1Q10 Earnings Release - BRGAAP

8/20/2019 1Q10 Earnings Release - BRGAAP

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AALLIIAANNSSCCEE PPRREESSEENNTTSS IITTSS RREESSUULLTTSS AANNDD FFIINNAANNCCIIAALL

AANNDD OOPPEERRAATTIINNGG HHIIGGHHLLIIGGHHTTSS FFOORR 11Q Q 1100

Rio de Janeiro, May 13, 2010 –

Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of the largest shopping mall owners andadministrators in Brazil, announces today its results for the first quarter of 2010. All the operating and financial informationbelow, unless otherwise stated, is expressed in Brazilian reais, based on consolidated figures and pursuant to BrazilianCorporate Law.

The Company’s managerial information, based on the Company’s consolidated financial statements, was prepared as if the69.62% interest held by Aliansce in Via Parque Shopping and the November 2009 exclusion of Shopping Leblon from ourportfolio were effective as of the first quarter of 2009. In order to analyze the reconciliation of the consolidated and themanagerial financial statements, please see the comments in the Attachment section.

FFIINNAANNCCIIAALL AANNDD OOPPEERRAATTIINNGG HHIIGGHHLLIIGGHHTTSS – – 11Q Q 1100

Sales in the Company's shopping malls grew by 25.7% over 1Q09. Same area sales (SAS) and Same Store Sales (SSS) grew16.5% and 16.4%, respectively;

Managerial net income totaled R$8.3 million, increased by 49.2% when compared to 1Q09 figures;

Managerial consolidated gross revenues increased by 32.1% over 1Q09 to R$ 50.5 million;

Growth of 31.6% in managerial consolidated NOI to R$35.8 million, accompanied by a managerial consolidated NOI marginof 84.7%;

Managerial adjusted EBITDA grew by 43.1% to R$ 31.1 million, with a managerial adjusted EBITDA margin of 66.6%, versus

60.9% in 1Q09;

Managerial adjusted FFO increased by 76.5%, from R$ 14.5 million, in 1Q09, to R$ 25.7 million, while the managerialadjusted FFO margin stood at 55.1%, versus 40.9% in 1Q09;

The Company’s malls recorded an occupancy rate of 98.0%, excluding Shopping Santa Úrsula, which is being redeveloped,and Boulevard Shopping Brasília, which is in its final leasing phase.

Investments in greenfield projects and shopping mall expansions totaled R$41.0 million. The constructions in BoulevardShopping Belo Horizonte are on schedule for launch in October 2010, while Shopping Maceió is in the project detailingphase and construction should begin this year.


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Main indicators

(R$ thousands - except %)1Q10 1Q09 1Q10/1Q09 Δ%

Gross revenue 50,480 38,206 32.1%

Net revenue 46,641 35,610 31.0%

NOI 35,839 27,240 31.6%

Margin % 84.7% 84.5% 0.2p.p.

Adjusted EBITDA 31,051 21,701 43.1%

Margin % 66.6% 60.9% 5,7 p.p.

Net Income 8,291 5,557 49.2%

Margin % 17.8% 15.6% 2.2p.p.

Adjusted FFO 25,679 14,548 76.5%

Margin % 55.1% 40.9% 14.2p.p.

SAS/m² (sales on same area)¹ 797 685 16.5%

SAR/m² (rents on same area)¹ 48 45 6.3%

SSS/m² (same store sales)¹ 793 681 16.4%

SSR/m²( same store rent)¹ 48 45 7.1%

Sales 830,193 660,695 25.7%

Occupancy costs (% of sales) 13.4% 14.7% -1.3p.p.

Late Payments 3.6% 4.7% -23.2%

Occupancy² 98.0% 98.4% -0.4p.p.

Total GLA (m²) 423,937 362,219 17.0%

Own GLA (m²) 225,808 182,236 23.9%

¹ Monthly average. Does not include Shopping Santa Úrsula (under redevelopment process)

² Does not include Shopping Santa Úrsula and Boulevard Shopping Brasília

Financial Performance - Managerial Information

Operational Performance - Managerial Information

Note: Includes the consolidation of the 69.62% of the investment in Via Parque Shopping and excludes 70%

of Shopping Leblon’s 1Q10 result.


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MMEESSSSAAGGEE FFRROOMM MMAANNAAGGEEMMEENNTT

The Company continues to show a strong growth trajectory. Following the excellent performance of the Brazilian retail sector,sales in the Company’s shopping malls in the 1Q10 increased by 25.7% when compared to the first quarter of 2009.

Same-area sales (SAS) and same-store sales (SSS) grew by 16.5% and 16.4%, respectively. Our malls’ occupancy ratio closed at98.0%.

Our financial results followed the same growth trajectory. In 1Q10, managerial consolidated gross revenues increased by 32.1%to R$50.5 million; managerial consolidated NOI increased by 31.6% to R$35.8 million; and managerial adjusted EBITDA grew by43.1% to R$31.1 million. The managerial consolidated NOI margin reached 84.7%, while the managerial adjusted EBITDA marginstood at 66.6%, versus 60.9% in 1Q09, reflecting the increase of our operational efficiency.

Managerial adjusted FFO grew by 76.5% from R$14.5 million, in 1Q09, to R$25.7 million, while the managerial adjusted FFOmargin reached 55.1%, versus 40.9% in the same period of 2009. Managerial net income totaled R$8.3 million in the 1Q10.

The increase in the Company’s results was partially due to Boulevard Shopping Belém, which was inaugurated in late November2009, and also due to the maturation of our “New Generation assets”, assets which have less than five years of operating

history. This group of assets recorded an increase in SSS and SSR of 28.6% and 11.9%, respectively.

We continue to concentrate our efforts in the implementation of Aliansce’s “Next Generation assets”. The Boulevard Shopping

Belo Horizonte project, set to inaugurate in October 2010, is on schedule and already has 80% of its GLA leased. We have alsoconcluded the first and most important stage of Shopping Santa Úrsula redevelopment and have begun to lease its GLA.

In March 2010, we were invited to manage Shopping Continental in the city of São Paulo. This important shopping mall has beenoperating for 35 years, has a GLA of 32,000 m² and has a strong growth potential via a redevelopment process.

We are committed to the creation of pleasant environments in our malls so as to provide our customers with an interesting andpositive experience. We remain optimistic regarding our growth opportunities, always prioritizing value creation and return toour shareholders.

Management


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OOUURR PPOORRTTFFOOLLIIOO

Our portfolio includes shopping malls in Brazil’s Southeast, North, Northeast and South regions, as well as the Federal District,targeting a wide range of income groups.

