Where do you see Warimpex’s strengths?
Our strengths clearly lie in the combination of a long-term and sustainable business strategy on the one hand and the possibility of flexible action and short decision-making channels on the other. We have extensive and long-time know-how and experience in the real estate business with strong and well-established teams in our target markets – many of our employees have been with us for more than ten years. At the same time, our corporate structure is very lean, which enables us to adapt to new developments quickly.
What needs to be done?
In 2017, we successfully closed the largest transaction in our company history by selling a portfolio of eight hotels. With this deal, we achieved a positive earnings contribution of roughly EUR 25 million in 2017. We were able to strengthen our financial base significantly and we are now in a very good position for new developments. Still, the value of our portfolio decreased by roughly 50 per cent. The key task for the next few years will therefore be to return to the pre-sale asset level and to generate good cash flows from existing properties again. Looking at our current developments in Łódź, Krakow, and St. Petersburg, we are already on track.
What can one expect from Warimpex’s new CFO?
I have been working at Warimpex for over a decade and know the company very well. As a result, I can guarantee a seamless continuation of the CFO’s agenda. Above all, my task will be to enable growth while keeping our debt rate and interest expenses as low as possible.