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1
2
Disclaimer
This presentation contains statements that are forward-looking within the meaning of
Section 27A of the Secur...
3
SECTOR OVERVIEW
COMPANY OVERVIEW
STRATEGY AND OUTLOOK
FINANCIAL HIGHLIGHTS
Agenda
4
Highlights
Growth through
Greenfield (GSB expertise track record)
Acquisitions (GSB market intelligence and complementar...
5
6
Sector Overview
281 294 303 317 326 335 346
2000 2001 2002 2003 2004 2005 2006
7.5
6.46.2
5.65.55.25.1
6.36.46.2
5.7
5.2...
7
Sector Overview
Brazilian Shopping Center Industry Revenue
Disposable Gross Income Real Growth Retail Sales Real Growth
8
9
Started in 1989
10 shopping centers and 3 greenfield projects
Total GLA: 171,297 m2 / Own GLA: 147,430 m2
Retail experti...
10
11
Investment Highlights
Majority ownership interest
Experienced management team
Average 14 years experience in shopping c...
12
Retail Intelligence and
Relationship with Store Owners
Understanding of the shopping center business through both
the r...
13
Diversified Growth Strategy
Consolidation
Acquisition of shopping centers
Greenfields
Conception and development of new...
14
B and C
n.a*.
B and C
Portfolio
Shopping Center Portfolio
Operating
1. Internacional Shopping Guarulhos
2. Auto Shoppin...
15
Ongoing Projects
16
17
78%
22%
38,720
31,491
10,260
14,153
3Q06 3Q07 9M 06 9M 07
37.9%
Rentals Service
23.0%
79%
21%
Gross Revenue
3Q07 Revenu...
18
91%
5%4%
59%
1%4%
36%
RENTALS
SERVICES
Rent
Transfer Fee
Mall &
Merchadising
Parking
Energy
Water
Shopping
Management
R...
19
91%
4%5%
58%
1%5%
36%
RENTALS
SERVICES
Rent
Transfer Fee
Mall &
Merchadising
Parking
Energy
Water
Shopping
Management
R...
20
Adjusted EBITDA and Margin
Adjusted EBITDA (R$ 000) and EBITDA Margin
5,816
8,615
19,189
24,325
73.2%
69.3%
64.6%
70.7%...
21
9,614
415
(4,660)
3,730
3Q06 3Q07 9M 06 9M 07
2216.7%
n/a
Adjusted Net Income
Adjusted Net Income (R$ 000)
22
7,503 8,369
22,566
24,438
3Q06 3Q07 9M06 9M07
11.5% 8.3%
Revenues from Rentals (R$ 000)
Revenues from Rentals (Same GLA...
23-62.0
36.4
5.5
104.5
3Q06 3Q07 9M06 9M07
Financial Performance/M2
119.6 118.8
367.9 361.4
3Q06 3Q07 9M06 9M07
87.7 90.6
...
24
36.5
18.4
78.7
22.0
10.9
2007 2008 2009 2010 After 2010
Indebtedness
Amortization Schedule (R$ million)
28%
72%
Short T...
25
Indebtedness
164.8
29.1
Debt amortization Net cash
Cash (R$ million)
Total cash: R$ 193.9 million
26
Santana Parque Shopping Case
Search for property according to internal survey pointing supply
shortage in the region;
Q...
27
Contacts
GSB INVESTOR RELATIONS
Alessandro Poli Veronezi
Investor Relations Director
Marcio Snioka
Investor Relations M...
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Apresentação 3Q07 EN

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General Shopping - Apresentação 3Q07 EN

