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 - May 5th 2003
In the 1st quarter of 2003
Sonae Imobiliária: Net Profit reaches €16 million
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Sonae Imobiliária's Net Consolidated Profit after Minority Interests (non-audited) reached € 101.6 million in the 1stquarter of 2003, versus the €36.6 million in the corresponding period of the previous year, considering the Indirect Profits from Investment Evaluation (IAS 40) adding
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up to €41.7 million, mostly resulting from the independent valorisation at the moment of the opening of Parque D.Pedro (Campinas, Brazil) which occurred in March 2002.
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EBITDA grew 12% in comparison to the first quarter of 2002, reaching €21.7 million, a consequence of the organic growth of the shopping centres in operation and of the shopping centres added to Sonae Imobiliária's portfolio in 2002.
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The Direct Income total reached €56,8 million, a decrease of 12% in comparison to the 1st quarter of last year, although the profit from the sale of the residential business Praedium, in the amount of €5,5 million, was included in 2002.
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The sale of 50% of the Vasco da Gama Shopping Centre to ING Retail Property Fund, based on th open market value of the Centre (€204 million), determined by an independent appraiser, has provided for a profit growth of €8,2 million in the 1st quarter of 2003, through the annulment of Deferred taxes accounted in previous periods.
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Also as a result of the sale of 50% of Vasco da Gama Shopping Centre's Assets and Liabilities, Sonae Imobiliária's total indebtedness has decreased to €664 million (€33 million less than by the end of 2002), which corresponds to a leverage of 36,2% (37% in 2002), a comfortable value for the sector, in which most companies are at 50%.
Shopping and Leisure Centres with a positive performance
The global performance of Sonae Imobiliária's shopping and leisure centres as a whole was in line with expectations for the 1st quarter of 2003, period during which the building and development of new centres in Portugal, Brazil, Spain, Germany, Austria, Italy and Greece went on in good rhythm.
The sales volume recorded in centres in Portugal decreased by 1,2% in comparison to the 1st quarter of 2002, due to consumption reduction, but the total rent value created by those centres
grew by 4,2% in the first three months of the year.
In Portugal, Sonae Imobiliária currently owns 12 Shopping Centres, 3 Shopping Galleries and one reatil Prk, with a total Gross Lettable Area of about 603 thousand square meters.
In Spain, the portfolio of shopping centres managed by Sonae Imobiliária has had a good perf ormance, with a sales increase of 40,5%, thanks to the inclusion of the Plaza Mayor (Malaga) and La Morea (Pamplona) centres. On an equivalent basis, sales in this market 18,1%.
Sonae Imobiliária owns or co-owns 6 shopping centres in Spain, representing a total GLA of 313 thousand square meters.
In Brazil, the activity of the 6 shopping centres co-owned with Sonae Enplanta (224.000 m2 of GLA) went according to scheduled, with a sales increase of 74% in comparison to the 1st quarter of 2002 thanks to the opening of the Parque D. Pedro in March of the same year. On an equivalent basis, it was a 2% growth.
Agreement on parking lots business sale
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The terms of the sale of 50% of SPEL's shares to SABA - Aparcamientos, S.A. was agreed, and is effective since January 1st of the current year. The sale of the parking lots business to Sonae Imobiliária's partner - that already held 50% of SPEL - is part of the company's focusing strategy on shopping and leisure centres.
Annex: Consolidated Results and Balance Demonstration
Note: The pro-forma result demonstration by business and more detailed Information on the results of the 1st quarter of 2003 are available www.sonaeimobiliaria.pt .