Bc fund webcast_1_q13_eng

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  • 1. BC FundWebcast – First Quarter 2013May 8, 2013
  • 2. 21Q13 ResultsHighlights• Lease revenue totaled R$ 59.8 million, an increase of 38.6% over 1Q12 (R$ 43.2 million in 1Q12).• FFO totaled R$ 42.5 million (R$ 2.62 / share) and Adjusted FFO totaled R$ 46.1 million (R$ 2.88 / share), 79.0%higher than in 1Q12• Net income for the period was R$ 37.7 million (R$ 2.30 / share), compared to R$ 24.4 million in 1Q12, an increase of54.4%.• Net equity reached R$ 3.2 billion (R$ 164.40 / share), increase of 63.2% compared to 4Q12, when the Fund’s equitywas R$ 1.9 billion. This increase results from the conclusion of the primary offering in February 2013.• Earnings distributed in 1Q13 totaled R$ 36.2 million• Portfolios GLA amounted to 271,750 m2 .The variation of 8,104 m2 compared to December 2012 relates to the revisionof the areas of three properties using the BOMA method, the standard currently used for the leasing of corporatespace• 13.4% of the portfolio of contracts, in terms of revenue contracted at the beginning of the period, had beenrenegotiated or had added new locations, generating a leasing spread of 25.2%.• The financial vacancy rate at the end of 1Q13 was 0.3%.Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month(11,000,000 shares for January and 19,224,537 shares for February and March).
  • 3. 31Q13 ResultsHighlights• A new payout policy of R$ 11.52/share/year (R$ 0.96/share/month), a rise of 15.2% in relation to the 2012 payments• Conclusion of the primary public offeringᅳ Net proceeds of R$ 1.2 billionᅳ 8,224,537 new shares: the number of shares increased from 11.0 million to 19,2 millionᅳ The largest Fundo Imobiliário offering ever and attracted over 15,000 new investors to the BC Fundᅳ New proceeds were invested in real estate fixed income, whose income is tax exempt for BC Fund, and the expectedreturns above 7% per year• Payment in advance of the debt originated from acquisition of Burity property, R$ 34.5 million with an interest rate of IGP-M +8.6% a.a.• Liquidity in the BMF&Bovespa reached a new level post offering, above R$ 7.0 million of ADTV
  • 4. 4PortfolioGLAThe variation of 8,104 m2 compared to December 2012 relates to the revision of the areas of three properties using the BOMAmethod, the standard currently used for the leasing of corporate space• Adjustments in our portfolio GLA to the BOMA methodologyᅳ Current market standardᅳ Promotes consistency and avoid ambiguity in themeasurement of leasable areas for sale and/or rentᅳ Allows a better comparison between properties, takinginto account that space is used both for standaloneunits as well as those that serve to provide generalcondominium support servicesBy asset type(based on the contracted lease revenue)By location(based on the contracted lease revenue)AAA41.6%A29.9%B28.5%São Paulo56.6%Rio deJaneiro33.7%Campinas3.0%Brasília6.7%Property 4Q12 1Q13 Var. m2 Var %Montreal 5,679 6,439 760 13.4%CENESP 45,506 49,129 3,623 8.0%Eldorado Business Tower 33,403 37,124 3,721 11.1%Others 179,058 179,058 0 0.0%Total 263,646 271,750 8,104 3.1%
  • 5. 5PortfolioLeasing Spread 1Q1313.4% of theportfolioRenewals and RevisionsMonthly lease contracted revenue(R$ million)Inflation adjustment timetable for 2013(% of the portfolio)15.020.6 19.4 20.6Mar-12 Mar-13 Dec-12 Mar-1321%25%17%37%2Q13 4Q13 4Q13 1Q1477%1% 10%3%6%58%UnderreviewIn 3monthsIn 6monthsIn 12monthsIn 24monthsTotal next24 months100%7.4%25.2%132.7%NegotiatedLeaseInflation Real Gain Overall Growth+ 37.5%+ 6.2%
  • 6. 6Financial HighlightsLease Revenue(R$ million)RevenueFinancial Income(R$ million)Costs and Expenses43.259.81Q12 1Q1338.6%-11.0-17.11.28.0-9.8 -9.11Q12 1Q13Financial expenses Financial revenues Financial Income(in R$ 000) 1Q12 1Q13Revenue from properties 43,145 59,868Rental income 43,171 59,817(-) Provision: impairment of receivables (185) 0Revenue from recovered income 0 0Income from fines and interest received 159 56Revenue from the sale of properties 0 0Discounts granted 0 (5)Adjustment to fair value 0 0(in R$ 000) 1Q12 1Q13Cost of Investment properties 0 0Expenses over Properties (920) (1,135)Comissions - (377)Management of properties expenses (863) (515)Condominium expenses (55) (206)Maintenance (2) (37)ComissionsG&A (6,453) (10,093)Consulting/Management fee (5,321) (7,702)Administration fee - Fund (837) (2,255)Other operating expenses (295) (136)
  • 7. 7Financial HighlightsNet Income and FFONet Income(R$ million)Net Income per share(R$ / share)24.437.71Q12 1Q13+54.4%2.22 2.301Q12 1Q13+3.5%(in R$ 000, unless otherwise indicated) 1Q12 1Q13 Var %Net income 24,446 37,749 54.4%(-) Adjustment at fair value 0 0 n/d(+) Adjustment at fair value (minorities) 0 0 n/d(-) Gains in the sale of properties 0 0 n/d(-) Gains on sale / MTM - CRI and other FII shares 235 4,764 1927.2%(+) Non-recurring expenses 0 0 n/d(=) FFO 24,681 42,513 72.2%FFO / share (R$ / share) (1)2.24 2.62 16.8%(+) Non-cash financial expenses 1,065 3,561 234.4%(=) Adjusted FFO 25,746 46,074 79.0%Adjusted FFO / share (R$ / share) (1) 2.34 2.88 23.0%Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month(11,000,000 shares for January and 19,224,537 shares for February and March).
