Atrium 1H 20 - FFO I better than expected, portfolio revaluation leads to loss
Atriums 1H 20 results came in today with the Covid-19 rental income impact being somewhat lower than expected at about EUR 12 mn (previously guided ca. EUR 15-20 mn). As a result net rental income came in at EUR 67 mn, ca. EUR 5 mn above our estimates which also translated into higher EBITDA (EUR 57.4 mn vs. EUR 50.1 mn) and cash earnings (FFO I) of EUR 37.4 mn (vs. RCBe EUR 32 mn). The results were however defined by negative revaluation effects of EUR 85 mn which resulted in a net loss of EUR 63 mn and a 6% decrease in EPRA NAV to EUR 4.65 per share (from 4.96 per share at year end).Atrium European Real Estate is engaged in the ownership, management and operation of commercial real estate in the retail sector. Co. primarily operates in Poland, the Czech Republic, Slovakia, Russia, Hungary and Romania. Co. has two reportable segments: the standing investment segment includes all commercial real estate held to generate rental income for Co.; and the development segment includes all development activities and activities related to land plots. As of Dec 31 2016, the portfolio of standing investments consisted of 59 properties in Poland, the Czech Republic, Slovakia, Russia, Hungary, and Romania.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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