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

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Quotazioni al 23.08.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.05 €
IMMOFINANZ AG, Last Price 2.747€

 

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IMMOFINANZ Group: results for the first quarter of 2010/11

Monday, 27.09.2010

The IMMOFINANZ Group generated solid, positive results for the first quarter of 2010/11 and confirmed the successful turnaround after the registration of the merger with IMMOEAST AG. This development was supported by streamlined costs, a new operational focus and the optimisation of the organisation.

Income from asset management
Rental income amounted to EUR 138.6 million for the first quarter of 2010/11, which represents an increase of 3% over the comparable prior year period (EUR 134.6 million). Revenues rose by 2.5% from EUR 179.2 million to EUR 183.7 million for the first quarter, while income from asset management remained stable at EUR 117.2 million (2009/10: EUR 117.4 million). Retail sector revenues were higher than the prior year, in particular due to the opening of the Golden Babylon Rostokino shopping centre. Rental revenues from the office sector declined following the sale of properties and the start of construction on the previously rented Gerling Quarter in Cologne.

Income from property sales
The sale of properties with a carrying value of EUR 49.9 million generated income of EUR 6.7 million during the reporting period. This represents an increase of 113.9% over the comparable prior year amount of EUR 3.1 million. These sales consisted primarily of residential objects in Austria.

Income from property development
Proceeds of EUR 15.1 million and income of EUR 6.0 million were realised on the sale of inventories during the first quarter of 2010/11. In comparison with the previous year, proceeds from the sale of apartments more than doubled (2009/10: EUR 7.2 million). These proceeds from the sale of inventories comprise EUR 8.0 million from Austria, EUR 5.1 million from Poland and EUR 2.0 million from Serbia.

EBITDA, EBIT, EBT, net profit and cash flow
Results of operations (EBITDA) declined by a slight 5.3% year-on-year from EUR 112.0 million to EUR 106.0 million, above all because of a EUR 13.4 million decrease in other operating income.
EBIT rose by 41.4% from EUR 118.2 million to EUR 167.2 million. This development was supported by positive revaluation results of EUR 61.2 million (2009/10: EUR 6.2 million), which were related above all to foreign exchange effects. Financial results declined from EUR 36.4 million to EUR -101.6 million due to foreign exchange differences and the absence of one-off effects (income from the repurchase of convertible bonds). This led to a reduction in earnings before tax (EBT) from EUR 154.6 million to EUR 65.5 million, and consequently to a decline in net profit from EUR 136.2 million to EUR 59.0 million.
Gross cash flow declined from EUR 135.0 million to EUR 84.5 million. A decrease in receivables substantially reduced this difference under cash flow from operating activities (EUR 113.7 million versus EUR 142.0 million in 2009/10). Operating cash flow improved – in accordance with the Group’s strategy – from EUR 21.2 million in the previous year to EUR 116.7 million for the first quarter of 2010/11 due to the offset of cash outflows for investments by proceeds from the sale of properties.

NAV per share and earnings per share
The diluted Net asset value (NAV) per share rose from EUR 4.78 on 30 April 2010 to EUR 4.82 on 31 July 2010. Based on the closing price of EUR 2.53 for July, the IMMOFINANZ share traded at a discount of 47.5% to the NAV. Earnings per share amounted to EUR 0.06 for the first quarter of 2010/11 (2009/10: EUR 0.19).
The full report on the first quarter of 2010/11 will be published on the Group’s homepage under IMMOFINANZ Group: Startseite on 27 September 2010.


IMMOFINANZ Group: IMMOFINANZ Group: results for the first quarter of 2010/11
http://www.immofinanz.com/nc/en/inv...ial-reports/?cid=793&did=848&sechash=9071ab03

 

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Quotazioni al 01.10.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.1 €
IMMOFINANZ AG, Last Price 2.816 €

 

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Quotazioni al 25.10.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.14 €
IMMOFINANZ AG, Last Price 2.907 €

 

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Immofinanz, dall'ultimo report....

This current upward trend could also be strengthened by the inclusion of the IMMOFINANZ share in the Austrian ATX. At the beginning of September the ATX committee responded to an initiative by the IMMOFINANZ Group and decided to include property shares in this key Vienna Stock Exchange index for the first time. An announcement has indicated that the property shares will added during March 2011.

