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