EANS-Adhoc: Atrium European Real Estate Limited / FULL YEAR 2014 RESULTS REFLECT SUCCESSFUL DELIVERY OF GROWTH STRATEGY

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annual result
11.03.2015

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

FULL YEAR 2014 RESULTS REFLECT SUCCESSFUL DELIVERY OF GROWTH STRATEGY

Ad hoc announcement - Jersey, 11 March 2015. 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 year ended 31 December
2014.

Financial Highlights: - Gross rental income ("GRI") increased by 5.4%
to EUR214.5m (2013: EUR203.5m), while net rental income ("NRI")
increased by 6.9% to EUR204.0m (2013:EUR190.8m)

- EPRA like-for-like GRI and NRI were both broadly flat with marginal
decreases of 0.6% to EUR189.1m (2013: EUR190.2m) and 0.8% to
EUR179.6m (2013:EUR181.0m),respectively

- Operating margin for the year was 95.1% (2013: 93.8%)

- EPRA occupancy rate at 31 December 2014 remained high at 97.4% (31
December 2013: 98.1%)

- EBITDA, excluding revaluation, disposals and impairments, increased
by 8.5% to EUR174.0m (2013: EUR160.4m)

- Loss before taxation of EUR37.0m, compared to a profit of EUR90.6m
in 2013, as a result of a EUR168.1m devaluation (compared to
EUR21.3m devaluation in 2013) of which EUR103.8m is attributable to
the Russian income-producing portfolio and land bank and EUR33.5m
to the Turkish land bank. The devaluation was partially offset by
EUR13.2m growth in NRI and a EUR12.5m foreign exchange gain
(compared to a EUR5.8m foreign exchange loss in 2013)

- Company adjusted EPRA earnings per share increased by 7.2% to 35.9
EURcents (2013: 33.5 EURcents)

- The value of the Group's 153* standing investments grew by 10.0% to
EUR2.6 billion, compared to EUR2.4 billion as at 31 December 2013.
This includes the acquisition of two shopping centres (located in
the Group's core markets of Poland and the Czech Republic) for
EUR205.1m in aggregate and the opening of Atrium Felicity shopping
centre in Lublin, Poland, with a value of EUR118.2m, offset by
portfolio devaluation of EUR94.1m

- EPRA net asset value ("NAV") per share slightly decreased to
EUR6.08 compared to EUR6.43 at 31 December 2013

- A total dividend of EUR0.24 per share was paid as a capital
repayment in 2014

- For 2015, the Board has approved a 12.5% increase in the dividend
to at least EUR0.27 per share (subject to any legal and regulatory
requirements and restrictions of commercial viability). The first
payment of EUR0.0675 per share will be paid as a capital repayment
on 31 March 2015 to shareholders on the register on 23 March 2015,
with an ex-dividend date of 20 March 2015

* Including 72 standing investment properties in the Czech Republic
classified as held for sale at 31 December 2014

Operational highlights during and after the period:

Investment properties - Progressed the Group's strategy of acquiring
assets in the CEE's strongest regional economies and increasing the
Group's weighting towards the markets of Poland and the Czech
Republic:

o acquisition of the AFI Palác Paradubice shopping centre in Paradubice, Czech
Republic for EUR83.1m;
o acquisition of Focus Mall in Bydgoszcz, Poland for EUR122m; and
o agreed acquisition of 75% interest in Arkady Pankrac shopping centre in

Prague, Czech Republic for EUR162m announced in January 2015, with
completion expected in Q2 2015

- In January 2015, Atrium divested a portfolio of 72 smaller retail
assets in the Czech Republic, for a consideration of EUR69m. The
consideration comprised a cash payment of EUR60m with the balance
satisfied through a secured vendor loan to the purchaser

- Achieved further progress with the strategy of monetising Atrium's
non-core and non-income producing development and land assets, with
sales in Turkey, Bulgaria and Georgia for EUR71.4m in aggregate

- Successful opening of the 74,100 sqm GLA Atrium Felicity shopping
centre in Lublin, Poland, in March 2014

- Commenced works on the EUR44.0m first stage extension of the Atrium
Promenada centre in Warsaw, Poland in September

- The 17,300 sqm extension to the Group's Atrium Copernicus shopping
centre in Torun is now complete and will open to the public for the
first time tomorrow

Balance sheet - Cash position of EUR425.2m with borrowings of
EUR1,068.1m as at 31 December 2014 (2013: EUR305.6m cash and
EUR803.6m borrowings), representing a gross and net LTV of 36.1% and
21.7%, respectively, reflecting a conservatively positioned balance
sheet

- During the period, Atrium re-purchased bonds issued in 2005 and due
in 2015, with a total nominal value of EUR39.4m and completed early
repayments of two bank loans in Slovakia, totalling EUR41.0m

- In October 2014, Atrium issued a EUR350 million unsecured eight
year Eurobond, carrying a 3.625% coupon. The bond was rated BBB- by
both S&P and Fitch, in line with Atrium's corporate rating. Also
in October 2014, Atrium obtained two five year revolving credit
facilities, totalling EUR50m

Board of Directors and Group executive management team changes -
Josip Kardun, the Group's Chief Operating Officer and Deputy Chief
Executive Officer, was appointed CEO as of 1 December 2014,
succeeding Rachel Lavine who assumed the role of Executive Vice
Chairman of the Board of Directors. In October 2014, Rudiger Dany
became Group Chief Operating Officer

- In January 2015, following Gazit-Globe's acquisition of Apollo's
entire 13.87% shareholding, the two Directors of Atrium nominated
by Apollo, Joseph Azrack and Roger Orf, resigned from the Board of
Directors

- In January 2015, Atrium also announced the appointment of Ryan Lee
as its new Group Chief Financial Officer. Ryan will succeed Sona
Hýbnerová, who has made the decision to leave the Group after 10
years in order to pursue other business opportunities. Ryan's
appointment becomes effective as of 1 April 2015

Commenting on the results, Josip Kardun, Group CEO, said: "In my
first set of results as Atrium's CEO, I am pleased to report another
strong year of progress during which we made significant strides in
both growing and reshaping the Group's portfolio, while, once again,
delivering growth across our main key performance indicators.
Importantly, the EUR350 million of acquisitions and disposals we
agreed or completed during the year, together with our development
and asset management activities, have been fundamental to the
successful progression of our strategy of increasing our weighting
towards large dominant shopping centres in the CEE region's strongest
and most stable economies of Poland, the Czech Republic and Slovakia.

"Despite there being some on-going macroeconomic uncertainty across
Europe and a prolongation of the very challenging market conditions
in Russia, I believe that we are well placed for the future, with a
strong balance sheet and an improving portfolio."

This announcement is a summary of, and should be read in conjunction
with, the full version of the Group's 2014 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
lpopova@aere.com

Press & Shareholders:
FTI Consulting Inc.
+44 (0)20 3727 1000

Richard Sunderland
Claire Turvey
atrium@fticonsulting.com

Atrium is established as a closed-end investment company incorporated
and domiciled in Jersey and regulated by the Jersey Financial
Services Authority as a certified Jersey listed fund, and is listed
on both the Vienna Stock Exchange and the NYSE 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
Nick Taylor
Richard.sunderland@fticonsulting.com

end of announcement euro adhoc
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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, stock market: Luxembourg Stock Exchange
language: English