The company specializes in shopping centers increased by 2.8% in sales of European retailers and also an increase in the overall occupancy rate of “shopping” in the first six months of this year.
Sonae Sierra presented a net profit of 79.3 million euros in the first half of 2015, which represents an increase of 66% over the first six months of Last year, during which he had brought profits of 47.8 million euros.
According announced this Thursday, August 5, in a statement sent to the CMVM, the overall occupancy rate of the portfolio specialist in shopping centers was 95.8%. This increase of 1.1% over the same period was due to the “improved economic environment and the confirmation of the success of the strategy followed by the company in order to enhance the quality of its assets.”
As regards the sales of retailers in the “malls” that holds in Europe on a comparable basis rose 2.8% between January and June this year. Portugal (3.3%), Spain (2.4%) and Italy (5.8%) were the growth posted by the company, which also said that the performance in Brazil remained in positive territory, with tenant sales increased to 7.3%, also on a comparable basis over the first half of 2014.
It was the direct result of 26.8 million euros, a 22% increase over the same period 2014 . An organic growth that the company attributes to the increase in rents in the “malls” Europeans and Brazilians, the economic recovery that ensures that we have been witnessing in the Old Continent and for increasing the occupancy rate of the newer centers opened in Brazil.
“The first six months of 2015 were marked by the marked improvement in operational and financial performance, demonstrating our ability to take advantage of the recovery of the European market. We continue to grow even in the area of provision of services to third parties “, said the CEO of Sonae Sierra, Fernando Guedes de Oliveira, quoted in the same statement.
These contracts have been precisely one of the segments in which more has bet the company owned in equal shares by Sonae SGPS and by British Grosvenor. In the first half pulled six contract management and marketing in Germany (Quarree Wandsbek-Markt, Market and Geschäftshaus Ottensen), Italy (Ligabue), Spain (CC Bahia Mar in Puerto de Santa Maria) and Romania (Marasti Parking in Cluj ). There are also seven new ones already signed to provide development services in Mozambique, Italy, Turkey or Tunisia, detailed the company.
Reduction of the average cost of debt
Sonae Sierra manages and / or markets 87 shopping centers – which owns 46 centers – which last year received more than 440 million visitors in 17 countries: Portugal, Germany, Algeria, Azerbaijan, Brazil, Colombia, China, Slovakia, Spain, Greece, Italy, Morocco, Mozambique, Romania, Russia, Tunisia and Turkey. Currently has seven projects under development, four new portfolio and three for clients.
On May 20, the head of sustainability and communication manager of shopping centers, Elsa Monteiro, said that the entrance to Business the Sierra in the Colombian market still undated, arguing that “if in mature markets the development of an investment always takes a few years, these sites takes even longer and is much slower.”
In the information sent now the CMVM, the company also ensures that maintained a conservative financing strategy and long-term coverage, detailing that “the capital structure of the company is supported by long-term debt maturity, an average of 4.1 years, and 60 % of debt at fixed interest rates, indicating prudent hedging the interest rate and a balanced profile of debt maturity. “
” Sonae Sierra continues to benefit from a solid access to funding financial and capital markets. The average cost of debt of Sonae Sierra is 1 percentage point less than in 2014, currently lying at 3.7%. Excluding Brazil, the average cost of debt is 3.2%, in line with its European competitors, “adds Sonae Sierra.
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