Your SlideShare is downloading. ×
Apresentacao 2 Q09 Ing
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Apresentacao 2 Q09 Ing

167
views

Published on

Published in: Sports

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
167
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 2Q09 Results 1
  • 2. 2Q09 Highlights Outstanding operating results  NOI reached R$82.9 million, a 26.7% growth over 2Q08 with NOI margin reaching 91.9%  Same-property NOI iincreased 17 2% year-on-year S t d 17.2%  Adjusted EBITDA reached R$73.1 million, a 36.9% growth year-on-year, with 81.1% margin  AFFO of R$50.4 million, a 83.2% growth over 2Q08  Vacancy rate and late payments (30 days) reached 2.9% and 3.7%, respectively, the lowest levels ever recorded by the Company Recovery of the anchor stores and strong performance posted by the SSR  Consolidated same-store sales (SSS) moving up 6.4% in the 2Q09, versus 3.5% in 1Q09, due to the recovery of the anchor stores sales  Same-store rent (SSR) per m² increased by 12.0% year-on-year Leasing activities showed our tenants’ confidence  352 leasing contracts signed this quarter including renewals and new contracts (or 50,500 m² of GLA)  Leasing spreads of 13.9% and 15.9% for renewals and new contracts, respectively 2
  • 3. 2Q09 Highlights R$446 million raised to finance Company’s growth  In July, we concluded a primary and secondary follow-on share offering with the issue 30.3 million common shares on the Bovespa, which raised R$446 million and will b used t fi B hi h i d illi d ill be d to finance th C the Company’s growth ’ th  The offering substantially increased our free float, which now represents 64.4% of the Company’s shares and further diversified our shareholders base and increased our share liquidity Solid Financial Position  Long-term debt profile, with duration of more than 13.3 years  R$1.2 billion R$1 2 billi 1 cash position iinvested at approximately 103 2% of the CDI rate h iti t d t i t l 103.2% f th t Quality in execution and discipline at the undergoing developments and expansion projects  In April, we inaugurated the expansion of Caxias do Sul Shopping, which added 17,229 m2 of GLA, more than doubling the previous 13,972 m2  Goiânia Shopping expansion i i it fi l construction phase and 93% of th project’s t t l GLA h already b G iâ i Sh i i is in its final t ti h d f the j t’ total has l d been l leased. E li d Earlier this year, we inaugurated the first and second phases of the project, accounting for over 56% of the expansion’s total GLA  After concluding the leasing of 63% of the mall’s GLA, we began the construction of Granja Viana in June. We are concluding the executive project of Sete Lagoas and intensifying our leasing efforts – 52% of the mall has been leased to date ¹ Includes proceeds from the share offering 3
  • 4. Operating Activities We continue to post excellent financial and operating results Same-property NOI growth (R$ thousand) Rent/m² (R$) 17.2% 15.4% 84 18.6% 67 62 64 63 54 55 51,495 49 43,405 45 14.8% 25,870 29,707 2Q08 2Q09 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Original Portfolio Acquired Portfolio NOI/m² (R$) Occupancy Rate 11.6% 97.1% 96.6% 96.7% 96.9% 96.1% 96.0% 84 67 67 95.1% 64 64 60 50 51 54 94.1% 94.0% 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 4
