4 Q07 And Fy07 Earnings Presentation

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4 Q07 And Fy07 Earnings Presentation

  1. 1. 4Q07 Results March 11, 2008
  2. 2. 4Q07 Highlights Carlos Medeiros - CEO 2
  3. 3. Highlights NOI: Organic growth and margin improvement ― An increase in total NOI of 15.8% of the portfolio we hold ownership interest comparing 2007 and 2006 ― NOI Margin increased from 81.1% to 86.8% year on year Consistency in our acquisition strategy with focus on improving the acquired assets ― We concluded 8 acquisitions during the 4Q07, adding 3 new malls to our portfolio ― Throughout the year, we concluded 39 transactions, adding 23 new malls to our portfolio ― The acquired portfolio surpassed the NOI projected by the M&A team, growing on average 11.5% above the projections made during the acquisition Announcement of 3 Greenfields projects ― During the 4Q07 we announced 3 Greenfield projects, two located in the state of Minas Gerais and one located in Cabo Frio, in the state of Rio de Janeiro ― Currently we have 6 Greenfield projects and 9 planned expansions that by 2010 will jointly add 199,5 thousand m² to our owned GLA Solid cash position: ― We raised R$ 2.6 billion in the financial market during the year (R$ 1 billion in the 4Q07) ― On February 2008, we celebrated a structured securization of receivables (CRIs) in the total amount of R$ 470 million, which will raise our cash position to approx. R$ 1 billion Outstanding Financial Performance: ― Our net revenue totaled R$ 75.5 million in the 4Q07; R$ 207.0 million in the 2007 and R$ 283.5 million in the proforma 2007 ― An increase of 159% compared to the 4Q06, 158% against the year and 211% compared to the proforma ― Our Adjusted1 EBITDA totaled R$ 48.2 million in the 4Q07; R$ 140.6 million in the 2007 and R$ 202.2 million in the proforma 2007 ― An increase of 121% compared to the 4Q06, 144% against the year and 250% compared to the proforma Calculated excluding the effects of non recurring expenses related to the IPO, to new acquisitions and to corporate restructuring. Adjusted EBITDA also includes the proceeds from the 3 1 debentures of Shopping Araguaia
  4. 4. Organic Growth NOI Growth of the Same Shopping Malls in Our Portfolio1 – 2007 vs 2006 15.8% 12.4% 20.8% 2006 2007 Original Portfollio Acquired Portfolio 1 Considers 100% of the NOI of the shopping malls in our portfolio 4
  5. 5. Acquisitions BR Malls’ current average ownership in its malls (total GLA) BRMalls' Ownership 41.5% 1 Owned GLA Evolution in 2007 7,038 3,835 5,407 70,483 14,149 61,883 1 Average ownership in GLA 372,280 74,457 135,026 2 YE 2006 1Q07 2Q07 3Q07 4Q07 YE 2007 Acquisitions Increasing stake Note 2 – Includes additional stake in Shopping Mueller acquired in January/2008 5
  6. 6. Case Study – In Mont Fashion Mall: Visitors Revenues 2007 vs. 2006 ► Vacancy reduction 13.5% ► Improving tenant mix 0.9% ► Auditing efforts aug/07 sep/07 oct/07 nov/07 dec/07 jan/08 -8.9% NOI -14.3% -18.3% NOI Margin 5.1% 19.2% -22.0% 85.9% Occupancy Rate 91.6% 91.7% 25.2% 24,256 28,905 30,366 90.7% 90.5% 68.6% 90.0% 25.2% 89.4% In Mont Management BRMALLS Management Aug – Dec 06 Aug – Dec 07 In Mont M&A Projections BRMALLS Aug – Dec 06 Aug – Dec 07 Aug – Dec 07 Aug/07 Sep/07 Oct/07 Nov/07 Dec/07 Jan/08 Costs % Rent – Niteroi Plaza ► Reducing personnel expenses R$ 000 ► Reducing G&A expenses 131.8% ► Reducing lawyers’ fees 1,386 598 In Mont Management BRMALLS Management Aug – Dec 06 Aug – Dec 07 6
