EANS-Adhoc: Atrium European Real Estate Limited / Final results for the full year and fourth quarter 2009

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annual report

15.03.2010

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

Final results for the full year and fourth quarter 2009

Jersey, 15 March 2010. Atrium European Real Estate (ATX/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 twelve months and fourth
quarter ended 31December2009.

Financial highlights: * Net cash from operating activities grew 111%
to E64.7 million (December2008:E30.6million) * Operating margin
improved to 81.47% over the year compared to 70.95% for 2008,
reflecting the significant progress made by the Group's operational
efficiency programme * EBITDA excluding property revaluation and
exceptional items increased by 132.8%, or E51.9 million, to
E90.9million (December 2008: E39.1 million, June 2009: E39.7
million) * Standing investments remained stable for the fourth
quarter, but with a slight increase in valuation of E1.1million to
E1.48 billion (December 2008: E1.64 billion), following a
devaluation of E272.7 million over the first nine months of 2009 *
EPRA NAV and Triple NAV ("NNNAV") per ordinary share were E5.78
(2008: E10.56) and E5.86 (2008:(11.74), respectively * Net asset
value ("NAV") per share was E5.81 (June 2009: E8.97, December 2008;
E10.66), impacted by the 155.2million shares issued during the year *
Gross rental income increased by 10.86% to E148.8 million (December
2008: E134.2 million, June2009:E74.6 million) while net rental
income grew by 27.3% to E121.3 million (December2008:E95.3 million,
June2009:E58.8million), as a result of ongoing operational
efficiencies over the year * Like-for-like net rental income
increased by 4.5% to E98.6 million (December2008:E94.4 million,
June2009: E49.8 million), again showing the benefits of improved
efficiencies when compared to like-for-like gross rental income
which decreased 9.3% to E112.3 million (December2008:E123.8million,
June2009: E58.1 million) * Cash balance of E610.7 million (September
2009: E814.1 million; December2008: E1.25billion) * Borrowings
decreased to E658.8 million (December 2008: E1.51 billion,
September2009:E1.07billion). * Loss before taxation amounted to
E486.6 million (December 2008: E924.4 million), with a loss per
share after taxation of E1.83 (December 2008: loss of E3.95) *
Special dividend of E0.50 per ordinary share paid in December 2009 *
Initiation of a dividend policy of E0.12 per ordinary share per year,
paid quarterly, with E0.03 paid in December 2009 * The Company will
pay a E0.03 quarterly dividend on 31 March 2010, with an ex date of
22 March and a record date of 24 March.

Operational Highlights: * Occupancy remained strong at 93.96%
(December 2008: 93.59%) * Rationalisation of development pipeline,
resulting in planned commitments of no more than E10 million across
the entire development portfolio * Completion of dual listing of
shares on Euronext in Amsterdam * Opening of extensions at Militari
in Bucharest, Romania and three stand alone boxes in Russia; two in
Togliatti and one in Volgograd * The Atrium 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. It is intended that
repurchases will be made through agents for Atrium and will take
place opportunistically as market conditions or circumstances
permit in amounts up to in aggregate E100 million nominal and on
terms that Atrium determines to be financially appropriate.

Commenting, Rachel Lavine, Chief Executive Officer of Atrium European
Real Estate, said: "The situation today is very different from what
it was a year ago, both from a market perspective and an Atrium
standpoint. 2009 was very much about stabilising Atrium and ensuring
we were able to extract the full potential from our income producing
assets, through improvements in efficiencies and maintaining
occupancy. While we believe this year will be a challenging one for
retailers and we will continue our efforts to improve occupancy and
margin, our main focus for 2010 is on how to achieve growth.

"We have a very strong cash position and maintain our firm belief
that, despite its rationalisation, our development and land portfolio
is still a key element of Atrium's future growth. Now that much of
our in-house improvements have been implemented, our primary aim is
to look to enhance growth through the acquisition of income
producing, supermarket anchored shopping centres, which fit with our
existing portfolio and offer a higher degree of security for income.
I believe Atrium is now very well-placed and I am confident about the
future."

A full version of the full year 2009 results can be found on the
Atrium page of the Vienna Börse website at
{http://en.wienerborse.at/}[HYPERLINK: http://en.wienerborse.at/] and
on the Company's page of the Euronext Amsterdam website,
{www.euronext.com}[HYPERLINK: http://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

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.

end of announcement euro adhoc
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ots Originaltext: Atrium European Real Estate Limited
Im Internet recherchierbar: http://www.presseportal.de

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