EANS-Adhoc

Atrium European Real Estate Limited / 2016 RESULTS REFLECT CONTINUED STRONG PERFOMANCE ACROSS THE PORTFOLIO

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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is solely responsible for the content of this announcement.
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annual result
22.03.2017

Atrium European Real Estate Limited

2016 RESULTS REFLECT CONTINUED STRONG PERFOMANCE ACROSS THE PORTFOLIO

Ad hoc announcement - Jersey, 22 March 2017. Atrium European Real
Estate Limited (VSE/ Euronext: ATRS) ("Atrium" or the "Company" and
together with its subsidiaries, the "Group"), a leading owner,
operator and redeveloper of shopping centres and retail real estate
in Central and Eastern Europe, announces its results for the fourth
quarter and year ended 31 December 2016.

Key Highlights - LFL NRI momentum up 1.8% excluding Russia, driven by
portfolio quality uplift - Positive operational results, operating
margin at 95.4% and occupancy rate at 96.6% - Profit growth before
tax up EUR104m - Strong progress in the redevelopment and extension
programme, initiatives to add 70,000 sqm of new GLA by 2020 (7,600
sqm added in 2016), focussed on Warsaw - Major milestone reached in
March 2017 with a framework agreement signed to resolve the vast
majority of the Austrian legacy issues - Cost saving programme of
EUR10m per annum from 2018 onwards in administrative costs as a
result of the signing of the legacy arrangement and identified
operational efficiencies - A balance sheet well positioned to support
future growth

Business review - Profit before taxation was EUR72.6m for the year,
reflecting an increase of EUR103.5m compared to a loss of EUR30.9m
for 2015 - primarily driven by a EUR14.5m revaluation (compared to
a EUR104.7m devaluation last year, mainly due to Russia) offset by
a EUR20m increase in administration expenses, largely due to higher
legacy legal costs and provision - Group NRI was EUR188.8m (2015:
EUR197.9m) with EPRA like-for-like NRI of EUR156.6m (2015:
EUR160.3m) impacted by a EUR5.9m or 15.0% reduction in income in
Russia (Q4 '16: -3.0%) - Group operating margin remained healthy at
95.4% (2015: 96.4%) - Occupancy rate steady at 96.6% (31 December
2015: 96.7%) - Company adjusted EPRA earnings per share was 31.4
EURcents (2015: 33.3 EURcents) - EBITDA, excluding revaluation and
disposals, impairments and legacy legal matters was EUR162.2m
(2015: EUR174.0m) reflecting the disposal of non-core assets and a