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Warimpex annual results 2020

Nevertheless, a negative result in the Hotels segment due to the pandemic, the lack of profits from property sales, property impairments, and currency losses led to a loss of EUR 31.1 million for the 2020 financial year. Revenues from the rental of office properties increased by 4 per cent despite the depreciation of the rouble, the operating result (EBITDA) remained positive at roughly EUR 3 million, and good progress was made on the developments in Poland, Germany, and Russia.

Warimpex remains on solid financial footing at the beginning of the 2021 financial year. Office properties with long-term leases that are contractually assured account for 73 per cent of the overall portfolio, and there was hardly any impact here. The payment discipline of office tenants remains high, which can also be seen in the persistently positive operating business in this segment. Attractive locations and the high quality of the assets are a major advantage. Nearly all of the office properties have been newly built or extensively refurbished in recent years and have received sustainability certificates. This allows Warimpex to satisfy the latest requirements of tenants.

A detailed look at the figures for the 2020 financial year

Revenues from the rental of office properties increased by 4 per cent to EUR 20.6 million during the reporting period, primarily due to the completion of the Mogilska 43 Office building in Krakow in May 2019 as well as new lettings at Ogrodowa Office in Łódź. Due to the measures to combat the pandemic, revenues in the Hotels segment fell by 64 per cent to EUR 3.6 million. Overall, revenues declined by 19 per cent to EUR 25.7 million.

No real estate transactions were conducted in 2020. The lack of property sales and negative results from the Hotels segment caused EBITDA to decrease to EUR 3 million (2019: EUR 29.9 million). Depreciation, amortisation, and remeasurement came to minus EUR 10.7 million for the financial year (2019: EUR 14.9 million). Market value adjustments to office assets (investment properties) – primarily Polish properties – accounted for minus EUR 7.8 million of this amount, while measurement gains in the amount of EUR 15.3 million were recognised in the prior-year period. Impairment for hotels amounted to EUR 1 million (2019: impairment reversal of EUR 1.2 million). After accounting for depreciation, amortisation, and remeasurement, EBIT fell to minus EUR 7.7 million (2019: EUR 44.7 million). 

The financial result (including earnings from joint ventures) went from EUR 25.8 million to minus EUR 21.4 million. This includes exchange rate losses of EUR 8.2 million and losses from joint ventures of EUR 4.9 million.

On the whole, this caused the Warimpex Group’s result for the period to decline from the record level of EUR 66.5 million in the previous year to minus EUR 31.1 million. This decline can be attributed to the lack of property sales and accounting gains as well as to losses from property valuations and currency translations and negative results from the Hotels segment due to the pandemic.

Pushing ahead with development projects with a focus on sustainability

During the past financial year, Warimpex primarily focused on making progress on planned development projects in order to be optimally prepared for the reopening of the markets.

In Poland, building permits were issued for the Mogilska Phase III office development in Krakow and the office development project in Białystok after the end of the reporting period. In line with Warimpex’s strategy, construction will start as soon as an appropriate level of tenant interest has been secured.

At AIRPORTCITY St. Petersburg, the building shell for Avior Tower 1 – which will offer roughly 16,000 square metres of lettable office space – has been completed. The opening is scheduled for the second quarter of 2022.

In 2019, Warimpex purchased a hotel in the German city of Darmstadt that is currently being renovated and adapted to the Accor brand “greet”. The reopening is planned for autumn 2021. The 30,000 square metre hotel property also offers property reserves for the development of further premium office and commercial space. The preparation of a new development plan and the permit planning for the first office building are already at an advanced stage.

Warimpex activities in 2021 will focus on making preparations for construction and obtaining additional building permits as well as on continuing ongoing construction and starting new construction work. Sustainability and climate protection will also play a significant role here. All of the new buildings are certified during the construction process with regard to energy efficiency, the use of renewable energy sources, the reduction of carbon dioxide emissions, and the quality of interior space, and certification will gradually be obtained for the developed properties. These certifications confirm the high sustainability standards for the properties of the Warimpex Group.


The global challenge for 2021 continues to be combating the COVID-19 pandemic. Its overall effects and their economic impact still cannot be conclusively assessed due to the dynamic development of the situation, which Warimpex is monitoring on an ongoing basis. Provided the projected economic recovery materialises, Warimpex expects the stable development of its business activities to continue. The updated planning calculations show positive results from operating activities (EBITDA) and sufficient liquidity for 2021. With a crisis-tested team, deep roots in our core markets, excellent relationships with strong partners, and the economic strength of the business model and financial base, Warimpex is optimally equipped to overcome the current and coming challenges.


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