -5.68 -18.5 -0.143 1.71 2.04    
Gross Margin % ...     43.5 52.2 54.3 53.8 49.6    
EBITDA Margin % ...     29.7 -234 28.1 19.2 14.7    
EBIT Margin % ...     3.44 -114 25.1 14.9 10.1    
Net Margin % ...     -29.4 -173 -0.907 9.98 10.2    
Payout Ratio % ...     0 0 0 0 0    
Cost of Financing % ... ...   7.22 9.51 6.00 0.883 -0.535    
Net Debt/EBITDA ...     13.9 -2.49 17.1 23.3 24.2    
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
balance sheet                    
Non-Current Assets EUR mil ...     582 383 378 394 369    
Property, Plant & Equipment EUR mil ...     474 276 274 277 257    
Intangible Assets EUR mil ...     5.75 1.33 1.22 1.14 1.04    
Goodwill EUR mil ...     2.35 0.921 0.921 0.921 0.921    
Current Assets EUR mil ...     59.9 20.5 16.9 18.3 47.1    
Inventories EUR mil ...     1.65 2.36 1.04 1.50 1.96    
Receivables EUR mil ...     23.4 10.7 5.12 5.83 5.84    
Cash & Cash Equivalents EUR mil ...     33.1 7.38 7.29 7.02 7.14    
Total Assets EUR mil ...     642 404 395 412 416    
Shareholders' Equity EUR mil ...     146 47.5 69.8 76.6 89.1    
Of Which Minority Interest EUR mil ...     4.46 -1.96 -3.96 -2.80 -0.664    
Liabilities EUR mil ...     497 356 325 336 327    
Non-Current Liabilities EUR mil ...     378 252 240 243 205    
Long-Term Debt EUR mil ...     352 233 215 226 188    
Deferred Tax Liabilities EUR mil ...     20.7 14.9 12.9 12.4 12.1    
Current Liabilities EUR mil ...     119 104 84.5 92.4 122    
Short-Term Debt EUR mil ...     90.0 70.7 72.7 72.4 80.8    
Trade Payables EUR mil ...     27.0 28.0 9.42 16.4 25.1    
Provisions EUR mil ... ... ... ... ... ... ... ...    
Equity And Liabilities EUR mil ...     642 404 395 412 416    
growth rates                    
Total Asset Growth % ... ...   26.3 -37.1 -2.25 4.43 1.01    
Shareholders' Equity Growth % ... ...   -17.9 -67.4 47.1 9.70 16.3    
Net Debt Growth % ... ...   60.5 -27.7 -5.36 4.06 -10.2    
Total Debt Growth % ... ...   58.6 -31.4 -5.26 3.86 -9.97    
ratios                    
Total Debt EUR mil ...     442 303 287 298 269    
Net Debt EUR mil ...     409 296 280 291 262    
Working Capital EUR mil ...     -2.01 -14.9 -3.26 -9.06 -17.4    
Capital Employed EUR mil ...     580 368 375 385 352    
Net Debt/Equity ...     2.81 6.23 4.01 3.81 2.94    
Cost of Financing % ... ...   7.22 9.51 6.00 0.883 -0.535    
cash flow Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
cash flow                    
Net Profit EUR mil ...     -29.2 -87.8 -0.530 6.48 7.53    
Depreciation EUR mil ...     26.0 -61.3 1.73 2.83 3.37    
Non-Cash Items EUR mil ... ...   18.5 139 15.7 -6.91 -6.39    
Change in Working Capital EUR mil ... ...   -3.89 12.9 -11.7 5.80 8.29    
Total Cash From Operations EUR mil ...     11.5 3.33 5.18 8.21 12.8    
Capital Expenditures EUR mil ...     -107 -56.6 -10.1 -2.89 -2.21    
Other Investments EUR mil ...     -17.1 8.52 9.11 1.37 26.5    
Total Cash From Investing EUR mil ...     -125 -48.1 -1.01 -1.52 24.3    
Dividends Paid EUR mil       0 0 0 0 0    
Issuance Of Debt EUR mil ... ...   163 -139 -16.0 11.1 -29.7    
Total Cash From Financing EUR mil ...     123 24.3 -5.50 -6.61 -40.8    
Net Change In Cash EUR mil ...     9.43 -20.5 -1.32 0.081 -3.68    
ratios                    
Days Sales Outstanding days ...     86.0 77.2 32.0 32.7 28.9    
Days Sales Of Inventory days ...     10.8 35.5 14.2 18.2 19.3    
Days Payable Outstanding days ...     176 422 129 199 247    
Cash Conversion Cycle days ...     -79.4 -309 -82.7 -148 -199    
Cash Earnings EUR mil ...     -3.16 -149 1.20 9.31 10.9    
Cash Earnings Per Share EUR ...     -0.088 -4.07 0.025 0.173 0.202    
Price/Cash Earnings (P/CE) ... ...   -14.3 -0.535 109 4.52 4.80    
Free Cash Flow EUR mil ...     -113 -44.8 4.17 6.69 37.1    
Free Cash Flow Yield % ... ...   -264 -54.5 3.18 17.0 69.0    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
other data                    
ROA % ...     -5.07 -16.8 -0.133 1.61 1.82    
Gross Margin % ...     43.5 52.2 54.3 53.8 49.6    
Employees ...     1,457 1,466 1,605 1,150 1,114    
Cost Per Employee USD per month ...     2,316 1,374 1,280 1,890 1,847    
Cost Per Employee (Local Currency) EUR per month ...     1,583 988 967 1,359 1,439    
Staff Cost (As % Of Total Cost) % ...     28.9 16.0 42.6 33.9 29.1    
Effective Tax Rate % ...     0.173 0.966 -33.0 2.31 8.23    
Enterprise Value (EV) USD mil ... ...   632 538 545 432 414    
EV/EBITDA ... ...   14.7 -3.26 25.1 24.9 29.9    
EV/Capital Employed ... ...   0.783 1.02 1.10 0.866 0.892    
EV/Sales ... ...   4.36 7.64 7.06 4.79 4.38    
EV/EBIT ... ...   127 -6.72 28.1 32.2 43.5    
Capital Expenditures (As % of Sales) % ...     108 112 17.3 4.46 3.00    
Sales from Hotels EUR mil ... ... ... ... 46.0 53.0 59.0 64.0    
Number of Rooms ... ... ... ... 3,148 3,471 3,556 3,637    
Price of Room per Day EUR ... ... ... ... 77.0 74.0 75.0 73.0 ... ...
Average Occupancy % ... ... ... ... 57.0 59.0 61.0 65.0    
Net Operating Income per Room EUR mil ... ...   8.09 5.54 6.20 7.38 7.88    