Aliansce currently holds an interest in 13 operational malls, totaling approximately 226,000 m 2 of own GLA, with two moreunder development (one of which under construction and scheduled to open in October 2010), totaling a further 48,000 m² ofown GLA. It also acts as a service provider, planning, managing and leasing nine malls belonging to third parties, with a total GLAof 137,000 m².

Operating Malls State % Aliansce GLA Own GLAOccupancy

rate

Services

rendered

Shopping Iguatemi Salvador - Naciguat BA 41.59% 49,996 20,793 98.7% ML

Shopping Iguatemi Salvador - Riguat BA 71.49% 7,628 5,454 97.9% ML

Shopping Iguatemi Salvador BA 45.55% 57,624 26,247 98.5% ML

Shopping Taboão SP 38.00% 35,375 13,443 98.8% ML

Via Parque Shopping RJ 69.62% 53,937 37,551 99.7% ML

Boulevard Shopping Campina Grande PB 30.52% 17,258 5,267 99.8% MLShopping Grande Rio RJ 25.00% 35,799 8,950 99.4% ML

Carioca Shopping RJ 40.00% 23,203 9,281 98.8% ML

Supershopping Osasco SP 31.52% 17,641 5,560 95.3% L

Bangu Shopping RJ 100.00% 46,320 46,320 99.8% ML

Santana Parque Shopping SP 50.00% 26,542 13,271 97.0% ML

Shopping Santa Úrsula SP 37.50% 24,043 9,016 72.0% -

Caxias Shopping RJ 40.00% 25,633 10,253 98.5% ML

Boulevard Shopping Brasília DF 50.00% 16,925 8,462 74.4% ML

Boulevard Shopping Belém PA 75.00% 34,176 25,632 90.3% ML

Loja C&A Feira de Santana BA 100.00% 2,108 2,108 100.0% n/a

Loja C&A Grande Rio RJ 100.00% 2,108 2,108 100.0% n/a

Loja C&A Iguatemi Salvador Naciguat BA 44.58% 5,246 2,339 100.0% n/a

Sub-Total Operating Malls 53.26% 423,937 225,808 98.0%

Malls under development (Greenfields)Boulevard Shopping Belo Horizonte MG 70.00% 43,169 30,218 - ML

Shopping Maceió AL 50.00% 35,470 17,735 - ML

Sub-Total Malls under development 60.98% 78,639 47,953

Total portfolio 502,576 273,761

(M) Management | (L) Leasing


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SSAALLEESS PPEERRFFOORRMMAANNCCEE

First-quarter sales in the Company’s shopping mallstotaled R$ 830 million, 25.7% increased over 1Q09.The “New Generation” malls (Bangu, Santana Parque,Caxias and Belém) jointly recorded R$ 210 million in1Q10 sales, equivalent to 25% of the Company’s totalsales.

In 1Q10, same-area and same-store sales climbedby 16.5% and 16.4% year-on-year, respectively. Itis also worth mentioning the consolidation ofexpansions and redevelopment of the Grande Rio,Taboão and Via Parque malls.

Sales per shopping 1Q10 VA% 1Q09 VA%1Q10/1Q09

Δ%

(Amounts in thousands of Reais)

Shopping Iguatemi Salvador 239,261 28.8% 221,755 33.6% 7.9%

Via Parque Shopping 83,813 10.1% 73,225 11.1% 14.5%

Shopping Grande Rio 67,846 8.2% 54,535 8.3% 24.4%

Shopping Taboão 60,800 7.3% 50,966 7.7% 19.3%

Boulevard Shopping Campina Grande 39,237 4.7% 32,341 4.9% 21.3%

Carioca Shopping 54,223 6.5% 47,597 7.2% 13.9% Supershopping Osasco 39,963 4.8% 36,052 5.5% 10.8%

Bangu Shopping 79,908 9.6% 62,041 9.4% 28.8%

Santana Parque Shopping 42,845 5.2% 33,979 5.1% 26.1%

Shopping Santa Úrsula 20,579 2.5% 21,051 3.2% -2.2%

Caxias Shopping 36,676 4.4% 27,153 4.1% 35.1%

Boulevard Shopping Brasília 14,281 1.7% - n/a n/a

Boulevard Shopping Belém 50,762 6.1% - n/a n/a

Total 830,193 100.0% 660,695 100.0% 25.7%

4.90%

16.50%

10.20%

25.70%

Sales Analysis 1Q10

387

590661

830

1Q07 1Q08 1Q09 1Q10

Sales (R$ million)

25.7%


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FFIINNAANNCCIIAALL HHIIGGHHLLIIGGHHTTSS

Gross Revenues

Gross revenues increased by 32.1% in 1Q10, chiefly due to the

inauguration of Boulevard Shopping Belém in November 2009

and higher revenues from services and parking.

The accounting adjustments for implementation of rent

recognition on a straight-line basis (accounting pronouncement

CPC 06) impacted 1Q10 gross revenues by R$1.9 million, growth

of 21.8% when compared to 1Q09 figures.

Managerial Financial Information 1Q10 VA% 1Q09 VA%1Q10/1Q09

Δ%

Revenues per type

Rentals 34,216 67.8% 26,084 68.3% 31.2%

Key Money 2,985 5.9% 2,055 5.4% 45.3%

Parking 4,752 9.4% 3,772 9.9% 26.0%

Transfer fee 112 0.2% 183 0.5% -38.8%

Services rendered 6,559 13.0% 4,588 12.0% 43.0%

Straight line rent adjustement - C PC 06 1,856 3.7% 1,524 4.0% 21.8%

Total 50,480 100.0% 38,206 100.0% 32.1%

(Amounts in thousands of Reais, except percentages)

Managerial Financial Information 1Q10 VA% 1Q09 VA%1Q10/1Q09

Δ%

Revenues per venture



Shopping Taboão 2,559 5.1% 2,311 6.0% 10.7% Boulevard Shopping Campina Grande 560 1.1% 481 1.3% 16.4%

Carioca Shopping 2,017 4.0% 1,779 4.7% 13.4%

Supershopping Osasco³ 1,085 2.1% 1,107 2.9% -2.0%

Bangu Shopping 6,989 13.8% 6,116 16.0% 14.3%

Santana Parque Shopping² 2,427 4.8% 2,692 7.0% -9.8%

Shopping Santa Úrsula 566 1.1% 147 0.4% 285.0%

Caxias Shopping 1,666 3.3% 1,284 3.4% 29.8%

Boulevard Shopping Brasília 540 1.1% 63 0.2% 757.1%

Boulevard Shopping Belém 6,936 13.7% - 0.0% n/a

C&A Stores 599 1.2% 571 1.5% 4.9%

Via Parque Shopping¹ 4,988 9.9% 5,001 13.1% -0.3%

Services rendered 6,559 13.0% 4,588 12.0% 43.0% Straight line rent adjustement - CPC 06 1,856 3.7% 1,524 4.0% 21.8%

Total 50,480 100.0% 38,206 100.0% 32.1%


Key Money5.9%

Parking9.4%

Transfer fee0.2%

Servicesrendered

13.0%

Minimumrent

83.2%

Percentagerent7.6%

Stands /

Kiosques7.0%

Others2.3%

Revenues Breakdown - 1Q10

TotalRent

71.5%


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1. In 2009, Via Parque Shopping recorded non-recurring revenues of R$ 462 thousand from real-estate transactions. Excluding this factor, the mall's

period revenue growth would have come to 11.0%.

