Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
FIRST QUARTER 2013 RESULTS
SHOW RESILIENT GROWTH AND INCREASED OPERATIONAL PROFITABILITY
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
Earnings/quarterly report
24.05.2013
Atrium European Real Estate Limited
("Atrium" or the "Group")
FIRST QUARTER 2013 RESULTS SHOW RESILIENT GROWTH AND INCREASED
OPERATIONAL PROFITABILITY
Ad hoc announcement - Jersey, 24 May 2013. Atrium European Real Estate Limited
(VSE/ Euronext: ATRS), a leading owner, operator and developer of retail real
estate and shopping centres in Central and Eastern Europe, announces its
results for the quarter ended 31 March 2013.
Highlights:
- Gross rental income ("GRI") increased by 4.1% to EUR50.6m
(Q1 2012: EUR48.6m), with an increase in EPRA like-for-like GRI of 2.8%
to EUR49.9m (Q1 2012: EUR48.5m)
- Net rental income ("NRI") increased by 4.4% to EUR47.2m
(Q1 2012: EUR45.3m), with an increase in EPRA like-for-like NRI of 2.9% to
EUR46.6m (Q1 2012:EUR45.2m)
- Operating margin increased to 93.4% (Q1 2012: 93.1%)
- EPRA occupancy rates steady at 97.9%
- EBITDA, excluding revaluation and disposals, increased by 6.1% to EUR40.0m
(Q1 2012: EUR37.7m)
- 15.7% rise in net operating profit to EUR47.8m (Q1 2012: EUR41.3m)
- Profit before taxation was EUR33.0m (Q1 2012: EUR49.2m) due to the effect
of largely unrealised, non-cash, foreign exchange losses of EUR22.6m
- Group adjusted EPRA earnings per share increased by 4.7% to EUR0.09
(Q1 2012: EUR0.086)
- EPRA Net asset value ("NAV") per ordinary share increased by 0.8% to
EUR6.49(FY 2012: EUR6.44) after distributing a dividend of EUR0.05 per
share. The value of the Group's 156 standing investments grew by 0.6% to
EUR2.2bn, with over EUR1.0bn located in Poland
- Cash position of EUR192.4m as at 31 March 2013
- Borrowings of EUR535.3m as at 31 March 2013 (FY 2012: EUR537.1m) and a
gross and net LTV of 19.5% and 12.5% respectively
- Dividend payment of EUR0.05 per share with 2013's second quarterly payment
due on 28 June 2013 to shareholders on the register at 21 June 2013 with an
ex-date of 19 June 2013
- EUR350 million successfully raised in April through the placing of a 3.7
times over-subscribed unsecured seven year Eurobond bearing a 4.0% fixed
coupon. Both Standard & Poor's and Fitch assigned a BBB- investment grade
credit rating to the bond
- Continued progress made at our Lublin Felicity development in Poland with
the project now substantially pre-let at 87%, with an average lease length
of approximately six years, and on target to open in early 2014
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said: "We have a made an encouraging start to the year, having delivered
growth in both gross and net rental income on an absolute and like-for-like
basis which has flowed through to growth in our EPRA earnings and net asset
values. While we remain very mindful of the wider macroeconomic situation
across Europe, given the quality of our portfolio and expertise of our team, I
continue to believe that we are well placed to achieve our aims.
"I was also very pleased with the investor support we received for our bond
issue, which was well oversubscribed and raised EUR350 million. This was a real
endorsement of the progress we have made at the company and has provided us with
substantial financial liquidity to support our strategy for growth."
This announcement is a summary of, and should be read in conjunction with the
full version of the Group's Q1 2013 results, which can be found on the Atrium
page of the Vienna Börse website at http://en.wienerborse.at/ and on the
Group's page of the Euronext Amsterdam website, www.euronext.com or on the
Group's website at www.aere.com.
Further information can be found on Atrium's website www.aere.com or from:
Analysts:
Ljudmila Popova lpopova@aere.com
Press & Shareholders:
FTI Consulting Inc +44 (0)20 7831 3113
Richard Sunderland
Will Henderson
Daniel O'Donnell
atrium@fticonsulting.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.
Further inquiry note:
Richard Sunderland, FTI Consulting Inc
+44 (0)20 7831 3113
atrium@fticonsulting.com
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
sector: Real Estate
ISIN: JE00B3DCF752
indexes: Standard Market Continuous
stockmarkets: official market: Wien
language: English