Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
FIRST HALF RESULTS REFLECT CONTINUED OPERATIONAL PROGRESS WITH GROWTH IN BOTH GROSS AND NET RENTAL INCOME

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Mid Year Results
14.08.2014


Atrium European Real Estate Limited
("Atrium" or the "Group")
 
FIRST HALF RESULTS REFLECT CONTINUED OPERATIONAL PROGRESS WITH GROWTH IN BOTH
GROSS AND NET RENTAL INCOME
 
Ad hoc announcement - Jersey, 14 August 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
interim results for the second quarter and six months ended 30 June 2014.
 
Highlights:
-  Gross rental income ("GRI") increased by 5.7% to EUR106.9m (6M 2013:
   EUR101.1m), with EPRA like-for-like GRI remaining stable at EUR96.1m 
  (6M 2013: EUR96.1m)

-  Net rental income ("NRI") increased by 7.0% to EUR103.1m (6M 2013: EUR96.3m),
   with EPRA like-for-like NRI decreasing 0.3% to EUR92.6m (6M 2013: EUR92.9m)

-  Operating margin for the half year was 96.4% (6M 2013: 95.2%) above our
   expected full year target

-  EPRA occupancy rates at 30 June 2014 remained high at 97.6% (31 December
   2013: 98.1%)

-  EBITDA, excluding the revaluation result, disposals and impairments,
   increased by 11.1% to EUR90.3m (6M 2013: EUR81.3m)

-  Profit before taxation was EUR35.5m compared to EUR61.7m for the first half
   of 2013, adversely affected by a EUR34.5m devaluation (compared to EUR7.5m
   revaluation in the first half of 2013),partially offset by a gain of EUR4.3m
   from foreign exchange differences (compared to a EUR4.7m loss in the first   
   half of 2013) and EUR6.8m growth in NRI

-  Company adjusted EPRA earnings per share increased by 8.5% to 19.2 EURcents
   (6M 2013: 17.7 EURcents)

-  The value of the Group's 153 standing investments grew by 5.0% to EUR2.5
   billion, compared to 31 December 2013, and includes the Group's first major
   development, the Atrium Felicity shopping centre in Lublin, Poland, which   
   opened in March 2014

-  Cash position of EUR257.9m with borrowings of EUR724.2m as at 30 June 2014
   (31 December 2013: EUR305.6m cash and EUR803.6m borrowings), representing a
   gross and net LTV of 25.2% and 16.2% respectively, ensuring a conservatively
   positioned balance sheet

-  EPRA Net asset value ("NAV") per ordinary share declined slightly at EUR6.40
   (FY 2013: EUR6.43) after a dividend of EUR0.12 per share in the first half of
   2014

-  A dividend payment of EUR0.06 per share was made for the second quarter of
   2014, with the third quarterly payment due on 30 September 2014 to   
   shareholders on the register at 23 September 2014 with an ex-dividend date of
   19 September 2014.
 
Operational Highlights:
-  The Atrium Felicity shopping centre in Lublin, Poland, opened in March 2014.
   The 75,000 sqm GLA centre is almost fully occupied and is anchored by a   
   20,000 sqm hyper-market which was handed to Auchan in October 2013, a 12,600 
   sqm Leroy Merlin DIY store and a 3,500 sqm Saturn electronics store

-  Achieved further progress in the Atrium's strategy of opportunistically
   divesting non-core development properties during the first half through the  
   sale of land plots in Istanbul for EUR47.0m and Sofia, Bulgaria, for
   EUR12.1m. This continued in July with the EUR6.3m sale of the Group's only  
   land plot in Georgia.

-  The Board has approved the first stage of a major redevelopment of the Atrium
   Promenada centre in Warsaw, Poland at an estimated cost of EUR44.0m. 

-  In June 2014, the Group completed early repayments of two bank loans in
   Slovakia, in total amounting to EUR41.0m

-  Since the start of the year and up to the publication date of today's
   results, Atrium re-purchased bonds issued in 2005 and due in 2015, with a  
   total nominal value of EUR39.4m.

Group executive management team changes

In July 2014 Atrium announced that after six years as Group Chief Executive
Officer, Rachel Lavine, will assume the role of Executive Vice Chairman of the
Board on 30 November 2014 and will remain a director of Atrium.
 
At that time, Josip Kardun, Atrium's current Chief Operating Officer and Deputy
Chief Executive Officer, will become the Group Chief Executive Officer at
Atrium.
 
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said: 
 
"During the first half of 2014 we saw a continuation of the solid start to the
year reported in Q1, and recorded strong year-on-year increases in gross and net
rental income mainly driven by the two new prime properties added to our
portfolio. On a net like-for-like basis there was a marginal decrease
principally driven by the restructuring of certain properties, where we believe
the medium term benefits of such activities far outweigh any disruption in the
short term.  Our focus on operational efficiency at an asset and Group level
meant that we were still able to produce a very strong 11% growth in EBITDA,
excluding revaluation, disposals and impairments.
 
"We also made solid progress in ourstrategy of opportunistically divesting non-
core development properties,with three sites sold for a total of EUR65m since
the start of the year and including the EUR47m sale in Turkey of one of our
largest land plots."
 
"We continue to monitor the situation in Russia closely and cautiously. However,
across the economies of our other core markets we are seeing further positive
momentum, with improvements in growth forecasts, consumer sentiment and domestic
demand."
 
This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q2 2014 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
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Nick Taylor
atrium@fticonsulting.com
           
Atrium is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Authority as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the NYSE Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings.  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 3727 1000
Richard Sunderland
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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