Sao Carlos Reports Strong Growth in 4Q07: Gross Revenue with Rents +36.3% and Net...

Sao Carlos Reports Strong Growth in 4Q07: Gross Revenue with Rents +36.3% and
Net Income in 2007 of R$ 68.3 Million

SAO PAULO, Brazil, March 11 /PRNewswire/ -- The portfolio's market value
grew by 89.8%, from R$795.5 million in December 2006 to R$1,509.8 million in
December 2007.
Acquisition of 1 property for R$19.0 million and sale of 4 properties for
R$65.6 million. With these acquisitions we have achieved our goal in terms of
investments in 2007, always respecting the return rates demanded by our
shareholders. The sale of properties in the 4Q07 raised gross revenues by R$
65.6 million and generated a net income of R$ 31.2 million.
Recurring Net Revenue rose 35.4% in relation to 4Q06 reaching R$ 29.8
million, driven mainly by the lease of properties acquired in the last quarter
of 2006 and in 2007. In 2007 net revenue grew by 34.1% versus 2006, to
R$100.9 million.
Recurring EBITDA in 4Q07 was R$ 21.9 million and EBITDA margin was 73.5%,
reflecting an increase of 20.4% over the 4Q06 figures of R$ 18.2 million and
82.6%. In 2007, EBITDA stood at R$ 81.8 million with EBITDA margin of 81.0%,
reflecting an increase of 36.0% over 2006 figures.
FFO stood at R$8.5 million in 4Q07, for margin of 28.6% and growth of 8.5%
against 4Q06. In 2007, FFO was R$51.2 million, for margin of 50.7% and growth
of 68.5% versus 2006.
NOI rose 32.5% year-on-year to R$27.5 million, 92.2% of net revenue,
versus 94.3% in 4Q06. In 2007, NOI grew by 33.0% to R$95.5 million, 94.6% of
net revenue, versus 95.4% in 2006.
Net Income totaled R$35.1 million in 4Q07 and R$ 68.3 million in 2007.
After the adjustments for the sale of properties and non-recurring items in
2006 and 2007, net income in 4Q07 stood at R$ 3.9 million, thus 25.6% lower
than the R$ 5.3 million presented in 4Q06, and net income in 2007 stood at R$
35.5 million, thus 61.4% higher than in 2006 (R$ 22.0 million).
Sao Carlos closed 4Q07 with net debt of R$ 329.0 million, versus R$ 356.4
million at the end of 3Q07, chiefly due to the acquisition and sale of
properties in the quarter.
For the full earnings release please access our website:
www.scsa.com.br/ir and watch our conference calls on the 4Q07 and FY07
results:

English
March 12 2008
11:00 a.m.(US-EST)
12:00 p.m.(Brasilia Time)
Phone: (1 973) 935-8893
Code: 36161189
Replay: (1 706) 645-9291

SOURCE Sao Carlos

Marc Grossmann, Investor Relations Manager of Sao Carlos, +55-11-3048-5413,
Fax +55-11-3048-5420, dri@scsa.com.br