Sao Carlos Empreendimentos Reports Good Profitability in 1Q10: EBITDA and FFO Margins of 88% and 56% Respectively

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Sao Carlos Empreendimentos e Participacoes S.A.

May 14, 2010, 09:06 ET

SAO PAULO, May 14 /PRNewswire-FirstCall/ -- Sao Carlos Empreendimentos e Participacoes S.A. (BM&FBovespa: SCAR3) announces today its results for the first quarter of 2010.

  • ACQUISITIONS AND DISPOSALS OF COMMERCIAL PROPERTIES IN 1Q10: Disposal of the Campo Grande/MS store in February 2010 for R$ 10.5 million with net profit of R$ 5.7 million; acquisition of 40% of the Real building in March 2010, for R$ 108.0 million.
  • ACQUISITIONS AND DISPOSALS OF COMMERCIAL PROPERTIES IN 2Q10: Acquisition of the Sul America building in April 2010, for R$ 130.0 million; disposal of 8 street stores in April 2010, for R$ 57.8 million
  • REAL ESTATE PORTFOLIO AT 1Q10 END: 37 commercial properties with 403,000 sqm of own GLA and an estimated market value of R$ 1.56 billion, concentrated in office buildings and retail stores, in Sao Paulo and Rio de Janeiro.
  • NET INCOME AND EPS: R$ 19.2 million and R$ 0.33/share in 1Q10 (+10.6% vs. 1Q09)
  • ADJUSTED EBITDA: R$ 29.0 million in 1Q10 (+10.9% vs. 4Q09) with EBITDA margin of 88.0%
  • FFO: R$ 18.4 million in 1Q10 (-20.1% vs. 1Q09) with FFO margin of 55.7%
  • NAV of R$ 1.32 billion and NAV/SHARE of R$ 22.93/share at 1Q10 end

To access the full "1Q10 Earnings Release", please access our website: www.scsa.com.br/ir and to listen to our conference call on the 1Q10 results use the information below:

ENGLISH (MAY 17, 2010, MONDAY)

11:00 A.M. (NEW YORK TIME)

12:00 P.M. (BRASILIA TIME)

TEL: +1 (412) 858-4600

CODE: SAO CARLOS

Investor Relations Department

Phone: (55 11) 3048-5413

E-mail: [email protected]

About Sao Carlos

Sao Carlos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Our goal is to maximize rental revenues from the company's real estate, the assets' renting potential and the portfolio's market value. Our business strategy includes the investment in new commercial properties, reform and maintenance of our real estate, optimization of condominium administration and sale of properties that already attained maturation. We currently have a portfolio which includes office buildings, distribution centers and street stores, located mainly in the States of Sao Paulo and Rio de Janeiro.

SOURCE Sao Carlos Empreendimentos e Participacoes S.A.

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