  • 5. Operating Activities The recovery of the anchor stores and the maintenance of the strong sales performance posted by the satellite stores supported consolidated same-store sales growth SSS/m² Same-Store Sales Breakdown 12.7% 85% of Gross Revenue 10.8% 28.70% 8.8% 6.4% 6 4% 3.5% 9.40% 0.50% 1.30% 2Q08 3Q08 4Q08 1Q09 2Q09 Anchor Megastore Satellite Leisure SSS (% NOI) 1.9% 9.3% 0.4% 12.2% Alta Upper 8.0% 21.1% Média Alta Upper Middle pp Média Middle 6.4% 6.4% Média 48.4% 7.4% Média Baixa Lower Middle 20.9% 4.3% 6.1% 3.9% Lower Baixa 0.2% 5
  • 6. Leasing Activities Strong leasing activities demonstrate our tenants’ confidence in resuming their expansion plans SSR/m² New Contracts 173 83 13.4% 12.4% 12.3% 12.0% 9.5% 48 40 42 23 20 2Q08 3Q08 4Q08 1Q09 2Q09 jan feb mar apr mai jun 2Q09 Rent/m² Late Payments (30 days) Leasing Spread ( (New Contracts vs. Current Portfolio) ) 21.0% 5.9% 3.7% 76.0 5.1% New ‐ 4.5% 4.0% 15.9% 3.6% 3.5% Malls 62.8 Renewals 13.9% May April Januaty June March February BRMALLS Portfolio BRMALLS Portfolio Negotiated Contracts Negotiated Contracts F 2Q09 6
  • 7. Share Offering R$ 446 million raised by a primary and secondary follow-on share offering, which will be used to finance Company’s growth Average daily volume traded ( $ mn) g y (R$ )  Free float raised from 43% to 64% 133% 13.3  Diversification of the shareholder base  Share liquidity increased 133% as of the commencement of the offering, reaching R$13.3 5.7 million / day Share Price Evolution (R$ mn) Traded Volume  Traded Volume  before the offering  after the offering 230 (60‐day average) 210 BRMALLS 190  The proceeds will be used to finance the 170 Company’s growth, especially the mall 150 acquisition strategy IBOV 130  Our shares appreciated by almost 30% since 110 the offering, with annual yield of 112%, while 90 the Ibovespa rose 49% dec 08 dec‐08 jan 09 jan‐09 feb 09 feb‐09 mar 09 mar‐09 apr 09 apr‐09 may 09 may‐09 jun 09 jun‐09 jul 09 jul‐09 7
  • 8. Growth Drivers Granja Viana Acquisitions Greenfield Projects’ Status Acquisitions in 2007 and 2008: NOI (R$ thousand)  21.4%  5 programmed projects d j t 49,260  In June, we initiated works at Granja Viana, 67% LEASED with 67% of the project’s total GLA (29,800 40,565 m2) already leased Sete Lagoas  R$103 million in stabilized NOI (4th year)  Real unleveraged IRR of over 16.0% p.a.  Remaining CAPEX of R$480 million until 2013, with th di b ith the disbursement of 11% in 2009 t f i 52% LEASED Projected NOI (Apr‐Jun 09) Real NOI (Apr‐Jun 09) Expansions’ Status Tamboré  We inaugurated several phases of the Goiânia Shopping expansion, which account for 56% of the project’s GLA.  3 programmed expansions in 2009 (NorteShopping, West and Ilha Plaza) that will add 6,200 m² of owned GLA  Remaining CAPEX of R$324 million, with the disbursement of 16% in 2009 72% LEASED 8
  • 9. Goiânia Shopping - Expansion We inaugurated several phases of the Goiânia Shopping expansion, which account for 56% of the project’s GLA. In addition, 90% of the works have been completed and more than 93% of the total GLA has been already leased Under Construction Under Construction 93% LEASED BEFORE AFTER 16,400 Total GLA (m²) 23,720 56% already  inaugurated 11,433 11 433 7,904 GLA BRMALLS (m²) ² 10 (Renner, C&A, Riachuelo,  3 (Bretas, C&A  Anchors Siberian, Centauro, MR  and movie  and movie Salon, Fast Shop, Leitura and  Salon, Fast Shop, Leitura and theater) cinema) 962 Parkings 2,390 9
  • 10. 2Q09 Financial Highlights We continue proving the success of our business model through results Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%) 27.9% 24.8% 84.8% 82.7% 76,404 90,122 72,242 59,716 2Q08 2Q09 2Q08 2Q09 Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000) 36.9% 83.2% 55.9% 81.1% 38.1% 50,374 50 374 73.9% 73,089 53,394 27,494 2Q08 2Q09 2Q08 2Q09 10

×