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ALIANSCE: Net revenue growth of 10.9% and EBITDA expansion of 9.6%

RIO DE JANEIRO, July 29, 2019 /PRNewswire/ -- Aliansce Shopping Centers S.A. (ALSC3.SA), one of Brazil's largest shopping mall owners and operators, announced today its financial results for the second quarter of 2019 (2Q19) and the first half of 2019 (1H19).

2Q19 Highlights:

  • Net revenue growth of 10.9%. Rent revenue expanded 8.2% yoy in 2Q19, contributing to 9.9% NOI growth in the same period. Parking revenue sustained positive trend, increasing 14.8% in 2Q19.
  • EBITDA expansion of 9.6% and AFFO increase of 19.1%. Consistent improvement in operational results and debt reprofiling strategy led to R$66.6 million AFFO, margin of 46.5%, a 361 bps expansion yoy.
  • Total sales grew 7.6%, with sales per sqm up 4.9%. SAS up 5.2% and SSS up 4.5% yoy in 2Q19. Adjusted for the impact from Easter sales, SAS grew by 4.3% and SSS by 3.6%.
  • SSR and SAR increased 8.9% and 8.5%, respectively. Rent per sqm expanded 4.0% yoy in 2Q19.
  • Leverage down to 3.1x net debt/EBITDA. Average debt cost decreased to 8.5% in 2Q19, following the Company's debt renegotiation and pre-payment approach.
  • Occupancy rate reached 97.3%, 123 bps above 2Q18. LTM, 551 stores were leased in Aliansce's malls, up 20.6% yoy.
  • Approval of the merger between Aliansce and Sonae Sierra Brasil. All authorizations and approvals required to conclude the transaction were granted. The merger is estimated to be effectively completed on August 5th, 2019.

For a full version of 2Q19 Earnings Release, please, refer to https://ir.aliansce.com.br

According to management, Aliansce's 2Q19 growth in revenue and EBITDA reflects once again the Company's robust and consistent path towards improving operational and financial results, coupled with its successful debt reprofiling strategy. The second quarter also encompasses major achievements for the Company, including the completion of the retrofit project at Shopping Grande Rio, a highly dominant mall in Rio de Janeiro, as well as the regulatory approval for the conclusion of the business combination between Aliansce and Sonae Sierra Brasil.  

Aliansce will hold its conference call and webcast in English on July 30, at 12:00 pm ET/01:00 pm BRT. To access the call, dial +1 646 828-8246/+55 (11) 3193-1001, code "Aliansce". Webcast is available at http://ir.aliansce.com.br

For more information, please, contact Daniella Guanabara, IRO, at +55 21 2176-7272 or ri@aliansce.com.br

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