Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
FULL YEAR 2013 RESULTS REFLECT STRONG FINANCIAL AND OPERATIONAL PERFORMANCE AND SUCCESSFUL DELIVERY OF OUR GROWTH STRATEGY

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annual result/annual report
12.03.2014


Atrium European Real Estate Limited
                                  ("Atrium")


       FULL YEAR 2013 RESULTS REFLECT STRONG FINANCIAL AND OPERATIONAL 
         PERFORMANCE AND SUCCESSFUL DELIVERY OF OUR GROWTH STRATEGY

Ad hoc announcement - Jersey, 12 March 2014. 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 results
for the year ended 31 December 2013.


Financial Highlights:

* Gross rental income ("GRI") increased by 5.2% to EUR203.5m 
  (2012: EUR193.5m), with an increase in EPRA like-for-like GRI of 3.3% to 
  EUR196.8m (2012: EUR190.6m) Net rental income ("NRI") increased by 5.3% to 
  EUR190.8m (2012: EUR181.3m), with an increase in EPRA like-for-like NRI of 
  3.7% to EUR185.3m (2012: EUR178.7m) 

* Both our operating margin for the financial year 2013 and our EPRA 
  occupancy at 31 December 2013 remained solid at 93.8% (2012: 93.7%) and 
  98.1% (31.12.2012: 98.0%) respectively 

* EBITDA, excluding revaluation, disposals and impairments, increased by 9.9% 
  to EUR160.4m (2012:EUR146.0m)

* Profit before taxation was EUR90.6m, compared to EUR116.1m in 2012, with 
  the change primarily due to  EUR16.3m higher devaluation result, EUR13.7m 
  lower result on foreign exchange differences and higher interest expenses 
  of EUR8.5m, offset by EUR9.6m growth in NRI and EUR3.8m lower 
  administrative expenses

* Company adjusted EPRA earnings per share increased by 3.4% to 33.5 EURcents 
  (2012: 32.4 EURcents) 

* EPRA net asset value ("NAV") per share remained stable at EUR6.43 as at 31 
  December 2013

* The value of the Group's income producing portfolio increased by 7.8% to 
  EUR2.4 billion, compared to EUR2.2 billion as at 31 December 2012. The 
  increase primarily comprised the acquisition of Galeria Dominikanska 
  shopping centre in Wroclaw, Poland 

* Cash position of EUR305.6m with borrowings of EUR803.6m as at 31 December 
  2013 representing a gross LTV of 27.3% and a net LTV of 16.9% (31.12.2012: 
  19.7% and 12.1% respectively)

* A total of EUR0.21 dividend per share was paid in 2013 

* For 2014, the Board has approved a 14% increase in the dividend to at least 
  EUR0.24 per share. The first payment of EUR0.06 per share will be paid as a 
  capital repayment on 31 March 2014 to shareholders on the register on 24 
  March 2014, with an ex-dividend date of 20 March 2014.


 Operational Highlights:

* Completion of the EUR151.7 million acquisition of Galeria Dominikanska, a 
  prime shopping centre, centrally located in the dominant shopping area of 
  Wroclaw, the fourth largest city in Poland

* EUR350 million successfully raised in April through the placing of a 3.7 
  times over-subscribed unsecured seven year Eurobond bearing a 4.0% fixed 
  coupon

* The Board authorised the repurchase of any and all of the outstanding  
  bonds which were issued in 2005 and are due in 2015 (ISIN: AT0000492996, 
  AT0000496641). Purchases are to be made opportunistically as market 
  conditions or circumstances permit and on terms that Atrium determines to 
  be financially appropriate   

* Continued progress made at our Lublin Felicity development in Poland, the 
  centre is on target to open in March 2014

* Construction works have continued on the extension of the Group's shopping 
  centre in Torun, Poland. The extension will add an additional 17,300 sqm of 
  GLA and a further 640 parking spaces to the centre upon completion in late 
  2014.


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

"2013 was another year of strong performance from Atrium. We grew like-for-like
rental income through the successful management of our existing assets,
completed a major shopping centre acquisition to expand and enhance our
portfolio, made excellent progress on our development projects and further
strengthened our financial position with a bond issue. As we enter 2014 we are
very well positioned and, as there are some encouraging sentiments in the
macroeconomic climate in our core markets, I am confident that we will continue
to deliver our growth strategy and generate value for our shareholders."



This announcement is a summary of, and should be read in conjunction with the
full version of the Group's 2013 full year results, which can be found on the
Atrium page of the Vienna Stock Exchange 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)20 7831 3113

Richard Sunderland
Will Henderson
Nick Taylor

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 Inc
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
richard.sunderland@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
 



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