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Atrium European Real Estate Limited

EANS-Adhoc: Atrium European Real Estate Limited
First half results

  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
18.08.2010
Atrium European Real Estate Limited
("Atrium" the "Company" or the "Group")
First half results show solid progress across the Company
Jersey, 18 August 2010.  Atrium European Real Estate (VSE / 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 half year and second quarter 
ended 30June2010.
Highlights: * Profit before tax of E104.4 million (H1 2009: loss of 
E324.6 million;   FY2009:loss of E486.6million) * EBITDA excluding 
revaluation and exceptional items up 25% to E49.8 million   
(H12009:E39.7 million; FY2009: E90.9million) * Net cash from 
operating activities increased by 65% to E46.6 million compared   to 
E28.2million for the corresponding period last year (FY2009: E64.7   
million) * EPRA Net asset value per ordinary share up 4.5% to E6.04 
compared to E5.78 at   31December 2009 * Value of standing 
investments increased by 4.2% to E1.537 billion compared to   E1.475 
billion at 31December2009 * Weighted average occupancy increased to 
94.7% (H1 2009: 93.6%; FY2009: 94.0%) * Margin increased to 88% 
compared to 79% in H1 2009 (FY 2009: 81%) * Net rental income grew by
11.1% to E65.3 million (H12009: E58.8 million;   FY2009: E121.3 
million) * Like-for-like net rental income increased by 7.8% to E59.4
million (H12009:   E55.1 million) * Gross rental income remained 
stable at E74.4 million (H1 2009: E74.6 million;   
FY2009:E148.8million) * Like-for-like gross rental income down by 
3.4% to E65.9 million (H12009:   E68.2 million), reflecting temporary
rental discounts given since Q2 2009 * Borrowings decreased from 
E658.8 million, as at 31 December 2009, to E426.1   million as at 30 
June 2010, following the repurchase of all remaining 2006   Medium 
Term Notes (E234 million nominal value) * Cash balance decreased to 
E386.4 million at 30 June 2010   (31December2009:E610.7million), 
reflecting the bond acquisition * E0.03 dividend paid on 30 June 
2010, with a further E0.03 quarterly dividend   to be paid on 30 
September 2010 with an ex date of 22 September 2010 and a   record 
date of 24 September 2010.
Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "Today's results reflect the continued improvements in 
the markets in which we operate and the solid progress being made 
across all areas of the business. Whilst the revaluation of our 
properties helped to deliver a profit before tax of E104million, we 
are pleased that, excluding the positive effect of the portfolio 
revaluation and other exceptional items, EBITDA improved 25% to E50 
million.
"We have worked incredibly hard to improve operational efficiency and
protect the income from our assets, which is reflected in the 
continued positive trend on occupancy, which now stands at 94.7%. We 
are also pleased that in some cases we have been able to increase 
previously discounted rents, particularly in Russia.
"The operational and financial achievements we have made to date have
created a business which is well positioned for growth. Our real 
priority now is to ensure that we can make our cash and our low 
leverage work to our best advantage.  We are in a strong position and
are being diligent in our pursuit of acquisitions, whilst ensuring 
that we create maximum value from our standing assets and our 
development pipeline."
A full version of the first half 2010 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
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, 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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