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Teleconference 4Q08

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Teleconference 4Q08

  1. 1. 4Q08 Results 1
  2. 2. 4Q08 Highlights Outstanding operating results NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter Same-property NOI increased 27.0% year over year Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0% AFFO of R$65.5 million, a 212.2% growth over 4Q07 Strong Performance posted by our tenants Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008 Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008 Leasing activities showed our tenants’ confidence 259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA) Renewals leasing spreads of 14.6% and of 14.9% for new contracts Strong Financial Position Long-Term Debt Profile. with duration of more than 15 years R$758.5 million cash position invested at approximately 102.2% of the CDI rate Disciplined approach towards undergoing developments Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50% of their GLA already leased We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the macroeconomic scenario 2
  3. 3. Operating Activities Despite the adverse macroeconomic scenario, we continue to see signs of good health... Rent/m² (R$) Same-property NOI growth (R$ thousand) 25.4% 33.0% Acquired portfolio 22.0% Original portfolio 84 171,303 67 62 128,844 55 54 27.0% 49 15.2% 47 45 33.0% 57,049 18.4% 110,633 42,892 96,007 35,821 30,247 4Q07 4Q08 2007 2008 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 Occupancy Rate NOI / m² (R$) 25.3% 1.6 p.p. 84 96.6% 96.7% 96.1% 96.0% 67 64 95.1% 60 54 51 94.1% 94.0% 50 46 92.1% 3 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
  4. 4. Operating Activities ... indicating the dominance of our portfolio and the resilience of the sector Same-Store Sales Breakdown 15.0% Sales 13.8% 13.2% 13.4% 3Q08 12.4% (R$ billion) 4Q08 22.7% 10.7% 9.9% 9.6% 2008 9.1% 9.9 7.2% 6.4% 8.1 5.0% 20.6% 3.6% 4.2% -1.2% 3.2 2.6 Mid West Northeast North Southeast South 15.5% 12.6% 11.6% 11.4% 4Q07 4Q08 2007 2008 10.7% 8.7% 8.3% 7.9% 7.7% 7.6% 7.2% 6.3% 6.2% 6.2% SSS/m² 3.5% 12.7% 10.8% 10.7% 10.6% Upper Class Upper Middle Class Lower Middle Lower Class 8.8% Class Middle Class 20% 18.7% 17.8% 16.2% 16% 14.8% 13.5% 13% 10.0% 8.6% 6.4% 6.3% 4.7% 3% 0.4% 1Q08 2Q08 3Q08 4Q08 2008 Satellite Food Anchor Stores Leisure Mega Stores Stores 4
  5. 5. Operating Activities ....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues. Same Store Sale – (2008 vs. 2007) 16.2% 14.8% 6.4% 6.3% 4.7% Satellite Anchor Food Megastore Leisure Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown 13.0% Food 4.5% 38.8% Anchor Clothing 10.3% Shoes Megastore 85.2% 34.9% Leisure Satellite 3.6% Others 9.6% 5
  6. 6. Leasing Activities Leasing activities remain intense underlining store-owners continue with appetite for growth SSR/m² Rent/m² (New Contracts vs. Current Portfolio) 13.4% 12.4% 23.3% 11.2% 9.5% 80.8 8.3% 65.5 BRMALLS Portfolio Negotiated Contracts 1Q08 2Q08 3Q08 4Q08 2008 (Average 2008) (Average 2008) Negotiated GLA (‘000 m²) Number of Contracts 259 151.6 1,202 35.2 49 8.7 104 208 18.2 943 116.4 106 57.7 8.3 159 482 48.9 378 51.3 33.1 512 406 42.6 34.4 9M08 4Q08 2008 2008 9M08 4Q08 New Contracts - Greenfields Projects and Expansions Renewals - Existing Malls 6 New Contracts - Existing Malls
  7. 7. Solid Financial Position Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity Cash Position Debt Indexes R$758.5 million at the close of 2008 US$ * 28% Investments yielding 102.2% of the CDI rate IGP-M Debt IPCA 12% 21% Long Term Debt Profile with an average cost of IGP-M+7.4% Well distributed amortization schedule, without debt maturing in CDI 2009 and 2010 4% TR R$ 35% 0.2% Non cash effect of the foreign exchange variation * Does not consider the hedge operation Hedge through simple financial instruments, without resorting to speculative derivatives No cash loss risks from Real-dollar FX variation in the next 3.75 years 424,109 Amortization Schedule (Principal) R$ thousand 151,649 147,616 131,378 127,815 90,710 86,739 82,881 78,445 51,690 48,880 40,303 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
  8. 8. Growth Drivers 100% LEASED Expansions’ Status Acquisitions 9 programmed expansions Acquisitions concluded in 2008: NOI (R$ thousand) 72,100 m² of owned GLA, corresponding to a 12,805 22.5% 16.8% increase in current GLA Iguat Caxias do Sul 10,452 R$ 67 million in stabilized NOI (3rd year) Remaining Capex of R$ 336 million until 89% LEASED 2012, with the disbursement of only 25% in 2009 4 inaugurations in 2009: - 16,300 m² increase in owned GLA - R$13 million in stabilized NOI Goiânia Shopping Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08) 48% LEASED Acquisitions concluded in 2007: NOI (R$ thousand) Greenfield Projects’ Status 21.5% 163,061 134,.162 5 programmed projects 117,800 m² of owned GLA, corresponding to Granja Vianna a 27.5% increase in current GLA R$ 92 million in stabilized NOI (3rd year) Sete Lagoas Remaining Capex of R$ 483 million until 2013, with the disbursement of only 13% in 2009 Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08) 49% LEASED
  9. 9. 4Q08 Financial Highlights Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%) 69.4% 83.3% 83.0% 81.7% 76.6% 56.4% 268,746 323,884 41.7% 158,603 35.7% 207,039 87,406 102,502 61,669 75,513 4Q07 4Q08 2007 2008 4Q07 4Q08 2007 2008 Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000) 76.8% 83.0% 76.7% 87.1% 147,431 67.9% 248,503 212.2% 63.8% 76.6% 140,560 78,815 65,523 85,102 20,988 48,180 9 4Q07 4Q08 2007 2008 4Q07 4Q08 2007 2008

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