Atrium European Real Estate & Immoeast (Immobiliare paesi dell'Europa dell'Est)

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IMMOFINANZ Group enters into an agreement with Constantia Packaging B.V.

Thursday, 20.05.2010

Today the representatives of IMMOFINANZ Group and representatives of Constantia Packaging B.V. as well as Christine de Castelbajac and Prinz Michael von und zu Liechtenstein have reached agreements on the so called “IBAG Bond” (EUR 512 m). IMMOFINANZ Group will receive approximately EUR 217 m in cash and an equivalent amount of approximately 55 m IMMOFINANZ-shares within the next weeks.


A further component of the agreements is the transfer of more than one hundred companies from the possession of Constantia Packaging B.V. whose assets basically consist of real property and who have liabilities vis-à-vis Aviso Zeta Bank AG. The acquisition of the latter by IMMOFINANZ Group was agreed upon yesterday.


Thus, aside from all closing-conditions, the extensive restructuring of IMMOFINANZ Group is completed and the basis for the further development and optimization of the company group is laid. By the closing IMMOFINANZ Group will have available over approximately EUR 600 m of free funds that will be applied for future stabilization of the portfolio. By the liquidation of the companies acquired and Aviso Zeta Bank AG the shareholders of IMMOFINANZ have the chance of gaining a component of the purchase price from the sale of the assets to Semper Constantia Privatbank AG in the amount of over EUR 80 m, at the latest after the expiration of the limitation periods for buyers in action for breach of warranty.



IMMOFINANZ Group: IMMOFINANZ Group enters into an agreement with Constantia Packaging B.V.

 

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Vediamo un po' come sono messo dopo la buriana, rispetto al pmc....

ATRIUM EUROP.REAL EST.LTD Last Price 4.00€, PMC 4,5€, -12,5%
IMMOFINANZ AG Last Price 2.51€, PMC 2,537€, -1%

Direi che la situazione è sotto controllo.

 

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Quotazioni al 25.06.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 3.52€
IMMOFINANZ AG, Last Price 2.37€

Questa settimana ho rafforzato la posizione su Atrium, ora PMC 4,037€.

 

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Start of closing for the agreements between IMMOFINANZ Group and Constantia Packaging

On 20 May 2010 representatives of IMMOFINANZ Group and Constantia Packaging B.V. as well as Christine de Castelbajac and Prince Michael von und zu Liechtenstein signed agreements relating to the so-called “IBAG Bond” (EUR 512 MM). These agreements give IMMOFINANZ Group EUR 217 MM in cash and the proceeds of 55 MM IMMOFINANZ AG shares.
On 18 June the financial investor One Equity Partners (OEP) closed by its subsidiary Sulipo Beteiligungsverwaltung GmbH the takeover of 90.79% of the shares of Constantia Packaging AG from parent company Constantia Packing B.V. and 0.71% from Christine de Castelbajac. In accordance with these agreements today EUR 164 MM were transferred to IMMOFINANZ Group and has been credited to its bank account.
The remaining amount in cash (EUR 53 MM) and the proceeds of 55 MM IMMOFINANZ shares will be transferred in the coming weeks or months based on the closing provisions.


IMMOFINANZ Group: Start of closing for the agreements between IMMOFINANZ Group and Constantia Packaging B.V.

 

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IMMOFINANZ Group sells Moscow logistics project Tomilino for USD 39 million

Monday, 05.07.2010

• Tomilino transaction yields considerable profit
• Moscow commitment very successful as a whole
• IMMOFINANZ Group achieves more than 110,000 sqm of new leases and lease extensions in the first quarter of 2010/11

IMMOFINANZ Group has sold the logistics property “Tomilino” to SBERBANK, the largest Russian bank, for USD 39 million. Tomilino is located in close proximity to one of the most important arterial roads, the Moscow Ring Road (MKAD) in the southeast of Moscow. The property was completed in September 2008 and has total space of 53,000 sqm. The parties agreed to keep any further details of the contract confidential. As a whole, the investment at Tomilino has generated a considerable profit for the IMMOFINANZ Group.
The Tomilino sale thus represents another chapter in the already very successful history of IMMOFINANZ investments in the Russian capital. Just a few months ago the shopping centre Golden Babylon Rostokino, with 170,000 sqm of lettable space one of the largest shopping centres in Europe, was completed and opened, while for considerable time the portfolio’s three long-time shopping centres, Golden Babylon I and II and 5th Avenue, have been virtually let in full on a continuous basis.
Numerous new leases and lease extensions in the first quarter of 2010/11
Currently an improvement in the rental situation can be observed, which is mainly attributed to the slight easing of the economic situation in IMMOFINANZ Group’s core markets – particularly in the German-speaking regions. A large number of new leases and lease extensions were agreed in the improved environment in the first quarter of the current business year. During this period new leases and lease extensions were concluded for 110,000 sqm.
Therefore, IMMOFINANZ CEO Eduard Zehetner is positive about the first quarter of the current business year: “It pays off for us to consistently focus on first-rate locations and top properties. They have suffered less from the crisis than the overall market and are also profiting from the recovery of the markets faster than properties of poorer quality or in weaker locations”.



