SONAE IMOBILIÁRIA SGPS, SA - Sociedade Aberta
Lugar do Espido - Via Norte, 4471-909 Maia
Capital Social: Eur 187 125 000
C.R.C. Porto (Matricula nº. 2252A)
Pessoa Colectiva Nº. 502 290 811
Press Release - 4-11-02
3rd quarter of 2002 Sonae Imobiliária: Net consolidated profit grows 87.3%
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Net consolidated Profit reaches € 101.6 million, 87.3% growth
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EBITDA reaches € 69.8 million (+26%)
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Five new Shopping Centres in Spain acquired from ING
Sonae Imobiliária's Net Consolidated Profit after Minority Interests (non-audited) for the 3rd quarter of 2002 increased by 87.3 %, reaching € 101.6 million versus € 54.2 million in the corresponding period of 2001 (restated to IAS format).
EBITDA reached € 69.8 million, an increase of 26% over the same period of last year.
In consolidated terms, Sonae Imobiliária closed the 3 rd quarter of 2002 with Direct Income totaling € 226.9 million, a decrease of 1 % versus the same period last year. This decrease resulted from the sale of the residential business Praedium in this year's first quarter. If excluded this negative effect, then the Direct Income grew by 15.8% as a result from the growth in rental and other operating income in the Company's shopping center portfolio and the contribution of the new shopping and leisure centres, Plaza Mayor (Spain) and Parque Dom Pedro (Brazil).
During this quarter, ING and Sonae Imobiliária have received a non-opposition declaration from the European Commission relative to Sonae Imobiliária's 50% acquisition from ING of 4 operating Shopping and Leisure Centres and 1 Shopping and Leisure Centre under development, in Spain: Gran Casa, in Zaragoza; Kareaga (and its now operating extension), in Barakaldo, Biscaia; Valle Real, in Camargo, Cantabria and La Farga, in Hospitalet, Barcelona, all operating and Zubiarte, in Bilbao.
The investment for Sonae Imobiliária reached € 137 million. The management of these centres will be 100% Sonae Imobiliária's responsibility. This investment added to its property management portfolio 539 contracts with tenants and 234.795 m2 of GLA.
SHOPPING CENTRES SHOW GOOD PERFORMANCE
The overall performance of our shopping centres was in line with expectations for the third quarter of 2002, with sales continuing their overall growth.
Total sales in our centres in Portugal increased by 16.9% in relation to the corresponding period in 2001. Part of the growth had to do with the inclusion in the portfolio of MadeiraShopping (Madeira, Portugal) and AlgarveShopping (Guia, Portugal), inaugurated in March and April 2001, and the acquisition of 50% of Arrábida Shopping (Vila Nova de Gaia, Portugal) in December 2001. On a like-for-like basis, growth was more than 7.9%.
Total rents in this portfolio increased by 19.4%, whereas on a like-for-like basis, the growth was 7.2%.
Sonae Imobiliária owns or co-owns 12 shopping centres, 3 shopping galleries and 1 retail park, in Portugal, with a total gross lettable area (GLA) of 605.981 m2.
The shopping centres managed in Spain by Sonae Imobiliária (through CCC - Consultoria de Centros Comerciais SA) had a good performance, in line with last year's. Total sales increased by 74% but most of this increase resulted from the inclusion of the Abadino and Jaca centres in the portfolio and the expansion of Centro Puente de la Ribera. Like-for-like, sales increased by 16.9%.
CCC started to manage, from, September 1st, five more shopping and leisure centres, four of which acquired with ING, which have already been mentioned, and the fifth called La Morea, in Pamplona, representing a growth of 539 tenant contracts and 234.795m2 of GLA in its portfolio.
The Company continues working on other projects in Europe already discussed in the past: Aegean Park in Athens and Pylea Centre in Thessaloniki (Greece), Avenida M40 in Madrid (Spain), Toledo Shopping in Toledo, a Shopping Centre in Pinto - outskirts of Madrid - (Spain), Zubiarte in Bilbao (Sapin), Viena Mitte in Vienna (Austria), 3DO in Dortmund (Germany) and Brescia Centre in Brescia (Italy).
In Portugal, work also continues in good rhythm on Parque Atlântico, Ponta Delgada, Açores, Estação Viana, in Viana do Castelo and Coimbra Retail Park, em Coimbra.
In Brazil, the performance of the five shopping centres co-owned by Sonae Enplanta (held 50% by Sonae Imobiliária) and Parque D. Pedro, managed by Unishopping (held 100% by Sonae Enplanta) were in line with expectations. Sales grew by 52% in relation to the third quarter of 2001, due to the opening of Parque Dom Pedro in March. In a like-for-like universe, sales grew by 1%
Parque D. Pedro (SP, Brazil) was inaugurated in March with strong public success. It represents an in vestment of € 100 million, with 388 shops distributed over 109,550 m2 of gross letable area (GLA) and has received 8.43 million visits and reached a turnover of 192 million Brazilian Reais.
On September 18th, 2002, Parque D. Pedro was awarded the Master Imobiliário 2002 award (Commercial Project category) a distinction sponsored by Fiabci/Brazil (International Federation of Real Estate Professionals) and Secovi (Real Estate Brokers Trade Union in S. Paulo).
NOTE: In 2001 Sonae Imobiliária decided to adopt the International Accounting Standards (IAS) in its Consolidated Accounts. The Company Results from now on will include two basic components. The first, as up to now, corresponds to the Result realised on investments held, both current and arising on any disposal. The second component corresponds to the change in value of the investments portfolio, as determined by independent valuation.
Attachment: Consolidated Results Demonstration
THE PROFIT & LOSS ACCOUNTS BY BUSINESS (PRO-FORMA) ACCORDING TO IAS ARE AVAILABLE AT WWW.SONAEIMOBILIARIA.COM IN THE "INDICATORS" MENU