Atrium European Real Estate Limited
EANS-News: Atrium European Real Estate Limited
Third quarter and nine months
2017 trading update - ATTACHMENT
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St Helier Jersey / Channel Islands -
Atrium European Real Estate Limited
Third quarter and nine months 2017 trading update
Jersey, 15 November 2017. 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 third quarter and nine months ended 30 September 2017.
KEY HIGHLIGHTS
* EPRA like for like net rental income growth of 2.3% excluding Russia and 8%
including Russia.
o At an operating level, the Group performed strongly with a 5.6% growth in
Company adjusted EPRA earnings, 6% growth in profit after tax and 13.9%
increase in EBITDA
o Balance sheet well positioned to support growth with:
o EUR89m in cash and marketable securities, EUR225m unutilized revolving credit
facility following a EUR50m increase of the facility in September this year and
continued low gearing
o Further progress made after the period end with the refinancing of our Atrium
Flora asset with a new secured 10 year EUR136 million loan at a 1.9% all-in cost
which will add an additional EUR1.7m to Company adjusted EPRA earnings
* The vast majority of eligible claimants in respect of the framework agreement
signed in March 2017 have now submitted documents and, to date, the Group has
transferred EUR14m to settle these claims
* Fourth quarterly dividend of 6.75 EURcents per share due to be paid as a
capital repayment on 28 December 2017
* The Board decided to maintain the Group's annual dividend at EURcents 27 per
share for 2018, demonstrating its continued confidence in the Group's
strategy. The dividend will continue to be reviewed quarterly.
KEY FINANCIAL FIGURES FOR THE PERIOD
9M 2017 9M 2016 CHANGE
EURm EURm %
Net rental income 143.8 142.1 1.2%
EPRA Like-for-Like 111.4 103.2 8.0%
net rental income
EPRA Like-for-Like
net rental income 81.0 79.2 2.3%
excl. Russia
EPRA Like-for-Like
net rental income 30.4 24.0 26.7%
Russia
EBITDA excl.
revaluation, 122.1 107.2 13.9%
disposals and
impairments
Company adjusted 92.4 87.5 5.6%
EPRA earnings
Profit after 91.0 85.9 6.0%
taxation
Liad Barzilai, Chief Executive Officer of the Group, commented: "We have
continued to build on the momentum from our encouraging start to the year,
delivering like-for-like net rental income growth across all our countries, as
the benefits of our ongoing portfolio repositioning and improvement strategies
continue to bear fruit. Like-for-like net rental income excluding Russia came in
up 2.3%, and 8% including Russia. At the same time, we continue to execute on
our strategy of investing in our existing properties as we reposition the
portfolio towards high quality assets in major cities and urban locations."
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/279/5/10075297/1/Q3_2017_Trading_update_announcement_-_FINAL.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