Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra
Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra
Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra
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<strong>Sierra</strong> Developments – 6M09 <strong>Financial</strong> Results<br />
• Development Services delivered of € 2.7 million<br />
• Net Profit attributable to Equity holders was negative on € 41.7 million<br />
<strong>Sierra</strong> Developments Net Profit<br />
<strong>Sierra</strong> Developments contributed negatively with € 41.7 million to the <strong>Consolidated</strong> Net Profit of <strong>Sonae</strong> <strong>Sierra</strong>.<br />
This negative contribution is mainly related to the negative value created in the investment properties sold to<br />
<strong>Sierra</strong> Investments.<br />
In the case of properties sold to <strong>Sierra</strong> Investments, opened of less than two years ago, the negative indirect<br />
result is a loss of the Developments business.<br />
The income from the development services, capitalized on the projects under development, is lower than on the<br />
previous year, mainly related to a reduced pipeline of ongoing projects when compared with the previous year<br />
when <strong>Sierra</strong> had four inaugurations.<br />
The operating costs decreased by 14% when compared with 2008, in line with a slowdown in the business<br />
operation, due to the actual property and financial markets conditions.<br />
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