– Net result grew 25% compared to the 1st Quarter of 2011
– Direct result reached €18 million, 24% above the first Quarter of 2011
– EBITDA grew 4%, compared to the same period, reaching €30 million
– Global Occupancy Rate of the portfolio remained stable, at 96%
– Successful inauguration of Le Terrazze (Italy) and Uberlândia Shopping (Brazil)
Sonae Sierra, the international shopping centre specialist, recorded a Net result of €13 million in the first quarter of 2012, which represents a 25% increase versus the same period of 2011. The positive variation of the Net Profit was leveraged by a 24% increase in the Direct Profits (€17.8 million in the first quarter of 2012 compared to €14.4 million in the same period of 2011), mainly as a consequence of operational efficiency gains and the improvement of financial results. Indirect Profit decreased 20% as a consequence of the inexistent valuations of investment properties in the quarter.
EBITDA grew 4% (€30 million, compared to €29 million in the same period of 2011), reflecting the efficiency gains from the cost reduction efforts in all areas of the Company and 100% growth in development services provision to third parties, compared to the same period of 2011.
In the global portfolio managed by Sonae Sierra, like-for-like tenant sales decreased 0.8% compared to the same period of 2011, mainly due to the economic conditions in Greece, Portugal and Spain. We highlight the excellent operational performance of Brazil, with sales growth of 11.4% in Reais, compensating the performance in Europe.
The Company’s total assets under management reached €6.5 billion, a €222 million increase compared to the end of 2011, mainly due to the opening of Le Terraze and Uberlândia Shopping, since assets under management were not re-valued this quarter.
