Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

SONAE SIERRA BRAZIL
In Brazil, Sonae Sierra is the owner (or co-owner) of 10 shopping centres, equal to a total of 358,343 m2 of
GLA.
The aim of Sonae Sierra Brazil is to become one of Brazil’s leading companies and a partner of choice in the
shopping and leisure centre sector. This objective is being achieved through a combination of organic growth
and acquisitions, which is being accelerated following the acquisition of 50% of Sonae Sierra Brazil by DDR
(Developers Diversified Realty from USA).
In April, Sonae Sierra concluded with success the development of Manauara Shopping (Manaus),
representing an investment of €88 million, which was inaugurated with almost 100% of the GLA let.
Sonae Sierra Brazil has now three development projects in pipeline:
• The first is located in the city of Londrina, state of Paraná. The development will be a part of a hotel,
residential, commercial and cultural complex. Opening date is scheduled to 2011.
• The second is located in the city of Uberlândia, in the Minas Gerais state. This project will have two
levels with 33,000 m2 of GLA. Opening date is scheduled to 2011.
• The third project is located in Goiânia, state of Goiás, and will be the largest and most modern of its kind
in the city and its metropolitan area, as it will consist of 78,500 m2 of GLA.
FINANCIAL POSITION AND RESULTS
Consolidated Financial Performance
Profit & Loss Account
Sonae Sierra Equity Holder’s Consolidated Net Profit in the first semester of 2009 was negative of €94.2 million
compared with a Consolidated Net Profit of €16.2 million in the same period of last year.
This variation in the Equity Holder’s Consolidated Net Profit is mainly driven by the Indirect Net Profit that was
adversely affected by the continuous increases in market capitalization yields in Europe, although there were
already operational improvements in the Portuguese and German portfolio, but still insufficient to compensate the
yield effect.
In the same period Sonae Sierra’s Direct Net Profit reached €35.2 million, compared to the €33 million in the
same period of 2008 (pro-forma).
The Shopping Centre Operating Income is 7% above the first half of 2008 mostly due to the increase in the
portfolio – the openings of 2008 in Europe: Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza;
and the opening of Manauara in 2009, in Brazil.
The Company’s Net Operating Margin reached €85.9 million in the first semester of 2009, 2% above the same
period of last year.
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