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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
First Half Results 2009

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
6-month report
21.08.2009
Atrium European Real Estate Limited
                     ("Atrium" the "Company" or the "Group")
First half results show solid progress and improved efficiency
Jersey, 21 August 2009.  Atrium European Real  Estate  (Euronext/ATX:
ATRS),  a leading Central and Eastern European real estate business  
focused  on  shopping centre investment, management and development, 
announces  its  results  for  the half year ended 30 June 2009.
Key points of the results are as follows:  . Net rental income grew 
19.9% to EUR59 million  (6M  2008:  EUR49  million)    while gross 
rental income rose 16.4% to EUR75 million (6M 2008: EUR64    
million).
  • On a like-for-like basis, GRI fell 6.9% to EUR58 million (6M 2008: EUR62 million) and NRI fell 4.3% to EUR50 million (6M 2008: EUR52 million). - Second quarter GRI was EUR38 million, slightly up on Q1 2009, with NRI up 4.7% at EUR30 million. - Operating margin improved to 79% for the first half from 71% in 2008, reflecting Atrium's ongoing operational efficiency programme. . Balance sheet remains strong, with a cash balance at 30 June 2009 of EUR855 million (2008: EUR1.25 billion). - Borrowings reduced to EUR1.08 billion (31 December 2008: EUR1.51 billion), following the acquisition of EUR441 million of nominal value of 2006 Notes and 2008 Convertible Securities, reducing annualised interest payments by EUR34 million. - The average interest rate is now 7.6%. - The Group is well within the two covenants of its medium term note programme 2006. . Standing assets were revalued downwards by EUR237 million to around EUR1.49 billion in the first half, while its land and development portfolio was revalued down by EUR139 million to EUR712 million. - This negative revaluation was felt predominantly in Q1, with a noticeable slowdown in the rate of decline in Q2. - In Q2, standing investments were revalued down by only EUR56 million (Q1 revalued down by EUR181 million), while developments and land was down by EUR28 million (Q1 revalued down by EUR111 million).
  • 9.85% average weighted equivalent yield at 30 June 2009 compared to 9.69% at the end of the first quarter and 9.14% at the end of 2008. . EBITDA excluding the revaluation and impairment amounted to EUR40 million (6M 2008: EUR23 million). . Loss before tax was EUR325 million (6M 2008 profit before tax: EUR2 million), mainly resulting from the valuation movement of standing investments, developments and land. . Cash flow from operating activities was EUR33 million (6M 2008: EUR51 million), mainly due to a decrease in interest rates, lower cash balances and higher average interest expense. . Net asset value per share was at EUR8.97 (31 March 2009: EUR9.22, 31 December 2008: EUR10.66). . Occupancy levels were slightly up at 93.6% compared to 93.4% at the end of Q1 2009 and steady compared to 93.6% at 31 December 2008. . The Company progressed its dual listing of shares on Euronext Amsterdam which was subsequently completed when dealings commenced on 19 August.
Commenting on the results, Rachel Lavine, CEO of Atrium  European  
Real  Estate, said: "Against an ongoing difficult and unpredictable 
market backdrop,  we  have  been quick to react and made good 
progress across all areas  of  the  business.   The economic climate 
and  lower  rental  income  in  some  countries  have  clearly 
impacted the value of our portfolio.   However,  despite  yields  
continuing  to move out in the second quarter of 2009, movements 
appear to be  getting  smaller and we are reaching a more stable 
level.
"The successful completion of the Company's dual listing on  Euronext
Amsterdam has been an important milestone for the Company this year. 
It provides us  with a strong  platform  for  future  growth  and  
was  one  of  the  key  objectives identified when the new  
management  team  took  over.   As  an  internationally recognised 
and traded exchange, it opens Atrium up to a far  wider  universe  of
potential  investors  which  we  believe  should  result  in  
increased  analyst coverage, greater liquidity in Atrium's shares and
enhanced  pricing  over  the longer term.
"Whilst the economic outlook in many of our areas of operation 
continues  to  be uncertain, we remain  robust  in  our  positive  
long  term  outlook.   We  will continue to assess opportunities 
arising from the current market conditions  and will maintain our 
focus on making the company more efficient  operationally  and 
financially.  The strength of our balance sheet and low levels of 
leverage,  the resilience of our asset class combined with the 
quality  of  our  portfolio  and the ability of our management team 
leaves us well positioned to achieve our  aim of being the leading  
owner  and  developer  of  supermarket  anchored  shopping centres in
Central and Eastern Europe."
A full version of the first half 2009 results can be found on  the  
Atrium  page
of the Vienna Börse website at  http://en.wienerborse.at  or  on  the  Company's
website at www.aere.com.
For further information:
Financial   Dynamics:                                  +44(0)20 7831 3113
Richard Sunderland
Laurence Jones
Stephanie Highett 
Richard.sunderland@fd.com
Notes to Editors:
About Atrium European Real Estate Limited
Atrium is a leading real estate company focused on shopping  centre  
investment, management and development in Central and Eastern Europe.
As  at  30  June  2009 the Group owned 152 standing investments, with
a market value of EUR1.49 billion, diversified across eight countries
with a  total  gross  lettable  area  of  1.1 million sqm. 
Geographically, the Group's focus is  principally concentrated  in 
Poland, the Czech Republic and Russia  with  a  presence  in Hungary,
Romania, Slovakia, Latvia  and  Turkey.  In  addition,  the  Company 
has  a  development portfolio including several development projects 
with a market  value  of  EUR712 million as at 30 June 209.
Gross rental income from investment properties for the year  ended  
31  December 2008 was EUR134 million and EUR75 million for the first 
half of  2009.   Net rental income for the year to 31 December 2008 
amounted to £95 million and EUR59  million for the six months to 30 
June 2009.  As at 30 June 2009, the Company had a  cash position of 
EUR855 million against borrowings of EUR1.08 billion.
Following a strategic investment of EUR500 million by a  Citi  
Property Investors and Gazit Globe Ltd joint venture, agreed in  
August  2008,  Rachel Lavine  was appointed Chief Executive Officer  
of  Atrium.  Rachel  Lavine  has significant experience of both real 
estate and the CEE region and was previously  President and CEO of 
Plaza Centres.  The Board is chaired by  Chaim Katzman,  founder  of 
Gazit Globe, which has extensive global experience  of real  estate  
management and is one of the largest owners of shopping centres in 
the world.
The Company is based in Jersey and  dual  listed  on  the  Vienna  
and  Euronext Amsterdam Stock Exchanges under the ticker ATRS.
This press release appears as a matter of record only and  does  not 
constitute an offer to sell or a solicitation of an offer to purchase
any security.
Atrium is established as a closed-end investment company  domiciled  
in  Jersey. Atrium is registered with the Dutch Authority for the  
Financial  Markets  as  a collective investment scheme which may 
offer participations in  The  Netherlands pursuant  to  article  2:66
of  the  Financial  Supervision  Act  (Wet  op  het financieel 
toezicht). 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. The Dutch and  Austrian paying agent of Atrium is Kempen  & 
Co.  N.V.,  Beethovenstraat  300,  1077  WZ Amsterdam, the 
Netherlands.
end of announcement                               euro adhoc

Further inquiry note:

Financial Dynamics: +44(0)20 7831 3113
Richard Sunderland
Laurence Jones
Stephanie Highett
Richard.sunderland@fd.com

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

Plus de actualités: Atrium European Real Estate Limited
Plus de actualités: Atrium European Real Estate Limited
  • 12.08.2009 – 07:35

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