 

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Report Atrium - Leader in Shopping Centres in Eastern Europe

Highlights:
 Profit before tax of €120.3 million for the nine months to 30 September 2010 (2009: loss of €374.5 million)
 EBITDA excluding revaluation increased 18.7% to €75.9 million for the nine months to 30 September 2010
(2009: €64.0 million)
 Net cash from operating activities increased 54.4% to €70.3 million compared to €45.5 million for the corresponding
nine month period last year
 EPRA Net Asset Value per ordinary share up 5.0% to €6.07 compared to €5.78 at 31 December 2009 (30 June
2010: €6.04)
 Value of standing investments increased to €1.547 billion compared to €1.475 billion at 31 December 2009 and
€1.537 billion at 30 June 2010
 Weighted average occupancy remained stable at 94.7% compared to 94.7% at 30 June 2010 and up marginally
from 93.6% at 30 September 2009
 Operating margin increased to 89.6% compared to 79.6% at 30 September 2009, reflecting the ongoing strong
progress in improving operational efficiencies.
 Net rental income (“NRI”) grew by 12.8% to €100.2 million (30 September 2009: €.88.8 million)
- Like-for-like NRI increased by 8.8% to €89.9 million (30 September 2009: €82.7 million)
 Gross rental income (“GRI”) remained stable at €111.8 million (30 September 2009: €111.5 million)
- Like-for-like GRI decreased 2.2% to €99.1 million (30 September 2009: €101.4 million)
 Borrowings were flat compared to 30 June 2010 at €426.1 million, but reduced significantly from €658.8 million at
31 December 2009
 Cash balance decreased marginally to €383.1 million compared to €386.4 million at 30 June 2010 (31 December
2009: €610.7 million)
 In October 2010 Fitch upgraded the Company’s Senior Unsecured Credit Rating and Long-term Issuer Default Rating (“IDR”) by two levels to ‘BB+’ from ‘BB-‘, with a ‘Stable’ outlook. Atrium’s Short-term IDR was affirmed as ‘B’
 €0.03 dividend, paid as capital repayment on 30 September 2010, with a further €0.03 quarterly dividend to be paid
on 31 December 2010 with an ex date of 22 December 2010 and a record date of 24 December 2010
 The Board has approved an increase in dividend policy from €0.12 to €0.14 per ordinary share per year (subject to any legal and regulatory requirements and restrictions of commercial viability), to be declared and paid quarterly.
This increase will apply in respect of the first payment in 2011, which is expected on 31 March 2011.

Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate, said:
“The continued stabilisation of the economic and real estate markets across Central and Eastern Europe and the gains
we have made in terms of Atrium’s operational efficiency are reflected in an improved third quarter performance.”
“We have made solid progress throughout the period and are excited about the improved quality, and value creation
opportunities within our asset base. In light of these results and the ongoing economic stabilisation in our chosen
markets, we remain confident about Atrium’s prospects and this is reflected in our decision to increase the Company’s
annual dividend.”

http://www.aere.com/Files/News/10_11_22_highlights_English.pdf

Interim Financial Report 30 September 2010
http://www.aere.com/Files/FinancialReports/Q3report2010english.pdf

9 months ended 30 September 2010 Presentation
http://www.aere.com/Files/News/10 11 22 Atrium Q3 2010 presentation final [Compatibility Mode].pdf

 

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Quotazioni al 22.11.2010:

ATRIUM EUROP.REAL EST.LTD, Last Price 4.270 €
IMMOFINANZ AG, Last Price 2.912 €

 

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Atrium - Credit Rating Upgrade

Standard and Poor’s has upgraded the Company’s long-term corporate credit rating to ‘BB’ from ‘BB-‘, with a ‘Stable’ outlook. Atrium’s Short-term rating was affirmed as ‘B’


http://www.aere.com/Files/News/10 11 29 Credit Rating final.pdf

 

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Jersey, 24 November 2010

Atrium European Real Estate Limited will open the first phase of Galeria Mosty, its latest shopping centre development in Poland, today.

Located in the city of Plock, in central Poland, it will have a gross lettable area of 9,900 sqm on opening and will be 85% let to over 50 tenants, including the leading Polish supermarket group, Piotr i Pawel, as anchor. Other major tenants include electrical superstore, Media Expert, and fashion retailers including Reserved, Cropp Town, Camaieu and Deichman, who join a strong mix of local and international brands, ensuring an appropriate offering for the local catchment area. Galeria Mosty is well located in the city centre, at the intersection of two main roads, enabling easy access by car and public transport. It also has 660 parking
spaces.
The opening of Galeria Mosty brings Atrium’s total number of operating shopping centres in Poland to 18. Poland is a key market of growth for Atrium, having shown the strongest resilience of all EU countries and being the only member state to grow GDP during the crisis.
This has been reflected in Atrium’s portfolio performance in Poland so far this year, which has risen in value by over 9%, with rents remaining stable.

