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2Q15

HIGHLIGHTS
 
Net Income grew by 65.9% over the same period of last year, reaching R$ 69.5 million.
 
Total sales at the Company’s malls in 2Q15 totaled R$ 1.1 billion, a 5.5% increase over 2Q14.
 
Occupancy in our mature portfolio at 98.0% in 2Q15 versus 98.9% in 2Q14. Occupancy rates in our younger malls increased significantly in the last twelve months, mainly in Boulevard Londrina (370 bps to 93.4%) and Passeio das Águas (860 bps to 89.7%). 
 
Net revenue totaled R$ 80.0 million in 2Q15, a 3.7% increase over 2Q14, led by organic revenue growth and lower discounts in rental contracts.
 
NOI reached R$ 75.9 million in 2Q15, an increase of 2.3% compared to 2Q14. Leasing spreads in some of our mature malls together with the ramp-up of our newer assets helped the NOI increase. 
 
Adjusted EBITDA was R$ 56.4 million in 2Q15, 2.2% above 2Q14.
 
Adjusted FFO totaled R$ 35.2 million in 2Q15, a 1.8% increase from 2Q14.
 
Same-store rent (SSR) continued to report compelling growth in 2Q15 at 8.4% compared to 2Q14, led by the combination of high leasing spreads in our mature malls, high inflation adjustments of lease contracts and the ramp-up of our newer shopping centers.
 
Same-store sales (SSS) increased by 2.1% in 2Q15 compared to 2Q14, impacted by the adverse Brazilian economic scenario. Excluding electronics stores, which had a struggling performance in the quarter, SSS was 5.0%.