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Apresentação 3Q07 EN

  1. 1. 1
  2. 2. 2 Disclaimer This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the 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 General Shopping and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments and should not be treated as giving investment advice. It is not targeted to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. This material should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are expressed as of this date and subject to change without notice and General Shopping is not under the obligation to update or keep current the information contained herein. General Shopping and the respective affiliates, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision (including decisions regarding the suitability of this transaction) based upon your own judgment and advice from such advisers as you deem necessary and not upon any views expressed in this material.
  3. 3. 3 SECTOR OVERVIEW COMPANY OVERVIEW STRATEGY AND OUTLOOK FINANCIAL HIGHLIGHTS Agenda
  4. 4. 4 Highlights Growth through Greenfield (GSB expertise track record) Acquisitions (GSB market intelligence and complementary services adding) Gross revenues up 37.9% to R$ 14.2 million in 3Q07 Adjusted EBITDA up 48.1% to R$ 8.6 million in 3Q07
  5. 5. 5
  6. 6. 6 Sector Overview 281 294 303 317 326 335 346 2000 2001 2002 2003 2004 2005 2006 7.5 6.46.2 5.65.55.25.1 6.36.46.2 5.7 5.24.9 2000 2001 2002 2003 2004 2005 2006 125 203 135 160 175 185 181 229 219203189189 195 2000 2001 2002 2003 2004 2005 2006 23.0 25.3 27.9 31.6 36.6 40.0 44.0 2000 2001 2002 2003 2004 2005 2006 CAGR = 11.4% CAGR = 3.5% CAGR = 7.7% CAGR = 6.6% Source: ABRASCE GLA (million m2) Revenue / average GLA (R$ thousand / m2 ) Revenue (R$ billion) Operating Shopping Centers Visitors per Month GLA Visitors per month (million) Revenue / average visitors per month (R$)
  7. 7. 7 Sector Overview Brazilian Shopping Center Industry Revenue Disposable Gross Income Real Growth Retail Sales Real Growth
  8. 8. 8
  9. 9. 9 Started in 1989 10 shopping centers and 3 greenfield projects Total GLA: 171,297 m2 / Own GLA: 147,430 m2 Retail expertise enabled: Relationship with store owners Retail intelligence Focus on the B and C consumer segments in Brazil Efficient cost management Complementary services Company Overview
  10. 10. 10
  11. 11. 11 Investment Highlights Majority ownership interest Experienced management team Average 14 years experience in shopping center/retail sector Close relationship with store owners and retail intelligence Well defined growth strategy Diversified portfolio comprised of high quality assets
  12. 12. 12 Retail Intelligence and Relationship with Store Owners Understanding of the shopping center business through both the retail and the real estate approach Quantitative and qualitative market surveys Internal surveys Market surveys With retailers Credibility to retain and attract the main retailers
  13. 13. 13 Diversified Growth Strategy Consolidation Acquisition of shopping centers Greenfields Conception and development of new shopping centers Expansion Increase ownership interest in assets GLA expansion in the existing portfolio Implementation of mixed-use projects Synergies + Profitability Turn Around Control of the tenant mix Innovation in complementary services
  14. 14. 14 B and C n.a*. B and C Portfolio Shopping Center Portfolio Operating 1. Internacional Shopping Guarulhos 2. Auto Shopping 3. Poli Shopping 4. Shopping Light 5. Suzano Shopping 6. Santana Parque Shopping 7. Cascavel JL Shopping 8. Top Center Shopping São Paulo 9. Shopping Americanas Pres. Prudente 10. Shopping Americanas Osasco Greenfield Projects 11. Sulacap Shopping 12. Convention Center 13. Barueri Project(1) Annualized (2) Estimated after conclusion * Not applicable (2) Type Target MarketShopping Center Regional Thematic Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Regional Mixed-Use Neighborhood B and C B and C B and C B and C B and C B and C B and C B and C B and C B and C Total GLA (m2) # of stores Visitors/year (mm) 32,000 165 n.a. (2) SP 3 4 (2) 1 2 (1) 2 Total GLA (m2) # of stores Visitors/year (mm) 11,477 80 0.3 Total GLA (m2) # of stores Visitors/year (mm) 4,527 52 6.0 Total GLA (m2) # of stores Visitors/year (mm) 14,140 134 12.0 Total GLA (m2) # of stores Visitors/year (mm) 72,958 292 23.5 Total GLA (m2) # of stores Visitors/year (mm) 26,538 176 12.0 Total GLA (m2) # of stores Visitors/year (mm) 13,120 156 7.2 RJ 11 5 6
  15. 15. 15 Ongoing Projects
  16. 16. 16
  17. 17. 17 78% 22% 38,720 31,491 10,260 14,153 3Q06 3Q07 9M 06 9M 07 37.9% Rentals Service 23.0% 79% 21% Gross Revenue 3Q07 Revenue Breakdown 9M07 Revenue Breakdown Gross Revenue (R$ 000)
  18. 18. 18 91% 5%4% 59% 1%4% 36% RENTALS SERVICES Rent Transfer Fee Mall & Merchadising Parking Energy Water Shopping Management Rentals Services 79% 21% 3Q07 Gross Revenue Breakdown 3Q07 Revenue Breakdown R$ 14.2 million
  19. 19. 19 91% 4%5% 58% 1%5% 36% RENTALS SERVICES Rent Transfer Fee Mall & Merchadising Parking Energy Water Shopping Management Rentals Services 78% 22% 9M07 Gross Revenue Breakdown 9M07 Revenue Breakdown R$ 38.7 million
  20. 20. 20 Adjusted EBITDA and Margin Adjusted EBITDA (R$ 000) and EBITDA Margin 5,816 8,615 19,189 24,325 73.2% 69.3% 64.6% 70.7% 3Q06 3Q07 9M06 9M07 48.1% 26.8%
  21. 21. 21 9,614 415 (4,660) 3,730 3Q06 3Q07 9M 06 9M 07 2216.7% n/a Adjusted Net Income Adjusted Net Income (R$ 000)
  22. 22. 22 7,503 8,369 22,566 24,438 3Q06 3Q07 9M06 9M07 11.5% 8.3% Revenues from Rentals (R$ 000) Revenues from Rentals (Same GLA Rent)
  23. 23. 23-62.0 36.4 5.5 104.5 3Q06 3Q07 9M06 9M07 Financial Performance/M2 119.6 118.8 367.9 361.4 3Q06 3Q07 9M06 9M07 87.7 90.6 287.5 284.9 3Q06 3Q07 9M06 9M07 77.3 84.0 255.1 264.5 3Q06 3Q07 9M06 9M07 Net Revenue NOI Adjusted EBITDA Adjusted Net Income
  24. 24. 24 36.5 18.4 78.7 22.0 10.9 2007 2008 2009 2010 After 2010 Indebtedness Amortization Schedule (R$ million) 28% 72% Short Term Long Term Term R$ 166.5 million
  25. 25. 25 Indebtedness 164.8 29.1 Debt amortization Net cash Cash (R$ million) Total cash: R$ 193.9 million
  26. 26. 26 Santana Parque Shopping Case Search for property according to internal survey pointing supply shortage in the region; Quantitative and qualitative market surveys on project; Surveys with main anchor tenants; Memorandum of understanding with anchors; Acquisition proposal – Higher bid than the competitors’ based on project’s potential and risk mitigation; Commercial launching and beginning of rent; Sale of 50% ownership interest for total project price; Opened in October 25, 2007; Successful occupancy levels (97% rented of total GLA) and informed sales (30% higher than retailers’ expectations) at opening
  27. 27. 27 Contacts GSB INVESTOR RELATIONS Alessandro Poli Veronezi Investor Relations Director Marcio Snioka Investor Relations Manager + 55 11 3159-5100 dri@generalshopping.com.br www.generalshopping.com.br

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