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EANS-Adhoc: Atrium European Real Estate Limited
FIRST HALF 2016 RESULTS SHOW
CONTINUED STEADY OPERATIONAL PROGRESS
-------------------------------------------------------------------------------- Disclosed inside information pursuant to article 17 Market Abuse Regulation (MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Mid Year Results 17.08.2016 Atrium European Real Estate Limited ("Atrium") FIRST HALF 2016 RESULTS SHOW CONTINUED STEADY OPERATIONAL PROGRESS Ad hoc announcement - Jersey, 17 August 2016. Atrium European Real Estate Limited (VSE/ Euronext: ATRS) (the "Company" and together with its subsidiaries, the "Group"), a leading owner and manager of shopping centres and retail real estate in Central and Eastern Europe, announces its results for the second quarter and six months ended 30 June 2016. Highlights: - NRI in the Group's core markets of Poland, Czech Republic and Slovakia increased by 1.1% to EUR72.3m (6M 2015: EUR71.5) and 0.5% to EUR 62.2m on a like-for-like basis (6M 2015: EUR61.9) - Group income continues to be impacted by the situation in Russia with GRI of EUR98.5m (6M 2015: EUR103.6m), and EPRA like-for-like GRI of EUR87.6m (6M 2015: EUR92.8m) - Group NRI was EUR95.6m (6M 2015: EUR97.9m), with EPRA like-for-like NRI of EUR85.5m (6M 2015: EUR89.0m) - Group operating margin increased from 94.5% to 97.1% mainly due to an improvement in receivables collection - EPRA occupancy steady at 95.4% (31 December 2015: 96.7%). Russian occupancy remained high at 89.9% - Profit before taxation was EUR63.7m compared to a loss of EUR4.8m in the first half of 2015 with the increase primarily driven by a EUR13.6m revaluation in our core markets (compared to a EUR36.7m devaluation during the same period last year due to the Russian portfolio) and a EUR11.3m decrease in finance expenses - Company adjusted EPRA earnings per share was 15.6 EURcents (6M 2015: 16.0 EURcents) - EBITDA, excluding revaluation and disposals, was EUR76.1m (6M 2015: 81.3m), mainly as result of lower income in Russia - The value of Group's portfolio of 62 standing investments stood at EUR2.6 billion (31 December 2015: 77; EUR2.7 billion) - EPRA Net asset value ("NAV") per ordinary share increased slightly to EUR5.65 (31 December 2015: EUR5.64) after first and second quarter dividend of EUR0.0675 per share paid as capital repayment in March 2016 and June 2016 - Third quarterly dividend of EUR0.0675 per share due to be paid as a capital repayment on 30 September 2016 to shareholders on the register at 23 September 2016 with an ex-dividend date of 22 September 2016 Portfolio repositioning highlights during and after the period: Redevelopments and extensions - In March 2016, the first extension in stage one of the Atrium Promenada extension and redevelopment in Warsaw, Poland, was completed - In May 2016, the Board of Directors approved the second stage of Atrium Promenada which has an estimated cost of EUR51m and comprises a remodelling and renovation of an additional part of the shopping centre - The Board has also approved in May the first phase of a 9,000 sqm GLA extension to Atrium Targowek in Warsaw. This initial phase, which precedes construction of the main extension, is expected to cost around EUR11m and will comprise land assembly, project design and the construction of additional parking Acquisitions and sales - Completed the sale of a portfolio of ten retail assets in the Czech Republic for a consideration of EUR102.6m in February 2016, reflecting an 8% premium to fair value prior to the receipt of initial offers - In April 2016, the Group signed a framework agreement for the sale of a wholly owned subsidiary which owns two land plots in Pushkino, Russia, for a consideration of EUR10m - In May 2016, the Group acquired the 46.5% co-ownership share of the Zilina Duben Shopping Centre in Slovakia for a total consideration of EUR7m, giving it full ownership of the asset - In June 2016, the Group completed the sale of three Polish assets with a total lettable area of approximately 15,700 sqm for a total consideration of EUR17.5m - In July 2016, the Group signed a preliminary sale agreement for the sale of Atrium Azur in Latvia for a total value of EUR12.5m. The sale is expected to be completed in the fourth quarter of the year Financing transactions - In March 2016, the Group completed the voluntary repayment of a bank loan, in Poland, for a total amount of EUR49.5m. 84% of the Group's standing investments are unencumbered as at 30 June 2016 - During the period, Atrium repurchased bonds issued in 2013 and 2014 and due in 2020 and 2022 with a total nominal value of EUR15.1m and EUR1.4m respectively - As at 30 June 2016 Gross LTV and Net LTV were 32.4% and 26.1% respectively. The Company remains conservatively leveraged and well placed to support future redevelopments and growth opportunities when they may arise Commenting on the results, Josip Kardun, Group CEO, said: "During the first half we continued with our portfolio repositioning strategy and the progress we have made in this regard is reflected in the positive performance across our overall portfolio excluding Russia. Against the backdrop of economic growth, robust consumer spending and investor demand in our core markets, we will continue to make selective asset sales and undertake acquisitions, if the price and opportunity are compelling. We will also increase our focus on upgrading the existing assets in our portfolio and have identified a number of shopping centres where we believe a significant investment and modernisation will enhance their value and performance over the long term." This announcement is a summary of, and should be read in conjunction with, the full version of the Group's Q2 2016 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 firstname.lastname@example.org Press & Shareholders: FTI Consulting Inc +44 (0)20 3727 1000 Richard Sunderland Claire Turvey Ellie Sweeney email@example.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 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: For further information: FTI Consulting Inc.: +44 (0)20 3727 1000 Richard Sunderland Claire Turvey Richard.firstname.lastname@example.org end of announcement euro adhoc -------------------------------------------------------------------------------- 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: email@example.com WWW: http://www.aere.com sector: Real Estate ISIN: JE00B3DCF752 indexes: Standard Market Continuous stockmarkets: official market: Wien, stock market: Luxembourg Stock Exchange language: English