CCP announces 2012 results - Net Profit is R$153.0 million; EBITDA totals R$244.5 million

Feb 28, 2013, 19:12 ET from Cyrela Commercial Properties S.A.

SAO PAULO, Feb. 28, 2013 /PRNewswire/ -- Cyrela Commercial Properties S.A. Empreendimentos e Participacoes (BM&F-Bovespa: CCPR3) announced yesterday its 2012 and 4Q12 results.

The financial vacancy (revenues achieved over total potential revenues) was 0.33% - the office- and distribution center- portfolio maintained zero vacancy. On the shopping center portfolio, financial vacancy stood at 1.35%.

Net Revenues reached R$489.9 million in 2012 (+56.8% over 2011). Recurring Revenues totaled R$213.9 million, a 17.8% increase over the previous year.

EBITDA was R$244.5 million (+40.3% vs. 2011). Adjusted EBITDA (which excludes the development-related activities) reached R$167.6 million (+19.9%). EBITDA and Adjusted EBITDA Margins were, respectively, 50.4% and 87.1%.

CCP recorded NOI of R$179.3 million (NOI Margin: 94.1%) and FFO of R$163.5 million (FFO Margin: 33.7%). Net Profit was R$153.0 million (+34.6% over 2011) with a 31.6% Net Margin. Net Profit per share closed 2012 at R$1.852.

As recent developments, in 2013, the sale of a 90% ownership interest at the Jundiai II Logistic Park to institutional investor was concluded, as was the Third Issue of Debentures, in the amount of R$150 million, which will be used to fund the Company's  working capital needs, namely on the 16 sites currently under development.

For more information, visit the Company's Investor Relations website at

Earnings Teleconference:

March 1, 2013

Time: 11:30 am (Brasilia)/09:30 am (EST)
Dial in: +1 (412) 317-6776
Code: CCP

Investor Relations Information
Tel.: +55 (11) 3018-7601

CCP is one of Brazil's leading companies of development, acquisition, leasing, sale and management of commercial real estate. The Company focuses on the Triple A Corporate Office Buildings, Shopping Malls and Industrial Distribution Center and has operations in Sao Paulo, Rio de Janeiro, Minas Gerais, Goias, Bahia and Para.CCP has a operational portfolio of 223 thousand square meters (Gross leasable area) and another 364 thousand square meters under development, to be delivered on coming periods. With over 16 years of experience in the field, the Company resulted from the spin-off, in 2007, of commercial real estate-related assets of Cyrela Brazil Realty. The Company is listed at the Novo Mercado in the Brazilian BMF&Bovespa exchange. It trades under the ticker symbol CCPR3.

SOURCE Cyrela Commercial Properties S.A.