Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
THIRD QUARTER 2014 RESULTS SHOW CONTINUED STRONG PERFORMANCE

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  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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quarterly or semiannual financial statement/quarterly report
12.11.2014


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


           THIRD QUARTER 2014 RESULTS SHOW CONTINUED STRONG PERFORMANCE
 
Ad hoc announcement - Jersey, 12 November 2014. Atrium European Real Estate
Limited (VSE/ Euronext: ATRS), a leading owner, operator and developer of
shopping centres and retail real estate in Central and Eastern Europe, announces
its interim results for the third quarter and nine months ended 30 September
2014.

Highlights:

- Gross rental income ("GRI") increased by 5.8% to EUR160.2m (9M 2013: 
  EUR151.4m),with EPRA like-for-like GRI remaining stable at EUR142.9m (9M 
  2013: EUR142.9m).

- Net rental income ("NRI") increased by 7.3% to EUR153.4m (9M 2013: 
  EUR143.0m), with EPRA like-for-like NRI increasing 0.3% to EUR136.6m         
 (9M 2013: EUR136.3m).
       
- Operating margin for the nine months was 95.8% (9M 2013: 94.5%), which is 
  above the expected full year target.

- EPRA occupancy rate at 30 September 2014 remained high at 97.6% (31 December 
  2013: 98.1%).

- EBITDA, excluding the revaluation result, disposals and impairments, 
  increased by 9.2% to EUR132.2m (9M 2013: EUR121.1m).

- Profit before taxation was EUR63.1m compared to EUR96.3m for the first nine 
  months of 2013, adversely affected by a EUR41.5m devaluation (compared to a 
  EUR9.3m revaluation in the first nine months of 2013), partially offset by a 
  gain of EUR7.6m from foreign exchange differences (compared to a EUR 0.4m 
  foreign exchange loss in the first nine months of 2013) and EUR 10.4m growth 
  in NRI.

- Company adjusted EPRA earnings per share increased by 9.8% to 28.1 EURcents 
  (9M 2013: 25.6 EURcents).

- The value of the Group's 151 standing investments grew by 5.0% to EUR2.5 
  billion, compared to 31 December 2013, and includes the Group's first major 
  development, the Atrium Felicity shopping centre in Lublin, Poland, which 
  opened in March 2014.

- Cash position of EUR260.3m with borrowings of EUR721.7m as at 30 September 
  2014 (31 December 2013: EUR305.6m cash and EUR803.6m borrowings), 
  representing a gross and net LTV of 25.1% and 16.0% respectively, reflecting  
  a conservatively positioned balance sheet.
     
- EPRA net asset value per ordinary share remained relatively constant at 
  EUR6.42 (FY 2013: EUR6.43) after a dividend of EUR 0.18 per share in the nine 
  months of 2014.
   
- A dividend payment of EUR 0.06 per share was made for the third quarter of 
  2014, with the fourth quarterly payment due on 30 December 2014 to 
  shareholders on the register at 22 December 2014, with an ex-dividend date of 
  19 December 2014.
  
- In its meeting on 11 November 2014, the Board has approved an increase in the 
  annual dividend payment for 2015 to at least EUR 0.27 per share, proposed to 
  be paid in quarterly instalments commencing at the end of March 2015 (subject 
  to any legal and regulatory requirements and restrictions of commercial 
  viability).

Operational highlights during and after the period:

Investment properties
  
- Progress on acquisition strategy to invest in our strongest regional 
  economies and increase our exposure in our core markets of Poland, the Czech 
  Republic and Slovakia:


    - Acquisition of the AFI Palác Pardubice shopping centre in Pardubice,Czech 
      Republic for EUR83.1m. 
        
    - Agreed acquisition of Focus Mall in Bydgoszcz, Poland for EUR122m 
      announced in October, with completion expected in November 2014.


- Commenced works on the EUR44.0m first stage extension of the Atrium Promenada 
  centre in Warsaw, Poland in September. 

- Achieved further progress with the strategy of opportunistically divesting 
  non-core development properties for a total cash consideration of EUR71.4m. 
  This includes the sale of land plots in Istanbul, Turkey for EUR47.0m, in 
  Sofia, Bulgaria, for EUR12.1m and in Georgia, for EUR6.3m and a sale after 
  the period end of a land plot in Adana, Turkey, for a consideration of  
  EUR6.0m.