2. Santana Parque Shopping’s revenues declined due to adjustments to parking revenues in 1Q09, resulting in an increase of R$ 112 thousand in that

quarter.

3. Supershopping Osasco recorded a 1Q10 reduction of R$ 45 thousand in the recognition of key-money revenues from its inauguration.

The opening of Boulevard Shopping Belém in November 2009 contributed in the 1Q10 to dilute the relative revenue share of

each of the malls in the portfolio, corresponding to 13.7% of gross revenues and to the increase of 26.0% of parking revenues.

Leasing revenues grew by 31.2% in comparison to the first three months of 2009. In addition to the improved performance of

our malls in the period, the inauguration of Boulevard Shopping Belém and Boulevard Shopping Brasília in 2009 also contributed

to the revenue increase.

Rental Revenues per shopping 1Q10 VA% 1Q09 VA% 1Q10/1Q09 Δ%

(Amounts in thousands of Reais)


Via Parque Shopping 3,496 10.2% 3,543 13.6% -1.3%


Shopping Taboão 1,900 5.6% 1,781 6.8% 6.7%

Boulevard Shopping Campina Grande 544 1.6% 473 1.8% 15.0%

Carioca Shopping 1,736 5.1% 1,525 5.8% 13.8%

Supershopping Osasco 910 2.7% 877 3.4% 3.8%

Bangu Shopping 5,047 14.8% 4,471 17.1% 12.9%

Santana Parque Shopping 1,779 5.2% 1,858 7.1% -4.3%

Shopping Santa Úrsula 543 1.6% 147 0.6% 269.4%

Caxias Shopping 1,165 3.4% 1,030 3.9% 13.1%

Boulevard Shopping Brasília 507 1.5% 63 0.2% 704.8%

Boulevard Shopping Belém 5,724 16.7% - 0.0% n/a

C&A Stores 599 1.8% 571 2.2% 4.9%

Total 34,216 100.0% 26,084 100.0% 31.2%

Rental Revenues per shopping

(Amounts in thousands of Reais) Minimum Complementary

Kiosks/

Merchandising Minimum Complementary

Kiosks/

Merchandising

Shopping Iguatemi Salvador 7,877 471 399 7,644 472 281

Via Parque Shopping 2,854 246 396 2,879 279 385

Shopping Grande Rio 1,247 111 161 1,098 119 131 Shopping Taboão 1,602 112 186 1,557 62 162

Boulevard Shopping Campina Grande 406 75 63 382 45 46

Carioca Shopping 1,146 253 337 1,198 167 160

Supershopping Osasco 763 56 91 762 43 72

Bangu Shopping 3,874 633 540 3,194 827 450

Santana Parque Shopping 1,524 157 98 1,642 85 131

Shopping Santa Úrsula 401 4 138 147 - -

Caxias Shopping 928 160 77 900 70 60

Boulevard Shopping Brasília 447 43 17 63 - -

Boulevard Shopping Belém 5,561 148 15 - - -

C&A Stores 599 - - 571 - -

Total 29,229 2,469 2,518 22,037 2,169 1,878

1Q10 1Q09


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Cost of rentals and services

The opening of Boulevard Shopping Belém and Boulevard Shopping Brasília pushed up the cost of rent and services by 32.9%. In

percentage-of-net-revenue terms these costs increased by 0.5 p.p. from 33.2%, in 1Q09, to 33.7%. New malls generated adirect increase of R$2.3 million in depreciation expenses and R$1.4 million in mall administrative expenses. For the same

reason, parking costs climbed by 17.0% over 1Q09 and totaled 3.5% of net revenues, versus 3.9% in 1Q09, while pre-operating

expenses, leasing and planning costs decreased 10.1% and 32.0%, respectively.

Gross income

Gross income increased by 30.0%, from R$23.8 million in 1Q09 (66.7% of netrevenue) to R$ 30.9 million in 1Q10 (66.3% of net revenue), mainly due to theopening of new malls and the excellent performance of our ventures as awhole.

Operating (Expenses) / Income

Operating expenses increased by 6.1% in 1Q10 compared to the same

period in 2009.

G&A expenses presented an increase of 33.7%, partially due to the

operational start-up of the shared services center (CSC), whose purpose is

to standardize shopping mall procedures. Although the CSC’s personnel

expenses added R$333 thousand to the Company’s 1Q10 G&A expenses,

this was offset by the center’s service revenues.

Depreciation and amortization increased by 31.8%, from R$817 thousand in

1Q09 to R$1.1 million in 1Q10, due to the initiation of amortization of

previously deferred pre-operating expenses related to Boulevard Shopping

Belém and Boulevard Shopping Brasília.

Managerial Financial Information 1Q10 1Q09 1Q10/1Q09 Δ%

Costs per type

Depreciation of properties 6,602 3,918 68.5%

Shopping administrative expenses 4,065 2,699 50.6%

Parking costs 1,621 1,386 17.0%

Pre-operational expenses 1,287 1,431 -10.1%

Comercialization and Planning costs 1,052 1,546 -32.0%

Allowance of doubtful accounts 1,110 860 29.1%

Total 15,737 11,840 32.9%


23,770

30,904

Gross Income (R$ thousands)

30.0%

(8,332)(8,837)

General and administrative

expenses (R$ thousands)1Q09 1Q10


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Financial Result

The net financial expenses increased by R$ 3.8 million in 1Q10, due to loanstaken out throughout 2009 and the proceeds from the IPO (R$ 430 million)concluded at the end of January 2010. As a result, interest expenses grew by

R$7.4 million and the financial revenue variation came to R$4.8 million. Inaddition, the mark-to-market of the SWAP operation (Law 11,638) totaledR$825 thousand in 1Q10, versus R$2.2 million in 1Q09, reducing the financialresult by R$1.4 million.

