Atrium European Real Estate Limited
EANS-Adhoc: Atrium European Real Estate Limited
FIRST HALF RESULTS SHOW
EXCELLENT OPERATIONAL PERFORMANCE AND A 37% INCREASE IN EBITDA
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
17.08.2012
Atrium European Real Estate Limited
("Atrium" or the "Group")
FIRST HALF RESULTS SHOW EXCELLENT OPERATIONAL PERFORMANCE AND A 37%
INCREASE IN EBITDA
Ad hoc announcement - Jersey, 17 August 2012. 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 first half and second quarter ended 30 June 2012.
Financial Highlights:
- Gross rental income ("GRI") for H1 2012 increased by 13.0% to EUR 96.2m
(H1 2011: EUR 85.1m), with an increase in like-for-like GRI of 5.6% to
EUR 80.8m (H1 2011: EUR 76.5m)
- Net rental income ("NRI") increased by 17.5% to EUR 91.7m (H1 2011:
EUR 78.0m), with a market leading increase in like-for-like NRI of 7.0%
to EUR 76.3m (H1 2011: EUR 71.3m)
- Operating margin increased to 95.4% (H1 2011: 91.7%) slightly ahead of
management expectations
- EBITDA, excluding revaluation, increased by 36.9% or EUR 20.6m to
EUR 76.4m (H1 2011: EUR 55.8m)
- EPRA occupancy rates increased to 97.7% (H1 2011: 96.3%)
- Profit before taxation was EUR 90.9m including a EUR 33.0m revaluation
of the portfolio (H1 2011: Profit before taxation of EUR 113.7m
including a EUR 58.8m revaluation of the portfolio)
- Adjusted EPRA earnings per share increased by 21.4% to EUR 0.17 (H1 2011:
EUR 0.14)
- EPRA Net asset value ("NAV") per ordinary share increased by 1.9% to
EUR 6.48 (FY 2011: EUR 6.36)
- Net cash generated from operating activities grew 12.6% to EUR 67.9m (H1
2011: EUR 60.3m)
- The Group's income producing portfolio of 155 assets valued at EUR
2.147bn (31 March 2012: EUR 2.098bn; 31 December 2011: EUR 2.077bn)
- Cash position of EUR 229.4m as at 30 June 2012
- Borrowings of EUR 555.6m as at 30 June 2012 (FY 2011: EUR 568.0m) and a
gross LTV of 20.5% (net LTV of 12.0%) with further progress in reducing
the Group's more expensive and shorter term debt achieved through:
- the early repayment of two loans totalling EUR 10.6m from EUROHYPO
AG bank in April
- the successful closing of a tender offer for the Group's 2003 Note
programme, leaving just EUR 39.3m of the EUR 100.0m aggregate amount
of the Notes outstanding
- Quarterly dividend payment of EUR 0.0425 per ordinary share to be paid
on 28 September 2012 to shareholders on the register on 21 September
2012, with an ex date of 19 September 2012.
Operational Highlights:
- Contracted to acquire from Russian Cinema Holdings its holdings in the
Group's Volgograd, Togliatti and Yekaterinburg Russian shopping centres
for a total consideration of EUR 9.3m, with the acquisitions of
Volgograd and Togliatti completing in June and Yekaterinburg due to
complete during the remainder of the year
- Good progress made at the Group's Atrium Felicity development in Lublin,
Poland with the forward sale of the 19,700 sqm hypermarket premises to a
major international food retailer finalised in June and the appointment
of the general contractor in July. The development is 52% pre-let and
construction has now started with completion of the entire 75,000 sqm
centre expected in late 2013
- Completed the acquisition of the 38,000 sqm land plot adjacent to the
Atrium Copernicus shopping centre in Torun, Poland, announced last year
- Five year extensions to six lease contracts across 62,000 sqm of GLA
agreed with Spar in the Czech Republic
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate,
said:
"I am pleased to report these excellent results which demonstrate our
ability to maximise value by adopting a hands-on and detailed approach to asset
management. Despite the challenging and uncertain economic environment, we have
been able to deliver market leading growth in like-for-like net rental income
which helped us achieve an increase of almost 37% in EBITDA and 21% in adjusted
EPRA earnings. We continue to improve Atrium's debt position by buying back or
repaying our more expensive short term debt.
"Although we see low levels of activity in the investment market, we continue to
look for suitable acquisitions in our core markets while progressing with our
development plans. I am confident about the Company's ability to continue to
perform well."
This announcement is a summary of, and should be read in conjunction with the
full version of the Group's H2 and Q2 2012 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 +31 (0)20 718 4564
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:
FTI Consulting Inc
+44 (0)20 7831 3113
Richard Sunderland
Will Henderson
richard.sunderland@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