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Presentation 1 T09 English V2 Presentation 1 T09 English V2 Presentation Transcript

  • 1Q09 Results 1
  • 1Q09 Highlights Outstanding operating results NOI reached R$73.4 million, a 31.0% growth over 1Q08 with NOI margin reaching 90.5% in the quarter Same-property NOI increased 19.5% y-o-y Adjusted EBITDA reached R$64.1 million, a 35.4% growth y-o-y and Adjusted EBITDA margin of 78.6% FFO of R$51 million, a 162.2% growth over 1Q08 Occupancy rate stood at 96.9%, our highest figure ever Strong performance posted by satellite stores sustaining SSR Satellite stores, which accounted for 85% of rent revenues, recorded Same Store Sales/m² growth of 9.2% y-o-y. Consolidated Same Store Sales/m² adjusted by the calendar effect (Easter) increased 4.5% in the quarter Same Store Rent/m² growth of 12.3% in the quarter Implantation of Oracle and SSC in malls that represent 70% of our NOI We concluded the roll-out of our Oracle system and the implantation of the SSC (Shared Service Center) in 13 malls, representing around 70% of our NOI. We expect to end the year covering around 80% of our NOI The SSC centralizes financial back-office activities of our malls and BRMALLS’s Holding, aiming a higher management control, achieving gains in scale and efficiency 2
  • 1Q09 Highlights Leasing activities showed our tenants’ confidence 181 leasing contracts signed this quarter including renewals and new contracts (or 22,900 m² of GLA) Leasing spreads of 17.7% and 9.0% for renewals and new contracts, respectively Solid Financial Position Long-term debt profile, with duration of more than 14.65 years R$730.2 million cash position invested at approximately 103.0% of the CDI rate Quality in execution and discipline towards undergoing developments and expansion projects Inauguration of the expansion of Shopping Iguatemi Caxias do Sul, in April, which added 7,839 m² of owned GLA to our portfolio, with expected stabilized NOI of R$4 million After this expansion, BRMALLS' total GLA increased to 1.0 million m² Other 3 expansions are expected to be delivered in 2009, adding 7,200 m² of owned GLA, corresponding to a stabilized NOI of R$9.5 million 3
  • Operating Activities Despite the slowdown in the growth pace of our tenants sales, we posted excellent financial and operating results Rent/m² (R$) Same-property NOI growth (R$ thousand) Acquired portfolio 18.8% 19.5% 84 Original portfolio 67 19.8% 64 62 55 54 49 47 45 44,744 37,351 19.0% 27,271 22,926 1Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 Occupancy Rate NOI/m² (R$) 18.8% 96,6% 96,7% 96,9% 84 96,1% 96,0% 67 95,1% 64 64 60 94,1% 94,0% 54 51 50 46 92,1% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 4
  • Operating Activities The positive results in a adverse scenario confirmed the resilience of our business model Same-Store Sales Breakdown Sales 85% of Rent (R$ billion) 18.2% Revenues 22.7% 9.2% 7.2% 9.9 5.5% 8.1 14.5% -9.3% Satellite 2.2 1.9 Stores Leisure Mega Stores Food Anchor Stores 67% of Sales 5.7% 5.6% 2007 2008 1Q08 1Q09 2.4% -1.3% -5.2% SSS/m² 12.7% 10.8% 10.7% Upper Lower 8.8% Upper Class Middle Class Middle Class Middle Class Lower Class 12.1% 4.5% 5.4% 2.2% 1.9% -3.1% 1Q08 2Q08 3Q08 4Q08 1Q09¹ Northeast Mid-West North Southeast South 5 1 Excludes calendar effect (Easter moving from March to April), that, if considered, would bring SSS growth to 3.5%
