EANS-News

Atrium European Real Estate Limited / First quarter 2020 trading update

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Quarterly Report

St Helier Jersey / Channel Islands -
First quarter 2020 trading update

Jersey, 6 May 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 trading for the
three months ended 31 March 2020 and an update on trading in light of the Covid-
19 pandemic.

Highlights year to date

* The Company performed well up to the outbreak of Covid-19 and the
implementation from mid-March of various governmental restrictions to trading
in our centres, which adversely impacted the strong Q1 2020 momentum
* A progressive reopening has been launched from 4 May in Poland and is planned
from 11 May in the Czech Republic and 3 June Slovakia, although it is too
early to say when the Company's assets will return to full operation
* Strong liquidity and financial flexibility with EUR330m cash as of today and
low leverage of 34.5%


Key financial figures for the period


In EURm 3M 2020 3M 2019 CHANGE
%/ppt
Net rental income ("NRI") 36.3 46.2 (21.4)
NRI excl. impact of Covid-19 and phasing of asset 46.4 46.2 0.4
rotation
EPRA Like-for-Like NRI excl. impact of Covid-19 31.1 30.5 1.9
EBITDA 30.8 40.9 (24.7)
EBITDA excl. impact of Covid-19 and phasing of asset 40.9 40.9 -
rotation
Company adjusted EPRA earnings per share (EURCents) 4.8 7.8 (38.5)
Occupancy rate (in %) 96.4% 95.0% 1.4
Operating margin (in%) 91.0% 95.5% (4.5)
Net LTV (in %) ¹ 34.5% 37.6%



* Overall NRI decreased by EUR9.9m. However, excluding the EUR5.3m impact of
Covid-19, which relates mainly to the rent and service charge relief imposed
by the government in Poland for the lock down period and the EUR4.8m impact of
portfolio rotation, NRI remained stable +0.4%
Group like-for-like NRI excluding the impact of Covid-19 increased by 1.9%,
with growth of 3.1% in Poland and 2.7% in the Czech Republic, reflecting the
improvement of the portfolio quality. Excluding assets held for sale, like-
for-like Group NRI increased by 2.1%
* EBITDA and Company adjusted EPRA earnings per share decreased 25% and 39%
respectively due to the impact of Covid-19 and the phasing of asset rotation.
Underlying EBITDA and Company adjusted EPRA earnings per share were stable at