Oggi sono usciti i dati di Atrium. L'azione quota a sconto (valore al 15.03.2010 pari a 4.59€ mentre NAV al 31.12.2009 pari a 5,81€).
Commenting, Rachel Lavine, Chief Executive Officer of Atrium European Real Estate, said: “The
situation today is very different from what it was a year ago, both from a market perspective and an Atrium
standpoint. 2009 was very much about stabilising Atrium and ensuring we were able to extract the full
potential from our income producing assets, through improvements in efficiencies and maintaining
occupancy. While we believe this year will be a challenging one for retailers and we will continue our efforts
to improve occupancy and margin, our main focus for 2010 is on how to achieve growth.
“We have a very strong cash position and maintain our firm belief that, despite its rationalisation, our
development and land portfolio is still a key element of Atrium’s future growth. Now that much of our inhouse
improvements have been implemented, our primary aim is to look to enhance growth through the
acquisition of income producing, supermarket anchored shopping centres, which fit with our existing portfolio
and offer a higher degree of security for income. I believe Atrium is now very well-placed and I am confident
about the future.”
Final results for the full year and fourth quarter 2009
Corporate Vision and Strategy
Corporate Vision
The Group’s vision is focused on becoming the leading owner,
operator and developer of supermarket anchored shopping centres in
Central and Eastern Europe.
Strategy
The strategy to achieve this vision is to develop and operate shopping
centres in good locations. In addition, the Group will look to acquire
existing shopping centres, either individually or as portfolios, and
believes that, as the fall-out from the economic crisis unwinds, it is
likely that a number of these opportunities will become available.
The Group invests primarily in Central and Eastern Europe, but within
this self restricted area, the Group pursues the strategy of owning
and managing a portfolio of shopping centres with a supermarket
or a hypermarket as the anchor tenant. Each asset is tailored to suit
its local market place in terms of the design, the facilities available
and its tenants. To guard against concentration risks, the portfolio
is diversified geographically, by country and region and through the
selection of a broad mix of tenants to include the appropriate level of
occupiers with strong covenants. The objective remains to achieve a
certain critical mass in each market and to ensure that operation of
the individual portfolios is as efficient as possible.
The Group’s management conducts ongoing and detailed projectby-
project assessment of all its existing standing investments and its
entire development pipeline. Standing investments with deficiencies
in performance will, in the first instance, be subject to rectification by
overhauling operational controls, or by the development of extensions
or refurbishments such as those at Volgograd and Togliatti. Only
if these are not economically viable will they be disposed of at a
time when management feels inherent value in the property can be
achieved.
Projects which are found to be incompatible with the Group’s
development objectives will be redesigned in order to find the best
configurations for continued development and to take account of
existing and future market conditions to ensure that they can perform
through all economic cycles.
Throughout 2009, having assessed the Group’s commitments to its
development pipeline in relation to its strong cash position, the Group
began to examine ways in which its resources could be used to gain
optimal benefit in the current market.
Part of the Group’s strategy is to make the balance sheet more
efficient given the cash surplus held and a low interest rate
environment. The Group has implemented a bond buy-back
programme and this will continue, albeit at a slower pace, depending
on the availability of acquisition targets.
In 2010, the management will continue to review the regional spread
of its assets. It is clear that, in order to operate shopping centres
efficiently in a country, there needs to be a certain critical mass which
allows for improved operational efficiency and the resultant cost
savings. It also provides increased commercial synergies, as it is then
possible to offer a tenant a range of optimal locations, fitting firmly
with the Group’s strategy of establishing strong working relationships
with its tenants in order to ensure mutual long term success and
cooperation.
Dividend
In 2009, the directors of the Company declared the payment of
special dividend of EUR 0.50 per ordinary share and adopted a
dividend policy of EUR 0.12 per ordinary share per year (subject to
any legal and regulatory requirements and restrictions of commercial
viability), declared and paid in quarterly instalments, with effect
from the fourth quarter of 2009. Total dividend payments for 2009
amounted to EUR 197m.
Annual Report 2009
Company Presentation Jan 2010
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