Rachel Lavine, CEO of Atrium, commented:
“We see the completion of our latest development as a major achievement, particularly given the strong tenant line-up that we have already put in place at the centre. This success reflects both the relative strength of the local market and the considerable expertise of our local development and letting teams."

http://www.aere.com/Files/News/10 11 24 Plock Opening Final.pdf

 

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IMMOFINANZ AG: results for the first half of 2010/11

Sunday, 19.12.2010
(1 May to 31 October 2010)

• Revenues: EUR 364.3 million (2009/10: EUR 352.5 million)
• EBITDA: EUR 181.4 million (2009/10: EUR 216.9 million)
• EBIT: EUR 267.7 million (2009/10: EUR 224.6 million)
• EBT: EUR 118.4 million (2009/10: EUR 207.4 million)
• Net profit for the period: EUR 108.3 million (2009/10: EUR 163.5 million)
• Cash flow from net profit: EUR 147.4 million (2009/10: EUR 173.9 million)
• Book value per share: EUR 4.82 (2009/10: EUR 4.96)
• NAV per share (diluted): EUR 4.95 (2009/10: EUR 5.62)
• Earnings per share: EUR 0.11 (2009/10: EUR 0.18)

IMMOFINANZ Group’s stable results in the second quarter of financial year 2010/11, confirm the successful turnaround and the upward trend witnessed in the first quarter. Further optimisation of the portfolio, cost-cutting in operational areas and a greater focus on generating cash flow leads us to expect further improvement for the following quarters.
Income from asset management
In the first half of financial year 2010/11, rental income of EUR 277.1 million was generated. This represents to a rise of 4.9% compared to the same period in the previous year (EUR 264.0 million). Whilst revenues over the same period rose by 3.3% from EUR 352.5 million to EUR 364.3 million, income from asset management of EUR 224.2 million slightly decreased (2009/10: EUR 229.3 million). Retail income – especially following the opening of the Golden Babylon Rostokino shopping centre in Moscow – was buoyant and rose year-on-year by more than EUR 18.9 million to EUR 87.9 million. Office rental income dropped as a result of real estate sales and the start of construction work in Cologne’s Gerling Quarter, which had previously been let.
Income from property sales
Income amounting to EUR 13.3 million was generated from property sales in the reporting period. Compared to income in the previous year of EUR 12.4 million, this represents a rise of 7.3%. The sold properties were mainly residential properties in Austria.
Income from development
Both the proceeds and the income arising from the sale of inventories in the portfolio rose significantly compared to the same period in the previous year. Whilst we generated proceeds of EUR 9.3 million and income of EUR 1.9 million in the first half of 2009/10, we achieved proceeds of EUR 36.3 million and income of EUR 6.2 million in the first six months of financial year 2010/11. EUR 27.5 million of the sales proceeds from these inventories relate to Austria, EUR 5.8 million to Poland and EUR 3.0 million to Serbia.
EBITDA, EBIT, EBT, net profit for the period and cash flow
Results of operations (EBITDA) fell compared to the same period in the previous year from EUR 216.9 million to EUR 181.4 million. This fall is mainly due to other operating income being EUR 34.5 million lower year-on-year. This reduction is in turn due to the lack of extraordinary income that was reported in the previous year.
Thanks to the positive revaluation results of EUR 86.3 million (2009/10: EUR 7.7 million), which were mainly due to foreign exchange effects, EBIT rose by 19.2% from EUR 224.6 million to EUR 267.7 million.
Due to the lack of extraordinary items – significant income was generated in the same period of the previous year from the repurchase of convertible bonds – and expenses from foreign exchange fluctuations, the financial result decreased from EUR -17.2 million to EUR -149.3 million. This pushed earnings before tax (EBT) down from EUR 207.4 million to EUR 118.4 million. Taxes fell from EUR -43.9 million to EUR -10.1 million. All this led to a fall in net profit for the period from EUR 163.5 million to EUR 108.3 million.
Gross cash flow dropped from EUR 173.9 million to EUR 147.4 million. However, cash flow from operating activities rose from EUR 187.0 million to EUR 194.3 million, particularly due to the reduction in accounts receivable. Total operating cash flow, which includes both cash flow from operating activities and from investing activities, improved in the first half of financial year 2010/11 to EUR 222.0 million (2009/10: EUR 34.6 million), since the proceeds of sales were significantly higher than capital expenditures.
NAV per share and earnings per share
The diluted net asset value (NAV) per share rose from EUR 4.82 as of 31 July 2010 to EUR 4.95. Based on the share price as of 31 October 2010 (EUR 2.83), IMMOFINANZ shares are therefore trading at a discount of 42.87% to NAV. Earnings per share for the second quarter of 2010/11 came to EUR 0.11 (2009/10: EUR 0.18).


IMMOFINANZ Group: IMMOFINANZ AG: results for the first half of 2010/11


http://www.immofinanz.com/uploads/media/HJ_IFAG_31102010_en.pdf