  • Leasing Activities Leasing activities remain intense, demonstrating our tenants’ confidence in the recovery of the macroeconomic scenario SSR/m² Rent/m² (New Contracts vs. Current Portfolio) 13.4% 12.4% 12.3% 12.6% 9.5% 72 8.3% 64 1Q08 2Q08 3Q08 4Q08 1Q09 BRMALLS Portfolio Negotiated Contracts Negotiated Contracts Leasing Number of GLA Spread Stores (m²) Renewal of Contracts 17.7% 48 5,264 New Contracts – Existing Malls 9.0% 82 8,335 New Contracts - Projects - 9,287 51 Consolidated - 181 22,886 20% for malls leased by BRMALLS 6
  • Solid Financial Position Our funding strategy continues extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity Debt Indexes Cash Position US$* R$730.2 million on March 31, 2009 28% Investments yielding 103.0% of the CDI rate IGP-M IPCA 12% 21% Debt CDI Well distributed amortization schedule, without debt maturing in 3% TR 2009 and 2010 36% Long-term debt profile with an average cost of IGP-M+7.8% * Does not consider hedge operation Average duration of 14.6 years 423,264 Amortization Schedule (Principal) R$ thousand 154,294 150,163 133,834 130,183 88,646 84,911 84,699 80,804 53,052 50,173 41,434 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * 7 * Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020
  • Growth Drivers Greenfield Projects’ Status Acquisitions Acquisitions concluded in 2007 and 2008: NOI (R$ thousand): 5 programmed projects 22.6% 117,900 m² of owned GLA, corresponding to 46,517 a 27.0% increase in current GLA 57% LEASED 37,930 R$95 million in stabilized NOI (4th year) Real unleveraged IRR of over 16.0% p.a. Remaining CAPEX of R$481 million until 2013, with the disbursement of 15% in 2009 Projected NOI Real NOI (Jan-Mar 09) (Jan-Mar 09) 50% LEASED Expansions’ Status Shopping Goiânia – Under Construction 90% LEASED 3T08 In May it was inaugurated the first phase of Shopping Goiânia’s expansion, which has 90% of its GLA already leased 8 programmed expansions that will add 64,200 m² of owned GLA, raising the Company’s current portfolio by 15% and contributing with stabilized NOI of R$61 million Remaining CAPEX of R$340 million, with the disbursement of 19% in 2009 3 inaugurations in 2009: Inauguration of Renner Delivered almost 30% of the - 7,200 m² increase in owned GLA estimated GLA expansion - R$9.5 million in stabilized NOI (4th year)
  • Caxias’ Expansion Inaugurated Inaugurated in April the expansion of Shopping Iguatemi Caxias do Sul, which added 17,229 m² of GLA to the malls, more than doubling the 13,972 m² of the original mall. BRMALLS, which manages the mall, was responsible for developing the project, managing the construction and leasing the stores ED AS LE Stronger anchorage and enhanced the store mix, bringing such 0% 10 prestigious brands as: C&A, Saraiva, Fast Shop, Crawford, Lacoste, Brooksfield and Siberian Investment of R$25 million by BRMALLS, with an estimated real unleveraged IRR of 16%, contributing with R$4 million in stabilized NOI to BRMALLS Original Mall Post Expansion Mall Total GLA (m2) 13,972 31,201 Owned GLA (m2) 6,357 14,196 8 (C&A, Colombo Premium, Riachuelo, Saraiva, Fast Shop, 2 (Renner and Carrefour) Anchor Centauro, Renner and Carrefour) 92 Satellite 138 1,700 Parking Space 2,000 Revitalization of the 6 movie theaters Leisure Facility cinema and Magic Games Restaurant Food Court Lifestyle area and 5 restaurants
  • 1Q09 Financial Highlights We continue focused in reduce costs, generate cash flow and improve profitability Gross Profit (R$ ‘000) and Margin (%) Net Revenues (R$ ‘000) 28.0% 22.6% 82.6% 79.1% 67,383 81,555 66,522 52,627 1Q08 1Q09 1Q08 1Q09 FFO (R$ ‘000) Adj EBITDA (R$ ‘000) and Margin (%) 35.4% 78.6% 162.2% 71.2% 50,979 64,125 47,366 19,440 10 1Q08 1Q09 1Q08 1Q09