Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

The Company’s Results were affected by what happened at the level of Indirect Results. In this area, the
Company’s Equity Holders booked a loss of €113.9 million at the end of the first semester of 2009, whereas they
had booked a loss of €7.7 million in the same period of 2008.
The market value of the investment properties continues to be affected by the negative climate in the properties’
markets of most of the developed countries where the Company operates. This context led to an upwards shift of
the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a
reduction in the value of the corresponding property.
Balance Sheet
The Consolidated Balance Sheet continues to show a solid financial position. The total assets amounted to
€4,129 million at the end of June 2009; the decrease in Investment Properties is fully explained by the devaluation
of the investment properties in Europe. As for the Brazilian portfolio, it benefited from the opening of Manauara
and a favourable FX effect between December 2008 and June 2009.
The Bank Debt amount remains at a similar level to 2008 year end. The Asset Gearing (measured as net
indebtedness less cash and equivalents, as a percentage of total assets excluding cash and equivalents)
increased from 45.4% to 47.5%, a level still below the target of 50%.
Value Metrics
The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV)
plus dividends distributed. The Company calculates its NAV on the basis of the guidelines published in 2007 by
INREV (European Association for Investors in Non-listed Real Estate Vehicles), an association of which the
Company is a member.
On the basis of this methodology, the NAV of Sonae Sierra, as of the 30th June 2009, was €1.25 billion,
corresponding to a NAV per share of €38.38.
Contribution to consolidated NAV
(€ 000)
Sierra Investments 678.020
Sierra Developments 275.441
Sonae Sierra Brazil 239.602
Sierra Management 2.206
Cash & Others 52.685
Total consolidated NAV 1.247.955
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