ALIANSCE SONAE: EBITDA and FFO margins surpass 2019
RIO DE JANEIRO, Nov. 11, 2022 /PRNewswire/ -- Aliansce Sonae Shopping Centers S.A. (B3: ALSO3), one of the largest shopping mall owners and operators in Brazil, announces its results for the third quarter of 2022 (3Q22).
3Q22 Highlights
Margins above 2019 reflecting the synergies from Aliansce Sonae's merger. The Company's EBTIDA and AFFO grew 20% and 22%, respectively vs. 3Q19. EBITDA and AFFO margins reached 74% and 48%, respectively, in 3Q22. The margins, are already above those of 2019, despite inflationary pressure.
Record occupancy rate of 97%. The occupancy rate hit a new record in 3Q22, the highest since the creation of Aliansce Sonae. The leasing team negotiated 189 new contracts for the Company's owned malls.
Sales growth remains consistent. Total sales in 3Q22 achieved R$2.8 billion, growing 19.1% and 16.8%, compared to 3Q21 and 3Q19, respectively.
Revenue acceleration. Considering the consistent operating performance, the withdrawal of discounts remains assertive. As a result, rent revenue was up by 24% vs. 3Q19, and SSR was 32.7%, net of discounts.
Negative net delinquency. The net delinquency rate was -0.9%, as the tenants' ability to pay improved. Driven by the retraction in net delinquency and collection of overdue receivables in the period, the PDA fell by 60% versus 3Q21.
Operating cash generation reaches R$519 million in 9M22. In the first nine months of 2022, operating cash flow achieved R$519 million, a 91.5% conversion of EBITDA into cash.
Strategic divestments. In October 2022, Aliansce Sonae concluded the sale of its total ownerships in Boulevard Londrina Shopping and Boulevard Shopping Vila Velha for R$176.7 million, with an 8.1% cap rate. Both malls were already part of the Company's divestment pipeline.
Aliansce Sonae in COP-27. Aliansce Sonae discussed the role of the private sector towards a more sustainable world at the most important event on climate change, COP-27. Additionally, the Company has set clear long-term ESG goals, making a series of commitments until 2030 and carbon neutrality by 2040.
For a full version of 3Q22 Earnings Release, please, refer to https://ri.alianscesonae.com.br/en
Aliansce Sonae will hold its conference call and webcast on November 11th, at 02:30 p.m. BRT (in english). To access the call, dial +1 (412) 717-9627 / +55 11 3181-8565 / +55 11 4090-1621, code "Aliansce Sonae". Webcast is available at https://ri.alianscesonae.com.br/en
For more information, please, contact Daniella Guanabara, IRO, at + 55 21 2176-7272 or [email protected]
SOURCE Aliansce Sonae Shopping Centers S.A.
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