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2Q17


HIGHLIGHTS
    
• Tenants’ sales continued to recover and registered the strongest y-o-y growth since the first quarter of 2015, expanding 9.8% in 2Q17. Five of the malls reported double-digit sales growth.

• Same-store sales (SSS) posted an impressive 8.3% y-o-y increase in 2Q17.

• Led by a strong rent revenue increase and declining discounts, the same-store rents (SSR) grew 9.1% in 2Q17, also the highest level since 2015.

• The occupancy rate closed the second quarter of 2017 at 93.4%.

• Rental revenue posted a healthy increase in 2Q17, growing 6.3% compared to 2Q16, and parking revenue had an even better performance, increasing approximately 30% in the same period. Net revenues increased 7.0% in 2Q17.

• Higher revenues and declining costs and expenses led to a strong growth of the EBITDA, which was up 15.5% in 2Q17, at R$61.3 million.

• The FFO, positively influenced by the strong operating recovery and much lower financial expenses, grew 33.6% y-o-y in the second quarter of 2017, at R$41.5 million.

• Net income attributed to shareholders totaled R$54.6 million in 2Q17, more than thirteen times 2Q16’s, which was R$3.9 million.

• In July 2017, the Company concluded the second issuance of debentures, totaling R$250 million. The net funds raised with the issuance will be used to strengthen the Company’s cash position.