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30-06-2012 - 2Q12 Results Presentation

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  • 1. 2Q12 ResultsPresentation August 10th, 2012
  • 2. Highlights• Net revenue totaled R$65.3 million in 2Q12, a 22.7% increase over 2Q11.• EBITDA totaled R$49.8 million in 2Q12, a 22.3% increase compared to the same periodof last year. EBITDA margin reached 76.3% in the quarter.• FFO was R$40.8 million in the quarter, an 8.2% decrease over the 2Q11. The FFOmargin in the 2Q12 was 62.5%.• Consolidated NOI reached R$63.4 million in 2Q12, the a an all time record, representinga 24.5% increase over the 2Q11.• Same-store rent (SSR) reached, once again, a double-digit growth of 13.1%, the highestquarterly growth since the Company’s IPO. Same-store sales (SSS) increased by 9.2% in2Q12 over 2Q11.• Total sales in our shopping centers reached R$1.1 billion in 2Q12, 18.9% higher than in2Q11. 2
  • 3. Shopping Center Sales Shopping Center Tenant Sales (R$ thousand) 2Q12 2Q11 Var. % 1H12 1H11 Var. % Shopping Penha 88,640 81,289 9.0% 167,153 152,288 9.8% Shopping Metrópole 85,780 67,180 27.7% 158,534 122,821 29.1% Tivoli Shopping 47,396 43,485 9.0% 89,235 80,774 10.5% Franca Shopping 41,944 34,907 20.2% 78,052 68,197 14.4% Pátio Brasil 83,459 83,759 -0.4% 160,047 160,486 -0.3% Parque D. Pedro Shopping 310,978 291,328 6.7% 602,444 564,508 6.7% Boavista Shopping 61,593 57,859 6.5% 118,446 109,539 8.1% Shopping Plaza Sul 99,114 91,939 7.8% 182,933 170,538 7.3% Shopping Campo Limpo 71,064 57,248 24.1% 130,151 106,008 22.8% Manauara Shopping 151,843 125,070 21.4% 291,254 239,617 21.5% Uberlândia Shopping 68,439 - - 68,439 - - Total 1,110,251 934,063 18.9% 2,046,688 1,774,776 15.3% Shopping Center Tenant Sales (R$ million) 15.3% 18.9% 2,047 1,775 1,575 1,110 831 934 2Q10 2Q11 2Q12 1H10 1H11 1H12 3
  • 4. Operating Performance Same-Store Sales per sqm SSS/sqm 9.2% 9.6% Same-store Sales (per sqm) 2Q12 2Q11 Var. % Satellite 1,568.4 1,424.2 10.1% 1,034.4 Anchor 861.4 796.6 8.1% 985.9 Leisure 200.5 185.5 8.1% 947.1 Total 1,034.4 947.1 9.2% 899.7 2Q11 2Q12 1H11 1H12 Same-Store Rents Growth evolution Same-Store Rents 12.7% 13.0% 12.7% 13.1% 12.1% 11.1%9.5% Same-store Rents (per sqm) 2Q12 2Q11 Var. % Satellite 109.4 97.3 12.4% Anchor 25.4 22.4 13.3% Leisure 22.6 18.2 24.6% Total 59.1 52.2 13.1%4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 4
  • 5. Operating Performance Occupancy Ratio Occupancy (% GLA) 98.5% 98.4% 98.8% 98.5% 98.0% 97.7% 98.0% 97.5% 97.4% 97.4% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 2Q12 w/o Uberlândia Delinquency Rate (25 days) Delinquency Rate days) 3.53% 2.92% 2.86% 2.64% 2.61% 2.42% 2.33% 2.26% 2.28% 2.11% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12Data on 06/30/12 5
  • 6. Owned GLA GrowthSonae Sierra Brasil has a solid new development and expansion pipeline which will increasethe Company’s owned GLA by over 53% until the end of 2013. Owned GLA Growth (000 sqm) 17 78 40 389 +53.2% 254 2012 Boulevard Londrina Passeio das Águas Expansions* 2013 (Londrina, PR) (Goiânia, GO) *Expansions in Shopping Metrópole, Parque D. Pedro and Tivoli scheduled for 2013. 6
