Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
First Half Results 2009

-------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 6-month report 21.08.2009 Atrium European Real Estate Limited ("Atrium" the "Company" or the "Group") First half results show solid progress and improved efficiency Jersey, 21 August 2009. Atrium European Real Estate (Euronext/ATX: ATRS), a leading Central and Eastern European real estate business focused on shopping centre investment, management and development, announces its results for the half year ended 30 June 2009. Key points of the results are as follows: . Net rental income grew 19.9% to EUR59 million (6M 2008: EUR49 million) while gross rental income rose 16.4% to EUR75 million (6M 2008: EUR64 million). - On a like-for-like basis, GRI fell 6.9% to EUR58 million (6M 2008: EUR62 million) and NRI fell 4.3% to EUR50 million (6M 2008: EUR52 million). - Second quarter GRI was EUR38 million, slightly up on Q1 2009, with NRI up 4.7% at EUR30 million. - Operating margin improved to 79% for the first half from 71% in 2008, reflecting Atrium's ongoing operational efficiency programme. . Balance sheet remains strong, with a cash balance at 30 June 2009 of EUR855 million (2008: EUR1.25 billion). - Borrowings reduced to EUR1.08 billion (31 December 2008: EUR1.51 billion), following the acquisition of EUR441 million of nominal value of 2006 Notes and 2008 Convertible Securities, reducing annualised interest payments by EUR34 million. - The average interest rate is now 7.6%. - The Group is well within the two covenants of its medium term note programme 2006. . Standing assets were revalued downwards by EUR237 million to around EUR1.49 billion in the first half, while its land and development portfolio was revalued down by EUR139 million to EUR712 million. - This negative revaluation was felt predominantly in Q1, with a noticeable slowdown in the rate of decline in Q2. - In Q2, standing investments were revalued down by only EUR56 million (Q1 revalued down by EUR181 million), while developments and land was down by EUR28 million (Q1 revalued down by EUR111 million). . 9.85% average weighted equivalent yield at 30 June 2009 compared to 9.69% at the end of the first quarter and 9.14% at the end of 2008. . EBITDA excluding the revaluation and impairment amounted to EUR40 million (6M 2008: EUR23 million). . Loss before tax was EUR325 million (6M 2008 profit before tax: EUR2 million), mainly resulting from the valuation movement of standing investments, developments and land. . Cash flow from operating activities was EUR33 million (6M 2008: EUR51 million), mainly due to a decrease in interest rates, lower cash balances and higher average interest expense. . Net asset value per share was at EUR8.97 (31 March 2009: EUR9.22, 31 December 2008: EUR10.66). . Occupancy levels were slightly up at 93.6% compared to 93.4% at the end of Q1 2009 and steady compared to 93.6% at 31 December 2008. . The Company progressed its dual listing of shares on Euronext Amsterdam which was subsequently completed when dealings commenced on 19 August. Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate, said: "Against an ongoing difficult and unpredictable market backdrop, we have been quick to react and made good progress across all areas of the business. The economic climate and lower rental income in some countries have clearly impacted the value of our portfolio. However, despite yields continuing to move out in the second quarter of 2009, movements appear to be getting smaller and we are reaching a more stable level. "The successful completion of the Company's dual listing on Euronext Amsterdam has been an important milestone for the Company this year. It provides us with a strong platform for future growth and was one of the key objectives identified when the new management team took over. As an internationally recognised and traded exchange, it opens Atrium up to a far wider universe of potential investors which we believe should result in increased analyst coverage, greater liquidity in Atrium's shares and enhanced pricing over the longer term. "Whilst the economic outlook in many of our areas of operation continues to be uncertain, we remain robust in our positive long term outlook. We will continue to assess opportunities arising from the current market conditions and will maintain our focus on making the company more efficient operationally and financially. The strength of our balance sheet and low levels of leverage, the resilience of our asset class combined with the quality of our portfolio and the ability of our management team leaves us well positioned to achieve our aim of being the leading owner and developer of supermarket anchored shopping centres in Central and Eastern Europe." A full version of the first half 2009 results can be found on the Atrium page of the Vienna Börse website at http://en.wienerborse.at or on the Company's website at www.aere.com. For further information: Financial Dynamics: +44(0)20 7831 3113 Richard Sunderland Laurence Jones Stephanie Highett Richard.sunderland@fd.com Notes to Editors: About Atrium European Real Estate Limited Atrium is a leading real estate company focused on shopping centre investment, management and development in Central and Eastern Europe. As at 30 June 2009 the Group owned 152 standing investments, with a market value of EUR1.49 billion, diversified across eight countries with a total gross lettable area of 1.1 million sqm. Geographically, the Group's focus is principally concentrated in Poland, the Czech Republic and Russia with a presence in Hungary, Romania, Slovakia, Latvia and Turkey. In addition, the Company has a development portfolio including several development projects with a market value of EUR712 million as at 30 June 209. Gross rental income from investment properties for the year ended 31 December 2008 was EUR134 million and EUR75 million for the first half of 2009. Net rental income for the year to 31 December 2008 amounted to £95 million and EUR59 million for the six months to 30 June 2009. As at 30 June 2009, the Company had a cash position of EUR855 million against borrowings of EUR1.08 billion. Following a strategic investment of EUR500 million by a Citi Property Investors and Gazit Globe Ltd joint venture, agreed in August 2008, Rachel Lavine was appointed Chief Executive Officer of Atrium. Rachel Lavine has significant experience of both real estate and the CEE region and was previously President and CEO of Plaza Centres. The Board is chaired by Chaim Katzman, founder of Gazit Globe, which has extensive global experience of real estate management and is one of the largest owners of shopping centres in the world. The Company is based in Jersey and dual listed on the Vienna and Euronext Amsterdam Stock Exchanges under the ticker ATRS. This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. Atrium is established as a closed-end investment company domiciled in Jersey. Atrium is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Supervision Act (Wet op het financieel toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. The Dutch and Austrian paying agent of Atrium is Kempen & Co. N.V., Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands. end of announcement euro adhoc -------------------------------------------------------------------------------- ots Originaltext: Atrium European Real Estate Limited Im Internet recherchierbar: http://www.presseportal.ch Further inquiry note: Financial Dynamics: +44(0)20 7831 3113 Richard Sunderland Laurence Jones Stephanie Highett Richard.sunderland@fd.com Branche: Real Estate ISIN: AT0000660659 WKN: 066065 Index: Standard Market Continous Börsen: Wien / official market

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