EANS-Adhoc: Atrium European Real Estate Limited / First half results

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6-month report

18.08.2010

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

First half results show solid progress across the Company

Jersey, 18 August 2010. Atrium European Real Estate (VSE / 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 half year and second quarter
ended 30June2010.

Highlights: * Profit before tax of E104.4 million (H1 2009: loss of
E324.6 million; FY2009:loss of E486.6million) * EBITDA excluding
revaluation and exceptional items up 25% to E49.8 million
(H12009:E39.7 million; FY2009: E90.9million) * Net cash from
operating activities increased by 65% to E46.6 million compared to
E28.2million for the corresponding period last year (FY2009: E64.7
million) * EPRA Net asset value per ordinary share up 4.5% to E6.04
compared to E5.78 at 31December 2009 * Value of standing
investments increased by 4.2% to E1.537 billion compared to E1.475
billion at 31December2009 * Weighted average occupancy increased to
94.7% (H1 2009: 93.6%; FY2009: 94.0%) * Margin increased to 88%
compared to 79% in H1 2009 (FY 2009: 81%) * Net rental income grew by
11.1% to E65.3 million (H12009: E58.8 million; FY2009: E121.3
million) * Like-for-like net rental income increased by 7.8% to E59.4
million (H12009: E55.1 million) * Gross rental income remained
stable at E74.4 million (H1 2009: E74.6 million;
FY2009:E148.8million) * Like-for-like gross rental income down by
3.4% to E65.9 million (H12009: E68.2 million), reflecting temporary
rental discounts given since Q2 2009 * Borrowings decreased from
E658.8 million, as at 31 December 2009, to E426.1 million as at 30
June 2010, following the repurchase of all remaining 2006 Medium
Term Notes (E234 million nominal value) * Cash balance decreased to
E386.4 million at 30 June 2010 (31December2009:E610.7million),
reflecting the bond acquisition * E0.03 dividend paid on 30 June
2010, with a further E0.03 quarterly dividend to be paid on 30
September 2010 with an ex date of 22 September 2010 and a record
date of 24 September 2010.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real
Estate, said: "Today's results reflect the continued improvements in
the markets in which we operate and the solid progress being made
across all areas of the business. Whilst the revaluation of our
properties helped to deliver a profit before tax of E104million, we
are pleased that, excluding the positive effect of the portfolio
revaluation and other exceptional items, EBITDA improved 25% to E50
million.

"We have worked incredibly hard to improve operational efficiency and
protect the income from our assets, which is reflected in the
continued positive trend on occupancy, which now stands at 94.7%. We
are also pleased that in some cases we have been able to increase
previously discounted rents, particularly in Russia.

"The operational and financial achievements we have made to date have
created a business which is well positioned for growth. Our real
priority now is to ensure that we can make our cash and our low
leverage work to our best advantage. We are in a strong position and
are being diligent in our pursuit of acquisitions, whilst ensuring
that we create maximum value from our standing assets and our
development pipeline."

A full version of the first half 2010 results can be found on the
Atrium page of the Vienna Börse website at http://en.wienerborse.at/
and on the Company's page of the Euronext Amsterdam website,
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

This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.

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. The Dutch
and Austrian paying agent of Atrium is Kempen & Co. N.V.,
Beethovenstraat 300, 1077 WZ Amsterdam, the Netherlands.

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