RIO DE JANEIRO, Nov. 11, 2020 /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 2020 (3Q20).
All malls reopened. During the 3Q20, Aliansce Sonae's entire portfolio resumed its operations and remained open for around 70% of regular hours.
Consistent sales recovery. Aliansce Sonae's total sales reached 69.3% of the 3Q19 sales level, while in September, sales were already 18.3% lower. In October, there was a greater recovery of this indicator, with a drop of only 12.1%. The Company's SSS in 3Q20 was -25.1%, while the SAS was -24.9%, showing a steady sales performance.
High occupancy rate. As highlighted at the beginning of the pandemic, the Company's primary goal, from a commercial standpoint, was to reopen the assets with a high occupancy rate to allow malls to continue delivering a unique experience to consumers. At the end of the quarter, occupancy reached approximately 95%.
Strong NOI recovery. Aliansce Sonae reached R$98.7 million in NOI, already accounting for a higher PDA and excluding the straight-line rent adjustment, reflecting a gradual and consistent recovery and efficiency in controlling costs.
Cash management winning strategy. Aliansce Sonae ended 3Q20 with a solid cash position of R$1.3 billion and Net Debt/Ebitda of 1.3x. In 2020, operational cash generation remained strong enough to cover interests and financing amortizations, though still extraordinarily affected by the adverse business conditions caused by the COVID-19 pandemic.
Aliansce Sonae innovates with PEG. In line with its omnichannel approach and reinforcing the digital strategy of integrating physical points with online platforms, the Company developed an innovation that aims to reduce friction for collecting and exchanging goods. PEGs are structures located in the parking lots and inside the malls to organize and facilitate the delivery and pick-up of goods sold through the most diverse channels.
For a full version of 3Q20 Earnings Release, please, refer to https://ri.alianscesonae.com.br/en
Aliansce Sonae will hold its conference call and webcast on November 12th, at 09:00 a.m. US ET (in portuguese) / 10:00 a.m. US ET (in english). To access the call, dial +1 (412) 717-9627 / +55 11 3181-8565 / +55 11 4210-1803, 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 Shopping Centers S.A.