- The Atrium Felicity shopping centre in Lublin, Poland, opened in March 2014. 
  The 75,000 sqm GLA development is almost fully occupied and is anchored by 
  Auchan, a Leroy Merlin DIY store, LPP, Inditex, H&M and Saturn electronics. 

Borrowings

- During the period, Atrium re-purchased bonds issued in 2005 and due in 2015, 
  with a total nominal value of EUR39.4m and completed early repayments of two 
  bank loans in Slovakia, totalling EUR41.0m. 

- In October 2014, Atrium issued a EUR350 million unsecured eight year 
  Eurobond, carrying a 3.625% coupon. The bond was rated BBB- by both S&P and 
  Fitch, in line with Atrium's corporate rating.  Also in October 2014, Atrium 
  obtained two five year revolving credit facilities, totalling EUR50m.

Group executive management team changes 

- In July 2014, Atrium announced that Group Chief Executive Officer, Rachel 
  Lavine, will assume the role of Executive Vice Chairman on 30 November 2014 
  and that Josip Kardun, the Group's current Chief Operating Officer and Deputy 
  Chief Executive Officer, will become the Group Chief Executive Officer. The 
  position of Group Chief Operating Officer was assumed by Rudiger Dany.

Commenting on the results, Rachel Lavine, Group CEO, said:
 
"During a busy third quarter, we have built steadily on the operational progress
made during the first half of the year, as evidenced by the solid operational
and financial achievements. We have continued to make strong progress in the
delivery of our acquisition strategy through the acquisition of AFI Palác
Pardubice in the Czech Republic and an agreement to acquire Focus Mall
Bydgoszcz, Poland, both prime shopping centres. We have also completed the
successful issue of our second unsecured corporate debt issuance, through which
we raised EUR350 million. 

"This is my last set of results as Group CEO as I move to the position of
Executive Vice Chairman at the end of this month.  When I was appointed as Group
CEO, the Atrium Group was in a distressed situation and facing the onset of the
financial crisis but the Board and I were convinced of its potential. Six years
on, as Josip Kardun prepares to assume the position of Group CEO, we are a
highly efficient market leading business and I am convinced that we will
continue to perform well and to grow.  All efforts have been made to effect a
smooth transition and, while I will continue to be involved in directing the
Group's strategic agenda, I leave the Group in very safe hands.

"I would like to express my thanks and appreciation to Atrium's shareholders and
to the analyst community for the confidence they have placed in us and for their
continued encouragement and support over the course of the last six, often
tumultuous, years."

"I would also like to take this opportunity to thank all our employees, partners
and advisers who, sometimes under very harsh conditions, have helped us to
deliver consistent growth throughout my tenure as Group CEO. Last but not least,
I would like to give a special thanks to the Board of Directors of Atrium
without whose leadership, guidance and support our success would not have been
possible". 

This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q3 2014 results, which can be found on the Atrium
page of the Vienna Börse website at http://en.wienerborse.at/ and on the Group's
page of the Euronext Amsterdam website, www.euronext.com or on the Group's
website at www.aere.com.

Further information can be found on Atrium's website www.aere.com or from:


Analysts: Ljudmila Popova                                       
lpopova@aere.com

Press & Shareholders: FTI Consulting Inc                                  
+44 (0)20 3727 1000

Richard Sunderland 
Claire Turvey
Nick Taylor                                     
atrium@fticonsulting.com
        
Atrium is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Authority as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the NYSE Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings.  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:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Nick Taylor
Richard.sunderland@fticonsulting.com

end of announcement                               euro adhoc 
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issuer:      Atrium European Real Estate Limited
             Seaton Place 11-15
             UK-JE4 0QH  St Helier Jersey / Channel Islands 
phone:       +44 (0)20 7831 3113
mail:     richard.sunderland@fticonsulting.com
WWW:      http://www.aere.com
sector:      Real Estate
ISIN:        JE00B3DCF752
indexes:     Standard Market Continuous
stockmarkets: official market: Wien 
language:   English
 



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