DOINGBUSINESS.RO

  |  2014-08-07

Sonae Sierra records Net Profit of €47.8 million in the first half of 2014

Tenant sales express recovery trend

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Sonae Sierra, the international shopping centre specialist, achieved a Net Profit of €47.8 million in the first half of the year. In addition to this positive result, the first six months of 2014 were marked by further growth of the operational performance, as well as the increasing international focus of the Company, with the entry in China and the first own investment in Morocco.


Tenant sales in the European portfolio recorded a 3.5% like-for-like increase, with emphasis on the growth of 6.2% in Portugal and 2.5% in Italy, compared to the same period of 2013. In Brazil we continued to register a positive performance, with a 7.8% (BRL) like-for-like increase in tenant sales, compared to the first semester of 2013.


The Global Occupancy Rate of the portfolio reached 94.7%, an increase of 1.1 p.p. in comparison with the same period of 2013, a result of the quality of the assets and company management in a still unstable macro-economic context in retail real estate in Europe.


According to Sonae Sierra's CEO, Fernando Guedes de Oliveira, "the first half of the year reinforced the recovery trend in the operational performance of our portfolio, confirming the recovery signs shown since the beginning of the second half of 2013. I would like to highlight, the entry in China, result of a joint-venture with CITIC Capital, under which Sonae Sierra will provide its know-how and experience to one of the markets with the greatest growth potential at a global level. Also important to point out is our first investment in Morocco, country where the company is present through services provision since 2011, which allowed us to gather a better knowledge of the market before moving forward with this important step."


In the period under analysis, the Direct profit reached €21.9 million, which represents a 26% decrease compared to the same period of the previous year, more than compensated by the increase of the Indirect profit.

 

The Direct profit was influenced by the assets disposal in Europe in the end of 2013, by the adverse variation in the average exchange rate of Brazilian Real between the first half of 2014 and the first half of 2013 and the strengthening of corporate structure to support company’s growth in new geographies.


The assets disposals in 2013 and the structure costs to support the growth to new markets were also the main factors responsible for the decrease of EBITDA in the same period.


The Indirect profit of € 26 million, which compares with an Indirect profit of € -34 million in the first half of 2013, was mainly consequence of the yields compression in Portugal and Spain and the improvement of the operational activity of European and Brazilian assets. In Portugal the market capitalization yields compressed in average 20 bps and in Spain about 40 bps.

 

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