06.11.2020, 9242 Zeichen

Corporate news transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is responsible for the content of this announcement.
Company Information
St Helier Jersey / Channel Islands - Nine months 2020 trading update
Jersey, 6 November 2020, Atrium European Real Estate Limited (VSE/Euronext: ATRS), (the "Company" and together with its subsidiaries, the "Atrium Group" or the "Group"), a leading owner, operator and redeveloper of shopping centres and retail real estate in Central Europe, provides an update on both trading for the nine months ended 30 September 2020 and the impact of Covid-19 on the Group's operations.
Update on COVID-19 situation
Encouraging Q3 recovery losing momentum with second wave restrictions
Our centres saw a solid recovery over the summer trending towards pre Covid-19 levels as restrictions began to be lifted from May.\nFootfall and tenant sales showed an encouraging recovery in August, reaching 77% and 93% respectively of 2019 levels. In September, as infections begun to rise in Poland, the Czech Republic and Slovakia, footfall and sales slightly weakened to 76% and 86%, and have continued to slowdown as governments reinstate restrictions in response to the increasing number of Covid-19 cases.\nCollections for the first nine months of 2020 improved significantly to 94% with tenant negotiations nearly completed.\n90% of the Group's GLA is currently open, down from 98% at the beginning of October, following new lockdowns in the Czech Republic and Slovakia.\nPoland has announced on 4 November a second set of restrictions with non-essential shops to be closed from the 7th to the 29th of November.\nSolid financial position to meet our liquidity needs
Adequate liquidity and financial flexibility to manage the headwinds of Covid-19 with EUR264 million of uncommitted resources, comprising EUR50 million of cash and a EUR214 million unutilised credit facility as of today and a net LTV ratio of 37.5%.\nKey steps taken for cash conservation and to improve liquidity include:\nExtended the Group's average debt maturity to 4.8 years (2.9% average cost of debt) by successfully completing a EUR218 million bond buy back and EUR200 million tap of the 2025 notes in June. An additional EUR8 million bond buy back of the 2022 notes was executed in October.\nVoluntary scrip dividend alternative introduced for Q2, Q3 and Q4 2020 dividends, the take up resulted in EUR21 million of cash being conserved to date following an approximately 40% shareholder participation in relation to Q2 and Q3 2020.\nEstablishment of an Inaugural Euro Medium Term Note programme together with a green financing framework, with a potential ECB's corporate sector purchase programme (CSSP) eligibility.\nKey financial and operational figures for the period
In EURm 9M 2020 9M 2019 CHANGE %/ppt Net rental income ("NRI") 106.5 133.4 (20.1) NRI excl. impact of disposals 117.9 133.4 (11.6) EPRA Like-for-Like NRI 75.9 87.4 (13.1) Occupancy rate (%) 92.9% 97.0%[1] [#_ftn1] (4.1) Operating margin (%) 90.0% 94.6% (4.6) EBITDA 91.9 116.8 (21.3) Company adjusted EPRA earnings 56.3 80.5 (30.0)

