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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Final results for the full year and fourth quarter 2009

  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.
annual report
15.03.2010
Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")
Final results for the full year and fourth quarter 2009
Jersey, 15 March 2010. Atrium European Real Estate (ATX/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 twelve months and fourth 
quarter ended 31December2009.
Financial highlights: * Net cash from operating activities grew 111% 
to E64.7 million   (December2008:E30.6million) * Operating margin 
improved to 81.47% over the year compared to 70.95% for   2008, 
reflecting the significant progress made by the Group's operational  
efficiency programme * EBITDA excluding property revaluation and 
exceptional items increased by   132.8%, or E51.9 million, to 
E90.9million (December 2008: E39.1 million, June   2009: E39.7 
million) * Standing investments remained stable for the fourth 
quarter, but with a   slight increase in valuation of E1.1million to 
E1.48 billion (December 2008:   E1.64 billion), following a 
devaluation of E272.7 million over the first nine   months of 2009 * 
EPRA NAV and Triple NAV ("NNNAV") per ordinary share were E5.78 
(2008:   E10.56) and E5.86 (2008:(11.74), respectively * Net asset 
value ("NAV") per share was E5.81 (June 2009: E8.97, December 2008;  
E10.66), impacted by the 155.2million shares issued during the year *
Gross rental income increased by 10.86% to E148.8 million (December 
2008:   E134.2 million, June2009:E74.6 million) while net rental 
income grew by 27.3%   to E121.3 million (December2008:E95.3 million,
June2009:E58.8million), as a   result of ongoing operational 
efficiencies over the year * Like-for-like net rental income 
increased by 4.5% to E98.6 million   (December2008:E94.4 million, 
June2009: E49.8 million), again showing the   benefits of improved 
efficiencies when compared to like-for-like gross rental   income 
which decreased 9.3% to E112.3 million (December2008:E123.8million,  
June2009: E58.1 million) * Cash balance of E610.7 million (September 
2009: E814.1 million; December2008:   E1.25billion) * Borrowings 
decreased to E658.8 million (December 2008: E1.51 billion,   
September2009:E1.07billion). * Loss before taxation amounted to 
E486.6 million (December 2008: E924.4   million), with a loss per 
share after taxation of E1.83 (December 2008: loss   of E3.95) * 
Special dividend of E0.50 per ordinary share paid in December 2009 * 
Initiation of a dividend policy of E0.12 per ordinary share per year,
paid   quarterly, with E0.03 paid in December 2009 * The Company will
pay a E0.03 quarterly dividend on 31 March 2010, with an ex   date of
22 March and a record date of 24 March.
Operational Highlights: * Occupancy remained strong at 93.96% 
(December 2008: 93.59%) * Rationalisation of development pipeline, 
resulting in planned commitments of   no more than E10 million across
the entire development portfolio * Completion of dual listing of 
shares on Euronext in Amsterdam * Opening of extensions at Militari 
in Bucharest, Romania and three stand alone   boxes in Russia; two in
Togliatti and one in Volgograd * The Atrium board of directors has 
authorised the repurchase of further notes   issued under the Group's
guaranteed medium term note programme 2006 (ISIN   XS0263871328) as 
permitted by the terms of the notes. It is intended that   
repurchases will be made through agents for Atrium and will take 
place   opportunistically as market conditions or circumstances 
permit in amounts up   to in aggregate E100 million nominal and on 
terms that Atrium determines to   be financially appropriate.
Commenting, Rachel Lavine, Chief Executive Officer of Atrium European
Real Estate, said:  "The situation today is very different from what 
it was a year ago, both from a market perspective and an Atrium 
standpoint.  2009 was very much about stabilising Atrium and ensuring
we were able to extract the full potential from our income producing 
assets, through improvements in efficiencies and maintaining 
occupancy.  While we believe this year will be a challenging one for 
retailers and we will continue our efforts to improve occupancy and 
margin, our main focus for 2010 is on how to achieve growth.
"We have a very strong cash position and maintain our firm belief 
that, despite its rationalisation, our development and land portfolio
is still a key element of Atrium's future growth.  Now that much of 
our in-house improvements have been implemented, our primary aim is 
to look to enhance growth through the acquisition of income 
producing, supermarket anchored shopping centres, which fit with our 
existing portfolio and offer a higher degree of security for income. 
I believe Atrium is now very well-placed and I am confident about the
future."
A full version of the full year 2009 results can be found on the 
Atrium page of the Vienna Börse website at 
{http://en.wienerborse.at/}[HYPERLINK: http://en.wienerborse.at/] and
on the Company's page of the Euronext Amsterdam website, 
{www.euronext.com}[HYPERLINK: http://www.euronext.com] or on the 
Company's website at www.aere.com.
For further information:
Financial Dynamics:                        +44 (0)20 7831 3113
Richard Sunderland
Laurence Jones 
Richard.sunderland@fd.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.
end of announcement                               euro adhoc

Further inquiry note:

Financial Dynamics, London
Richard Sunderland / Laurence Jones
Phone: +44 (0)20 7831 3113
mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continous
Börsen: Wien / official market

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