ALIANSCE SONAE: Malls reopened with occupancy over 95%

RIO DE JANEIRO, Brazil, May 12, 2021 /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 first quarter of 2021 (1Q21).

1Q21 Highlights

95.2% occupancy rate at the end of 1Q21. The continued partnership and support to tenants, combined with commercial strength and the successful connection of retailers to Aliansce Sonae's digital platforms, led to the high occupancy rate of shopping malls, despite the sector's crisis.

Strong cash generation. Aliansce Sonae ended 1Q21 with a cash balance of R$1.4 billion and 1.2x Net Debt / EBITDA. In the quarter, the Company achieved operating cash generation of R$110 million, enough to cover its financial obligations and investments, confirming the resilience of its malls during a new wave of challenges.

74% of regular operating hours. During 1Q21, with the pandemic worsening and a new wave of restrictions over operations, the portfolio was open on average for 74% of regular hours.

Sales performance. The malls' opening restrictions caused a setback to the operations' recovery path during 1Q21. Thus, total sales reached 71.3% of the amount recorded in 1Q20.

EBITDA e AFFO. In 1Q21, EBITDA reached R$81.6 million, and FFO was R$40.7 million, both mainly impacted by the operational restrictions and increased PDA, however, with effects softened by the Company's efficiency in controlling costs and expenses.

PEG Hub Parque D. Pedro. In April 2021, the first PEG Hub of the portfolio was launched at Parque D. Pedro Shopping. The PEG structure integrates the physical and digital environments, with an area dedicated to the withdrawal, exchange, or return of products purchased in the most diverse channels.

Case Study: Manauara Shopping. The mall has been proving its operational resilience at a fast-paced recovery after each reopening process. As the vaccination process advances, the rest of the portfolio is expected to follow suit.

For a full version of 1Q21 Earnings Release, please, refer to https://ri.alianscesonae.com.br/en

Aliansce Sonae will hold its conference call and webcast on May 13th, at 10:00 a.m. US ET (in Portuguese) / 11:00 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]

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SOURCE Aliansce Sonae Shopping Centers