  7. 7. New Developments Main Figures ► 6 Greenfield projects announced ► Minimum IRR Threshold > 20.0%1 ► Owned GLA : Additional 137.0 thousand m² 1 Nominal, unleveraged 4 3 1 5 2 1 37% increase in owned GLA 1 Mooca 3 Sete Lagoas 4 2 Cabo Frio 5 3 Granja Vianna 3 CBTU 3 Bauru 6 7
  8. 8. Expansions Main Figures ► 9 planned expansions ► Minimum IRR Threshold > 18.0%1 1 1 ► Owned GLA: 63 thousand m² 17% increase in 8 8 owned GLA 1 Nominal, unleveraged Iguatemi Caxias do Sul Expansion 2 2 9 9 ► Total GLA: 17,000 m² 7 7 3 3 4 4 6 6 ► % BRMALLS: 45.5% 8 8 ► Inauguration: 2008 5 5 60% of GLA has Norte Shopping been leased 1 1 Amazonas 5 5 6 Norte Shopping 2 2 Goiania Goiânia 7 7 TOP Shopping 3 3 Tamboré Tambore 8 8 Iguatemi Maceió 4 4 Niterói Plaza Niteroi 9 9 Big Shopping 5 5 Caxias do Sul 8
  9. 9. Greenfields and Expansions: 54% Increase in Owned GLA Expected Investment Additional Stabilized (%BRMALLS): R$ NOI: R$ 130 million 770 million Expected Owned GLA in 2010 after planned expansions and new developments (m²) 136,530 571,855 63,045 372,280 Actual Owned GLA Expansions Greenfields Owned GLA in 2010 Cash-on-Cash return of approx.: CAPEX/GLA: R$ 3,600/m² 17.0% 9
  10. 10. 4Q07 Financial and Operational Results Leandro Bousquet - CFO 10
  11. 11. Solid Cash Position Shareholders Base - Actual Shareholders Base– Dilluted2 GP GP 16.1% 15.6% Free float Free float 38.9% 37.7% EI EI 19.3% 18.8% Balance Sheet in 2007 + CRI (R$ million) Employees Employees 2.4% Ecisa 5.3% Ecisa former partners 1 former partners Cash 1.036,0 LT Debt 59.8 23.2% 22.5% 1 ST Debt 1,245.4 Note 2: Includes the first and second stock option program that come fully due in 2012 Total Debt 1,305.2 Shareholders Equity 1.769,4 Financial Indicators (Current) Current Net Debt including CRI 269.1 Net Debt/EBITDA3 1.5x Note 1: Includes CRI Total Debt/Total Cap4 42.6% Duration 6.2 years Note 3: Annualized Adjusted EBITDA of the 4Q07 Note 4: Total Debt + Shareholders equity 11
  12. 12. 4Q07 and 2007 Financial Highlights Net Revenues (R$ 000) Gross Profit & Gross Margin (R$ 000) 210.8% 236.9% 81.7% 282,982 147.1% 216,231 76.6% 127.4% 207,039 76.4% 75.4% 116.8% 135.0% 70.5% 158,603 91,059 75,513 61,669 34,824 64,184 26,248 4Q06 4Q07 2006 2007 Proforma 4Q06 4Q07 2006 2007 Proforma Adjusted EBITDA & Margin EBITDA (R$ 000) Adjusted FFO (R$ 000) 250.2% 110.0% 71.4% 202,172 67.9% 83,344 78,815 98.5% 143.5% 6.9% 164,5% 63.8% 63.4% 140,560 39,696 62.4% 19,625 20,988 57,728 48,179 21,722 12 4Q06 4Q07 2006 2007 Proforma 4Q06 4Q07 2006 2007 Proforma
  13. 13. 4Q07 and 2007 Operational Highlights NOI e Margin (R$ million) Default Rates (30 days) 91.0% 86.8% 3.3 p.p. 86.2% 84.4% 83.7% 4.3 p.p. 88.0% 12.3% 77.0% 77.8% 81.1% 77.0% 10.3% 171.6 9.0% 73.9 67.8 48.4 32.4 6.0% 28.2 22.7 14.8 15.4 15.2 4Q Year 1Q 2Q 3Q 4Q Year 2006 2007 2006 2007 Same Store Sale/m² Same Store Rent/m² 9.6% 7.6% 9.0% 6.5% 3,384 3,710 2,931 236 254 2,689 200 213 4Q Year 4Q Year 2006 2007 2006 2007 13

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