Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Q3 2011 Results

  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
9-month report


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


        Announcement of increase in dividend to EUR0.17 commencing Q1 2012

Jersey, 15 November 2011. Atrium European Real  Estate  Limited  (VSE/ 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 third quarter ended 30 September 2011.

Financial Highlights:
- Gross  rental  income  ("GRI")  increased  by  12.9%  to  EUR126.3m
  (9M 2010:  EUR111.8m), with an increase in like-for-like GRI of 8.2% to
  EUR113.8m (9M 2010: EUR105.2m)
- Net rental income ("NRI") increased by 14.8% to EUR115.1m (9M  2010: 
  EUR100.2m), with an increase in like-for-like NRI of 10.4% to EUR104.8m 
  (9M 2010: EUR94.8m)
- The operating margin increased to 91.1% (9M 2010: 89.6%)
- EBITDA excluding the valuation result increased by 50.2% or EUR38.1m to
  EUR114m (9M 2010: EUR75.9m) as a result of one-off profits from the sales of
  land plots and the conclusion of the Company´s agreement with Multi 
- Profit before taxation increased by 39% to EUR167.2m (9M 2010: EUR120.3m)
- Adjusted EPRA earnings per share increased 23.5% to EUR0.21 (9M 2010: EUR0.17)
- EPRA Net asset value ("NAV") per ordinary share  increased  to  EUR6.33 (2010:
- Net cash generated from operating activities amounted  to  EUR69.7m  (9M  
  2010: EUR70.3m)
- The  income  producing  portfolio  increased  in  value  to  EUR2bn  as  at  
  30 September 2011 (2010: EUR1.5bn) mainly as a  result  of  the  EUR171m and  
  EUR191m acquisitions of  Promenada  and  Palác  Flóra  respectively,  as 
  well  as  a revaluation of EUR112.4m
- The developments and land portfolio was devalued by EUR30.6m  during the nine
  month period and was valued at EUR592.3m as at 30 September 2011 (2010:
- Cash position remains strong at EUR289.5m
- Borrowings increased to EUR561.6m as at 30 September 2011 (31 December  2010:
  EUR425.2m), as a result of the acquisitions detailed above
- Dividend payments of EUR0.035 per share made  on  31  March, 30 June and 30
  September 2011 following an increase in annual dividend to EUR0.14 compared  
  to EUR0.12 in 2010. On 14 October 2011, Atrium´s board approved a further
  increase in the Company´s dividend policy to EUR0.17 commencing Q1 2012.

Operational highlights and post-period events:

- Weighted average occupancy level increased to 97.0% (9M 2010: 94.7%)
- Completion of EUR191m acquisition  of  the  37,600  sqm  Palác  Flóra shopping
  centre in Prague on 26 September 2011. Palác Flóra is one of the prime 
  shopping centres in Prague
- Conclusion of the settlement agreement with Multi Investment BV ("Multi")
  in July which resulted in Atrium receiving net cash of approximately EUR64
  million and generating a profit of EUR15 million.  The agreement, which also
  terminated the business relationship between the two parties, covered five
  projects in total:

    - Sale of 100% of Atrium´s shares in the company that owns Trabzon shopping
      centre, Turkey, to Multi.
    - Acquisition of the remaining 49.9% of the shares in the company that owns
      Koszalin shopping Centre, Poland, from Multi. Koszalin is now 100% owned
      by Atrium.
    - Acquisition of the remaining shares in three companies which respectively
      own a development project in Sofia, Bulgaria, and in Balcova and Tem in

- EUR14.5m sale of a further land plot at Sanliurfa, Turkey, in September, at
  above book value - as with previously announced sales of three land plots in
  Turkey and a Russian residential scheme
- Completion of the EUR171 million acquisition of Promenada, one of Warsaw´s
  top shopping centres, in May 2011
- Ratings upgrades announced in October, with Standard and Poor´s upgrading 
  Atrium´s long-term credit rating to `BB+´ and Fitch affirming its BB+ rating,
  but upgrading its outlook to positive.

Commenting on the results, Rachel Lavine, CEO of Atrium  European  Real  Estate,

"Over the course of 2011 we have made good progress in achieving our  aim
of becoming the market leading owner of supermarket  anchored  shopping  centres
in Central and Eastern Europe.  I am very pleased with the double  digit  growth
in like-for-like rental income, as well as improved  profitability  and  EDITDA,
but also in the delivery of our strategic aims. In  this  respect we  have
strengthened our  portfolio through the acquisition of two  prime shopping
centres in the capital cities of Prague and Warsaw, improved our existing
portfolio through numerous asset management initiatives and seen a strengthening
of our corporate credit rating.

"However, while we are in a financially robust position, we are aware of the
ongoing uncertainty around the Eurozone´s economic prospects and  will  continue
to take a thorough and prudent approach across all our operations."

This announcement is a summary of, and should be read in  conjunction  with  the
full version of the Group´s third quarter 2011 results, which can  be  found  on
the Atrium page of the Vienna Börse website at and  on
the Group´s page of the Euronext Amsterdam website, or  on  the
Group´s website at

Further information can be found on Atrium´s website or from:

FTI Consulting Inc:                                  +44 (0)20 7831 3113
Richard Sunderland
Will Henderson
Toyah Simpson

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.

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

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
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English

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