Net Income

The Company net income reached R$ 8.3 million in the 1Q10, 49.2% increase

over 1Q09 and margin of 17.8%, due to the inauguration of new venturesthroughout 2009, the excellent performance of malls in 1Q10 and thestrengthening of the Company’s capital structure due to the IPO on January 27,2010.

NOI (Net Operating Income)

Portfolio increase and maturation of malls inaugurated in recent years pushed 1Q10 NOI up by 31.6% over the same period lastyear to R$ 35.8 million.


Operating (Expenses)/Income

Administrative and general expenses (7,219) (5,401) 33.7%

Equity in income - 133 -100.0%Depreciation and Amortization (1,093) (817) 33.8%

Other Operating (Expenses)/Income (525) (2,247) -76.6%

Total (8,837) (8,332) 6.1%



NOI

Rents 36,185 28,354 27.6%

Assignment of usage rights 2,985 2,055 45.3%

Parking revenues 3,131 1,822 71.8%

Operational Income 42,301 32,231 31.2%

(-) Cost of rentals and services (14,116) (10,454) 35.0%

(+) Marketing and planning costs 1,052 1,545 -31.9%

(+) Depreciation and amortization 6,602 3,918 68.5%

(=) NOI 35,839 27,240 31.6%

Margin NOI 84.7% 84.5% 0.2p.p.


(6,128)

(9,883)

Financial Exepenses (R$ thousands)

1Q09 1Q10

5.557

8.291Net Income (R$ thousand)

1Q09 1Q10

49.2%


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Adjusted EBITDA

In 1Q10, adjusted EBITDA recorded growth of 43.1%, accompanied by a margin of 66.6%, 5.7p.p. increase on the 60.9%recorded in 1Q09, reflecting Aliansce’s scale gains.

FFO and Adjusted FFO (AFFO)

The increase in the operating result figures due to the inauguration/maturation of new malls and the structuring of long-termfunding operations (with grace periods for the payment of interest and principal), resulted in an AFFO of R$ 25.7 million in1Q10, 76.5% up on the R$ 14.5 million posted in the first quarter of 2009. The AFFO margin was 55.1 %, 14.2 p.p. up year-on-year.

CAPEX

CAPEX totaled R$41.0 million, versus R$47.2 million in 1Q09, mainly due to investments in Boulevard Shopping Belo Horizonteand Boulevard Shopping Belém, as well as the ongoing mall expansions and the redevelopment of Shopping Santa Úrsula. Formore details, see the Growth Vectors section.


Net Revenues 46,641 35,610 31.0%

(-) Costs (15,737) (11,840) 32.9%

(-) Expenses (8,836) (8,332) 6.0%

(+) Depreciation and amotization 7,696 4,735 62.5%

(=) EBITDA 29,764 20,173 47.5%

(+)/ (-) Non-recurring (expenses)/income (*) 1,287 1,528 -15.8%

(+) Pré-operational expenses 1,287 1,431 -10.1%

(+/-) Others - 97 -100.0%

(=) Adjusted EBITDA 31,051 21,701 43.1%

Margin adjusted EBITDA 66.6% 60.9% 5,7 p.p.



Net Income 8,291 5,557 49.2%

(+) Depreciation and Amortization 7,696 4,735 62.5%

(=) FFO 15,987 10,292 55.3%

(+)/ (-) Non current expenses/(income) 1,287 1,528 -15.8%

(+) SWAP effect (825) (2,201) -62.5%

(+) Financial expenses not paid 7,727 4,127 87.2%

(+) non-cash taxes 1,503 802 87.4%

(=) Adjusted FFO 25,679 14,548 76.5%

Margin AFFO % 55.1% 40.9% 14.2p.p.



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OOPPEERRAATTIINNGG HHIIGGHHLLIIGGHHTTSS

Mall performance indicators maintained their growth trajectory in 1Q10, where we can highlight rents, occupancy rate andNOI/m².

Operating Result (NOI/m2)

2010 first-quarter NOI/m² continued its growth trajectory, increasingby 6.2% over 1Q09, due to the excellent performance of the propertiesinaugurated in the last 12 months in line with our portfolio growth.

Same-store rent (SSR) and same-area rent (SAR)

SSR and SAR increased by 7.1% and 6.3%, respectively, in 1Q10, mainly attributed to the mix of “Core assets” and “NewGeneration assets”, which recorded substantial growth in the period.

Occupancy rate

The Company ended 1Q10 with an occupancy rate of 98.0%, adverselyimpacted by technical vacancies in certain malls. Two examples are IguatemiSalvador and Bangu Shopping, where unleased areas will be used forinterconnections with future expansions.

GGRROOWWTTHH VVEECCTTOORRSS

Greenfield projects

In 1Q10, investments in greenfield projects totaled R$ 38.5 million, R$ 29.1 million of which allocated to Boulevard Shopping

Belo Horizonte and R$200 thousand to Shopping Maceió, in addition to R$ 9.2 million for the conclusion of Boulevard Shopping

Belém.

Boulevard Shopping Belo Horizonte ended 1Q10 with 80%of its GLA leased, 7 months prior to its inauguration. TheCompany has already invested 69% of total estimatedinvestments, on schedule and in line with projected flows.

Note: Excludes Santa Úrsula and Boulevard Shopping Brasília

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

41.7 43.446.5 51.1

49.8 49.2 51.256.0

52,9

NOI/m² (R$)

2008 2009 2010

State MG

GLA 43.169 sq.m.

Launch June, 2008

Expected Opening October, 2010

Ownership 70%

% leased 80%IRR (p.a.) 15%

CDU R$ 11.3 million

CAPEX R$ 183.6 million

% of Capex invested 69%

NOI 1st year R$ 14.7 million

NOI 3rd year R$ 17.6 million

Boulevard Shopping Belo Horizonte

% Aliansce

98.4% 98.6% 98.6% 98.1% 98.00%

Occupancy Rate (%)


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In the 1Q10, we began negotiations on the project and

construction coordinator to start detailing the project

needed for the construction of Shopping Maceió, which isschedule to start in the second half of 2010.

Expansions

Ongoing Projects

Expansions with opening schedule in 2010 will add 16,580 m² to the Company’s own GLA.

Expansion of Carioca Shopping

The renovation and expansion of Carioca Shopping began in 2009,focusing on the second floor. In 1Q10, a segmented area dedicated tofurniture stores was inaugurated in an area previously reserved forparking and an additional 961m² will be inaugurated in 2Q10, with theexpansion of the university and the installation of a megastore.

