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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Final results

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
annual report
24.03.2009
Atrium European Real Estate Limited
                            ("Atrium" or the "Group")
Final results
-authority for further bond repurchases granted-
Jersey, 24 March 2009.  Atrium European Real Estate (ATX: ATR), a 
leading Central and Eastern European real estate business focused on 
shopping centre investment, management and development, announces its
results for the year and fourth quarter ended 31 December 2008.
Key points of the results are as follows:  . Gross rental income 
increased by 12% to EUR134 million (2007: EUR120    million)with 
like-for-like gross rental income up by 7% to EUR118 million   (2007:
EUR110 million).  . Net rental income grew by 13% to EUR95 million 
(2007: EUR84 million) with    like-for-like net rental income up 7% 
to EUR88 million   (2007: EUR83 million).  . The Group's cash balance
was EUR1,251 million compared to EUR1,510 million    in debt, of 
which EUR11 million matures in 2009, EUR10 million in 2010,    EUR714
million in 2011-2013 and EUR775 million in the year 2014 or later.  .
The Group is within its two covenants for the 2006 Eurobond issued 
under its    medium term note programme 2006 (net debt to market 
value is 10.8% versus a    covenant of 60%, and indebtedness to total
assets is 8.7% versus a covenant    of 20%).  . EBITDA excluding 
valuation and exceptional items resulting from the Master    
Transaction Agreement amounted to EUR39 million (2007: EUR10 
million).  . Loss before taxation amounted to EUR924 million, with a 
loss per share of    EUR3.954, including EUR276 million termination 
costs to the previous    management company, EUR434 million in 
devaluation and an impairment of    EUR231 million.  . Cash flows 
from operating activities amounted to EUR50 million (2007: EUR45    
million).  . Net asset value per share was at EUR10.66.  . The market
value of the investment properties decreased by 7% to EUR1,762    
million (2007: EUR1,894 million) caused mainly by additions and 
transfers of    EUR302 million and devaluation of EUR434 million.  On
a like-for-like basis    the value of the investment portfolio 
decreased 23%.  . The development investment portfolio was impaired 
by EUR231 million to    EUR727 million, with a decrease of 23% on a 
like-for-like basis.  . The Group's development pipeline includes 34 
projects represented under    investment properties under 
development.  Seven of these 34 projects are    expected to be 
completed within the next few years at a total cost of    completion 
not exceeding EUR400 million.  . EUR3 million provision created to 
cover a restructuring programme to align    Group structure and new 
business model to the new economic environment.  The    Group 
anticipates consequent cost savings of EUR3 million an annualised    
basis.  . Average occupancy rate remained steady at 93.6% despite 
market conditions    (2007: 94.4%)
A full version of the 2008 results can be found on the Atrium page of
the Vienne Börse website at http://en.wienerborse.at/ or on the 
Company's website at www.aere.com
Atrium also announces that its board of directors has authorised the 
repurchase of further notes issued under the Group's guaranteed 
medium term note programme 2006 (ISIN XS0263871328) as permitted by 
the terms of the notes and of other debt instruments issued by Atrium
or any of its subsidiaries, including the bonds listed on the Vienna 
stock exchange (ISIN AT0000330964, ISIN AT0000341789, ISIN 
AT0000341797, ISIN AT0000496633, ISIN AT0000496641, ISIN 
AT0000492996). It is intended that repurchases will be made through 
agents for the Group and will take place opportunistically as market 
conditions or circumstances permit in amounts and on terms that the 
Group determines to be financially appropriate. The Board of Atrium 
believes that further repurchases of its publicly traded debt and of 
other debt instruments will result in a more efficient capitalisation
of the Group.
Commenting on the results Rachel Lavine, chief executive officer of 
Atrium said:  "2008 was an extremely difficult year for global 
financial markets and economies as a whole. We witnessed 
unprecedented conditions from which the real estate market has not 
been immune and this is reflected in the portfolio revaluation and 
impairment loss on the Group's income statement.
"However, the Group's key strengths of its balance sheet, its cash 
position in particular, and the resilience of our asset class do give
me a great deal of confidence in the Atrium's future and, I believe, 
set us apart from many other real estate companies.  We are not under
any pressure from banking covenants and have a cash reserve that 
gives us the flexibility and firepower to really make the most of the
current market conditions.
"Additionally, we are of the firm belief that well located 
supermarket anchored shopping centres, such as ours, which are 
tailored to suit their local environment by size, design and tenant 
mix, are amongst the most resilient asset classes in the real estate 
sector.  We believe that our retail tenants, most of whom sell items 
that are everyday necessities, such as groceries and household goods,
will be less affected in these difficult times.
"We also believe that, over the long term, Central and Eastern Europe
still offers a great opportunity for growth.  I also take comfort in 
the fact that the bulk of our operating properties by rental income 
are in the region's more established and resilient countries such as 
the Czech Republic and Poland, which offer a higher degree of 
security of income.
"For these reasons, despite the harsh economic conditions, I remain 
extremely positive about our Company's future and our ability to 
achieve our goal of becoming the dominant retail real estate business
in the Central and Eastern European market."
For further information:
Financial Dynamics:                                     +44 (0)20 
7831 3113 Richard Sunderland Laurence Jones Stephanie Highett  
Richard.sunderland@fd.com
end of announcement                               euro adhoc

Further inquiry note:

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

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

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