Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Third Quarter Results and Directorate Changes

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9-month report


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

Third Quarter Results and Directorate Changes

Jersey, 25 November 2009. 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 nine months and third quarter ended 30 September 2009.

Financial highlights:  • Gross rental income increased by 14.5% to
EUR112 million (September  2008:      EUR97 million)        -
like-for-like gross  rental  income  decreased  by  8.3%  to  EUR86  
million (September 2008: EUR93 million)  • Net rental income grew
25.9% to EUR89 million (September  2008:  EUR71      million),
reflecting an improvement in operational efficiencies        -
like-for-like  net  rental  income  decreased  by  5.54%  to  EUR71  
million (September 2008: EUR75 million)  • Cash balance remains
strong at EUR814 million  (30  June  2009:  EUR855      million;
31 December 2008: EUR1.3 billion; 30 September 2008: EUR1.4 billion)
• Borrowings decreased from EUR1.51 billion, as at 31  December  
2008,  to      EUR1.07 billion as at 30 September  
2009(30 September 2008: EUR1.6 billion)      and  the Group remains
comfortably within the covenants of its 2006 medium      term notes  •
EBITDA excluding property revaluation and exceptional items amounted
to      EUR64 million (September 2008: EUR34 million)  • Loss after
taxation amounted to EUR342 million (September 2008: EUR485      
million), with a loss per share after taxation  of  EUR1.473  
(September      2008:  loss  of EUR2.293)  • Cash    flow    from    
operating    activities    amounted    to    EUR51    million      
(September 2008: EUR40 million)

@@start.t2@@• Net asset value per share was EUR8.75 (30 June 2009: EUR8.97; 31  December     2008; EUR10.66) • Standing investments were revalued downwards by EUR36 million to EUR1.46@@end@@

billion over the three months to 30 September 2009, showing a
significant      slowdown in devaluation compared to the EUR237 million
downward  valuation      for  the  first half year of 2009  • Operating
margin for the nine months to 30 September 2009 improved to  79.65%  
compared to 72.42% for the nine months to 30 September 2008,  and  to
81.43%      for the third quarter 2009 compared to 64.64%  in  the  
third  quarter  2008,      reflecting the Group´s ongoing operational
efficiency programme.

Operational highlights:  • Announcement and subsequent approval at
EGM,  of  the  Exchange  Transaction,      which on completion, will
result in the exchange of EUR427.9  million  of      2008 Convertible
Bonds, 4,933,333 warrants and 8,043  special  voting      shares  for
144.9 million  ordinary  shares  and  EUR9.3 million  in  cash      
with  CPI/Gazit Holdings Limited

@@start.t3@@- following closing of the Exchange Transaction, a proposed  partial  tender
         offer for up to EUR120 million in nominal value of 2006 medium term notes
         at 95%, as well as the payment of a special dividend of  EUR0.50  per
         ordinary share and the initiation of a dividend policy of EUR0.12 per
         ordinary  share per year@@end@@

• Average occupancy rate remained stable at 93.57%  despite  
difficult  market      conditions (30 June 2009: 93.57%)  • Opening an
extension at Togliatti centre in Russia during the  period  ended      
30 September 2009 with further  openings  of  extensions  at  
Volgograd  and      Togliatti since the period end.

Directorate Changes Atrium also announces  that,  following  approval at  a  Board  meeting  on  24 November 2009, Neil Hasson  and  Noam   Ben-Ozer  have  been  appointed  as  non- executive directors with immediate effect, following  the  retirement  from  the Board of Shanti Sen and Peter Baguley.

Neil Hasson, managing director and head of Europe for  Citi  Property Investors ("CPI"), will be one of CPI´s appointed directors  on  the Board.  He  replaces Shanti Sen who has stepped down from the Board following  her  resignation  from CPI to pursue other business opportunities. Mr. Hasson joined  CPI  in  February 2005 and is responsible for a EUR1.2 billion pan European real estate fund. Prior to joining CPI, he was a successful private real estate investor, acquiring  in excess of £250 million of commercial real estate in the UK  over a  three  year period. Previously, Mr. Hasson  was  a   founding  partner  of DLJ  Real  Estate Capital Partners, a $660   million  real  estate  opportunity fund,  managed  by Donaldson, Lufkin and Jenrette, where he worked for 10 years. From  1989,  prior to DLJ, he worked for Goldman, Sachs & Co. in London, Tokyo and  New York.  He holds an MBA from The Wharton School of the University  of Pennsylvania  and  a B.Sc. in Electrical Engineering from the University of Cape Town.

Noam Ben-Ozer has been appointed to the Board as  an  independent   non-executive director in place of Peter Baguley who has stepped down in order to ensure  that Atrium´s Board retains a suitably international representation overall  that  is consistent  with  the applicable  fiscal  and  regulatory  considerations    and requirements relating to Directors´ residency.

Mr. Ben-Ozer is the founder and proprietor of Focal Advisory,  a   strategic  and finance-related  advisory  firm  in  Boston.  He  has extensive  experience  in financial and business planning, fund   raising,  deal  structuring  and  project financing.  He is also a director of  Equity  One,  a  leading  US  real  estate investment trust. Mr. Ben-Ozer holds an MBA from the Harvard Business School.

Commenting, Rachel Lavine, Chief Executive  Officer  of  Atrium   European  Real Estate, said:  "We are pleased with the financial results of  the  Company  and the progress we have achieved in the first nine months of 2009.

"We believe the Exchange Transaction, which was announced in September,  to  be an extremely positive step forward for Atrium, as it follows our clearly stated strategy of reducing our debt, having already acquired  in  EUR382.8  million of nominal value in 2009. It is also in line with our commitment to improving both the efficiency of  our  balance  sheet  and  our  corporate  governance. This transaction will simplify Atrium´s capital structure and significantly decrease its borrowing costs. Together with the completion  of  our  Euronext Amsterdam listing, we are in a far more stable state than when we took  control and  are now shifting focus onto growth and the creation of value.

"Our strong cash position, low leverage, strong management team and   resilience of our asset class leave me feeling confident of the future  prospects  of  the Company.

Chaim Katzman, Chairman of Atrium, added: "On behalf of the Board, I would also like to thank both Shanti and  Peter  for all their hard work during  their time  at  Atrium  and  to  welcome  our  new directors, Neil and Noam, to the Company."

A full version of the third quarter 2009 results can be  found  on   the  Atrium page of the Vienna  Börse  website  at  and  on  the Company´s page of the Euronext Amsterdam website,  or  on  the Company´s website at

For further information:

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

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.

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

Further inquiry note:
Financial Dynamics, London
Richard Sunderland  / Laurence Jones
Phone: +44 (0)20 7831 3113

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

Weitere Meldungen: Atrium European Real Estate Limited

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