Aliansce Reports 3Q10 Results and Financial and Operating Highlights

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Aliansce Shopping Centers S.A.

Nov 04, 2010, 07:40 ET

RIO DE JANEIRO, Nov. 4, 2010 /PRNewswire-FirstCall/ -- Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of the largest shopping mall owners and administrators in Brazil, announces today its results for the third quarter of 2010. Unless stated otherwise, all operating and financial information herein is expressed in Brazilian reais and based on consolidated figures, pursuant to Brazilian Corporate Law.

3Q10 highlights and recent events

The following financial information highlighted below is managerial and based on the Company's consolidated financial statements:

  • Sales at the Company's shopping malls grew by 28.4% in 3Q10, while same-area sales (SAS) and same-store sales (SSS) increased 15.1% and 14.9%, respectively.
  • Net income grew by 34.8% in the 3Q10 to R$16.6 million, compared with R$12.3 million in 3Q09.
  • Gross revenue increased 28.9% in the quarter to R$53.8 million.
  • Net Operating Income (NOI) increased in 38.2% from 3Q09 reaching R$41.6 million. NOI margin expanded 6.5 p.p. to 91.7%.
  • Adjusted EBITDA grew 38.1% in 3Q10 to R$34.3 million, for adjusted EBITDA margin of 68.9%, up 4.5 p.p. on 3Q09.
  • Adjusted Funds from Operations (AFFO) grew 105.4% to R$35.9 million in 3Q10, from R$17.5 million in 3Q09. AFFO margin in 3Q10 was 72.0%.
  • The malls occupancy rate stood at 97.9%, considering all our New Generation assets and excluding Shopping Santa Ursula, which is being renovated.
  • In 3Q10, the Company's investments in greenfield projects, the acquisition of an additional stake in Super Shopping Osasco and the investments in mall expansion projects totaled R$75.4 million.
  • On July 27, 2010, Aliansce acquired an additional fraction of 2.06% in Super Shopping Osasco. With this acquisition, the Company now holds 33.58% of the mall.
  • On August 19, 2010, the Company launched Parque Shopping Belem. Due to the success of this launch, the mall's project was revised, with its gross leasable area (GLA) expanded to 28,100 sqm. For more details, see the Growth Drivers section.
  • On October 26, 2010, the Company inaugurated Boulevard Shopping Belo Horizonte in Belo Horizonte, Minas Gerais. With 43,064 sqm of GLA and 90% leased, the mall adds 30,145 sqm in owned GLA to the Company's portfolio and strengthens its operation in the Southeast region.
  • On November 4, 2010, Aliansce convened an Extraordinary Shareholders' Meeting to be held at 10:00 a.m. on November 19, 2010, to resolve on the approval of the acquisition of an interest in Boulevard Shopping Campos. The mall is currently under construction and its expected opening is scheduled for April 2011.  

Full Earnings Release is available on Aliansce's IR website: http://www.aliansce.com.br/ir

Aliansce will be hosting conference calls to discuss 3Q10 Results on Friday, November 5, 2010 at 8:00 a.m. ET (Portuguese) and 10:00 a.m. ET (English). Please see the Company's IR website for connecting numbers.

For further information please contact Aliansce's Investor Relations Department:

Phone: +55 21 2176-7272

Fax: +55 21 2176-7229

E-mail: [email protected]

Website: www.aliansce.com.br/ir

SOURCE Aliansce Shopping Centers S.A.

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