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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
Third Quarter Results and Directorate Changes

  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.
9-month report
25.11.2009
Atrium European Real Estate Limited
                            ("Atrium" or the "Group")
Third Quarter Results and Directorate Changes
Jersey, 25 November 2009. Atrium European Real Estate (ATX/EURONEXT: 
ATRS),  one of the leading real estate companies  focused  on  
shopping  centre  investment, management and development in Central 
and Eastern Europe, announces its  results for the nine months and 
third quarter ended 30 September 2009.
Financial highlights:  • Gross rental income increased by 14.5% to 
EUR112 million (September  2008:    EUR97 million)     - 
like-for-like gross  rental  income  decreased  by  8.3%  to  EUR86  
million (September 2008: EUR93 million)  • Net rental income grew 
25.9% to EUR89 million (September  2008:  EUR71    million), 
reflecting an improvement in operational efficiencies     - 
like-for-like  net  rental  income  decreased  by  5.54%  to  EUR71  
million (September 2008: EUR75 million)  • Cash balance remains 
strong at EUR814 million  (30  June  2009:  EUR855    million; 
31 December 2008: EUR1.3 billion; 30 September 2008: EUR1.4 billion) 
• Borrowings decreased from EUR1.51 billion, as at 31  December  
2008,  to    EUR1.07 billion as at 30 September  
2009(30 September 2008: EUR1.6 billion)    and  the Group remains 
comfortably within the covenants of its 2006 medium    term notes  • 
EBITDA excluding property revaluation and exceptional items amounted 
to    EUR64 million (September 2008: EUR34 million)  • Loss after 
taxation amounted to EUR342 million (September 2008: EUR485    
million), with a loss per share after taxation  of  EUR1.473  
(September    2008:  loss  of EUR2.293)  • Cash   flow   from   
operating   activities   amounted   to   EUR51   million    
(September 2008: EUR40 million)
• Net asset value per share was EUR8.75 (30 June 2009: EUR8.97; 31  December
   2008; EUR10.66)
 • Standing investments were revalued downwards by EUR36 million to EUR1.46
billion over the three months to 30 September 2009, showing a 
significant    slowdown in devaluation compared to the EUR237 million
downward  valuation    for  the  first half year of 2009  • Operating
margin for the nine months to 30 September 2009 improved to  79.65%  
compared to 72.42% for the nine months to 30 September 2008,  and  to
81.43%    for the third quarter 2009 compared to 64.64%  in  the  
third  quarter  2008,    reflecting the Group´s ongoing operational 
efficiency programme.
Operational highlights:  • Announcement and subsequent approval at 
EGM,  of  the  Exchange  Transaction,    which on completion, will 
result in the exchange of EUR427.9  million  of    2008 Convertible 
Bonds, 4,933,333 warrants and 8,043  special  voting    shares  for 
144.9 million  ordinary  shares  and  EUR9.3 million  in  cash    
with  CPI/Gazit Holdings Limited
- following closing of the Exchange Transaction, a proposed  partial  tender
      offer for up to EUR120 million in nominal value of 2006 medium term notes
      at 95%, as well as the payment of a special dividend of  EUR0.50  per
      ordinary share and the initiation of a dividend policy of EUR0.12 per
      ordinary  share per year
• Average occupancy rate remained stable at 93.57%  despite  
difficult  market    conditions (30 June 2009: 93.57%)  • Opening an 
extension at Togliatti centre in Russia during the  period  ended    
30 September 2009 with further  openings  of  extensions  at  
Volgograd  and    Togliatti since the period end.
Directorate Changes Atrium also announces  that,  following  approval
at  a  Board  meeting  on  24 November 2009, Neil Hasson  and  Noam  
Ben-Ozer  have  been  appointed  as  non- executive directors with 
immediate effect, following  the  retirement  from  the Board of 
Shanti Sen and Peter Baguley.
Neil Hasson, managing director and head of Europe for  Citi  Property
Investors ("CPI"), will be one of CPI´s appointed directors  on  the 
Board.  He  replaces Shanti Sen who has stepped down from the Board 
following  her  resignation  from CPI to pursue other business 
opportunities. Mr. Hasson joined  CPI  in  February 2005 and is 
responsible for a EUR1.2 billion pan European real estate fund. Prior
to joining CPI, he was a successful private real estate investor, 
acquiring  in excess of £250 million of commercial real estate in the
UK  over a  three  year period. Previously, Mr. Hasson  was  a  
founding  partner  of DLJ  Real  Estate Capital Partners, a $660  
million  real  estate  opportunity fund,  managed  by Donaldson, 
Lufkin and Jenrette, where he worked for 10 years. From  1989,  prior
to DLJ, he worked for Goldman, Sachs & Co. in London, Tokyo and  New 
York.  He holds an MBA from The Wharton School of the University  of 
Pennsylvania  and  a B.Sc. in Electrical Engineering from the 
University of Cape Town.
Noam Ben-Ozer has been appointed to the Board as  an  independent  
non-executive director in place of Peter Baguley who has stepped down
in order to ensure  that Atrium´s Board retains a suitably 
international representation overall  that  is consistent  with  the 
applicable  fiscal  and  regulatory  considerations   and 
requirements relating to Directors´ residency.
Mr. Ben-Ozer is the founder and proprietor of Focal Advisory,  a  
strategic  and finance-related  advisory  firm  in  Boston.  He  has 
extensive  experience  in financial and business planning, fund  
raising,  deal  structuring  and  project financing.  He is also a 
director of  Equity  One,  a  leading  US  real  estate investment 
trust. Mr. Ben-Ozer holds an MBA from the Harvard Business School.
Commenting, Rachel Lavine, Chief Executive  Officer  of  Atrium  
European  Real Estate, said:  "We are pleased with the financial 
results of  the  Company  and the progress we have achieved in the 
first nine months of 2009.
"We believe the Exchange Transaction, which was announced in 
September,  to  be an extremely positive step forward for Atrium, as 
it follows our clearly stated strategy of reducing our debt, having 
already acquired  in  EUR382.8  million of nominal value in 2009. It 
is also in line with our commitment to improving both the efficiency 
of  our  balance  sheet  and  our  corporate  governance. This 
transaction will simplify Atrium´s capital structure and 
significantly decrease its borrowing costs. Together with the 
completion  of  our  Euronext Amsterdam listing, we are in a far more
stable state than when we took  control and  are now shifting focus 
onto growth and the creation of value.
"Our strong cash position, low leverage, strong management team and  
resilience of our asset class leave me feeling confident of the 
future  prospects  of  the Company.
Chaim Katzman, Chairman of Atrium, added: "On behalf of the Board, I 
would also like to thank both Shanti and  Peter  for all their hard 
work during  their time  at  Atrium  and  to  welcome  our  new 
directors, Neil and Noam, to the Company."
A full version of the third quarter 2009 results can be  found  on  
the  Atrium page of the Vienna  Börse  website  at  
http://en.wienerborse.at/  and  on  the Company´s page of the 
Euronext Amsterdam website, www.euronext.com  or  on  the Company´s 
website at www.aere.com.
For further information:
Financial Dynamics:                                     +44 (0)20 
7831 3113 Richard Sunderland Laurence Jones  Richard.sunderland@fd.com
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.
end of announcement                               euro adhoc

Further inquiry note:

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

Branche: Real Estate
ISIN: JE00B3DCF752
WKN:
Index: Standard Market Continous
Börsen: Wien / official market

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