Expansion of Iguatemi Salvador

The mall started another expansion, which will add three newmegastores to its mix, with a total GLA of 4,434 m² and includes aredevelopment in the center’s main food court. The expansion willtake place on the second floor and will include a direct access way to

the mall’s main entrance, facilitating the flow of visitors. The projectalso includes two deck-parking levels, adding 312 parking spaces.

GLA

(sq.m.)

CAPEX

(R$ '000)

Key Money

(R$ '000)

NOI 1st

year

(R$ '000)

NOI 3rd

year

(R$ '000)

Carioca Shopping RJ 2Q10 961 40.0% 384 1,113 - 132 147 100% 16%

Iguatemi Salvador BA 3Q10 4,434 41.6% 1,844 12,214 2,147 1,385 1,507 100% 17%

Boulevard Campina Grande PB 4Q10 3,324 30.5% 1,014 3,281 40 398 499 65% 20%

Bangu Shopping RJ 4Q10 13,337 100.0% 13,337 25,521 2,748 4,668 5,073 65% 27%

Total 22,056 16,580 42,129 4,935 6,583 7,226

% LeasedIRR

(a.a.)

% Aliansce

Ongoing Projects State OpeningGLA

(sq.m.)

%

Aliansce

State AL

GLA 35.470 sq.m.

Launch 2010Expected Opening 2012

Ownership 50%

% leased n/a

IRR (p.a.) 17%

CDU R$ 5.5 million

CAPEX R$ 82.1 million

% of Capex invested 17%

NOI 1st year R$ 7.8 million

NOI 3rd year R$ 9.8 million

Shopping Maceió

% Aliansce


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Expansion of Boulevard Shopping Campina Grande

This is the third expansion of this property will include two anchorstores and 13 satellite stores, totaling 3,324 m² of GLA. The expansionwill also include a three levels deck-parking facility with 330 parkingspaces.

Expansion of Bangu Shopping

This is the mall’s second expansion in only three years of operations.Scheduled to open in the 4Q10, the expansion will increase total GLA

by 13,337m², representing 29% of the mall’s total GLA.

The expansion consists of two projects: an area with 5,837m² of GLA,which will house 34 stores (two anchor stores and 32 satellite stores)and 7,500 m² GLA of offices, occupying an area which has alreadybeen built on the second floor, and an

Future Expansions

Expansions with openings schedule to 2011 will increase our own GLA by 14,559 m².

IINNDDEEBBTTEEDDNNEESSSS AANNDD CCAASSHH AANNDD CCAASSHH EEQ Q UUIIVVAALLEENNTTSS

In January 2010, the Company raised a net R$ 432.2 million from its IPO. The Company intends to use all of these proceeds inits program of heavy investments in the coming years. At the same time continue to manage its cash position and achieve ahealthy balance between liquidity and profitability.

The Company's current debt profile has an averagematurity of 8.6 years and is 91% indexed to the TRreference rate and the IPCA consumer price index.

Debt has been structured through long-term loanspegged to low-volatility indexes or naturally hedged

by its core business. The total cost of these loans islower than the expected returns from plannedinvestments.

Future Expansions State OpeningGLA

(sq.m.)% Aliansce

GLA Aliansce

(sq.m.)

Via Parque Shopping RJ 2Q11 8,000 69.6% 5,570

Caxias Shopping RJ 3Q11 5,000 40.0% 2,000

Shopping Grande Rio RJ 4Q11 5,000 25.0% 1,250

Shopping Taboão SP 4Q11 5,800 38.0% 2,204

Iguatemi Salvador BA 4Q11 8,500 41.6% 3,535

Total 32,300 14,559

Debt breakdown Short term Long Term Total Debt

Banks 35,905 110,456 146,361

CCI/ CRI 19,426 430,385 449,811

Obligation for purchase of assets 7,156 51,069 58,225

TOTAL DEBT 62,487 591,910 654,397

Cash and Cash Equivalents (493,130) - (493,130)

NET DEBT (430,643) 591,910 161,267


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On March 31, 2010, Aliansce’s net debt after financial investments totaled R$ 161.3 million. Excluding minority interest, netdebt came to R$ 119.4 million, including R$ 51.1 million from the acquisition of 30% of Bangu Shopping, payable in 2013.

It is important to emphasize that approximately R$ 292.7 million (43.7% of the gross debt) is subject to a grace period (principaland interest) in 2010. Accordingly, financial expenses not disbursed in 2010 (which will be capitalized in the Company'sliabilities) total R$ 40.6 million.

TR

66%IPCA

25%

CDI

8%

TJLP

1%Other

1%

Debt Profile-Indexes

-

100

200

300

400

500

600

700

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Other TJLP CDI IPCA TR

R $ M i l l i o n

Debt Balance Projection

44.767.0

51.1

119.5

60.1 65.070.7 73.2 61.7

39.224.9

13.7

Principal Amortization Schedule (R$ Million)


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SSHHAARREE PPEERRFFOORRMMAANNCCEE

On January 29, 2010, the Company raised R$ 450 million through an initial public offering of 50 million common shares at R$

9.00 per share, increasing the Company’s capital by an identical amount, from R$ 466 million to R$ 916 million, comprising

139,467,170 common registered shares with no par value.

Aliansce shares (ALSC3) closed 1Q10 at R$ 10.35, 15% higher than their launch price on the BM&FBovespa .

IINNVVEESSTTMMEENNTTSS IINN SSUUBBSSIIDDIIAARRIIEESS AANNDD AASSSSOOCCIIAATTEEDD CCOOMMPPAANNIIEESS

On January 29, 2010, the Company raised R$ 450.0 million through an initial public offering of 50 million common shares,increasing the Company’s capital by an identical amount, from R$ 466.3 million to R$ 916.3 million.

On March 31, 2010, the Company’s investments in subsidiaries and associated companies were as follows:

0,000

5,000

10,000

15,000

20,000

25,000

30,000

0,85

0,90

0,95

1,00

1,05

1,10

1,15

1,20

1,25

2 9 / 1 / 2 0 1 0

5 / 2 / 2 0 1 0

1 2 / 2 / 2 0 1 0

1 9 / 2 / 2 0 1 0

2 6 / 2 / 2 0 1 0

5 / 3 / 2 0 1 0

1 2 / 3 / 2 0 1 0

1 9 / 3 / 2 0 1 0

2 6 / 3 / 2 0 1 0

Aliansce- base = 100 (29/01/2010)

Volume (milhões R$) ALSC3 Ibovespa

ALIANSCE SHOPPING CENTERS

NIBAL YANGON

HALEIWA

MaceióSantanaParque

Shopping

Blvd.CampinaGrande

Acapu-rana

IguatemiSalvador

(Naci-guat)

Loja C&AIguatemiSalvador

Lojas C&AGrde Rio /F. de Sant.

