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21.08.2009 – 07:48

Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
First Half Results 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. --------------------------------------------------------------------------------

6-month report


Atrium European Real Estate Limited
                                 ("Atrium" the "Company" or the "Group")

First half results show solid progress and improved efficiency

Jersey, 21 August 2009.  Atrium European Real  Estate  (Euronext/ATX: ATRS),  a leading Central and Eastern European real estate business   focused  on  shopping centre investment, management and development, announces  its  results  for  the half year ended 30 June 2009.

Key points of the results are as follows:  . Net rental income grew
19.9% to EUR59 million  (6M  2008:  EUR49  million)      while gross
rental income rose 16.4% to EUR75 million (6M 2008: EUR64      

- On a like-for-like basis, GRI fell 6.9%  to  EUR58  million  (6M  2008:
         million) and NRI fell 4.3% to EUR50 million (6M 2008: EUR52 million).
      - Second quarter GRI was EUR38 million, slightly up on Q1 2009,  with  NRI
         up 4.7% at EUR30 million.
      - Operating margin improved to 79% for the first  half  from  71%  in  2008,
         reflecting Atrium's ongoing operational efficiency programme.
. Balance sheet remains strong, with a cash balance at 30  June  2009  of
    EUR855 million (2008: EUR1.25 billion).
      - Borrowings reduced to EUR1.08 billion (31  December  2008:  EUR1.51
         billion), following the acquisition of EUR441 million of nominal value
         of  2006  Notes
         and 2008 Convertible Securities, reducing annualised interest payments  by
         EUR34 million.
      - The average interest rate is now 7.6%.
      - The Group is well within  the  two  covenants  of  its  medium  term  note
         programme 2006.
.  Standing  assets  were  revalued  downwards  by    EUR237 million    to
      around EUR1.49 billion in the first half, while its land and development
      portfolio was revalued down by EUR139 million to EUR712 million.
      - This negative revaluation was felt predominantly in Q1, with a  noticeable
         slowdown in the rate of decline in Q2.
      - In Q2, standing investments were revalued down by  only  EUR56  million
         (Q1 revalued down by EUR181 million), while developments and land  was
         down  by EUR28 million (Q1 revalued down by EUR111 million).

. 9.85% average weighted equivalent yield at 30 June 2009 compared to
9.69%      at the end of the first quarter and 9.14% at the end of
2008.  . EBITDA excluding the revaluation and impairment amounted to
EUR40  million      (6M 2008: EUR23 million).  . Loss before tax was
EUR325 million (6M 2008 profit  before  tax:  EUR2      million),
mainly  resulting  from  the  valuation  movement  of  standing      
investments, developments and land.  . Cash flow from operating
activities was EUR33 million (6M 2008:  EUR51      million), mainly due
to a decrease in interest rates, lower cash  balances      and  higher
average interest expense.  . Net asset value per share was at EUR8.97
(31 March  2009:  EUR9.22,  31      December 2008: EUR10.66).  .
Occupancy levels were slightly up at 93.6% compared to 93.4% at the
end of Q1      2009 and steady compared to 93.6% at 31 December 2008.  
. The Company progressed its dual listing of shares on Euronext
Amsterdam which      was subsequently completed when dealings commenced
on 19 August.

Commenting on the results, Rachel Lavine, CEO of Atrium  European   Real  Estate, said: "Against an ongoing difficult and unpredictable market backdrop,  we  have  been quick to react and made good progress across all areas  of  the  business.    The economic climate and  lower  rental  income  in  some  countries  have  clearly impacted the value of our portfolio.    However,  despite  yields   continuing  to move out in the second quarter of 2009, movements appear to be  getting  smaller and we are reaching a more stable level.

"The successful completion of the Company's dual listing on  Euronext Amsterdam has been an important milestone for the Company this year. It provides us  with a strong  platform  for  future  growth  and   was  one  of  the  key  objectives identified when the new   management  team  took  over.    As  an  internationally recognised and traded exchange, it opens Atrium up to a far  wider  universe  of potential  investors  which  we  believe  should  result  in   increased  analyst coverage, greater liquidity in Atrium's shares and enhanced  pricing  over  the longer term.

"Whilst the economic outlook in many of our areas of operation continues  to  be uncertain, we remain  robust  in  our  positive   long  term  outlook.    We  will continue to assess opportunities arising from the current market conditions  and will maintain our focus on making the company more efficient  operationally  and financially.  The strength of our balance sheet and low levels of leverage,  the resilience of our asset class combined with the quality  of  our  portfolio  and the ability of our management team leaves us well positioned to achieve our  aim of being the leading   owner  and  developer  of  supermarket  anchored  shopping centres in Central and Eastern Europe."

A full version of the first half 2009 results can be found on  the   Atrium  page

of the Vienna Börse website at  or  on  the  Company's website at

For further information:

Financial    Dynamics:                                                      +44(0)20 7831 3113
Richard Sunderland

Laurence Jones Stephanie Highett

Notes to Editors:

About Atrium European Real Estate Limited

Atrium is a leading real estate company focused on shopping  centre   investment, management and development in Central and Eastern Europe. As  at  30  June  2009 the Group owned 152 standing investments, with a market value of EUR1.49 billion, diversified across eight countries with a  total  gross  lettable  area  of  1.1 million sqm. Geographically, the Group's focus is  principally concentrated  in Poland, the Czech Republic and Russia  with  a  presence  in Hungary, Romania, Slovakia, Latvia  and  Turkey.  In  addition,  the  Company has  a  development portfolio including several development projects with a market  value  of  EUR712 million as at 30 June 209.

Gross rental income from investment properties for the year  ended   31  December 2008 was EUR134 million and EUR75 million for the first half of  2009.    Net rental income for the year to 31 December 2008 amounted to £95 million and EUR59  million for the six months to 30 June 2009.  As at 30 June 2009, the Company had a  cash position of EUR855 million against borrowings of EUR1.08 billion.

Following a strategic investment of EUR500 million by a  Citi   Property Investors and Gazit Globe Ltd joint venture, agreed in   August  2008,  Rachel Lavine  was appointed Chief Executive Officer   of  Atrium.  Rachel  Lavine  has significant experience of both real estate and the CEE region and was previously  President and CEO of Plaza Centres.  The Board is chaired by  Chaim Katzman,  founder  of Gazit Globe, which has extensive global experience  of real  estate   management and is one of the largest owners of shopping centres in the world.

The Company is based in Jersey and  dual  listed  on  the  Vienna   and  Euronext Amsterdam Stock Exchanges under the ticker ATRS.

This press release appears as a matter of record only and  does  not constitute an offer to sell or a solicitation of an offer to purchase any security.

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. The Dutch and  Austrian paying agent of Atrium is Kempen  & Co.  N.V.,  Beethovenstraat  300,  1077  WZ Amsterdam, the Netherlands.

end of announcement                                                 euro adhoc

ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar:

Further inquiry note:
Financial    Dynamics:                                                      +44(0)20 7831 3113
Richard Sunderland
Laurence Jones
Stephanie Highett

Branche: Real Estate
ISIN:      AT0000660659
WKN:        066065
Index:    Standard Market Continous
Börsen:  Wien / official market