Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

ApresentaçãO 2 Q08 Ing

314 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

ApresentaçãO 2 Q08 Ing

  1. 1. 2Q08 Results 1
  2. 2. 2Q08 Highlights Excellent operating and financial results Our NOI reached R$65.5 million, a 102.2% growth over 2Q07 with NOI margin of 90.7% Same-property NOI increased 20.9% year-on-year EBITDA reached R$54.1 million in the 2Q08, an increase of 96.6% y-o-y with EBITDA margin of 74.9% FFO reached R$48.3 million, with a 66.9% margin; a 48.0% increase over 2Q07 FFO Strong Performance from our malls Same Store Sales/m² growth of 10.8% in the quarter and of 10.7% year-to-date Same Store Rent/m² growth of 9.5% in the quarter and of 8.9% year-to-date Intense commercial activities demonstrate that our store-owners are continuing to grow 352 leasing agreements signed this quarter including renewals and new contracts (more than 50,000 m2 ) Renewals leasing spreads above 13% and new contracts leasing spreads above 20% Solid Financial position Long-Term Debt Profile, with duration of more than 6 years and only 17% indexed to CDI and IGP-M R$911 million cash position invested at approximately 102% of CDI Disciplined approach towards New Businesses In the 2Q08, we concluded 6 acquisitions, and 3 additional ones subsequent to the end of the quarter, adding 3 new malls to our portfolio and increasing our owned GLA by 52,300 m² 2
  3. 3. Operating Activities Despite going through a less favorable macroeconomic scenario, the shopping mall industry gives clear signs of continuing good health… Same Store Sales/m² Same Store Rent/m² 9.5% 10.8% Late Payments (30 days) Occupancy Rate 13.0% 96% 96% 11.1% 95% 8.6% 94% 94% 6.4% 6.8% 4.7% 92% 3 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
  4. 4. Operating Activities (cont.) Same Property NOI growth NOI/m² 63.2 52.3 20.8% 36.6 27.7 32.1% 8.1% 24.6 26.6 2Q07 2Q08 Acquired Portfolio Original Portfolio 4
  5. 5. Commercial Activities ...and while analyzing the performance of our malls between 2000 and 2007, we noticed a continuous real growth, even during periods of high inflation, increased interest rates and slow economic growth IGP-M (% p.a.) 25.3 Above Inflation (IGP-M) NOI Growth Real NOI CAGR for our 12.42 9.95 10.37 9.7% malls between 2000 and 8.69 7.75 2007 3.85 5.9% 1.2 2000 2001 2002 2003 2004 2005 2006 2007 GDP growth (% p.a.) 5.71 5.42 4.31 3.75 3.3% 3.16 2.66 1.31 1.15 2000 2001 2002 2003 2004 2005 2006 2007 5
  6. 6. Commercial Activities (cont.) Intense commercial activity from our store owners demonstrating the desire to continue the current growth pace Number of Contracts Negotiated GLA (m²) 37.5% 50,298 352 101.9% 88.2% 256 237.0% 5.7% 24,916 58.5% 59.6% 43.0% New Contracts in Greenfields & Expansions Renewals in Existing Shoppings Malls New Contracts in Existing Shoppings Malls Anchor Stores (Rent/m²) Satelitte Stores (Rent/m²) 27.3% 12.9% 6
  7. 7. Solid Financial Position The current decrease in market liquidity confirms our that our fund raising strategy last year was assertive Debt Cash Position Diversified Profile R$911 million at the close of 2Q08 Low exposure to the IGP-M index and to interest rate Financial Investments paying between 101% and increases 102% of CDI rate Long term debt with duration of 6.8 years Well distributed amortization schedule Well distributed Amortization Schedule (principal + interest) Debt Indexes US$ 23% 292,828 IPCA 23% IGP-M 13% 156,977 137,972 122,000 118,687 73,252 81,786 78,194 57,218 66,068 48,333 45,721 37,882 CDI 4% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * R$ 0% TR 37% * Assuming perpetual bonds expiring in 2020 * Excluding hedge transaction 7
  8. 8. New Developments Greenfield Projects Status Acquisitions Status Granja Vianna Expected unleveraged IRR of Ongoing Construction acquired asssets during 2008 12.7% 31% already leased Mooca Additional Owned GLA ( m²) Executive Projects under way Rent agreements already accepted by several anchor stores 13.9% Cabo Frio Architects already hired Project Management Company already hired 52.3 CBTU Installation License – Project Management Company hired 429.1 Initial project already approved by the municipal authorities, but will be re-submitted following certain minor changes Sete Lagoas 376.8 Initial project already approved by the municipal authorities, but will be re-submitted following certain minor changes Owned GLA 1Q08 Acquired GLA Owned GLA 2Q08 Expansions Status Acquired portfolio performance (NOI in millions of R$) 67.0 6.3% 11 expansions underway Increment of 73,400 m² of owned GLA by 2010, raising the company’s current GLA by 17.1% Plaza Niterói Niteró R$60 million of stabilized NOI (as of the third 63.1 year) Plaza Niterói: increase of 10,000 m² of owned GLA + commercial towers West Shopping: increase of 9,900 m² of Projected NOI Jan-Jun/08 Actual NOI Jan-Jun/08 total GLA. BRMALLS not responsible for construction costs West Shopping 8
  9. 9. Highlights – Shopping Tamboré In only 12 months of the mall in our portfolio, Shopping Tamboré already posts significant improvements in its operating results Shopping Tamboré Operating Results 46.5% 26.0% 16.3% 18.9 92.5% 15.0 Acquisition Expected Returns 92.5% Jul 07 Actual 12.9 Unleveraged Real IRR 12.0% 13.3% 86.9% Operating Results Jul 07 – Jun 07 Jan 08 – Jun 08 chg % NOI Margin 86.7% 93.5% 6.7 bps SSS 6.2% 32.0% 25.8 bps SSR 3.5% 14.6% 11.1 bps Total Rent/m² 34.9 44.3 27.0% Jul 06-Jun 07 Jul 07-Jun 08 Jul 07-Jun 08 PREVIOUS ADMI NI STRATION ACQUISITION PROJECTIONS BRMALLS ADMINISTRATION 9
  10. 10. 2Q08 Financial Highlights Net Revenues (R$ milion) Gross Profit (R$ milion) and Gross Margin (%) 75.3% 88.4% 82.7% 72.4 76.9% 59.7 41.2 31.7 2Q07 2Q08 2Q07 2Q08 EBITDA (R$ milion) and EBITDA Margin (%) FFO (R$ milion) 96.6% 74.9% 46.2% 66.8% 54.1 48.4 33.1 27.5 2Q07 2Q08 2Q07 2Q08 10

×