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4Q18

HIGHLIGHTS

• Tenants at our malls had yet another strong quarter, as their sales totaled R$1.6 billion in 4Q18, a 5.7% growth compared to the same period of 2017, led by solid sales growth during 2018’s Black Friday. In 2018, total tenants’ sales grew 3.7% y-o-y, reaching R$5.1 billion.

• Same-store sales (SSS) also closed the fourth quarter of 2018 with a robust 5.0% increase, the highest quarterly indicator in the year, while the full-year SSS was 2.4%.

• Same-store rents (SSR) in 4Q18 was also the strongest of the year, growing 7.8%, given higher leasing spreads on renewal contracts and lower temporary discounts. SSR closed the year with a 5.1% growth.

• The occupancy rate increased for the third consecutive quarter, reaching 94.6% by the end of 2018, led once again by the increasing rate in Passeio das Águas Shopping.

• Net revenues posted a double-digit growth in 4Q18, totaling R$85.0 million, 10.2% higher in comparison with the same period of 2017, led by strong rent, service and parking revenues growth allied with decreasing temporary discounts. In 2018, net revenues reached R$303.2 million, the highest net revenue in the Company’s history and 5.1% higher than in 2017.

• EBITDA reached R$59.1 million in the quarter, a 8.3% growth compared to 4Q17, led by the hefty increase in our revenues. Considering the full-year of 2018, EBITDA totaled R$209.9 million, a 12.0% increase over 2017.

• FFO posted another quarter with solid growth, totaling R$35.7 million in 4Q18, 16.5% higher than in 4Q17, with a 42.0% margin. In 2018, FFO reached R$121.3 million, a 25.4% growth over 2017.

• Net Income increased 114.0% in 4Q18, reaching R$96.7 million led by the combination of higher operating results, lower financial expenses and higher apprailsals of our investment properties. In 2018, the Company’s net income totaled R$189.3 million, increasing 36.7% from 2017.

• In January 2019, Sonae Sierra Brasil formally expressed its interest in exercising its preemptive right in the acquisition of a 30% additional ownership interest in Plaza Sul Shopping for the amount of R$158.5 million. This transaction is subject to the verification of the usual precedent conditions to this type of deal.

• In February 2019, the Company concluded the third issue of debentures, which totaled R$200 million, divided into two tranches. The first, with a 5-year final term, totaled R$90 million with a cost of CDI + 0.80%, and the second one with a 8-year final term, R$110 million and cost of CDI + 1.05%.