IMMOFINANZ Group: IMMOFINANZ Group sells Moscow logistics project Tomilino for USD 39 million

 

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Nessuna news particolare per i due titoli.

Quotazioni al 23.07.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 3.684€
IMMOFINANZ AG, Last Price 2.415€


Prossimi risultati:
Atrium, Interim report 30 June 2010, 18th August 2010 oppure 25.08.2010 (?)
Immofinanz, Publication Annual Report 2009/10, 26th August 2010

 

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Atrium - CLAIM FOR DAMAGES

Jersey, 11 August 2010. Atrium European Real Estate Limited (the “Company”) (VSE/ Euronext: ATRS), one of the leading real estate companies focused on shopping centre investment, management and
development in Central and Eastern Europe, announces that its Board of Directors resolved yesterday evening to pursue claims against a number of persons ("Defendants") in the English High Court.
The Defendants are: (1) Julius Lindbergh Meinl, (2) Meinl Bank Aktiengesellschaft, (3) Julius Meinl Aktiengesellschaft, (4) Peter Weinzierl, (5) Stephan Visy, (6) Günter Weiss, (7) Georg Kucian, (8) Heinrich Schwägler, (9) Karel Römer, and (10) Meinl European Real Estate Limited. The claim is for the sum of over € 2 billion in loss and damage suffered by the Company in connection with actions relating to the former management (prior to 1 August 2008) of the Company, when it was known as Meinl European Land Limited.

http://www.aere.com/Files/News/10 08 11 Atrium Claim for Damages Adhoc English FINAL.pdf

 

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Takeover of approx. 55 million IMMOFINANZ shares as treasury shares in connection with the closing of the agreements with Constantia Packaging B.V.

Friday, 13.08.2010
Positive earnings recorded for the 2009/10 financial year by IMBEA IMMOEAST Beteiligungsverwaltung AG as well as the advantages provided by technical delays in connection with the closing of the agreements between the IMMOFINANZ Group and Constantia Packaging B.V. on the “IBAG bond“ (EUR 512 million) have created the prerequisites – in contrast to previous assumptions – for the takeover of approx. 55 million IMMOFINANZ shares. These shares will be taken over by IMBEA IMMOEAST Beteiligungsverwaltung AG (a wholly owned subsidiary of IMMOFINANZ AG) and will be held as treasury shares of IMMOFINANZ AG. The legal requirements for the purchase of treasury shares by controlled companies were met.
This transfer will give the IMMOFINANZ Group additional latitude in the use of these shares which, in turn, will have a positive effect on NAV (Net Asset Value) per share. There is no longer any pressure to sell the shares at the current market price, which is currently trading at a discount of approx. 50% to NAV.
The closing of the agreements with Constantia Packaging B.V. will be completed at the end of August 2010.

IMMOFINANZ Group: Takeover of approx. 55 million IMMOFINANZ shares as treasury shares in connection with the closing of the agreements with Constantia Packaging B.V.

 

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Atrium - 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 30 June 2010.
Highlights:
 Profit before tax of €104.4 million (H1 2009: loss of €324.6 million; FY 2009: loss of €486.6 million)
 EBITDA excluding revaluation and exceptional items up 25% to €49.8 million (H1 2009: €39.7 million;
FY2009: €90.9 million)
 Net cash from operating activities increased by 65% to €46.6 million compared to €28.2 million for the
corresponding period last year (FY 2009: €64.7 million)
 EPRA Net asset value per ordinary share up 4.5% to €6.04 compared to €5.78 at 31 December 2009
 Value of standing investments increased by 4.2% to €1.537 billion compared to €1.475 billion at
31 December 2009
 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 €65.3 million (H1 2009: €58.8 million; FY2009: €121.3 million)
- Like-for-like net rental income increased by 7.8% to €59.4 million (H1 2009: €55.1 million)
 Gross rental income remained stable at €74.4 million (H1 2009: €74.6 million; FY2009: €148.8 million)
- Like-for-like gross rental income down by 3.4% to €65.9 million (H1 2009: €68.2 million), reflecting
temporary rental discounts given since Q2 2009
 Borrowings decreased from €658.8 million, as at 31 December 2009, to €426.1 million as at 30 June
2010, following the repurchase of all remaining 2006 Medium Term Notes (€234 million nominal value)
 Cash balance decreased to €386.4 million at 30 June 2010 (31 December 2009: €610.7 million),
reflecting the bond acquisition
 €0.03 dividend paid on 30 June 2010, with a further €0.03 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 €104 million, we are pleased that, excluding the positive effect of the portfolio
revaluation and other exceptional items, EBITDA improved 25% to €50 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.”

