Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
FIRST HALF RESULTS SHOW A
CONTINUED STRONG OPERATIONAL PERFORMANCE AND SOLID PROGRESS IN THE GROUP'S
STRATEGY FOR GROWTH
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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23.08.2013
Atrium European Real Estate Limited
("Atrium" or the "Group")
FIRST HALF RESULTS SHOW A CONTINUED STRONG OPERATIONAL PERFORMANCE AND SOLID
PROGRESS IN THE GROUP'S STRATEGY FOR GROWTH
~ Gross rental income for the half year surpasses EUR100 million ~
Ad hoc announcement - Jersey, 23 August 2013. Atrium European Real Estate
Limited (VSE/Euronext:ATRS), a leading owner, operator and developer of retail
real estate and shopping centres in Central and Eastern Europe, announces its
interims results for the second quarter and six months to 30 June 2013.
Financial Highlights:
* Gross rental income ("GRI") increased by 5.2% to EUR101.1m (6M 2012:
EUR96.2m), with an increase in EPRA like-for-like GRI of 3.9% to EUR99.7m
(6M 2012: EUR95.9m)
* Net rental income ("NRI") increased by 4.9% to EUR96.3m (6M 2012:
EUR91.7m), with an increase in EPRA like-for-like NRI of 3.6% to EUR94.8m
(6M 2012: EUR91.5m)
* Operating margin remained stable at 95.2%, slightly ahead of management
expectations for the full year (6M 2012: 95.4%)
* EPRA occupancy rates unchanged at 98%
* EBITDA, excluding revaluation, disposals and impairments increased by 6.8%
to EUR81.3m (6M 2012:EUR76.1m)
* Profit before taxation was EUR61.7m, compared to EUR90.9m for the first
half of 2012, with the change primarily due to a non cash EUR7.5 million
upwards revaluation of the portfolio compared to EUR33.0million for the
first half of last year
* Company adjusted EPRA earnings per share increased by 4.1% to 17.7 cents
(6M 2012: 17.0 cents)
* EPRA net asset value ("NAV") per ordinary share increased by 1.4% to
EUR6.52 (31December2012: EUR6.43; 31 March 2013: EUR6.49) after
distributing dividends of EUR0.10 per share.
* The value of the Group's 156 standing investments grew by 0.8% to over
EUR2.2bn, with over EUR1.0bn located in Poland
* Cash position of EUR529.9m with borrowings of EUR879.5m as at 30 June 2013
(FY 2012: EUR537.1m) with a gross and net LTV of 31.5% and 12.5%
respectively, reflecting the successful EUR350million Eurobond issuance
during the period
* Third quarterly dividend payment of EUR0.05 per share due on 30 September
2013 to shareholders on the register at 21 September 2013 with an ex-date
of 19 September 2013
Operational Highlights:
* Announced the acquisition of the Galeria Dominika?ska shopping centre in
Wroclaw, Poland for EUR151.7 million, which is in line the Group's aim of
acquiring prime, income producing shopping centres in the major cities of
Atrium's core CEE markets
* EUR350 million successfully raised through the placing of a 3.7 times
over-subscribed unsecured seven year Eurobond
* The Group's 75,000 sqm Atrium Felicity development in Poland is now over
90% pre-let, with an average lease length of approximately six years, and
on target to open in Q1 2014. Construction work has also now commenced on
the 17,300 sqm Phase II extension to Atrium Copernicus in Torun, Poland,
which is already 65% pre-let
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said: "We have delivered a positive set of first half results as evidenced by
our robust operational performance and continued growth in rental income. We
have also made good progress in the implementation of our strategy for growth,
having raised EUR350 million through a very successful Eurobond issuance and the
acquisition of a significant Grade A shopping centre in Wroclaw, Poland, for
EUR151.7million. In addition, we are now over 90% pre-let at our major
development, Atrium Felicity, in Lublin and have recently started construction
of a large extension to our Atrium Copernicus shopping centre in Torun, both of
which will come online next year. The economic situation appears to be
improving gradually and I therefore look forward to the remainder of 2013 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 Q2 2013 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
lpopova@aere.com
Press & Shareholders:
FTI Consulting Inc
+44(0)2078313113
Richard Sunderland
Will Henderson
Nina Legge
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:
Richard Sunderland, FTI Consulting Inc
+44 (0)20 7831 3113
atrium@fticonsulting.com
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@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English