  • 7. Greenfields: Boulevard Londrina Shopping Greenfield Details City Londrina State PR Expected Opening 1Q13 Scheduled to open in 1Q13, the shopping GLA (000 sqm) 47.8 mall is part of a big renovation project of SSBs Ownership Interest* 84.5% an old industrial region in downtown Londrina Committed GLA 75% Gross Capex Incurred (R$ MM) 140.4 * Ownership considering partner will fully exercise its rights in the project. Shopping center construction site Project IllustrationData on 06/30/12 7
  • 8. Greenfields: Passeio das Águas Shopping Greenfield Details City Goiânia State GO Expected Opening 4Q13 Scheduled to open in 2H13, the biggest GLA (000 sqm) 78.1 project of our portfolio and is located within the growth sector of Goiânia SSBs Ownership Interest 100% Committed GLA 53% Gross Capex Incurred (R$ MM) 137.2 Shopping center construction site Project IllustrationData on 06/30/12 8
  • 9. Revenue Breakdown Revenues (R$ thousand) 2Q12 2Q11 Var. % 1H12 1H11 Var. % Rent 54,736 43,692 25.3% 102,886 85,034 21.0% Rent contract straight-lining 1,121 1,044 7.4% 1,463 1,993 -26.6% Service revenue 4,240 4,057 4.5% 8,288 8,090 2.4% Parking revenue 6,893 5,882 17.2% 12,673 11,492 10.3% Key Money 3,393 2,523 34.5% 6,050 4,921 22.9% Other revenue 910 120 656.2% 1,320 445 196.3% Total Gross Revenue 71,293 57,318 24.4% 132,680 111,975 18.5% Taxes over rent and services (4,428) (2,417) 83.2% (8,344) (6,682) 24.9% Discounts and cancellations (1,596) (1,705) -6.4% (2,441) (2,384) 2.4% Total deductions (6,024) (4,122) 46.2% (10,785) (9,066) 19.0% Net Revenue 65,269 53,196 22.7% 121,895 102,909 18.4% Gross Revenue Breakdown in the quarter 1% 5% Rent 10% Rent contract straight-lining 11% 6% Fixed Rent Revenue 1% 8% Service revenue Turnover Rent Revenue Parking revenue 77% 81% Kiosks and Merchandising Key Money Other revenue 9
  • 10. Costs and Expenses Costs and Expenses (R$ thousand) 2Q12 2Q11 Var. % 1H12 1H11 Var. % Depreciation and amortization 392 359 9.2% 831 762 9.1% Personnel 7,687 7,263 5.8% 14,443 12,886 12.1% External services 2,874 2,026 41.9% 5,623 4,158 35.2% Occupancy expense (vacant stores) 1,699 960 77.0% 2,765 1,825 51.5% Cost of contractual agreements with tenants 456 275 65.8% 787 611 28.8% Provision (reversal) for bad debts 1,444 (248) N/A 1,890 332 469.3% Rent 866 716 20.9% 1,627 1,341 21.3% Other 1,767 1,470 20.2% 4,268 3,518 21.3% Total 17,185 12,821 34.0% 32,234 25,433 26.7% Classified as: Cost of rentals and services 11,385 9,647 18.0% 20,983 18,203 15.3% Operating expenses 5,800 3,174 82.8% 11,251 7,230 55.6% Total 17,185 12,821 34.0% 32,234 25,433 26.7% Cost and Expenses (R$ million) 55.7% 11.3 7.2 82.8% 5.8 15.3% 3.2 21.0 18.2 18.0% 9.6 11.4 2Q11 2Q12 1H11 1H12 Cost of rentals and services Operating expenses 10
