Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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Annual Reports/quarterly report

Atrium European Real Estate Limited

                             ("Atrium" or the "Group")

                           AND DELIVERY OF STRATEGY

Ad hoc announcement - Jersey, 13 March 2013. Atrium European Real Estate Limited
(VSE/Euronext:ATRS), a leading owner, operator and developer of retail real
estate and shopping centres in Central and Eastern Europe, announces its results
for the year ended 31 December 2012.

Financial Highlights:

* 12.4% growth in gross rental income ("GRI") to EUR193.5m (2011:EUR172.2m),
with a 17.1% rise in net rental income ("NRI") to EUR181.3m (2011: EUR154.9m)

* EPRA like-for-like GRI increased by 5.2% to EUR161.5m (2011:EUR153.5m), and
EPRA like-for-like NRI grew 7.3% to EUR148.8m (2011: EUR138.7m)

* 93.7% operating margin (2011:90.0%), the fourth consecutive year of margin

* EPRA occupancy rates increased to a record high of 98.0% (2011: 97.6%)

* 24.7% growth in net cash generated from operating activities to EUR126.5m

* EBITDA, excluding revaluation and disposals, increased by 29.8% to EUR146.0m
for the year (2011: EUR112.4m) 

* 14.3% increase in Company adjusted EPRA earnings per share to EUR0.32 (2011:

* As at 31 December 2012 EPRA net asset value per share was EUR6.44 (31 December
2011: EUR6.36) after distributing a dividend of EUR0.17 per share during 2012

* Value of the Group's portfolio of 156 income producing assets was EUR2.2bn as
at 31 December 2012 (31December2011:EUR2.1bn) with over EUR1.0bn located in

* Balance sheet remains strong with cash of EUR207.8m (2011: EUR234.9m) and
borrowings of EUR537.1m as at 31 December 2012 (31 December 2011: EUR568.0m),
resulting in a gross LTV of 19.7% and net LTV of 12.1%

* Further progress in reducing the Group's more expensive and shorter term debt
achieved through the tender offer for Atrium's bonds maturing in 2013 and early
repayment of four bank loans 

* On 12 November 2012 Atrium's Board approved a 17.6% increase in the Group's
annual dividend for 2013 to at least EUR0.20 per share (2012: EUR0.17),
reflecting the Group's continued robust financial performance and the Board's
confidence in its future prospects. The first payment of EUR0.05 will be paid as
a capital repayment on 28 March 2013, to shareholders on the register at 22
March with an ex date of 20 March 2013.

Group and Operational Highlights:

* Achieved the Group's stated strategic priority of securing an investment grade
credit rating.  Atrium is now rated at BBB- by both Standard & Poor's and Fitch

* Strong progress was accomplished at Atrium Felicity in Lublin, the Group's
first major greenfield development due to open in early 2014, with lease
agreements in place for 84% of the project and construction well underway

* Completed the acquisition from Russian Cinema Holdings of its holdings in the
Group's Volgograd, Togliatti and Yekaterinburg Russian shopping centres for a
total consideration of EUR9.3m, adding a further 15,400 sqm of GLA to the

* Completed the rebranding of all Polish shopping centres under the Atrium
brand, providing both increased awareness of the Group and a highly visible mark
of quality for customers and retailers

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

"2012 was another successful year for Atrium, in which we achieved robust growth
across all of our key metrics, as well as delivering against our corporate
objectives. The construction of our first major greenfield development at Lublin
is well underway, and our strategy of focusing on new investment in the
strongest and most stable economies in the region, namely Poland, the Czech
Republic and Slovakia, has returned excellent results.

"One of the most pleasing achievements during the year was Atrium's upgrade to
investment grade by S&P and Fitch, with both recognising the progress that we
have made in strengthening the company's financial position and improving its
performance by focusing on the strongest markets in our region. Atrium's
operational and financial base is now very well secured and will allow us to
continue to deliver sounds results. We are well placed to achieve our aims and I
therefore look forward to the future with a cautious degree of confidence and

This announcement is a summary of, and should be read in conjunction with the
full version of the Group's 2012 Full Year results, which can be found on the
Atrium page of the Vienna Börse website at and on the
Group's page of the NYSE Euronext Amsterdam website, or on the
Group's website at

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

Analysts: Ljudmila Popova                

Press & Shareholders: FTI Consulting Inc              +44 (0)20 7831 3113

Richard Sunderland/ Will Henderson/ Daniel O'Donnell

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

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

Weitere Meldungen: Atrium European Real Estate Limited

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