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3Q18

HIGHLIGHTS

• Tenants’ sales resumed a recovery trend in the third quarter of 2018, specially after July, which was still impacted by the World Cup. Thus, the sales in our malls increased 4.6% y-o-y in 3Q18 (and 7.8% in August and September combined, with some malls showing double-digit growth).

• Same-store sales (SSS)  followed the positive trend of overall sales, closing the 3Q18 with an increase of 2.6% year-over-year, back to the positive field.

• Same-store rents (SSR) grew 4.9% in 3Q18, led by higher sales and the continuous reduction of temporary discounts.

• The occupancy rate increased once again, reaching 94.2% by the end of September 2018, led by the increasing rate in Passeio das Águas Shopping.

• Net revenues totaled R$73.7 million in 3Q18, 4.6% higher in comparison with the same period of 2017, led by the combination of healthy increase of rents and parking revenues allied with the continuous reduction of temporary discounts. In the first nine months of the year, net revenues grew 3.3% over 9M17, at R$218.2 million.

• The EBITDA reached R$50.5 million in the quarter, representing an increase of 14.6% over 3Q17, led by the combination of higher net revenues and lower operating costs and expenses. In 9M18, the EBITDA totaled R$150.7 million, 13.6% higher compared the same period of 2017.

• Led by the hefty EBITDA increase and lower corporate taxes, the FFO growth was even higher. The index increased 32.7% year-over-year, reaching R$29.7 million. This is the highest FFO for a third quarter of the last seven years. In 9M18, the FFO totaled R$85.6 million, a 29.5% growth over the same period of 2017.