ViaParque

Shopping

FIIVPS

IguatemiSalvador(Riguat)

BanguShopping

BSC

ALBARPA

NIAD

AliansceServices

Colina

AliansceEstacion-amento

BOULE-VARD

Shop.Blvd. B.Horizon-

te

RRSPE

AAC

ShoppingTaboão

Shop.Blvd.

Brasília

2008

ShoppingGrande

Rio

SCGR

ShoppingBelém

Matisse

Blvd.Belém

SDT3

MANATI

SantaÚrsula

CariocaShopping

CaxiasShopping

SuperShoppingOsasco

AdministCarioca

Expoente1000

100%30,52%

99,99%

41,59% 38%44,58% 100% 100%

69,62%

56,51% 100%

30,00%

14,98%

50,00%99,99% 40,00%

50,00%

10,00%

75%

100%

70,00%

99,99%99,99%

75%

99,99%

40,00%

40,00%ALSUPRA

40,00%

40,00%

31,52%

99,99%

70,00%50,00% 50,00%

100%100% 75,00%

50,00%

99,99%

99,99%

99,99%

99,99%

38,00%

50,00%

Note: For more details on the Company’s investments, see Note 10 to the financial statements at March 31, 2010.

Free Float

51.26%

GGP

31.44%

RenatoRique

12.67%Gávea

Investim.

3.35%

Mgmt

1.28%

Shareholders Base


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GGLLOOSSSSAARRYY

Adjusted EBITDA: EBITDA – capital gains from the sale of FIIVPS quotas + the spin- off of Shopping Leblon’s result + pre-

operating expenses – lawsuits + other revenues.

Adjusted FFO (Funds from Operations): net income + depreciation and amortization – non-recurring expenses and revenues +SWAP effect + non-cash financial expenses + non-cash tax.

Anchor Stores: large, well known stores with special marketing and structural features that attract consumers, thus ensuringpermanent flow and uniform traffic in all areas of the shopping mall.

CPC: Brazilian Accounting Pronouncements Committee.

CRI: Certificate of Real Estate Receivables.

Late payments: the ratio between total earned volume and total revenue received for the same month, calculated on the lastbusiness day of the month.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): net income – operating costs and expenses +depreciation and amortization.

FIIVPS (Fundo de Investimento Imobiliário Via Parque Shopping): Via Parque Quota Investment Fund, a real estate investmentfund.

GCA: Gross Commercial Area, equivalent to the sum of all the commercial areas of the shopping malls, i.e. GLA plus the areas ofthe stores sold.

GLA (Gross Leasable Area): equivalent to the sum of all areas available for leasing in shopping malls, except for kiosks and soldareas.

Key Money: the amount charged to storeowners for the right to use the project’s technical infrastructure, applicable t ocontracts with terms higher than 60 months.

Law 11,638: on December 28, 2007, Law 11,638 was enacted with the purpose of including publicly-held companies in theinternational accounting convergence process. Consequently, certain financial and operating results were subject to accountingeffects due to the changes introduced by the new Law.

Leasing Spread: the ratio between the average rent of new contracts and the minimum rent earned in the previous agreementfor the same space.

NOI (Net Operating Income): gross revenue of shopping malls (excluding revenue from services) + parking revenue – rental and

service costs + leasing and planning costs + depreciation and amortization.

Occupancy Cost as % of Sales: rent (minimum + percentage) + common charges (excluding specific charges) + merchandisingfund.

Occupancy Rate: the total GLA of a shopping mall divided by the area leased.

Own GLA: refers to total GLA weighted by Aliansce’s interest in each shopping mall.

PDA: Provision for Doubtful Accounts.

Sales: the declared sales of stores in each of the shopping malls in the quarter.

SAR (Same-area rent): the ratio between the rent earned in the same given area in the current versus the previous year. It doesnot include Shopping Santa Úrsula.


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SAS (Same-area sales): the ratio between sales in the same given area in the current versus the previous year. It does notinclude Shopping Santa Úrsula.

Satellite Stores: smaller stores with no special marketing and structural features located around the anchor stores and intendedfor general retail.

SSR (Same-store rent): ratio between the rent earned in the same given area in the current versus the previous year. It does notinclude Shopping Santa Úrsula.

SSS (Same-store sales): ratio between sales in the same given store in the current versus the previous year. It does not includeShopping Santa Úrsula.

AATTTTAACCHHMMEENNTTSS

Reconciliation of consolidated and managerial financial statements

The Company's managerial financial information was prepared in order to reflect/consolidate Aliansce’s interest in Via ParqueShopping in the quarters ended March 31, 2010 and 2009, as well as the spin-off that led to the exclusion of Shopping Leblonfrom its portfolio, which only affects the quarter ended March 31, 2009.

For accounting purposes, Aliansce’s investment in Via Parque Shopping through the FIIVPS is recognized in the consolidatedfinancial statements as a financial investment. Accordingly, the mall’s operating results are not consolidated in Aliansce’sbalance sheet and the investment is recorded at market value as determined by Law 11,638. For managerial financialinformation purposes, we have considered Aliansce’s 69.62% interest in Via Parque Shopping on March 31, 2010 as if it hadexisted throughout the first quarter of 2010 and 2009 in order to allow a comparative analysis of results.

Income from Aliansce's interest in Shopping Leblon, held through Cencom and Frascatti, was excluded from the consolidated

managerial figures in order to reflect, in the managerial financial statements of March 31, 2009, the partial spin-off thatoccurred in October 2009.

Finally, the managerial financial statements were prepared based on the balance sheets, income statements and financialreports of the respective companies and developments, as well as assumptions deemed to be reasonable by the Company'sManagement, and they should be read in conjunction with the period’s financial statements and respective notes.

