2. Highlights
• Net revenue totaled R$65.3 million in 2Q12, a 22.7% increase over 2Q11.
• EBITDA totaled R$49.8 million in 2Q12, a 22.3% increase compared to the same period
of last year. EBITDA margin reached 76.3% in the quarter.
• FFO was R$40.8 million in the quarter, an 8.2% decrease over the 2Q11. The FFO
margin in the 2Q12 was 62.5%.
• Consolidated NOI reached R$63.4 million in 2Q12, the a an all time record, representing
a 24.5% increase over the 2Q11.
• Same-store rent (SSR) reached, once again, a double-digit growth of 13.1%, the highest
quarterly growth since the Company’s IPO. Same-store sales (SSS) increased by 9.2% in
2Q12 over 2Q11.
• Total sales in our shopping centers reached R$1.1 billion in 2Q12, 18.9% higher than in
2Q11.
2
6. Owned GLA Growth
Sonae Sierra Brasil has a solid new development and expansion pipeline which will increase
the Company’s owned GLA by over 53% until the end of 2013.
Owned GLA Growth ('000 sqm)
17
78
40
389
+53.2%
254
2012 Boulevard Londrina Passeio das Águas Expansions* 2013
(Londrina, PR) (Goiânia, GO)
*Expansions in Shopping Metrópole, Parque D. Pedro and Tivoli scheduled for 2013.
6
7. Greenfields: Boulevard Londrina Shopping
Greenfield Details
City Londrina
State PR
Expected Opening 1Q13
Scheduled to open in 1Q13, the shopping GLA ('000 sqm) 47.8
mall is part of a big renovation project of
SSB's Ownership Interest* 84.5%
an old industrial region in downtown
Londrina Committed GLA 75%
Gross Capex Incurred (R$ MM) 140.4
* Ownership considering partner will fully exercise its rights in the project.
Shopping center construction site Project Illustration
Data on 06/30/12 7
8. Greenfields: Passeio das Águas Shopping
Greenfield Details
City Goiânia
State GO
Expected Opening 4Q13
Scheduled to open in 2H13, the biggest
GLA ('000 sqm) 78.1
project of our portfolio and is located
within the growth sector of Goiânia SSB's Ownership Interest 100%
Committed GLA 53%
Gross Capex Incurred (R$ MM) 137.2
Shopping center construction site Project Illustration
Data on 06/30/12 8
9. Revenue Breakdown
Revenues (R$ thousand) 2Q12 2Q11 Var. % 1H12 1H11 Var. %
Rent 54,736 43,692 25.3% 102,886 85,034 21.0%
Rent contract straight-lining 1,121 1,044 7.4% 1,463 1,993 -26.6%
Service revenue 4,240 4,057 4.5% 8,288 8,090 2.4%
Parking revenue 6,893 5,882 17.2% 12,673 11,492 10.3%
Key Money 3,393 2,523 34.5% 6,050 4,921 22.9%
Other revenue 910 120 656.2% 1,320 445 196.3%
Total Gross Revenue 71,293 57,318 24.4% 132,680 111,975 18.5%
Taxes over rent and services (4,428) (2,417) 83.2% (8,344) (6,682) 24.9%
Discounts and cancellations (1,596) (1,705) -6.4% (2,441) (2,384) 2.4%
Total deductions (6,024) (4,122) 46.2% (10,785) (9,066) 19.0%
Net Revenue 65,269 53,196 22.7% 121,895 102,909 18.4%
Gross Revenue Breakdown in the quarter
1%
5%
Rent
10%
Rent contract straight-lining 11%
6% Fixed Rent Revenue
1% 8%
Service revenue
Turnover Rent Revenue
Parking revenue
77% 81% Kiosks and Merchandising
Key Money
Other revenue
9
10. Costs and Expenses
Costs and Expenses (R$ thousand) 2Q12 2Q11 Var. % 1H12 1H11 Var. %
Depreciation and amortization 392 359 9.2% 831 762 9.1%
Personnel 7,687 7,263 5.8% 14,443 12,886 12.1%
External services 2,874 2,026 41.9% 5,623 4,158 35.2%
Occupancy expense (vacant stores) 1,699 960 77.0% 2,765 1,825 51.5%
Cost of contractual agreements with tenants 456 275 65.8% 787 611 28.8%
Provision (reversal) for bad debts 1,444 (248) N/A 1,890 332 469.3%
Rent 866 716 20.9% 1,627 1,341 21.3%
Other 1,767 1,470 20.2% 4,268 3,518 21.3%
Total 17,185 12,821 34.0% 32,234 25,433 26.7%
Classified as:
Cost of rentals and services 11,385 9,647 18.0% 20,983 18,203 15.3%
Operating expenses 5,800 3,174 82.8% 11,251 7,230 55.6%
Total 17,185 12,821 34.0% 32,234 25,433 26.7%
Cost and Expenses (R$ million)
55.7% 11.3
7.2
82.8%
5.8 15.3%
3.2 21.0
18.2
18.0%
9.6 11.4
2Q11 2Q12 1H11 1H12
Cost of rentals and services Operating expenses
10
15. Disclaimer
► The material that follows is a presentation of general background information about Sonae Sierra Brasil S.A. and
its subsidiaries (the “Company”) as of the date of the presentation. It is information in summary form and does
not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form
the basis for an informed investment decision. This presentation is strictly confidential and may not be disclosed
to any other person. No representation or warranty, express or implied, is made concerning, and no reliance
should be placed on, the accuracy, fairness or completeness of the information presented herein.
► This presentation may contain statements that are forward-looking within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of
1934. Such forward-looking statements are only predictions and are not guarantees of future performance.
Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to
many risks, uncertainties and factors relating to the operations and business environments of the Company and its
subsidiaries that may cause the actual results of the Company to be materially different from any future results
expressed or implied in such forward-looking statements. No person has any responsibility to update any such
information.
► This presentation does not constitute an offer, or invitation, or solicitation or an offer, to subscribe for or purchase
any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or
commitment.
