EANS-Adhoc: Atrium European Real Estate Limited / FULL YEAR 2015 RESULTS REFLECT SUCCESSFUL DELIVERY OF PORTFOLIO REPOSITIONING

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10.03.2016

Atrium European Real Estate Limited
("Atrium")

FULL YEAR 2015 RESULTS REFLECT SUCCESSFUL DELIVERY OF PORTFOLIO
REPOSITIONING

Ad hoc announcement - Jersey, 10 March 2016. Atrium European Real
Estate Limited (VSE/ Euronext: ATRS) (the "Company" and together with
its subsidiaries, the "Group"), a leading owner and manager of
shopping centres and retail real estate in Central and Eastern
Europe, announces its results for the year ended 31 December 2015.

Highlights: - NRI in the Group's Core Markets of Poland, Czech
Republic and Slovakia increased 8% to EUR145.8m; with an increase
of 0.7% to EUR112.2m on a like-for-like basis. - Group GRI was
EUR207.4m (2014: EUR214.5m), with EPRA like-for-like GRI of
EUR170.5m (2014: EUR189.3m). - Group NRI was EUR197.9m (2014:
EUR204.0m), with EPRA like-for-like NRI of EUR164.2m (2014:
EUR183.8m). - The decrease in income was primarily attributable to
rental discounts provided in Russia. - Group operating margin
increased slightly from 95.1% to 95.4%. - EPRA occupancy steady at
96.7% (2014: 97.4%). Russian occupancy remained high at 94.4%. -
EBITDA, excluding revaluation, disposals and impairments, of
EUR148.8m (2014: EUR174.0m). - Positive portfolio revaluation of
EUR44.3m, offset by EUR143.4m devaluation of the Russian portfolio
(including development and land). - Administrative expenses were
EUR52.1m (2014: EUR25.0m), due to a EUR27.1m increase of
non-recurring expenses (mainly due to a legal provision). - Profit
after taxation of EUR4.8m compared to a loss of EUR57.8m in 2014. -
Company adjusted EPRA earnings per share of 33.3 EURcents (2014: 35.9
EURcents), with 0.8% growth to 24.2 EURcents outside of Russia (2014:
24.0 EURcents). - The Group's 77 (2014: 153) standing investments
portfolio grew in value by 3.5% to EUR2.7bn. - Total assets of
EUR3,282.9m with a cash position of EUR224.4m (31 December 2014:
EUR420.6m) and borrowings of EUR1,012.8m as at 31 December 2015 (31
December 2014: EUR1,068.1m), representing a gross and net LTV of
33.8% and 26.3% respectively. 84.0% of debt unsecured as at 31
December 2015 (31 December 2014 64.9%). - EPRA net asset value
("NAV") per ordinary share of EUR5.64 (31 December 2014: EUR6.08)
after total dividends of EUR0.27 per share paid as a capital
repayment in 2015. - Consistent annual dividend of EUR0.27 per share
approved for 2016.

Portfolio repositioning highlights during and after the period: -
Completed the strategic sale of 87 non-core retail assets in the
Czech Republic for EUR185.6m in three portfolio sales at 3.3% above
book value on a weighted average basis (72 assets for EUR69m in Jan
2015; 5 for EUR14m in Oct 2015; and 10 for EUR102.6m in Feb 2016).
- June: completed the acquisition of a 75% interest in the Arkády
Pankrác shopping centre in Prague for EUR162m; the Otto family owns
the remaining 25%. - March: opened 17,300 sqm extension of the Atrium
Copernicus in Torun, Poland.

Financing transactions in 2015: - December: EUR400m of assets were
unencumbered from the Polish portfolio. - October: signed a new
five-year unsecured revolving credit facility for a total of
EUR125m, comprising EUR100m of new credit and an existing EUR25m
facility which has been extended. - May: tapped EUR150m 3.625% notes
due in October 2022. The issue price of 106.395% reflected a yield
of 2.9%. - May: completed a voluntary repayment of a bank loan in
Poland for a total amount of EUR105.3m (including fees and swap
break costs). - Repurchased bonds issued in 2005 and due in 2017,
with a nominal value of EUR81m.

Post period events: - In January 2016, Atrium announced the
resolution of the Dutch litigation case brought by the "Stichting
Atrium claim" and the establishment of an arrangement to create a
compensation fund through which to resolve disputes currently being
litigated in Austrian civil courts, as well as submissions by
individuals to join pending criminal proceedings. Preliminary
indications demonstrate an encouraging level of interest in
resolution through the compensation arrangement although the actual
level of participation and compensation will be determined over
time.

Commenting on the results, Josip Kardun, Group CEO, said: "2015 was a
year of positive operational momentum and the results of that are
reflected in Group's performance in its core markets. We continued
to make significant progress with our strategy of repositioning our
portfolio towards larger format dominant centres and higher quality
income in our region's strongest economies, with the improvements to
our Czech portfolio being particularly noteworthy. These activities
helped mitigate, but not fully compensate for, the negative impact of
the ongoing situation in Russia on the Group's wider performance.
Overall, our strong, low-leveraged balance sheet, high liquidity
profile and solid operational performance provide a firm basis for
our confidence as we look ahead."

This announcement is a summary of, and should be read in conjunction
with the full version of the Group's Q4 2015 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
Ellie Sweeney
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 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
atrium@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