Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited

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quarterly or semiannual financial statement

Atrium European Real Estate Limited


Ad hoc announcement - Jersey, 12 November 2015. Atrium European Real Estate
Limited (VSE/ Euronext: ATRS) (the "Company" and together with its subsidiaries,
the "Group"), 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 2015.

- Gross rental income ("GRI") of EUR155.0m (9M 2014: EUR160.2m), with an EPRA 
  like-for-like GRI of EUR129.3m (9M 2014: EUR144.0m).

- Net rental income ("NRI") of EUR147.4m (9M 2014: EUR153.4m), with an EPRA 
  like-for-like NRI of EUR124.1m (9M 2014: EUR141.1m):

     - excluding Russia, the Group's NRI increased by 7.0% and like-for-like 
       EPRA NRI was flat; and
     - the main driver behind the decrease in income was the tactical rental 
       discounts provided to tenants in the Group's Russian portfolio in an 
       effort to protect occupancy levels, as the economic situation in Russia 
       remains challenging.

- The operating margin in our core markets of Poland, Czech Republic and
  Slovakia remained strong at 97.7%, while the Group operating margin fell only
  slightly from 95.8% to 95.1% despite the adverse performance in Russia.

- EPRA occupancy rates as at 30 September 2015 decreased marginally to 96.3% 31 
  December 2014: 97.4%).  Russian occupancy remained high at 95.1%, as a result 
  of the tactical rental discounts referred to above. 

- EBITDA, excluding revaluation and disposals, decreased by 7.8% to EUR122.0m 
  (9M 2014: EUR132.2m).

- In the first nine months of 2015, our Russian portfolio (including land and 
  development) was devalued by EUR96m. In contrast, in our other markets we 
  benefitted from a revaluation of EUR28m resulting from yield compression.

- Profit after taxation was EUR18.0m compared to EUR58.5m for the same period 
  in 2014 mainly as a result of: 
­     - an EUR8.2m increase in NRI from our core markets  offset by a EUR13.8m 

       decline in Russian NRI;
     - an EUR8.2m increase in administrative expenses (mainly legacy legal 
     - a EUR10.6m charge from the strategic disposal of non-core assets in the 
       Czech Republic, due to a reclassification of a currency translations 
       reserve which had no net impact on the Group's equity;
     - a further devaluation of EUR27.5m across the whole portfolio versus last
     - a EUR27.3m increase in finance expenses (largely due to bond buyback 
       costs, the early repayment of a bank loan in Poland, higher interest 
       expenses due to the bond issuance and foreign exchange differences); and 
     - the above items were partially offset by EUR4.1m of profit generated 
       from the 75% share in the Arkády Pankrác shopping centre in Prague and a 
       higher deferred tax credit of EUR35.5 million, mainly related to the 
       release of deferred tax liabilities on certain Polish assets following a 
       Polish holdings restructuring.

- Company adjusted EPRA earnings per share decreased by 12.1% to 24.7 EURcents 
  (9M 2014: 28.1 EURcents).

- The strategic disposal of a further five non-core assets in the Czech 
  Republic, following which total 77 non-core assets have been sold for a total 
  consideration of EUR83 million YTD, resulting in the Group's portfolio now 
  consisting of 77 properties with a total value of EUR2.7bn. 

- Total assets of EUR3,319.9m with a cash position of EUR245.6m (31 December 
  2014: EUR425.2m) and borrowings of EUR1,013.1m as at 30 September 2015 (31 
  December 2014: EUR1,068.1m), representing a gross and net LTV of 33.6% and 
  25.5% respectively. Unencumbered borrowings were 83.9% as at 30 September 
  2015 (31 December 2014 64.9%).

- EPRA net asset value ("NAV") per ordinary share decreased slightly to EUR5.80 
  (31 December 2014: EUR6.08) after first, second and third quarter dividend
  distributions of EUR0.0675 per share.

- A fourth quarter dividend of EUR0.0675 per share is due to be paid as a
  capital repayment on 29 December 2015 to shareholders on the register at 22 
  December 2015, with an ex-dividend date of 21 December 2015.

- At its meeting on 11 November 2015, the Company's Board of Directors approved 
  a consistent annual dividend of EUR0.27 per share for 2016 which will be paid
  in equal quarterly instalments commencing at the end of March 2016 (subject 
  to any legal and regulatory requirements and restrictions of commercial

Operational highlights during and after the period:

Investment properties
- Completed the strategic sales of two portfolios of non-core retail assets in 
  the Czech Republic, one comprising 72 assets and the second of five assets, 
  which were sold for a consideration of EUR69m and EUR14m in January and 
  October 2015, respectively.

- Completed the acquisition of a 75% interest in the Arkády Pankrác shopping
  centre in Prague in June, for a consideration of EUR162m.

- Opened the 17,300 sqm extension of the Atrium Copernicus shopping centre in
  Torun, Poland in March 2015.

Financing transactions
- In May 2015, successfully issued EUR150m 3.625% notes due in October 2022,
  which have been consolidated and form a single series with the EUR350m 
  3.625% bond due in October 2022 (issued in October 2014). The issue price was
  106.395%, reflecting a yield of 2.9%. The cash proceeds amounted to EUR159.6m.

- Completed a voluntary repayment of a bank loan from Berlin-Hannoversche 
  Hypoteken AG in Poland for a total amount of EUR105.3m (including fees) in 
  May 2015.

- Repurchased bonds issued in 2005 and due in 2017, with a nominal value of  
  EUR81 million.

- In October 2015, signed a new five-year unsecured revolving credit facility
  for a total of EUR125 million, which comprises EUR100 million of new credit 
  and an existing EUR25 million facility which has been extended. 

Commenting on the results, Josip Kardun, Group CEO, said: "The optimisation of
the Group's portfolio remains our firm priority and we have continued to work
hard towards this goal through the acquisition of a prime asset - Arkády Pankrác
shopping centre in Prague, the strategic disposal of non-core assets,
maintaining occupancy in Russia and our key development project at Atrium
Promenada in Warsaw. In addition, we focused on our strategy of building a
stronger and more efficient capital structure for the Group as well as
significantly improved liquidity."

This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q3 2015 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:

Ljudmila Popova                                                 

Press & Shareholders:
FTI Consulting Inc                                              
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Ellie Sweeney

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
Claire Turvey

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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