EANS-Adhoc: Atrium European Real Estate Limited / Final results

--------------------------------------------------------------------------------
Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
--------------------------------------------------------------------------------

annual report

24.03.2009

Atrium European Real Estate Limited
("Atrium" or the "Group")

Final results

-authority for further bond repurchases granted-

Jersey, 24 March 2009. Atrium European Real Estate (ATX: ATR), a
leading Central and Eastern European real estate business focused on
shopping centre investment, management and development, announces its
results for the year and fourth quarter ended 31 December 2008.

Key points of the results are as follows: . Gross rental income
increased by 12% to EUR134 million (2007: EUR120 million)with
like-for-like gross rental income up by 7% to EUR118 million (2007:
EUR110 million). . Net rental income grew by 13% to EUR95 million
(2007: EUR84 million) with like-for-like net rental income up 7%
to EUR88 million (2007: EUR83 million). . The Group's cash balance
was EUR1,251 million compared to EUR1,510 million in debt, of
which EUR11 million matures in 2009, EUR10 million in 2010, EUR714
million in 2011-2013 and EUR775 million in the year 2014 or later. .
The Group is within its two covenants for the 2006 Eurobond issued
under its medium term note programme 2006 (net debt to market
value is 10.8% versus a covenant of 60%, and indebtedness to total
assets is 8.7% versus a covenant of 20%). . EBITDA excluding
valuation and exceptional items resulting from the Master
Transaction Agreement amounted to EUR39 million (2007: EUR10
million). . Loss before taxation amounted to EUR924 million, with a
loss per share of EUR3.954, including EUR276 million termination
costs to the previous management company, EUR434 million in
devaluation and an impairment of EUR231 million. . Cash flows
from operating activities amounted to EUR50 million (2007: EUR45
million). . Net asset value per share was at EUR10.66. . The market
value of the investment properties decreased by 7% to EUR1,762
million (2007: EUR1,894 million) caused mainly by additions and
transfers of EUR302 million and devaluation of EUR434 million. On
a like-for-like basis the value of the investment portfolio
decreased 23%. . The development investment portfolio was impaired
by EUR231 million to EUR727 million, with a decrease of 23% on a
like-for-like basis. . The Group's development pipeline includes 34
projects represented under investment properties under
development. Seven of these 34 projects are expected to be
completed within the next few years at a total cost of completion
not exceeding EUR400 million. . EUR3 million provision created to
cover a restructuring programme to align Group structure and new
business model to the new economic environment. The Group
anticipates consequent cost savings of EUR3 million an annualised
basis. . Average occupancy rate remained steady at 93.6% despite
market conditions (2007: 94.4%)

A full version of the 2008 results can be found on the Atrium page of
the Vienne Börse website at http://en.wienerborse.at/ or on the
Company's website at www.aere.com

Atrium also announces that its board of directors has authorised the
repurchase of further notes issued under the Group's guaranteed
medium term note programme 2006 (ISIN XS0263871328) as permitted by
the terms of the notes and of other debt instruments issued by Atrium
or any of its subsidiaries, including the bonds listed on the Vienna
stock exchange (ISIN AT0000330964, ISIN AT0000341789, ISIN
AT0000341797, ISIN AT0000496633, ISIN AT0000496641, ISIN
AT0000492996). It is intended that repurchases will be made through
agents for the Group and will take place opportunistically as market
conditions or circumstances permit in amounts and on terms that the
Group determines to be financially appropriate. The Board of Atrium
believes that further repurchases of its publicly traded debt and of
other debt instruments will result in a more efficient capitalisation
of the Group.

Commenting on the results Rachel Lavine, chief executive officer of
Atrium said: "2008 was an extremely difficult year for global
financial markets and economies as a whole. We witnessed
unprecedented conditions from which the real estate market has not
been immune and this is reflected in the portfolio revaluation and
impairment loss on the Group's income statement.

"However, the Group's key strengths of its balance sheet, its cash
position in particular, and the resilience of our asset class do give
me a great deal of confidence in the Atrium's future and, I believe,
set us apart from many other real estate companies. We are not under
any pressure from banking covenants and have a cash reserve that
gives us the flexibility and firepower to really make the most of the
current market conditions.

"Additionally, we are of the firm belief that well located
supermarket anchored shopping centres, such as ours, which are
tailored to suit their local environment by size, design and tenant
mix, are amongst the most resilient asset classes in the real estate
sector. We believe that our retail tenants, most of whom sell items
that are everyday necessities, such as groceries and household goods,
will be less affected in these difficult times.

"We also believe that, over the long term, Central and Eastern Europe
still offers a great opportunity for growth. I also take comfort in
the fact that the bulk of our operating properties by rental income
are in the region's more established and resilient countries such as
the Czech Republic and Poland, which offer a higher degree of
security of income.

"For these reasons, despite the harsh economic conditions, I remain
extremely positive about our Company's future and our ability to
achieve our goal of becoming the dominant retail real estate business
in the Central and Eastern European market."

For further information:

Financial Dynamics: +44 (0)20
7831 3113 Richard Sunderland Laurence Jones Stephanie Highett
Richard.sunderland@fd.com

end of announcement euro adhoc
--------------------------------------------------------------------------------

ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Financial Dynamics, London

Stephanie Highett / Richard Sunderland

Phone: +44 (0)20 7831 3113

mailto:richard.sunderland@fd.com

Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Continous
Börsen: Wiener Börse AG / official market