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Feb 2014
Statistical Dossier
Feb 2014
Company Report

Warimpex Finanz und Beteiligungs AG is an Austria-based real estate investor and developer. Warimpex Group is specialised in the development, ownership, and operation of hotel properties in Central and Eastern Europe with focus on Poland, the Czech Republic, and Hungary. In addition, the Group develops real estate projects such as office buildings or shopping centres. Over the last 25 years, the Group has been focusing on the development and asset management of hotel, office, and retail properties. During this period Warimpex has developed real estate projects – mainly five and four star luxury and business hotels with more than 4,500 hotel rooms – with a total value of more than one billion Euro

Finance

Warimpex has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 111% during that time to total of EUR 13.4 mil in 2014, or 18.1% of sales. That’s compared to 26.9% average margin seen in last five years.

The company netted EUR -20.7 mil in 2014 implying ROE of -28.2% and ROCE of -5.33%. Again, the average figures were -1.56% and -0.186%, respectively when looking at the previous 5 years.

Warimpex’s net debt amounted to EUR 368 mil at the end of 2014, or 6.37 of equity. When compared to EBITDA, net debt was 27.5x, up when compared to average of 19.9x seen in the last 5 years.

Valuation

Warimpex stock traded at EUR 0.705 per share at the end of 2014 resulting in a market capitalization of USD 46.1 mil. Over the previous five years, stock price fell by 67.7% or -20.2% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 28.5x and price to earnings (PE) of -1.84x as of 2014.

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