4 q07 and fy07 earnings presentation
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4Q07 Results
March 11, 2008
4Q07 HighlightsCarlos Medeiros - CEO
2
Highlights
3
― 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
NOI: Organic growth and margin improvement
Announcement of 3 Greenfields projects
Solid cash position:
Outstanding Financial Performance:
― 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
― 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
― The acquired portfolio surpassed the NOI projected by the M&A team, growing on average 11.5% above the projections made during
the acquisition
― 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
1 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
debentures of Shopping Araguaia
― 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
Consistency in our acquisition strategy with focus on improving the acquired assets
4
Organic Growth
NOI Growth of the Same Shopping Malls in Our Portfolio1 – 2007 vs 2006
15.8%
1 Considers 100% of the NOI of the shopping malls in our portfolio
20.8%
12.4%
2006 2007
Original Portfollio Acquired Portfolio
Acquisitions
Owned GLA Evolution in 2007
2
Note 2 – Includes additional stake in Shopping Mueller acquired in January/2008 5
BR Malls’ current average ownership in its
malls (total GLA)
BRMalls'
Ownership
41.5% 1
1 Average ownership in GLA
135,026
61,883
70,483
372,280
5,407
74,457
3,8357,038
14,149
YE 2006 1Q07 2Q07 3Q07 4Q07 YE 2007
Acquisitions Increasing stake
24,256 28,905 30,366
In Mont M&A Projections BRMALLS
598
1,386
In Mont Management BRMALLS Management
Case Study – In Mont
NOI
25.2%
19.2%5.1%
Occupancy Rate
► Vacancy reduction
► Improving tenant mix
► Auditing efforts
► Reducing personnel expenses
► Reducing G&A expenses
► Reducing lawyers’ fees
NOI Margin
25.2%
% Rent – Niteroi PlazaR$ 000
Aug – Dec 06 Aug – Dec 07
131.8%
Fashion Mall: Visitors2007 vs. 2006
Revenues
Costs
6
-14.3%
-18.3%
-8.9%
13.5%
-22.0%
0.9%
aug/07 sep/07 oct/07 nov/07 dec/07 jan/08
Aug – Dec 06 Aug – Dec 07
85.9%
68.6%
In Mont Management BRMALLS Management
Aug – Dec 07Aug – Dec 07Aug – Dec 06
89.4%
90.0%
90.5%90.7%
91.6% 91.7%
Aug/07 Sep/07 Oct/07 Nov/07 Dec/07 Jan/08
New Developments
7
Sete Lagoas
Granja Vianna
Bauru
Mooca
Cabo Frio
CBTU
► 6 Greenfield projects announced
► Minimum IRR Threshold > 20.0%1
► Owned GLA : Additional 137.0 thousand m²
Main Figures
1 Nominal, unleveraged
37% increase in
owned GLA
12
34
51
1
2
33
34
35
36
► 9 planned expansions
► Minimum IRR Threshold > 18.0%1
► Owned GLA: 63 thousand m²
8
Main Figures
Iguatemi Caxias do Sul Expansion
► Total GLA: 17,000 m²
► % BRMALLS: 45.5%
► Inauguration: 2008
11
22
3366
44
55
77
88
88
99
11
22
3366
44
55
77
88
88
99
11
22
3366
44
55
77
88
88
99
Expansions
5555Amazonas
Goiania
11
22
Tambore33
Plaza Niteroi44
Caxias do Sul55
Norte Shopping
TOP Shopping77
Iguatemi Maceió88
Big Shopping99
AmazonasAmazonas
Goiânia
11
22
Tamboré33
Plaza NiteroiPlaza Niterói44
Caxias do Sul55
Norte Shopping6
TOP ShoppingTOP Shopping77
Iguatemi MaceióIguatemi Maceió88
Big ShoppingBig Shopping99
60% of GLA has been leased
1 Nominal, unleveraged
17% increase in owned GLA
372,280
63,045
136,530
571,855
Actual Owned GLA Expansions Greenfields Owned GLA in
2010
Greenfields and Expansions:
54% Increase in Owned GLA
Additional Stabilized
NOI: R$ 130 million
CAPEX/GLA:
R$ 3,600/m²
Expected Owned GLA in 2010 after planned expansions and
new developments (m²)
Expected
Investment
(%BRMALLS): R$
770 million
Cash-on-Cash
return of approx.:
17.0%
9
4Q07 Financial and Operational
Results
Leandro Bousquet - CFO
10
Solid Cash Position
Note 2: Includes the first and second stock
option program that come fully due in 2012
Balance Sheet in 2007 + CRI (R$ million)
1,305.2
1.769,4
Cash 1.036,0 59.8LT Debt
ST Debt 1,245.4
Total Debt
Shareholders
Equity
Current Net Debt including CRI 269.1
Shareholders Base - Actual
1
1
Note 1: Includes CRI
Shareholders Base– Dilluted2
Financial Indicators (Current)
Net Debt/EBITDA3 1.5x
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
GP
15.6%
EI
18.8%
Ecisa
former partners
22.5%
Free float
37.7%
Employees
5.3%
GP
16.1%
EI
19.3%
23.2%
Free float
38.9%
Employees
2.4% Ecisa
former partners
4Q07 and 2007 Financial HighlightsNet Revenues (R$ 000)
12
Gross Profit & Gross Margin (R$ 000)
Adjusted EBITDA & Margin EBITDA (R$ 000) Adjusted FFO (R$ 000)
19,62520,988
39,696
78,81583,344
4Q06 4Q07 2006 2007 Proforma
6.9%
98.5%
110.0%
216,231
158,603
61,669
26,24864,184
76.4%
76.6%
70.5%
81.7%
75.4%
4Q06 4Q07 2006 2007 Proforma
135.0%
147.1%
236.9%
34,824
75,51391,059
207,039
282,982
4Q06 4Q07 2006 2007 Proforma
116.8%
127.4%
210.8%
57,728
21,72248,179
140,560
202,172
62.4%
63.8% 63.4%
67.9%
71.4%
4Q06 4Q07 2006 2007 Proforma
250.2%
143.5%
164,5%
3,384
2,689
3,710
2,931
4Q Year
2006 2007
9.6%
9.0%
4Q07 and 2007 Operational HighlightsNOI e Margin (R$ million)
13
Default Rates (30 days)
Same Store Sale/m² Same Store Rent/m²
73.9
28.2
15.215.414.8
171.6
67.8
48.4
32.422.7
1Q 2Q 3Q 4Q Year
2006 2007
77.0% 77.8%
77.0%
88.0%
81.1%
83.7%86.2% 84.4%
91.0%
86.8%
10.3%
12.3%
6.0%
9.0%
4Q Year
2006 2007
4.3 p.p.
3.3 p.p.
236
200
254
213
4Q Year
2006 2007
7.6%
6.5%
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