Apres call 2 t11 eng
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Apres call 2 t11 eng

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Apres call 2 t11 eng Apres call 2 t11 eng Presentation Transcript

  • 2Q11 Earnings
  • | Net RevenuesIn 2Q11, Net Revenues totaled R$199.4 million, a 62.1% increase Net Revenues Growth (R$ thousand) Gross Revenues Breakdown 2Q11 378,501 65.0% 1.3% Parking 0.7% 55.1% 62.1% Services 3.2% 71.4% 229,374 199,418 Key Money Base Rent 9.6% Others Overage Rent 123,049 Transfer Fee Mall & Merchandising 13.8% Base Rent 7.3% 8.9% Overage Rent 2Q10 2Q11 6M10 6M11 Mall & Merchandising 2
  • | NOINOI reached R$176.0 million in the quarter, a 61.0% increase Same Mall NOI Growth (R$ thousand) NOI growth (R$ thousand) 24.1% 234,347 65.3% 334,475 22.5% 188,809 61.0% 202,343 122,794 176,033 100,270 109,322 2Q10 2Q11 6M10 6M11 2Q10 2Q11 6M10 6M11 Growth in managed malls (90.1% of our NOI) registered 23.0% in the quarter 3
  • | EBITDA and FFOWe ended the quarter with an adjusted EBITDA of R$160.5 million, a 58.3% increase Adjusted Net Income Growth (R$ thousand) 49.0% 172,618 56.3% 115,394 115,860 Adjusted EBITDA Growth (R$ thousand) 73,808 58.4% 301,069 58.3% 2Q10 2Q11 6M10 6M11 190,015 160,466 101,377 FFO Growth (R$ thousand) 47.3% 2Q10 2Q11 6M10 6M11 179,015 55.5% 118,938 121,535 76,480 2Q10 2Q11 6M10 6M11 4
  • | SalesLeisure and satellites stores had a good perfomance in the quarter, with SSS growth above 2digits. Same Store Sales per Segment (2Q11 versus 2Q10) 29.0% 13.1% 2.9% 1.9% Anchors Megastore Satellites Leisure SSS (%) 16.2% 16.6% 12.7% 13.2% 10.8% 11.0% 11.8% 10.0% 8.8% 8.7% 6.4% 5.1% 3.5% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 5
  • | Rent SSR growth reached the Company’s highest historical level, increasing by 14.2% Occupancy (%) Renewals Leasing Spread (%) 98.3% 98.3% * 27.7% 28.1% 27.4% 97.0% 22.3% 22.5% 96.0% 18.3% 94.1% 13.9% 14.7% 8.1% 2Q07 2Q08 2Q09 2Q10 2Q11 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 SSR (%) 13.4% 14.2% 12.4% 12.3% 12.0% 9.5% 9.9% 10.1% 10.1% 9.7% 8.8% 8.6% 8.0% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11* Excluding acquired and inaugurated malls in the last 12 months. 6
  • | AcquisitionsWe concluded in 2Q11 increases in ownership in 3 malls and 1 acquisition, representing a totalcapex of R$346.2 million. Owned GLA from Acquisitions 6M11 (m²) 67,324 37,812 9,549 11,346 8,617 Shopping Shopping Shopping Shopping Total Crystal Piracicaba Curitiba ParalelaActual NOI in 2Q11 from acquired malls outperformed the projected NOI by 23.6%. NOI of Realized Acquisitions (R$ thousand) 25.1% 23.6% 185,386 148,180 106,031 85,802 Projected Realized Projected Realized NOI 2Q11 NOI 2Q11 NOI 6M11 NOI 6M11 7
  • | Greenfield Projects –Mooca Plaza Shopping Mooca Plaza Shopping •opening in the fourth quarter of 2011; •stabilized NOI of R$34.6 million; •approximately 95.7% of the GLA already leased; •project on schedule, with approximately 67.0% of construction carried out;•Total GLA (m²): 41,964•Owned GLA (m²): 25,178•BRMALLS Stabilized NOI: R$34.6 million•IRR: 16.9% (real and unleveraged) 8
  • | Greenfield Projects – Other Developments Shopping Estação BH •Total GLA (m²): 36,504 •Owned GLA (m²): 21,902 Owned GLA with Developments • % Developed: 54.2% 10.8% 73,040 747,155 • Leasing Status: 72.8% •IRR (real and unleveraged): 20.3% 674,115 •Opening: 2Q12 Current Owned Owned GLA - Total Owned GLA São Bernardo GLA Developments •Total GLA (m²): 43,268 •Owned GLA (m²): 25,961 •% Developed: 20.3% •Leasing Status: 52.7% •IRR (real and unleveraged): 16.8% •Opening: 4Q12 9
  • | Summary of Greenfield and Expansion projectsWe expect our projects under development to add 192.0k m² of total GLA by 2013 Total GLA of Greenfields amd Expansions Projects (000 m²) Already developed 161,2 Pipeline 192,0 15% increase in Total GLA 44.5 20.3 132.4 5.5 79.8 15.1 42.0 18.8 29.2 220.7 28.2 23.5 46.3 2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total Greenfields Expansions 10
  • | Cash and Debt PositionBRMALLS ended 2Q11 with a cash position of R$1,255.3 million, a 73.2% increase over 1Q11 Cash Position and Net Debt (R$ million) +73.2% vs 1Q11 Debt Amortization Schedule (R$ million) 737 1,255.3 0.7% vs 1Q11 -27.0% vs 1Q11 244 246 238 238 (2,641.4) (1,386.0) 155 156 147 131 98 98 80 71 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards Cash Position Gross Debt Net Debt 11
  • | Capital Markets Follow On •On May 25, we concluded our share offering, raising approximately R$731 million at a price of R$17.20 per share; •The proceeds will be used mainly for acquisitions of interest in malls; Stock Performance•Daily traded volume averaged R$43.0 million in 2Q11, a 192.0% increase compared to 2Q10;•The number of trades averaged 5,483, up 301.5% compared to 2Q10; Base 100 Stock split 250 60 Millions 50 200 40 150 30 100 20 50 10 0 0 nov-09 jan-10 mar-10 mai-10 jul-10 set-10 nov-10 jan-11 mar-11 mai-11 jul-11 Trading Volume (30 days) BRML3 Ibovespa 12