* Group NRI was EUR107 million for the 9M 2020, down -20% or EUR26 million from 2019 due to:
o EUR35 million Covid-19 impact offset by EUR18 million straight line of tenant support [2] [#_ftn2] o EUR11 million disposals impact as part of the portfolio rotation strategy o Offset by EUR2 million rental growth mainly arising from indexation
On a like-for-like basis, NRI decreased by 13%.\nFocus on proactive tenant engagement has ensured solid occupancy rate of c.93% as at the end of September.\nOperating margin decreased by 4.6ppt to 90%, of which 4.4ppt was due to the service charge relief for the lockdown period imposed by the government in Poland.\nEBITDA and Company adjusted EPRA earnings decreased by 21% and 30% respectively. The decrease in rental income due to Covid-19 (EUR17 million net) and disposals (EUR11 million) was partially offset by EUR1.5 million reduction in administrative costs and EUR0.9 million decrease in finance cost.\nDisposals
* The Group continued its portfolio rotation and repositioning strategy throughout 2020 with EUR75 million of transactions, including the sales of the Atrium Duben shopping centre in Slovakia in January, five assets in Poland in July and a land plot in Lublin in August.
Dividend
The Q4 2020 dividend will be paid (as a capital repayment) on 30 December 2020 to shareholders on the register as at 8 December 2020, with an ex-dividend date of 7 December 2020. The election date for a scrip dividend will start on 9 December 2020 and end on 21 December 2020.\nA circular setting out further details on the election being offered to shareholders pursuant to the scrip dividend alternative, including the election instructions and information on the exchange ratio, will be posted to shareholders before the start of the election period, and will be available on the Company's website.\n2021 dividend policy: Atrium has increased its focus on strengthening its balance sheet and improving liquidity through the implementation of a cash conservation programme since the onset of the pandemic. Recent government trading restrictions and lockdowns have added further uncertainty to the near-term trading conditions. As a result, the Board has decided to delay a decision on the 2021 dividend policy to the 2020 results announcement in February 2021.\nLiad Barzilai, Chief Executive Officer of Atrium Group, commented: "Following the lifting of Covid-19 related health restrictions, which commenced in early May, we began to build positive momentum in footfall and retail sales thru the summer with the third quarter trending back towards 2019 historical levels. However, the recent rising number of Covid-19 cases has led to further government restrictions and we are beginning to see a slowdown of the Q3 momentum. While the future impacts of Covid-19 remain uncertain, I am encouraged by the Company's strong performance and pace of recovery over the summer, as well as our high levels of rent collection. Furthermore, our solid financial and liquidity positions allow us to deal with the short-term headwinds that we may face."
Further information can be found on the Company's website www.aere.com or for Analysts: Molly Katz: mkatz@aere.com
Press & Shareholders: FTI Consulting Inc.: +44 (0)20 3727 1000 Richard Sunderland / Claire Turvey / Andrew Davis: atrium@fticonsulting.com [atrium@fticonsulting.com]
About Atrium European Real Estate Atrium is a leading owner, operator and redeveloper of shopping centres and retail real estate in Central Europe. Atrium specializes in locally dominant food, fashion and entertainment shopping centres in the best urban locations. Atrium owns 26 properties with a total gross leasable area of over 808,100 sqm and with a total market value of approximately EUR2.5 billion. These properties are located in Poland, the Czech Republic, Slovakia and Russia, and with the exception of one, are all managed by Atrium's internal team of retail real estate professionals.
In January 2020 Atrium announced a strategy to diversify its portfolio by investing in and managing residential for rent real estate, with a primary focus on Warsaw.
The Company is established as a closed-end investment company incorporated and domiciled in Jersey and regulated by the Jersey Financial Services Commission 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.
For details on the EMTN programme see: https://aere.com/emtn.aspx [https:// aere.com/emtn.aspx]
For this press release see: https://www.aere.com/Files/PressRelease/ 20201106_3Q20_trading_update_ENG.pdf [https://www.aere.com/Files/PressRelease/ 20201106_3Q20_trading_update_ENG.pdf]
For the presentation see: https://www.aere.com/Files/Presentation/ 20201106_3Q20_trading_update_presentation.pdf [https://www.aere.com/Files/ Presentation/20201106_3Q20_trading_update_presentation.pdf]
[1] [#_ftnref1] As of 31 December 2019 [2] [#_ftnref2] The EUR18 million will be accounted for over a c.3 year period representing the remaining term of the relevant leases
end of announcement euro adhoc
issuer: Atrium European Real Estate Limited Seaton Place 11-15 UK-JE4 0QH St Helier Jersey / Channel Islands phone: +44 (0)20 7831 3113 FAX: mail: richard.sunderland@fticonsulting.com WWW: http://www.aere.com ISIN: JE00B3DCF752 indexes: stockmarkets: Wien, Luxembourg Stock Exchange language: English
Digital press kit: http://www.ots.at/pressemappe/2915/aom

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