Tous Actualités
Suivre
Abonner Atrium European Real Estate Limited

Atrium European Real Estate Limited

euro adhoc: Atrium European Real Estate Limited
Financial Figures/Balance Sheet
Atrium European Real Estate Limited ("Atrium" or the "Company") Interim results for the six months to 30 June 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report
29.08.2008
Jersey, 29 August 2008.  Atrium European Real Estate (VSX: ATR), a 
leading Central and Eastern European real estate business focused on 
shopping centre investment, management and development, announces 
interim results for the six months ended 30 June 2008.  The results 
include a review of the Company´s financial and operational 
performance during the period, as well as a summary of the 
significant changes to the Company which were approved at an EGM on 
16 July 2008.
Highlights for the six months ended 30 June 2008:
?       Gross rental income increased 3% to EUR64.122 million (2007: EUR62.254
million) while like-for-like gross income grew by 3.5%
?       Investment property portfolio valuation increased to EUR2.034 billion
(2007: EUR1.894 billion)
?       Net operating loss of EUR2.816 million (2007: net operating profit of
EUR105.344 million) as a result of a decrease in valuation in the Company´s
portfolio being reflected in the income statement under IFRS
?       Balance sheet strong with almost EUR1.2 billion in cash (invested in
mostly liquid marketable securities yielding on an average 3.9%-4.0% on an
annual rate) which has been further strengthened to over EUR1.4 billion by the
recent cash infusion from CPI/Gazit Holdings Limited ("CPI/Gazit")
?       Debt at the period end was just over EUR1 billion against total assets
of EUR4.4 billion providing a debt to total assets ratio stands of around 23%.
?       Earnings per share were EUR0.0331 (2007: 0.4028)
?       Forum Trabzon shopping centre in Turkey opened on 20 June 2008 with an
expected annual rental income of EUR14.5 million
Summary of changes approved at the EGM:
?       CPI/Gazit invested EUR500 million into Atrium and has agreed to
underwrite a EUR300 million rights issue to further strengthen the Company´s
balance sheet
?       Agreements with MERE and Meinl Bank cancelled and all ties severed
?       A new internalized management under the leadership of Rachel Lavine, as
CEO, and Chaim Katzman, as Chairman, was introduced
?       The old board resigned and the new, independent board of international
real estate professionals was established
?       The partly paid shares were cancelled along with the 88 million shares
previously bought back
?        The Company adopted its new name - Atrium European Real Estate.
A full version of the interim report can be found on the Atrium page 
of the Vienne Borse website at http://en.wienerborse.at/ or on the 
Company´s website at www.aere.com
Commenting, Chairman of Atrium, said:
"While the current market conditions are affecting property market as
a whole, I do believe that the changes we have already introduced and
are planning to implement put the Company in a strong position to 
weather the storm and create long term growth.  Our immediate 
priorities are to establish the right management team and systems, to
assess every single asset in the Company´s portfolio and to focus on 
ways to generate and enhance value.  We have already embarked on this
process and I believe that, as shareholders, we can now all start to 
look forward to the future with confidence."
end of announcement                               euro adhoc

Further inquiry note:

Financial Dynamics, London
Stephanie Highett / Richard Sunderland
+44 (0)20 7831 3113
Richard.sunderland@fd.com

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market