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2Q18

HIGHLIGHTS

• The occupancy rate increased to 93.7% by the end of June 2018, led by a 200 bps increase in Passeio das Águas Shopping. Six of our nine malls had higher occupancy rates compared to the previous quarter.

• Net revenues totaled R$72.1 million in the second quarter of 2018, roughly 1% higher than in 2Q17. In 1H18, net revenues grew 2.6% in comparison with 1H17, totaling R$144.4 million.

• The EBITDA grew 12.0% in 2Q18, reaching R$50.2 million, influenced by lower temporary discounts and lower costs and expenses. In 1H18, EBITDA surpassed the R$100 million mark, a 13.0% increase over the first six months of 2017.

• Following the EBITDA double-digit growth in the second quarter of 2018, the FFO closed the period with a 15.1% increase, at R$28.2 million. In the first half of 2018, the FFO totaled R$55.9 million, also with a hefty 27.9% growth over the same period of last year.

• Tenants’ sales decreased 2.1% y-o-y in 2Q18, negatively affected by the Easter season mismatch, truck drivers’ strike and the FIFA World Cup. Considering the first half of 2018, tenants’ sales grew 1.2%.

• The same-store sales (SSS) indicator also closed the quarter with a negative result, -2.2% over the 2Q17. In the first six months of the year, the indicator registered a 0.7% growth.

• Driven by lower discounts, the same-store rents (SSR) grew 2.8% in 2Q18. In 1H18, the indicator increased 3.2% in comparison with the same period of 2017.