Below find the income statement and the reconciliation of consolidated and managerial EBITDA and adjusted EBITDA for thequarters ended March 31, 2009 and 2010:


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Conciliation between managerial financial information vs

financial statements

Aliansce

Consolidated

Aliansce

Consolidated

Quarter ended March 31, 20092009 - Financial

statements2009 - Managerial

Gross revenue from rental and services 33,606 4,600 - 38,206

Taxes and contributions and other deductions (2,566) (30) (2,596)

Net revenues 31,040 4,570 - 35,610

Cost of rentals and services (9,961) (1,879) - (11,840)

Gross income 21,079 2,691 - 23,770

Operating income/expenses

Administrative and general expenses (5,406) 5 (5,401)

Equity in income 1,331 (1,198) 133

Depreciation and Amortization (829) 12 (817)

Other operating income/(expenses) (1,662) (586) (2,248)

(6,566) - (1,766) (8,332)

Financial income/(expenses) (6,108) 75 (95) (6,128)

Net income/(loss) before taxes and minority interest 8,405 2,766 (1,861) 9,310

Income and social contribution taxes (3,522) 13 (3,509)

Minority Interest (244) (244)

Net income/(loss) for the year 4,639 2,766 (1,848) 5,557

Conciliation of EBITDA and adjusted EBITDAAliansce

Consolidated

Aliansce

Consolidated



Net revenues 31,040 4,570 - 35,610

(-) Cost of rentals and services (9,961) (1,879) - (11,840)

(-)(+) Operating income/(expenses) (6,566) - (1,766) (8,332)

(+) Depreciation and Amortization 4,594 153 (12) 4,735

EBITDA 19,107 2,844 (1,778) 20,173

MARGIN EBITDA % 61.6% 56.6%

(+) Non recurring expenses 1,528 - - 1,528

ADJUSTED EBITDA 20,635 2,844 (1,778) 21,701

MARGIN OF ADJUSTED EBITDA % 66.5% 60.9%

Net income 4,639 2,766 (1,848) 5,557

(+) Depreciation and Amortization 4,594 153 (12) 4,735

(=) FFO 9,233 2,919 (1,860) 10,292 Margin of FFO % 29.7% 28.9%

(+/-) Non recurring expenses 1,528 - - 1,528

(+) SWAP (2,201) - - (2,201)

(+) Financial expenses not paid 4,127 - - 4,127

(+) non-cash taxes 802 - - 802

(=) Adjusted FFO 13,489 2,919 (1,860) 14,548

Margin of AFFO % 43.5% 40.9%


(amounts in thousands of reais)

69.62% Shopping

Via Parque

Exclusion of

income from

Frascatti/Cencom

69.62% Shopping

Via Parque

Exclusion of

income from

Frascatti/Cencom


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Conciliation between managerial financial information vs financial

statements

Aliansce

Consolidated

Aliansce

Consolidated



Gross revenue from rental and services 45,855 4,625 50,480

Taxes and contributions and other deductions (3,799) (40) (3,839)

Net revenues 42,056 4,585 46,641

Cost of rentals and services (14,054) (1,684) (15,737)

Gross income 28,003 2,901 30,904

Operating income/expenses

Administrative and general expenses (7,219) - (7,219)

Depreciation and Amortization expenses (1,093) - (1,093)

Other operating income/(expenses) (524) - (524)

19,166 2,901 22,068

Financial income/(expenses) (9,888) 5 (9,883) Net income/(loss) before taxes and minority interest 9,278 2,906 12,184

Income and social contribution taxes (3,585) - (3,585)

Minority Interest (308) - (308)

Net income/(loss) for the year 5,385 2,906 8,291

Conciliation of EBITDA/ adjusted EBITDA and FFO/ adjusted FFOAliansce

Consolidated

Aliansce

Consolidated




Net revenues 42,056 4,585 46,641

(-) Cost of rentals and services (14,054) (1,684) (15,737)

(-)(+) operating income/(expenses) (8,836) - (8,836)

(+) Depreciation and Amortization 7,579 117 7,696

EBITDA 26,745 3,018 29,763

MARGIN EBITDA % 63.6% 63.8%

(+/-) Non recurring expenses 1,287 - 1,287

(+) Pre operational expenses 1,287 - 1,287

(+/-) Other - - -

ADJUSTED EBITDA 28,033 3,018 31,051

MARGIN OF ADJUSTED EBITDA % 66.7% 66.6%

Net income 5,385 2,906 8,291

(+) Depreciation and Amortization 7,579 117 7,696

(=) FFO 12,964 3,023 15,987

Margin of FFO % 30.8% 34.3%

(+/-) Non recurring expenses/(income) 1,287 - 1,287

(+) SWAP (825) - (825)

(+) Financial expenses not paid 7,727 - 7,727

(+) non-cash taxes 1,503 - 1,503

(=) Adjusted FFO 22,657 3,023 25,679

Margin of AFFO % 53.9% 55.1%

69.62% Shopping

Via Parque

69.62% Shopping

Via Parque

(amounts in thousands of reais)


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Cash Flow

Aliansce Financial

Statements

69.62% Via ParqueAliansce Managerial

Consolidated31/3/2010 31/3/2010 31/3/2010

Operating Activities

Net Profit for the period 5,385 2,906 8,291

Depreciation and Amortization 7,578 117 7,695

Deferred income and social contribution tax 1,503 - 1,503

Non-realized gain/loss in SWAP (825) - (825)

Interest an monetary variance on loans and financing 7,727 - 7,727

Resources from income 21,368 3,023 24,391

Decrease (increase) in assets 13,289 (5,700) 7,589

Accounts receivable - clients 6,182 487 6,669 Accounts receivable 819 - 819

Taxes recoverable (131) (5) (136)

Advances 1,329 30 1,359

Other credits 499 (472) 27

Amounts received from FIIVPS 5,740 (5,740) -

Related party transactions (1,149) - (1,149)

Increase (decrease) in liabilities (6,618) 1,951 (4,667)

Suppliers (8,681) - (8,681)

Taxes and contributions payable (1,721) (71) (1,792)

Other obligations (926) 2,011 1,085

Deferred Revenue 5,893 11 5,904

Minority Interest (1,183) - (1,183)

Net Cash Generated in Operating Activities 28,039 (726) 27,313

Investment Activities

Investment in securities (433,622) - (433,622)

Purchase of property, plant and equipment (40,773) (361) (41,134)

Purchase of Intangible Assets (214) - (214)

Net Cash Used in Investment Activities (474,609) (361) (474,970)

Financing Activities

Capital increase 428,379 - 428,379

Increase in Loans and financing 28,044 - 28,044

Decrease in Real Estate receivable certificates (7,299) - (7,299)

Decrease in Obligations for purchase of assets (30,000) - (30,000)

Accounts receivable - CCI 30,000 30,000

Decrease in Related party transactions (317) - (317)

Net Cash Generated in Financing Activities 448,807 - 448,807

Increase (Decrease) in Cash and Cash Equivalents 2,237 (1,087) 1,150

Cash and Cash Equivalents at the end of the Period 11,664 926 12,590

Cash and Cash Equivalents at the beginning of the Period 9,427 2,013 11,440

Increase (Decrease) in Cash and Cash Equivalents 2,237 (1,087) 1,150

Cash Flow Statement


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Balance Sheet

31/3/2010 31/12/2009 31/3/2010 31/12/2009 31/3/2010 31/12/2009 31/3/2010 31/12/2009