  • 8. 8Financial HighlightsIndebtednessLTV(%)Amortization Schedule(R$ million)(in R$ 000) Cost Term 4Q12 1Q13Liabilities from acquisition of properties 537,339 504,151Burity IGP-M + 8.6% 10 years 34,685 0Brazilian Financial Center TR + 10.05% 5 years 73,998 72,196Eldorado Business Center TR + 12.2% 10 years 126,539 126,539Oi Portfolio IGP-M + 7.0% 17 years 302,117 305,416Liabilities from funding 102,439 100,265Hicham II IPCA+ 8.74% 8 years 12,572 12,470Brazilian Financial Center TR + 10.20% 10 years 89,867 87,795Gross Debt 639,778 604,416(-) Cash and Financial investments (28,847) (1,233,283)(-) Shares of Other FIIs (Market) (41,716) (37,850)Net Debt 569,215 (666,717)24.5%15.8%4T12 1T13-8.7 p.p.8.8 26.767.426.7474.82013 2014 2015 2016 + 2017
  • 9. 9Financial HighlightsPayoutPayout Evolution(R$ / share)Primary Offering – Payout to new shareholdres (R$ / new share)Settlement date 22 - Jan - 13 6 - Feb – 13 21 – Feb – 13Fixed income earnings R$ 0.860 R$ 0.429 R$ 0.078Prop. earnings Feb/13 R$ 0.137 R$ 0.137 R$ 0.137TOTAL R$ 0.997 R$ 0.566 R$ 0.215From March onwards, allshareholders are entitled to thesame earnings as defined by thecurrent payout policy of R$0.96/share/month.0.500.670.830.96Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul-11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12Dec-12Jan-13Feb-13Mar-13
  • 10. 10Market PerformanceMarket Value vs. Book Value Return6080100120140160180Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13Base100=Dec/2012BC Fund BC Fund (payout adj.) IBOVESPA103.79146.90154.64162.51176.08164.40100.30100.61114.00151.00 155.10149.65-3%-32%-26%-7% -12% -9%Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13Book value (a)Trading value (b)(b) / (a) -170.3%17.1%-1.5%-17.8%-12.6%-7.5%-40% -20% 0% 20% 40% 60% 80%Last 24 MLast 12 MLast 3 MBRCR11IBOVESPA
  • 11. 11Valuation at MarketMar/13Share price (closing) [R$ / share] 149.65Montlhypayout [R$ / share] 0.96Montlhyprofitability [% p.m.] 0.64%Annualized profitability [% p.a.] 7.98%Shares outstanding [#] 19,224,537Market cap [R$ mn] 2,877.0Net debt (Cash) [R$ mn] (666.7)Monirities stake [R$ mn] 83.8Enterprise Value [R$ mn] 2,294.0Contracted lease (Mar/2013) [R$ mn] 20.6Implied Cap rate [%] 10.77%Portfolio GLA [m2] 271,750Average per m2[R$ / m2] 8,442
  • 12. 12020406080100120140160180200220Alphaville BarrafundaBerrini FariaLimaItaim Marginal Paulista VerboDivinoVilaOlimpia020406080100120140160180200220240Alphaville BarrafundaBerrini FariaLimaItaim Marginal Paulista VerboDivinoVilaOlimpiaMarket and OpportunitiesNew Inventory in São PauloAlphavilleBC Fund properties New inventory delivered in 2012New inventory expected for 2013 New inventory expected for 2014CargillCENESP (1)BFCTransatlântico (1)Class A – Lease per m2EldoradoClasse AAA – Lease per m2CargillTransatlânticoCENESPVolkswagenBurityBFCEldoradoR$/m2R$/m2Source: Jones Lang LaSalle (as of 4Q12) and BTG PactualNota: (1) Assets classified as B. Included in the chart for reference.Lease range Average BC Fund properties
  • 13. 13Summary of IndicatorsFinancial Highlights (in millions of R$, unless otherwise indicated) 1Q12 1Q13 Var %Lease Revenue 43.2 59.8 38.6%Net Income 24.4 37.7 54.4%Net Income per share (R$ / share) (1)2.22 2.30 3.5%FFO 24.7 42.5 72.2%FFO / share (R$ / share) (1) 2.24 2.62 16.8%Adjusted FFO 25.7 46.1 79.0%Adj. FFO / share (R$ / share) (1) 2.34 2.88 23.0%Shareholders Equity 1,707.1 3,160.5 85.1%Shareholders Equity / share (R$ / share) 155.19 164.40 5.9%Gross Debt 381.7 604.4 58.4%Net Debt 322.7 (666.7) -306.6%Operational Highlights 1Q12 1Q13 Var %Portfolio GLA (m2) 190,436 271,750 42.7%Lease Contracted Monthly Revenue (R$ million) 15.0 20.6 37.5%Vacancy - in R$ (EoP) 0.3% 0.3% 2.7%Deliquency 0.4% 0.0% -42.9%Leasing Spread 0.0% 25.2% 25.2 p.p.% of portfolio (in terms of lease revenue) 0.0% 13.4% 13.4 p.p.Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month(11,000,000 shares for January and 19,224,537 shares for February and March).
  • 14. 14ContactsFundo ImobiliárioBTG Pactual Corporate Office Fund“BC FUND” (BRCR11)Manager: Adriano MantessoFinance and IR: Fernando KalilEmail: contato@bcfund.com.brTel: +55 11 3383-2000 / 0800 772 2827www.bcfund.com.brAddress: Brig. Faria Lima, 3.744 – 14º andar