  • 11. Financial Performance Net Revenue (R$ million) NOI (R$ million) 18.4% 21.0% 22.7% 24.5% 121.9 119.3 102.9 98.6 65.3 63.4 53.2 50.9 2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12 EBITDA (R$ million) and Margin FFO (R$ million) and Margin 83.5% 180.0 90.0%150.0 76.6% 76.3% 76.4% 75.1% 80.0% 76.6% 75.0% 160.0 80.0%130.0 16.3% 70.0% 140.0 62.5% 61.7% 70.0%110.0 120.0 60.0% 65.0% 90.0 100.0 -4.5% 50.0% 60.0% 22.3% 70.0 55.0% 80.0 40.0% 50.0% -8.2% 50.0 60.0 30.0% 91.5 78.7 45.0% 30.0 40.0 78.8 75.3 20.0% 40.7 49.8 40.0% 20.0 44.4 40.8 10.0% 10.0 35.0% 0.0 0.0%-10.0 2Q11 2Q12 1H11 1H12 30.0% 2Q11 2Q12 1H11 1H12 11
  • 12. Financial Performance (51% PDP) Net Revenue (R$ million) Net Income (R$ million) 20.7% 5.6% 79.9% 25.1% 121.7 128.5 97.6 106.4 80.9 52.5 59.2 42.0 2Q11 2Q12 1H11 1H12 2Q11 2Q12 1H11 1H12 EBITDA (R$ million) and Margin FFO (R$ million) and Margin 180.0 81.9% 90.0%130.0 80.0% 73.7% 74.8% 160.0 73.1% 80.0% 73.4% 72.5% 75.0%110.0 140.0 70.0% 70.0% 57.2% 120.0 55.3% 60.0% 90.0 19.1% 65.0% 60.0% 100.0 50.0% 70.0 -8.7% 27.1% 55.0% 80.0 40.0% 50.0 -12.6% 50.0% 60.0 30.0% 70.7 45.0% 30.0 59.4 40.0 20.0% 39.3 40.0% 59.1 54.0 30.9 20.0 34.4 30.0 10.0% 10.0 35.0% 0.0 0.0%-10.0 2Q11 2Q12 1H11 1H12 30.0% 2Q11 2Q12 1H11 1H12 12
  • 13. Cash Position and Leverage Net Debt (R$ MM) Debt Amortization (R$ MM) Net Debt (R$ million) Debt Amortization (R$ million) 635.4 715.4 369.5 93.4 88.9 80.1 19.6 44.8 49.1 50.2 Total Debt Cash and cash Net Debt 2012 2013 2014 2015 2016 2017 2018 and equivalents beyond Committed Balance as of Contracted Debt Amount (R$ Term Interest Rate 06/30/12 Debt Profile Debt Profile Financing MM) (years) (R$ million) Working Capital 20 5 CDI + 2.85% 15 Working Capital 27 6 CDI + 3.30% 23 Manauara Shopping 112 12 8.50% 133 Fixed IPCA 19% Metrópole Shopping - Expansion I 53 8 TR + 10.30% 53 29% Uberlândia Shopping 81 15 TR + 11.30% 55 CDI Boulevard Londrina Shopping 120 15 TR + 10.90% 78 19% Passeio das Águas Shopping 200 12 TR + 11.00% 55 TR Debentures - 1st series 95 5 CDI + 0.96% 97 33% Debentures - 2nd series 205 7 IPCA + 6.25% 207 Total 914 715 Weighted Average 10.2 10.78% Considering LTM TR at 0.92% p.a., CDI at 8.35% p.a. and IPCA at 4.92% as of June 30th, 2012Data on 06/30/12 13
  • 14. Thank you! Investor Relations Website: www.sonaesierrabrasil.com.br/ir Email: ribrasil@sonaesierra.com Phone: +55 (11) 3371-4188
  • 15. Disclaimer► The material that follows is a presentation of general background information about Sonae Sierra Brasil S.A. and its subsidiaries (the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented herein.► This presentation may contain statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of the Company and its subsidiaries that may cause the actual results of the Company to be materially different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to update any such information.► This presentation does not constitute an offer, or invitation, or solicitation or an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment.