Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
First quarter 2018 trading
update - ATTACHMENT
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Quarterly Report
St Helier Jersey / Channel Islands -
Atrium European Real Estate Limited
First quarter 2018 trading update
Jersey, 15 May 2018, Atrium European Real Estate Limited (VSE/Euronext: ATRS),
("Atrium" or the "Company" and together with its subsidiaries, the "Group"), a
leading owner, operator and redeveloper of shopping centres and retail real
estate in Central and Eastern Europe, provides an update on trading for the
three months ended 31 March 2018.
KEY HIGHLIGHTS
* At an operating level, the Group performed strongly with EPRA like-for-like
net rental income growth of 4.1% across the entire portfolio and 2.5% growth
excluding Russia.
* Due to EUR1.5m loss of revenue from disposals and EUR0.8m temporary impact of
redevelopments, the total NRI dropped marginally by EUR0.8m. This was
partially offset by positive momentum in like-for-like assets.
* EBITDA increased by 4% driven by the like-for-like net rental growth and the
benefits of lower costs delivered through the 2017 cost savings programme.
* The ongoing strategy to focus the Company's portfolio continued with the
signing of two sales agreements in April; one for the sale of Atrium Militari
in Romania at EUR95m and the other for the sale of Atrium Saratov in Slovakia
at EUR10.3m. This followed the recent disposals of 18 assets in Hungary and
one in the Czech Republic. In total, 21 assets were disposed of over the last
6 months, for EUR175m.
* More than 80% of our standing investments portfolio is now located in Poland
and the Czech Republic after effectively exiting both the Hungarian and
Romanian markets.
* Balance sheet well positioned to support growth with EUR49m in cash and
marketable securities, and continued low gearing with a net LTV of 32.9%.
* An increase and extension of the revolving credit facility was signed in May,
following which the unutilised revolving credit facility amounts to a total of
EUR300m, an increase of EUR75m and an extension of 3 years to 2023.
KEY FINANCIAL FIGURES FOR THE PERIOD
3M 2018 3M 2017 CHANGE
EURm EURm %
Net rental income 46.8 47.6 (1.8%)
EPRA Like-for-Like 32.5 31.3 4.1%
net rental income
EBITDA 41.4 39.8 4.0%
Company adjusted 29.7 30.5 (2.5%)
EPRA earnings
Liad Barzilai, Chief Executive Officer of the Group, commented: "Over the first
quarter of 2018, we have continued to progress with our portfolio repositioning
strategy. This has been achieved both through our extension and redevelopment
programme, with our projects Atrium Targowek, Atrium Reduta and the next phase
of Atrium Promenada on track to complete later this year, as well as through
further asset sales. With the disposals announced earlier this year and our
recent sale of Militari, we have now effectively exited Hungary and Romania and
have over 80% of our assets in the Czech Republic and Poland, the region's
strongest economies. These strategies are being reflected in the Group's
operational performance with healthy like-for-like rental income growth across
the portfolio and I believe that there is more to come as our extensions
complete and we receive the full benefit of our cost savings programme."
Further information can be found on the Company's website www.aere.com or for
Analysts:
mkatz@aere.com
Press & Shareholders:
FTI Consulting Inc
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Ellie Sweeney
atrium@fticonsulting.com
The Company is established as a closed-end investment company incorporated and
domiciled in Jersey and regulated by the Jersey Financial Services Commission as
a certified Jersey listed fund, and is listed on both the Vienna Stock Exchange
and the Euronext Amsterdam Stock Exchange. Appropriate professional advice
should be sought in the case of any uncertainty as to the scope of the
regulatory requirements that apply by reason of the above regulation and
listings. 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:
For further information:
FTI Consulting Inc.:
+44 (0)20 3727 1000
Richard Sunderland
Claire Turvey
Ellie Sweeney
atrium@fticonsulting.com
end of announcement euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/279/5/10150405/1/18_05_15_Atrium_Q1_2018_announcement.pdf
issuer: Atrium European Real Estate Limited
Seaton Place 11-15
UK-JE4 0QH St Helier Jersey / Channel Islands
phone: +44 (0)20 7831 3113
FAX:
mail: richard.sunderland@fticonsulting.com
WWW: http://www.aere.com
ISIN: JE00B3DCF752
indexes:
stockmarkets: Luxembourg Stock Exchange, Wien
language: English