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ApresentaçãO 3 Q08 Ingles Final

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ApresentaçãO 3 Q08 Ingles Final

  1. 1. 3Q08 Results 1
  2. 2. 3Q08 Highlights Excellent operating results Our NOI reached R$73.5 million, a 52,.% growth over 3Q07 with NOI margin reaching 89.8% in the quarter Same-properties NOI increased 28,0% year over year Adjusted EBITDA reached R$61.9 million, a 45.7% growth y-o-y and Adjusted EBITDA margin of 74.9% AFFO of R$37.4 million, and AFFO margin of 45.3%; a 180.8% growth over 3Q07 Strong Performance by our malls Same Store Sales/m² growth of 12.7% in the quarter and of 11.1% year-to-date Same Store Rent/m² growth of 12.4% in the quarter and of 10.0% year-to-date Intense commercial activities show our store-owners’ confidence in continuing to grow 278 leasing agreements signed this quarter including renewals and new contracts (or 34,000 m² of GLA) Renewals leasing spreads of 16.9% and of 6.5% for new contracts Strong Financial Position Long-Term Debt Profile, with duration of more than 14 years R$757 million cash position invested at approximately 103.1% of the CDI rate Disciplined and prudent approach towards new businesses and undergoing developments 3 acquisitions concluded in the quarter, adding 2 new malls to our portfolio, reflecting an expected real unleveraged IRR of 13.0% p.a. We continue to work on the approval of our projects, which will be reassessed based oh the current macroeconomic scenario before construction work begins 2
  3. 3. Operating Activities Despite the adverse macroeconomic scenario, we continue to see signs of good health... Same properties NOI growth (R$ thousand) Rent/m² (R$) 26.5% Original Portfolio 24.6% Acquired Portfolio 14.8% 32.9% 67 62 54 55 47 49 114,255 45 28.0% 85,952 39.5% 13.8% 12.1% 44,647 32,006 65,760 74,813 23,213 26,017 3Q07 3Q08 YTD07 YTD08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 Late Payments (30 Days) Occupancy Rate +2.6p.p. 13.0% -55.8% + 0.5 p.p. 96.6% 11.1% 96.1% 96.0% 95.3% 8.6% -44.1% 94.1% 94.0% 6.4% 6.8% 4.7% 92.1% 3.8% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
  4. 4. Operating Activities ... and our malls continue to record subtantial growth in SSS and SSR figures Sales Performance 67.7% of NOI SSS/m² 948 15.5% 12.7% 11.6% 11.4% 7.7% 842 3.5% 3Q07 3Q08 Upper Class Upper Middle Middle Class Lower Middle Lower Class Class Class SSR/m² 55 13.8% 13.2% 12.4% 12.4% 9.9% 49 3.6% Southeast Northeast North Mid South West 3Q07 3Q08 79.4% of NOI 4
  5. 5. Leasing Activities Leasing activities remain intense,underlining store-owners continuing appetite for growth Number of Contracts Number of Contracts Negotiated GLAGLA (thousand m²) Negotiated (thousand m²) 278 919 57 154 33.9 114.4 94 16.4 641 127 8.0 80.5 48.9 97 360 9.6 32.5 266 32.0 24.1 405 278 33.5 23.9 6M08 3Q08 9M08 6M08 3Q08 9M08 New Contracts - Greenfield Projects and Expansions New Contracts - Greenfield Projects and Expansions Renewals - Existing Malls Renewals - Existing Malls New Contracts - Existing Malls New Contracts - Existing Malls 0 Satelitte Stores (Rent/m²) 0 18% 93.7 79.5 3Q08 BRMALLS Portfolio 3Q08 Negotiated Contracts 5
  6. 6. Solid Financial Position Current scenario of reduced liquidity proves the correctness of last year’s funding strategy Cash Position Debt Indexes R$757 million at the close of 3Q08 Investments yielding 103.1% of the CDI rate TR R$ 36% 0% CDI Debt 4% Long Term Debt Profile with an average cost of IGP-M+6.1% US$ Well distributed amortization schedule, with debt payment 25% obligations due in the next 12 months of R$68 million and of R$145 million in the next 24 months IGP-M 13% IPCA Non cash effect of the foreign exchange variation 22% Hedge through simple financial instruments, without resorting to speculative derivatives No cash loss risks from real-dollar FX variation in the next 4.25 years Amortization Schedule (Principal + Interest) R$ thousand 349,685 163,058 140,096 123,981 120,535 74,860 75,974 84,375 80,639 50,065 47,346 39,086 11,351 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2049 * * Assuming , for illustrative purposes only, last payment of the perpetual bond due in 2049 6
  7. 7. Growth Drivers Acquisitions Greenfield and Expansions CAPEX (R$MM) Expected real unleveraged IRR of the assets acquired during 3Q08 13.0% 293.1 Acquisitions concluded in 2008: 9.2% 713.9 6,595 420.8 11.6% 11.6% 9.2% 5.8% 14.8 14.9 3.0 32.6 93.7 4.3 6,039 43.8 13.0 61.1 2007 6M08 3Q08 Real Capex Future Capex 0 Greenfields Expansions % Série5 invested over total capex Acum Greenfield + Expansions Projects Leasing (m²) Projected NOI (Jan - Sep 08) Real NOI (Jan - Sep 08) Acquisitions concluded in 2007: 7.1% 56,882 107,662 184,470 127,588 25.0% 25.0% 19.2% 4,486 100,530 9,785 39,114 34,628 61,429 12,530 22,315 6M08 3Q08 Leased To Lease 0 Greenfields Expansions % Acumulated Leasing Projected NOI - Jan-Sep 08 Real NOI - Jan-Sep 08 7
  8. 8. 3Q08 Financial Highlights Net Revenues (R$ million) Gross Profit (R$ million) and Gross Margin (%) 83.5% 81.9% 230 73.7% 80.0% 69.6% 181.3 68.3% 221.4 180 87.1% 70.0% 60.0% 130 50.0% 39.4% 131.5 96.9 67.1% 40.0% 82.6 80 69.0 30.0% 59.3 41.3 20.0% 30 10.0% -20 0.0% 3Q07 3Q08 9M07 9M08 3Q07 3Q08 9M07 9M08 Adj EBITDA (R$ million) and Adj EBITDA Margin (%) AFFO (R$ Million) 74.9% 73.8% 80.0% 71.7% 70.2% 200 70.0% 163.4 60.0% 76.9% 41.6% 81.9 150 45.7% 50.0% 40.0% 57.8 100 92.4 180.8% 30.0% 37.4 61.9 50 42.5 20.0% 13.3 10.0% 0 0.0% 3Q07 3Q08 9M07 9M08 8 3Q07 3Q08 9M07 9M08
  9. 9. Safe Harbor Statement We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officers. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.

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