In 2004 Sonae Sierra (still then under the name of âSonae ImobiliÃ¡riaâ) consolidated its position as a European specialist in shopping and leisure centers. During the year the company opened five new shopping and leisure centers, four in Spain and one in Brazil, and completed the expansion of a center in Brazil. Continued, as well, the construction of seven more new shopping and leisure centers.
â2004 was a year of heavy investment and intense activity for the company during which we pursued with great determination our strategy of reinforcing our presence in the various countries where we operateâ, stated Ãlvaro Portela, the CEO of Sonae Sierra.
âToday â" he added â" at a time when we are adopting a new brand, we look to the future with great optimism and we are ready to continue to be the leader in the development of new trends in the sector, bringing alive every day our commitment: passionate about innovation.â
- EBITDA of â¬107.64 million (+9.8% compared to 2003)
- NAV per share of â¬ 32.60 (+11.8%)
- NAV (Net Asset Value) of â¬ 1.06 billion
- Net profit of â¬ 82.25 million. Excluding the extraordinary events of 2003 (set up of SIERRA Fund, the sale of 50% of Vasco da Gama (Lisbon, Portugal) and the reduction of the corporate tax rate in Portugal from 33% to 27,5%), Net profit grew 6%.
- Asset gearing of 28.8%
- Interest cover of 2.67
- Five new shopping centers and one expansion completed â" Dos Mares (MÃºrcia, Spain), Avenida M40 (Madrid, Spain), Luz del Tajo (Toledo, Spain), Zubiarte (Bilbao, Spain), BoavistaShopping (SÃ£o Paulo, Brazil) and the expansion of Shopping Penha (SÃ£o Paulo, Brazil)
- Four new projects started construction â" Rio Sul (Seixal), CovilhÃ£ Shopping (CovilhÃ£), in Portugal; Alexa (Berlin), in Germany; and Frescia Rossa (Brescia), in Italy
- Construction continued at three projectsâ" LoureShopping (Loures), in Portugal; Plaza Ãboli (Pinto), in Spain; and Mediterranean Cosmos (Thessalonica), in Greece
- 1.839 million m2 of Gross Lettable Area (GLA) under management (+17.6%)
- Owns or co-owns 31 Shopping and Leisure Centres, and one Retail Park in operation, with a total 1.362 million m2 of GLA (+13.2%)
- 6,100 tenant contracts under management
- 410 million visits to shopping centres under management
Source: Sonae Sierra