Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
FULL YEAR 2011 RESULTS SHOW CONTINUED STRONG FINANCIAL PERFORMANCE AND SUCCESSFUL DELIVERY AGAINST STRATEGY


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  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.
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16.03.2012

Atrium European Real Estate Limited
                           ("Atrium" or the "Company")

       FULL YEAR 2011 RESULTS SHOW CONTINUED STRONG FINANCIAL PERFORMANCE
                    AND SUCCESSFUL DELIVERY AGAINST STRATEGY

Jersey,16 March 2012. Atrium European Real Estate Limited (VSE/ Euronext:
ATRS), one of the leading real estate companies focused on shopping centre
investment, management and development in Central and Eastern Europe, announces
its results for the year ended 31 December 2011.

Highlights:
- Gross rental income ("GRI") increased by 13.7% to EUR172.2 (2010:EUR151.5m)
  with an increase in like-for-like GRI of 7.5% to EUR152.5m (2010: EUR141.9m)

- Net rental income ("NRI") increased by 15.1% to EUR154.9m (2010:EUR134.5m),
  with an increase in like-for-like NRI of 8.6% to EUR138.1m (2010: EUR127.2m)

- Operating margin increased to 90.0% (2010: 88.8%)

- Occupancy rates according to the EPRA definition increased to 97.6% in 2011
  from 95.5% in 2010

- EBITDA excluding the valuation result increased by 46.5% or EUR45.8m to 
  EUR144.2m (2010: EUR98.4m)

- Profit before taxation increased by 34.9% to EUR169.7m (2010: EUR125.8m)

- Adjusted EPRA earnings per share increased 12% to EUR0.28 (2010: EUR0.25)

- EPRA Net asset value ("NAV") per ordinary share increased 5.6% to EUR6.36
  (2010: EUR6.02)

- Net cash generated from operating activities amounted to EUR101.4m
 (2010:EUR97.4m)

- The income producing portfolio increased to 155 assets (2010: 153) valued at
  EUR2.1bn (2010: EUR1.5bn) mainly as a result of the three  major acquisitions
  of shopping centres in Atrium´s core markets of Poland and the Czech Republic
  for EUR417m completed during the year as well as revaluation gains of EUR129m,
  offset by the sale of the Group´s single shopping centre in Turkey

- Cash position of EUR235m

- Borrowings of EUR568m as at 31 December 2011 (31 December 2010: EUR425m)

- Dividend payments increased by 21.4% from EUR0.14 per share in 2011 to  
  EUR0.17 per share going forward

- Ratings upgrade announced in October, with Standard and Poor´s upgrading
  Atrium´s long-term credit rating to `BB+´ and Fitch affirming its BB+ rating,
  but revising its outlook to positive

- Named as winners in the categories of "Best shopping Centre in  Poland", for
  the Targowek centre, and "Best Shopping Centre Management  Company  2011"  at
  the Eurobuild Awards 2011.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said:

"2011 has been a highly successful year for Atrium, and against an uncertain
macro-economic backdrop, I am proud of both the milestones achieved and of the
Group´s performance throughout the year.

"Looking forward, our key objective for 2012 is to continue to deliver a strong
operational performance as measured by positive real growth in rental income.
To supplement organic growth we will continue to seek opportunities to acquire
high quality income producing assets in tier one cities of our target markets,
such as those we successfully acquired in 2011. In addition, we will maintain
our cautious approach to development, focusing on extensions to existing assets
and developments in core locations with high levels of pre-leasing.

"We have a strong team in place and a track record of continual improvement
behind us. I am confident that we can continue the solid progress made to
date, that we are well placed to achieve our aims, and I look forward to 2012
with a cautious degree of optimism."

This announcement is a summary of, and should be read in conjunction with the
full version of the Group´s 2011 results, which can be found on the Atrium page
of the Vienna Börse website at http://en.wienerborse.at/ and on the Group´s
page of the Euronext Amsterdam website, www.euronext.com or on the Group´s
website at www.aere.com.

Further information can be found on Atrium´s website www.aere.com or from:

Analysts:

Ljudmila Popova                                            +31 (0)20 718 4564

Press & Shareholders:
FTI Consulting Inc                                         +44 (0)20 7831 3113
Richard Sunderland

Will Henderson
Daniel O´Donnell
atrium@fticonsulting.com

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.


Further inquiry note:
FTI Consulting
Faye Walters
020 7269 7134

end of announcement                               euro adhoc 
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issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
mail:     Richard.sunderland@fd.com
WWW:      http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English
 

 

 



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