B Rmalls Apresentacao 1 T08 20081505 Eng
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B Rmalls Apresentacao 1 T08 20081505 Eng

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    B Rmalls Apresentacao 1 T08 20081505 Eng B Rmalls Apresentacao 1 T08 20081505 Eng Presentation Transcript

    • 1Q08 Results 1
    • 1Q08 Highlights Strong Organic Growth and Operational Improvements  During the 1Q08, our Same Property NOI increased 28.2% when compared to the 1Q07  NOI Margin increased from 83.7% in the 1Q07 to 85.8% in the 1Q08 Outstanding Financial Performance  Our net revenue totaled R$ 66.5 million in the 1Q08, a growth of 114,4% compared to the 1Q07  Our adjusted EBITDA reached R$ 47.4 million, a growth of 111,8% compared to 1Q07  Solid Cash Position: R$ 994 million Disciplined Approach in Acquisitions  Considering 1Q08 results, the NOI of the acquired portfolio performed 10.3% above the NOI projected during the acquisition  The acquisitions concluded during the 1Q08 reflected a real, unleveraged, IRR of 13.0% Growth via Greenfield Projects, Expansions and Acquisitions  We currently have 6 Greenfield projects and 10 planned expansions that by 2010 will jointly add 210.9 thousand m² to our owned GLA  During the quarter, we concluded 2 acquisitions, adding 1 new shopping mall to our portfolio 2
    • Organic Growth Same Property NOI1 Growth – 1Q07 vs. 1Q08 28.2% 37.0% 18.2% 1Q07 1Q08 Acquired Portfolio Original Portfolio Same Store Rent/m² - Month Default Rate – 30 days Occupancy Rate 1.2% 8.3% 47.8% 53.6 11.5% 96.0% 49.6 6.0% 94.9% 1Q07 1Q08 1Q07 1Q08 1Q07 1Q08 Note 1: Considers our stake in the malls 3
    • Highlights - In Mont Same Property NOI Sales/m² (month) Default Rate 25.8% 19.1% 54.1 %. 16.5% Portfolio In Mont 983.8 7.6% 825.8 1Q07 1Q08 1Q07 1Q08 1Q07 1Q08 Vacancy (m²) Same Store Sale/m² (month) 17.5% 57.1 % 19.7% 40.0% 14.5% 735.5 8.5% 8.7% 626.1 1Q07 1Q08 August/07 March/08 4
    • Highlights – Shopping Estação SHOPPING ESTAÇÃO CELEBRATES ONE YEAR IN BRMALLS’ PORTFOLIO Acquisition Expected Return Shopping Estação Feb. 07 Current Real Unleveraged IRR 12.2% 17.1% Real Leveraged IRR 19.2% 30.5% Cap Rate 07 10.8% 12.6% Cap Rate 08 12.4% 14.9% NOI (R$ million) & Margin (%) 62.9% 19.0% 14.8 12.4 90.5% 9.1 60.9% 48.4% Apr. 06 - Mar.07 Apr. 07 - Mar.08 Apr. 07 - Mar.08 OLD MANAGEMENT ACQUISITION PROJECTIONS 5
    • Greenfield Projects Sete Lagoas CBTU Project Status:  Initial project already approved by the Project Status: municipal authorities but will be  Initial project already approved by the resubmitted following certain minor municipal authorities but will be changes resubmitted following certain minor changes Bauru Sete Lagoas Bauru Belo Horizonte Project Status: Cabo Frio  Conducting market research Granja Mooca Vianna Cabo Frio Granja Viana Mooca Project Status:  Preliminary license already obtained Project Status: Project Status:  Obtained license to begin  Definition of supplementary projects infrastructure works  Awaiting municipal authorities  Advanced negotiation with: Renner, approval Centauro, Fast Shop and Le Lis Blanc  Beginning of leasing process 6
    • Expansions e Mixed-Use Projects Planned Expansions - Highlights Mixed-Used Projects - Highlights Shopping Tamboré  10 planned expansions  4/10 expansions already include the construction of commercial towers  Increase of 75 thousand m² in owned GLA in 2010  Currently analyzing opportunities to include commercial towers in other expansion projects  20% increase in owned GLA  Source of revenue: land swap  Beginning of construction in the expansions of Shopping Caxias do Sul and Goiânia Shopping  Shopping Iguatemi Caxias do Sul: 84% of Amazonas Shopping GLA has been leased  Goiânia Shopping: 60% of GLA has been  5 commercial leased towers  Inclusion of the expansion of Shopping  Developer: Cyrella Osasco which more than doubles the size of the current mall Shopping Caxias do Sul Goiânia Shopping  1 commercial tower  Developer: Cyrella  All units sold out  Beginning of construction 7
    • Acquisitions Evolution of Owned GLA (m²): 1Q07 vs. 1Q08 Potential to Increase Stake in Existing Shopping Malls Companies from other sectors 11% Individuals Shopping Mall 18% companies 5% BRMALLS’ Ownership 170,676 380,160 41.8% Pension funds 81.5% 209.484 24% 1 1Q07 Acquisitions 1Q08 Potential to Acquire New Shopping Malls Market Share – Total GLA 10.3% Other 28.6% Shopping Mall Groups  279 shopping malls 61.1% More than 4.5 million m² of GLA 8 1 Includes the increase in stake of Shopping São Luis
    • 1Q08 Financial Highlights Net Revenues (R$ 000) Gross Profit (R$ 000) & Gross Margin (%) 119.7% 114.4% 79.1% 77.2% 66,522 52,628 31,024 23,954 1Q07 1Q08 1Q07 1Q08 Adjusted EBITDA (R$ 000) & EBITDA Margin (%) FFO (R$ 000) & Margin 111.8% 160.7% 71.2% 29.2% 47,366 24.0% 19,440 68.2% 22,368 7,546 1Q07 1Q08 1Q07 1Q08 9