Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

PROSPECTS
The current situation of the economies and of markets is having a clear impact on the Group’s activity.
At operating level, the shopping centres held by the Group continue to deliver a positive and sustained
performance, certainly better than one would expect in the depressive context that Economies show today. And,
on the other hand, the first signs of recovery at macro-economic level should help to maintain and consolidate
today’s levels of performance.
But the financing and investment markets are equally important for the Group. Today’s depressed situation of the
financing markets makes more difficult the decision to commit to the development of new shopping centres. In this
area, the Group will maintain its prudent approach of only making new commitments once the respective sources
of finance are assured.
The property investment markets, on the other hand, continue with low levels of liquidity and with prices at
historically low levels. This has an immediate impact on the valuation of the shopping centres held by the Group,
and a corresponding effect in its Indirect Result. The evolution of these markets is obviously important for the
active management of the properties under management by the Group and also for the process of capital
recycling that sustains the Group’s growth. On this front, the Group believes that there could be positive
developments in the near future, namely in terms of growth in liquidity and volume of transactions.
BUSINESS ACTIVITIES
SIERRA INVESTMENTS
Sierra Investments has now a solid portfolio of properties – a total of 39 centres – with centres in operation in
all the European markets where Sonae Sierra is present. The table below shows the main indicators for the
portfolio, in the percentage of consolidation.
Country Nr. of centres GLA (m²)
Fixed Rents 6M09 Var. Fixed Rents
(€ 000)
(L-F-L)
Portugal 20 786,404 52,802 1.7%
Spain 13 545,587 26,439 -6.3%
Italy 4 146,665 9,682 23.9%
Germany 2 92,610 8,371 2.6%
Greece 2 65,185 2,904 13.3%
Romania 1 12,249 1,416 -10.1%
42 1,648,700 101,614 0.5%
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