Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
First quarter 2019 trading
update
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Quarterly Report
St Helier Jersey / Channel Islands -
First quarter 2019 trading update
Benefitting from an increasingly prime portfolio
Jersey, 8 May 2019, Atrium European Real Estate Limited (VSE/Euronext: ATRS),
(the "Company" and together with its subsidiaries, the "Atrium Group" or the
"Group"), a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe, provides an update on trading for the
three months ended 31 March 2019.
KEY FINANCIAL FIGURES FOR THE PERIOD
3M 2019 3M 2018 CHANGE
EURm EURm
Net rental income 36.9 36.6 1.0%
excl. Russia
EPRA Like-for-Like
net rental income 20.1 19.8 1.4%
excl. Russia
Net rental income 46.2 46.8 (1.2%)
EPRA Like-for-Like 28.4 28.4 0.2%
net rental income
EBITDA 40.9 41.4 (1.3%)
Company adj. EPRA
earnings per share 7.8 7.9 (0.4%)
(in EURcents)
EPRA NAV per share 5.04 5.10 (1.2%)
(in EUR)
Cost of financing 3.1 3.4
(in %)
Average debt 5.2 4.4
maturity (in years)
Net LTV (in %) 37.6 32.9
Highlights
* Continued progress in executing the Group's strategy to focus the portfolio
towards prime shopping centres in Poland and the Czech Republic:
- signed an agreement to acquire Atrium's fifth asset in Warsaw, King Cross
shopping centre, for EUR43m with completion expected in Q2 2019. This is a
well-connected and established retail destination with a diverse tenant mix
including strong national and international tenants
- monetised 13% of the land bank with the completion of a EUR28m land disposal
in Gdansk, Poland at around book value
* 1.4% improvement in EPRA like-for-like net rental income ("NRI") excluding
Russia or 0.2% growth across the portfolio
* Higher quality cash flow generated from acquisitions and the opening of three
extensions in Warsaw in Q4 2018 offset the impact from disposals including the
exit from Hungary and Romania, resulting in a 1.0% increase in NRI excluding
Russia
* EBITDA stable at EUR41m while the EBITDA margin remained strong at 89% (Q1
2018: 88%)
* LFL NRI in Russia decreased by 2.9% mainly as a result of specific tenants
exiting the market and subsequent retenanting initiatives
* Balance sheet well positioned to support growth with EUR54m cash and
equivalents, EUR257m unutilized revolving credit facility and a net LTV of
37.6%.
Liad Barzilai, Chief Executive Officer of Atrium Group, commented:
"During the first quarter we began to see the new high quality income flowing
through from the extensions we opened at Atrium's three prime retail
destinations in Warsaw at the end of last year which, coupled with the income
from acquisitions, helped to offset the loss of income from our disposal
programme. We have also made further significant progress with our portfolio
repositioning by monetising 13% of the Company's land bank through the sale of a
land parcel in Gdansk and by agreeing to the acquisition of a well located local
shopping centre in Warsaw. We continue to work on strengthening our portfolio
through redevelopments and asset rotation and have a strong balance sheet to
support the execution of our strategy."
Further information can be found on the Company's website www.aere.com or for
Analysts:
Molly Katz: mkatz@aere.com
Press & Shareholders:
FTI Consulting Inc.: +44 (0)20 3727 1000
Richard Sunderland/Claire Turvey: atrium@fticonsulting.com
[atrium@fticonsulting.com]
About Atrium European Real Estate
Atrium is a leading owner, operator and redeveloper of shopping centres and
retail real estate in Central Europe. Atrium specializes in locally dominant
food, fashion and entertainment shopping centres in the best urban locations.
Atrium owns 33 properties with a total gross leasable area of over 975,000 sqm
and with a total market value of approximately EUR2.9 billion. These properties
are located in Poland, the Czech Republic, Slovakia and Russia, and with the
exception of one, are all managed by Atrium's internal team of retail real
estate professionals.
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
Richard.sunderland@fticonsulting.com
end of announcement euro adhoc
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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