Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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annual result

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


Ad hoc announcement - Jersey, 11 March 2015. 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 2014.

Financial Highlights:   
- Gross rental income ("GRI") increased by 5.4% to EUR214.5m (2013: EUR203.5m),
  while net rental income ("NRI") increased by 6.9% to EUR204.0m

- EPRA like-for-like GRI and NRI were both broadly flat with marginal decreases
  of 0.6% to EUR189.1m (2013: EUR190.2m) and 0.8% to EUR179.6m

- Operating margin for the year was 95.1% (2013: 93.8%)

- EPRA occupancy rate at 31 December 2014 remained high at 97.4% (31 December
  2013: 98.1%)

- EBITDA, excluding revaluation, disposals and impairments, increased by 8.5%
  to EUR174.0m (2013: EUR160.4m)

- Loss before taxation of EUR37.0m, compared to a profit of EUR90.6m in 2013,
  as a result of a EUR168.1m devaluation (compared to EUR21.3m devaluation in
  2013) of which EUR103.8m is attributable to the Russian income-producing
  portfolio and land bank and EUR33.5m to the Turkish land bank. The 
 devaluation was partially offset by EUR13.2m growth in NRI and a EUR12.5m
 foreign exchange gain (compared to a EUR5.8m foreign exchange loss in 2013)
- Company adjusted EPRA earnings per share increased by 7.2% to 35.9 EURcents
  (2013: 33.5 EURcents)

- The value of the Group's 153* standing investments grew by 10.0% to EUR2.6
  billion, compared to EUR2.4 billion as at 31 December 2013. This includes the
  acquisition of two shopping centres (located in the Group's core markets of
  Poland and the Czech Republic) for EUR205.1m in aggregate and the opening of
  Atrium Felicity shopping centre in Lublin, Poland, with a value of EUR118.2m,
  offset by portfolio devaluation of EUR94.1m
- EPRA net asset value ("NAV") per share slightly decreased to EUR6.08 compared
  to EUR6.43 at 31 December 2013 

- A total dividend of EUR0.24 per share was paid as a capital repayment in 2014
- For 2015, the Board has approved a 12.5% increase in the dividend to at least
  EUR0.27 per share (subject to any legal and regulatory requirements and
  restrictions of commercial viability). The first payment of EUR0.0675 per
  share will be paid as a capital repayment on 31 March 2015 to shareholders on
  the register on 23 March 2015, with an ex-dividend date of 20 March 2015

* Including 72 standing investment properties in the Czech Republic classified
as held for sale at 31 December 2014

Operational highlights during and after the period:

Investment properties
- Progressed the Group's strategy of acquiring assets in the CEE's strongest
  regional economies and increasing the Group's weighting towards the markets
  of Poland and the Czech Republic:

  o acquisition of the AFI Palác Paradubice shopping centre in Paradubice, Czech
    Republic for EUR83.1m;
  o acquisition of Focus Mall in Bydgoszcz, Poland for EUR122m; and 
  o agreed acquisition of 75% interest in Arkady Pankrac shopping centre in

  Prague, Czech Republic for EUR162m announced in January 2015, with completion
  expected in Q2 2015

- In January 2015, Atrium divested a portfolio of 72 smaller retail assets in
  the Czech Republic, for a consideration of EUR69m. The consideration comprised
  a cash payment of EUR60m with the balance satisfied through a secured vendor
  loan to the purchaser  

- Achieved further progress with the strategy of monetising Atrium's non-core
  and non-income producing development and land assets, with sales in Turkey,
  Bulgaria and Georgia for EUR71.4m in aggregate

- Successful opening of the 74,100 sqm GLA Atrium Felicity shopping centre in
  Lublin, Poland, in March 2014

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

- The 17,300 sqm extension to the Group's Atrium Copernicus shopping centre in
  Torun is now complete and will open to the public for the first time tomorrow

Balance sheet
- Cash position of EUR425.2m with borrowings of EUR1,068.1m as at 31 December
 2014 (2013: EUR305.6m cash and EUR803.6m borrowings), representing a gross and
 net LTV of 36.1% and 21.7%, respectively, reflecting a conservatively
 positioned balance sheet

- 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

Board of Directors and Group executive management team changes 
- Josip Kardun, the Group's Chief Operating Officer and Deputy Chief Executive
  Officer, was appointed CEO as of 1 December 2014, succeeding Rachel Lavine
  who assumed the role of Executive Vice Chairman of the Board of Directors.
  In October 2014, Rudiger Dany became Group Chief Operating Officer 

- In January 2015, following Gazit-Globe's acquisition of Apollo's entire
  13.87% shareholding, the two Directors of Atrium nominated by Apollo, Joseph
  Azrack and Roger Orf, resigned from the Board of Directors

- In January 2015, Atrium also announced the appointment of Ryan Lee as its new
  Group Chief Financial Officer. Ryan will succeed Sona Hýbnerová, who has made
  the decision to leave the Group after 10 years in order to pursue other
  business opportunities. Ryan's appointment becomes effective as of 1 April

Commenting on the results, Josip Kardun, Group CEO, said:  "In my first set of
results as Atrium's CEO, I am pleased to report another strong year of progress
during which we made significant strides in both growing and reshaping the
Group's portfolio, while, once again, delivering growth across our main key
performance indicators. Importantly, the EUR350 million of acquisitions and
disposals we agreed or completed during the year, together with our development
and asset management activities, have been fundamental to the successful
progression of our strategy of increasing our weighting towards large dominant
shopping centres in the CEE region's strongest and most stable economies of
Poland, the Czech Republic and Slovakia. 

"Despite there being some on-going macroeconomic uncertainty across Europe and a
prolongation of the very challenging market conditions in Russia, I believe that
we are well placed for the future, with a strong balance sheet and an improving

This announcement is a summary of, and should be read in conjunction with, the
full version of the Group's 2014 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:

Analysts: Ljudmila Popova                              

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

Richard Sunderland 
Claire Turvey
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

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, stock market: Luxembourg Stock Exchange 
language:   English

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