2. Sound track record
Sonae Sierra Brasil’s historical evolution | Owned GLA (‘000 sq m)
Acquisition
Development Acquisition of CAGR(01-10): 26.2%
Acquisition of a 20% additional stakes in
stake in Plaza Sul Metrópole, Plaza Sul
and Tivoli
200.0 203.7
Opening of PDP
Shopping
128.4
150.0 148.5
102.7
Opening of
Manauara Shopping
108.5 DDR become a
shareholder with
80.8 50% stake
79.9
Opening of Opening of Campo
Boavista Shopping Limpo
Acquisition of
25.1 additional stake in
Metrópole
1999… 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Total GLA 111.7 219.0 220.9 242.1 273.8 297.8 298.8 296.8 343.5 350.1
(‘000 sq m)
Owned GLA as 22.5% 36.5% 36.6% 42.4% 39.6% 43.1% 50.2% 50.0% 58.2% 58.2%
% of total GLA
2
3. Portfolio
10
7
13
Shopping Centers in Operation Occupancy 11
GLA Owned GLA
Rate
City State Stores ('000 sqm) Ownership ('000 sqm)
(% GLA)
1 Parque D. Pedro C ampinas SP 407 121.0 51.0% 61.7 95.1% 12
2 Boavista Shopping São Paulo SP 148 16.0 100.0% 16.0 98.0%
3 Penha Shopping São Paulo SP 198 29.6 73.2% 21.7 98.0%
4 Franca Shopping Franca SP 101 18.1 67.4% 12.2 98.4%
Santa Barbara
5 Tivoli Shopping SP 147 22.1 30.0% 6.6 100.0%
d'Oeste
4
São Bernardo
6 Metrópole Shopping SP 148 23.9 * 100.0% 23.9 100.0%
do C ampo
5
7 Pátio Brasil Brasília DF 234 28.8 10.4% 3.0 98.7% 1
8
8 Plaza Sul Shopping São Paulo SP 220 23.1 30.0% 6.9 99.7% 3
2 9
6
9 C ampo Limpo Shopping São Paulo SP 127 19.9 20.0% 4.0 99.3%
10 Manauara Shopping Manaus AM 232 46.7 100.0% 46.7 99.2%
Total 1,962 349.1 58.0% 202.6 97.7%
* Including an area of 5,161 sqm, currently reserved for expansion of the shopping mall
Projects under Development GLA Owned GLA
City State ('000 sqm) Ownership ('000 sqm)
11 Uberlândia Shopping Uberlândia MG 43.6 100.0% 43.6
12 Boulevard Londrina Shopping Londrina PR 47.8 84.5% 40.4
13 Passeio das Águas Shopping Goiânia GO 78.1 100.0% 78.1
Total 169.5 95.6% 162.1
3
5. Future growth
Owned GLA growth (000 sq m)
Goiânia
Expansion Greenfields
78
Londrina
13
Uberlândia
40
3 Metrópole (II)
44 Tívoli
10 PDP (II)
392
Metrópole (I)
Campo Limpo
203
+92%
2010 2011 2012 2013 Total
5
6. New malls
Sonae Sierra Brasil’s strategy is to develop greenfield projects that have the potential to
become the leading malls in their regions
Boulevard Londrina Shopping Passeio das
Uberlândia Shopping
Shopping Águas
City: Uberlândia Londrina Goiânia
State: MG PR GO
Expected Opening: 4Q11/1Q12 2H11 2013
Status: Work in progress Work in progress Approved licences
Total GLA (‘000 sq m): 43.6 sqm 47.8 sqm 78.1 sqm
Company’s ownership: 100% 84,5% 100%
% of GLA already 86% 70% 20%
committed*:
* As of 1Q11
6
7. Expansions
On-going expansions Future expansions
Metrópole Campo Limpo Parque D. Pedro Metrópole Tivoli
(Expansion I) (Expansion II) (Expansion II)
São Bernardo São Bernardo Sta. Bárbara
Location São Paulo (SP) Campinas (SP)
(SP) (SP) D’Oeste (SP)
Sonae Sierra
100% 20% 51% 100% 30%
Brasil Stake
Additional
9.0 3.0 5.0 12.0 7.0
Total GLA (‘000 sq m)
Expected Opening: 2H11 2011 n.a. n.a. n.a.
% of GLA
99% 90% n.a. n.a. n.a.
already committed*:
* As of 1Q11
7
9. Costs and expenses
Costs and Expenses (R$ '000) 1Q11 1Q10 %
Depreciation and amortization 403 275 46.5%
Personnel 5,623 5,027 11.9%
Outsourced services 2,132 2,575 -17.2%
Occupancy cost (vacant stores) 865 1,152 -24.9%
Cost of contractual agreements with tenants 336 438 -23.3%
Reversal of the allowance for doubtful lease receivables 580 (382) -251.8%
Rent 625 570 9.6%
Travel 224 257 -12.8%
Other 1,824 1,082 68.6%
Total 12,612 10,994 14.7%
Classified as:
Cost of rentals and services 8,556 7,761 10.2%
Operating expenses 4,056 3,233 25.5%
12,612 10,994 14.7%
9
10. Indicators
Net Revenue (R$ million) Adjusted EBITDA and Margin (R$ million)
111 111
Adjusted FFO and Margin (R$ million) Net Operating Income - NOI (R$ million)
111 111
10
11. Indicators - Management accounts (51% of PDP)
Net Revenues (R$ million) Adjusted EBITDA and Margin (R$ million)
111 111
Adjusted FFO and Margin (R$ million) Net Income (R$ million)
111 111
11
12. Cash and debt
Net Cash Position (R$ million) Debt Profile
Debt Profile
TR
19%
CDI
Fixed
22%
59%
Debt Amortization Schedule (R$ million)
111.4
7.7 9.9
28.0 28.0 27.3
2011 2012 2013 2014 2015 2016 and beyond
12
13. Questions & answers
Investors Relations
Carlos Alberto Correa
Investors Relations Officer
Murilo Hyai
Investors Relations Manager
Email:
ribrasil@sonaesierra.com
Phone:
Thank You
+55 (11) 3371-4188
14. Disclaimer
► The following material, on this date, is a presentation containing general information about Sonae Sierra Brasil.
We offer no guarantee and make no declaration, implicitly or explicitly, as to the accuracy, completeness or
scope of this information.
► This presentation may include forward-looking statements of future events or results according to the regulations
of the Brazilian and International securities and exchange commissions. These statements are based on certain
assumptions and analyses by the Company that reflect its experience, the economic environment, future market
conditions and expected events by the company, many of which are beyond the control of the Company.
Important factors that may lead to significant differences between the actual results and the statements of
expectations about future events or results include the company’s business strategy, Brazilian and International
economic conditions, technology, financial strategy, financial market conditions, uncertainty regarding the results
of its future operations, plans, objectives, expectations and intentions, among others. Considering these factors,
the actual results of the company may be significantly different from those shown or implicit in the statement of
expectations about future events or results.
► The information and opinions contained in this presentation should not be understood as a recommendation to
potential investors and no investment decision is to be based on the veracity, current events or completeness of
this information or these opinions. No advisors to the company or parties related to them or their representatives
should have any responsibility for any losses that may result from the use or contents of this presentation.
14