ASSETS

Current

Cash and cash equivalents 11,664 9,427 666 903 - - 12,330 10,330

Accounts receivable 26,051 32,244 1,771 2,258 - - 27,822 34,502

Dividends receivable - 23 - - - - - 23

Securities 481,466 47,844 260 1,110 - - 481,726 48,954

Taxes recoverable 3,598 3,467 77 72 - - 3,675 3,539

Advances to third-parties 519 1,848 38 68 - - 557 1,916

Amounts receivable - CCI - 30,000 - - - - - 30,000

Other receivables 1,839 3,126 694 222 - - 2,533 3,348

Total Current Assets 525,137 127,979 3,506 4,633 - - 528,643 132,612

Non-Current

Accounts receivable 1,009 998 - - - - 1,009 998 Securities 145,506 145,506 - - (145,506) (145,506) - -

Amounts receivable 139 958 - - - - 139 958

Judicial deposits 432 432 - - - - 432 432

Related party transactions 19,848 18,699 - - - - 19,848 18,699

Deferred taxes 5,908 4,196 - - - - 5,908 4,196

Other receivables 4,053 3,314 - - - - 4,053 3,314

Investments:

Investments 172 173 - - - - 172 173

Goodwill

Property, plant and equipment 920,277 886,040 53,138 52,894 - - 973,415 938,934

Intangible assets 261,804 261,614 - - - - 261,804 261,614

Deferred charges 26,337 27,354 - - - - 26,337 27,354

Total Non-current Assets 1,385,485 1,349,284 53,138 52,894 (145,506) (145,506) 1,293,117 1,256,672

Total Assets 1,910,622 1,477,263 56,644 57,527 (145,506) (145,506) 1,821,760 1,389,284

LIABILITIES

Current

Loans and financing 35,905 35,273 - - - - 35,905 35,273

Real estate credit note 19,426 11,720 - - - - 19,426 11,720

Suppliers 11,436 21,117 22 22 - - 11,458 21,139

Taxes and contributions payable 3,261 5,723 412 483 - - 3,673 6,206

Obligations for purchase of assets 7,156 37,156 - - - - 7,156 37,156

Dividends payable 7,190 7,190 - - - - 7,190 7,190

Others 6,240 7,441 3,015 993 - - 9,255 8,434

Total Current Liabilities 90,614 125,620 3,449 1,498 - - 94,063 127,118

Non-Current Liabilities

Loans and financing 110,456 81,713 - - - - 110,456 81,713

Real estate credit note 430,385 440,134 - - - - 430,385 440,134

Obligations for purchase of assets 51,069 50,000 - - - - 51,069 50,000

Related party transactions 31,481 31,801 - - - - 31,481 31,801

Deferred income 53,304 47,400 - - - - 53,304 47,400

Provision for contingencies 10,057 9,788 - - - - 10,057 10,591

Derivative financial instruments 11,514 12,340 - - - - 11,514 12,340

Deferred income and social contribution tax 51,610 45,701 - - (44,220) (41,901) 7,390 3,800

Debentures - - - - - - - -

Other liabilities 6,538 6,541 803 803 - - 7,341 6,417

Total Non-Current Liabilities 756,414 725,418 803 803 (44,220) (41,901) 712,997 684,196

Minority Interest 56,234 57,417 - - - - 56,234 57,417

Shareholders' Equity

Capital 916,341 466,341 96,144 96,144 (96,144) (96,144) 916,341 466,341

Capital Reserve (20,620) 2 - - - - (20,620) 2

Legal Reserve 1,514 1,514 - - - - 1,514 1,514

Accumulated losses 23,919 18,534 (43,752) (40,918) 81,064 75,080 61,231 52,696

Equity evaluation adjustment 86,206 82,417 - - (86,206) (82,417) - -

Total Shareholders' Equity 1,007,360 568,808 52,392 55,226 (101,286) (103,481) 958,466 520,553 Total liabilities and shareholders' equity 1,910,622 1,477,263 56,644 57,527 (145,506) (145,382) 1,821,760 1,389,284

Aliansce FinancialStatements

Aliansce ManagerialConsolidatedBalance Sheet

69.62% Via Parque Consolidation Cross Off


23/23

Comparison of the consolidated and managerial financial statements for the periods ended March 31, 2009 and

2010:

Note: The March/09 income statement includes the consolidation of 69.62% of the investment in Via Parque Shopping and excludes70% of Shopping Leblon’s result.

Consolidated Financial Statements 1Q10 1Q09 1Q10/1Q09 Δ%

Gross revenue from rental and services 45,855 33,606 36.4%

Taxes and contributions and other deductions (3,799) (2,566) 48.1%

Net revenues 42,056 31,040 35.5%

Cost of rentals and services (14,054) (9,961) 41.1%

Gross income 28,002 21,079 32.8%

Operating income/expenses (8,836) (6,566) 34.6%


Equity in income - 1,331 n/a

Depreciation and Amortization expenses (1,094) (829) 32.0%

Other operating income/(expenses) (523) (1,662) -68.5%

Financial income/(expenses) (9,888) (6,108) 61.9%

Net income/(loss) before taxes and minority interest 9,278 8,405 10.4%

Current income and social contribution taxes (2,082) (2,721) -23.5%

Deferred income and social contribution taxes (1,503) (801) 87.6%

Minority Interest (308) (244) 26.2%

Net income/(loss) for the period 5,385 4,639 16.1%


Gross revenue from rental and services 50,480 38,206 32.1%

Taxes and contributions and other deductions (3,839) (2,596) 47.9%

Net revenues 46,641 35,610 31.0%

Cost of rentals and services (15,737) (11,840) 32.9%

Gross income 30,904 23,770 30.0%

Operating income/expenses (8,836) (8,332) 6.1%


Equity in income - 133 n/a

Depreciation and Amortization expenses (1,093) (817) 33.8%

Other operating income/(expenses) (524) (2,247) -76.7%

Financial income/(expenses) (9,883) (6,128) 61.3%

Net income/(loss) before taxes and minority interest 12,184 9,310 30.9%

Current income and social contribution taxes (2,082) (2,708) -23.1%

Deferred income and social contribution taxes (1,503) (801) 87.7%

Minority Interest (308) (244) 26.4%

Net income/(loss) for the period 8,291 5,557 49.2%



1Q10 Earnings Release - BRGAAP

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Transcript of 1Q10 Earnings Release - BRGAAP