http://www.aere.com/Files/News/10_08_18_Atrium_Q2_10_Highlights_FINAL.pdf
http://www.aere.com/Files/News/10_08_18_Atrium_Q2_2010_presentation_final.pdf
http://www.aere.com/Files/FinancialReports/10 08 18 Atrium Q2 full report-2010 final.pdf

 

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Immofinanz: Preliminary results for the 2009/10 financial year

Tuesday, 17.08.2010
• Revenues: EUR 719.2 million (2008/09: EUR 736.2 million)
• EBITDA: EUR 393.6 million (2008/09: EUR 310.5 million)
• EBIT: EUR 187.8 million (2008/09: EUR -2,071.3 million)
• EBT: EUR 208.3 million (2008/09: EUR -3,403.4 million)
• Net profit: EUR 195.6 million (2008/09: EUR -3,051.1 million)
The financial year of the IMMOFINANZ Group ending on 30 April 2010 was characterised by an extensive restructuring process that culminated in the merger of IMMOFINANZ AG and IMMOEAST AG and ends with the implementation of the agreement reached with Constantia Packaging B.V. in May 2010. The IMMOFINANZ Group – whose focus is now placed on the core markets of Austria, Germany, Poland, Romania, Russia, Slovakia, Czech Republic and Hungary – followed an extremely negative crisis year in 2008/09 with a successful turnaround and generated solid positive earnings in 2009/10. Earnings indicators improved significantly over the prior year and remain on a sustainable upward trend.
Revenues and EBITDA
Even though revenues fell slightly from EUR 736.2 million in the prior year to EUR 719.2 million for 2009/10, results of operations (EBITDA) rose substantially by approx. 27% from EUR 310.5 million to EUR 393.6 million. The decrease in revenues reflects a year-on-year decline in rental income and lower income from operating costs charged to tenants, which resulted above all from the sale of properties. However, a significant reduction in overheads from EUR 235.5 million to EUR 114.0 million (-52%) supported an improvement in EBITDA.
Valuation and financial results
Both valuation results and financial results improved considerably in comparison with the previous year. In spite of this development, valuation results remained negative at EUR -205.9 million for 2009/10 (2008/09: EUR -2,381.7 million) although EUR 234.2 million of foreign exchange-adjusted revaluations were recognised during the reporting year. The negative valuation results were caused by EUR -254.4 million of non-cash foreign exchange effects outside the Group’s influence as well as impairment charges of EUR -278.3 million.
Financial results, which amounted to EUR -1,332.2 million in 2008/09, turned positive in the reporting year and totalled EUR 20.5 million.
Quarterly results
Primarily due to lower sales of properties EBITDA of the forth quarter of the business year 2009/10 decreased by EUR 20.2 million to EUR 88.5 million compared to the previous year. Due to goodwill impairment charges in connection with the investment in the shopping centre Golden Babylon Rostokino, EBIT turned negative (EUR -58.9 Mio.). Based on a deferred tax income of EUR 32.4 million, the net loss for the period amounts to EUR -25.5 million. IMMOFINANZ Group expects to represent clearly positive results for the first quarter of the current business year in September.
Net Asset Value
The Net Asset Value (NAV) per share amounts to EUR 5.04 as of 30 April 2010. Con-sidering the treasury shares, which IMMOFINANZ Group will take over from Constantia Packaging B.V., NAV per share equals EUR 5.19. Taking into account the dilutive ef-fect of the shares underlying the convertible bond 2011, the NAV per share amounts to EUR 4.90.
55 million treasury shares
On 13 August 2010 the IMMOFINANZ Group announced that it will take over 55 million IMMOFINANZ shares as treasury stock. These shares are currently held by subsidiaries of Constantia Packaging B.V. and, based on the agreement with Constantia Packaging B.V., the proceeds from their sale would have been turned over to the IMMOFINANZ Group. The direct transfer of these shares will be NAV accretive and also facilitate future refinancing.
Outlook
The restructuring of the IMMOFINANZ Group has been largely concluded, and plans for 2010/11 consequently call for a focus on the optimisation of the property portfolio, the completion and selective reactivation of development projects, and the sale of as-sets that are not part of the core business of the IMMOFINANZ Group.

The capital structure and liquidity of the IMMOFINANZ Group are stable. Since the IMMOFINANZ Group will be confronted with the possible maturity of EUR 866.6 million in convertible bonds during 2012, refinancing options for the 2014 and 2017 convertible bonds are currently under evaluation. This refinancing, which is one of the prerequisites for the planned payment of a dividend for the 2011/12 financial year, should be realised within the next three quarters.

The annual report of the IMMOFINANZ Group for the 2009/10 financial year will be published at the latest on 31 August 2010 under www.immofinanz.com.

IMMOFINANZ Group: Preliminary results for the 2009/10 financial year (1 May 2009 to 30 April 2010)
http://www.immofinanz.com/uploads/media/Preliminary_BalanceSheet_and_IncomeStatement.pdf