conference call 3q11
Post on 28-Nov-2014
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3Q11 Earnings
Net Revenues
In 3Q11, Net Revenues totaled R$219.3 million, a 67.3 % increase over 3Q10
2
Overage Rent
Mall & Merchandising
Base Rent
Parking
Services
Key Money
Others
Transfer Fee
14.0%
8.1%4.3%
0.4% 1.0% 55.8%
7.1%9.3%
72.1%
Gross Revenues Breakdown 3Q11
ParkingServicesKey MoneyOthersTransfer FeeBase RentOverage RentMall & Merchandising Rent
3Q10 3Q11 9M10 9M11
131,121
219,333
360,495
597,833
Net Revenues Growth (R$ thousand)
65.8%
67.3%
NOI
NOI reached R$196.4 million in the quarter, a 66.4% in crease over 3Q10.
3
3Q10 3Q11 9M10 9M11
117,980196,370
320,323
530,844
NOI growth (R$ thousand)
66.4%
65.7%
3Q10 3Q11 9M10 9M11
116,994140,872
305,804
375,219
Same Mall NOI Growth (R$ thousand)
20.4%
22.7%
EBITDA and FFO
We ended the quarter with an adjusted EBITDA of R$175.5 mil lion, a 70.8% increase.
4
3Q10 3Q11 9M10 9M11
102,734
175,487
292,749
476,555
Adjusted EBITDA Growth (R$ thousand)
70.8%
62.8%
3Q10 3Q11 9M10 9M11
73,89993,466
215,102235,485
Adjusted FFO Growth (R$ thousand)
9.5%
26.5%
Net Income
Excluding the negative impact of R$113.0 million of foreign exchange variation and the non-cash effects, net income totaled R$92.0 million, up 29.1 % on 3Q10.
5
3Q10 3Q11 9M10 9M11
71,26792,030
162,154
264,770
Adjusted Net Income Growth (R$ thousand)
76.2%
29.1%
3Q10 3Q11 9M10 9M11
89,990
9,328
205,850181,946
Net Income Growth (R$ thousand)
-11.6%
-89.6%
Record SSR of 14.3%, while SSS went up 8.3% in the quarter, showing a healthy performance of our tenants, however impacted by a higher SSS base in 3Q10 of 16.6%.
Rent and Sales Performance
6
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
9.5%
12.4%13.4%
12.3% 12.0%
9.9%8.8% 8.6% 8.0%
10.1% 10.1% 9.7%
14.2%14.3%
SSR (%)
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
10.8%12.7%
8.8%
3.5%
6.4%5.1%
11.0%
16.2%
13.2%
16.6%
11.8%
8.7%10.0%
8.3%
SSS (%)
3Q07 3Q08 3Q09 3Q10 3Q11
94.0%
96.8%97.3%
98.5%97.6%
Occupancy (%)
Operating Highlights
7
Renewals Leasing Spread reached 29.8%, exceeding 20% f or the 6th consecutive quarter.
98.2% excludingthe malls that were acquired or opened in the last 12 months
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
8.1%
14.7%18.3%
22.3% 22.5%
27.7% 28.1% 27.4%29.8%
Renewals Leasing Spread (%)
Acquisitions
8
We concluded in 3Q11 the increase in ownership in o ne mall and the acquisition of a portfolio with two malls in operation.
Projected NOI 3Q11
Actual NOI 3Q11
Projected NOI 9M11
Actual NOI 9M11
93,914112,907
242,094 298,294
NOI of Acquisitions (R$ thousand)
23.2%
20.2%
Catuaí Shopping Maringá
Catuaí Shopping Londrina
Shopping Piracicaba
Total
32,329
63,089
681
96,099
Owned GLA from Acquisitions on 3Q11 (m²)
Acquisitions – Catuaí Portfolio
9* Portfolio composed of two existing malls (Catuaí Shopping Londrina and Catuaí Shopping Maringá) and two greenfield projects (Londrina Norte Shopping and Catuaí Shopping Cascavel)
In 3Q11 BRMALLS acquired a portfolio of four malls* in the sta te of Paraná, which will add 106.9thousand m² of owned GLA and will generate a stabilized NOI of a pproximately R$95.0 million.
NOI 9M11 annualized
Catuaí stabilized NOI
Total
707.8
802.895.0
Catuaí Portfolio - Increase in NOI (R$ millions)
13.4%
Current owned GLA
Catuaí portfolio owned GLA
Total
738,498845,389106,892
Catuaí portfolio aquisition- GLA increase (m²)
14.5%
Acquisitions – Analysis of Acquisitions
10
Our acquisitions announced up to the end of 2009 of managed malls presented a consolidated IRR of 18.1%, real and unleveraged.
Amazonas Tamboré Araguaia ABC¹ Estação Villa-lobos² Piracicaba Curitiba Plaza Niterói
Ilha Plaza
Fashion Mall
Rio Plaza
West Center Campinas Metro Sta Cruz
13.5%12.0%
16.9%
9.9%
14.5%13.1%
15.0%
19.6%
9.9%
17.7%
12.5%
18.5%
13.1% 13.4%16.1%
14.2%15.2%
12.2%
37.1%
16.7%21.1%
16.4%
26.9%
33.4%
23.3% 22.8%
6.4%
19.5%
11.0%
17.3%
27.4%
16.2%
Initial IRR Revised IRR
+1,7%+0,2%
+20,2%
+6,8%+6,6%
+3,3%
+11,9%
+13,8%
+13,4% +5,1%
-6,1%
+1,0%
+2,1%
+3,9%
+11,3%
+2,0%+1.7%+0.2%
+20.2%
+6.8%+6.6%
+3.3%
+11.9%
+13.8%
+13.4% +5.1%
-6.1%
+1.0%
+2.1%
+3.9%
+11.3%
+2.0%
AverageRevised IRR: 18,1%
AverageInitial IRR:13,0%
¹To calculate the IRR for ABC we disconsidered service revenue²To calculate the IRR of Villa-Lobos we considered only 12% of NOI, a stake acquired in 2007
Greenfield Projects – Mooca Plaza Shopping
Mooca Plaza Shopping
•opening in the November 29th of 2011;
•stabilized NOI of R$35.6 million ;
•100% of the GLA already leased ;
•Total GLA (m²): 41,964
•Owned GLA (m²): 25,178
•BRMALLS Stabilized NOI: R$35.6 million
•IRR: 16.1% (real and unleveraged)
11
Greenfield Projects – Other Developments
12
Shopping Estação BH
•Total GLA (m²): 37,051
•Owned GLA (m²): 22,230
• % Developed: 70.1%
• Leasing Status: 82.3%
•IRR (real and unleveraged): 20.5%
•Opening: 2Q12
São Bernardo
•Total GLA (m²): 42,885
•Owned GLA (m²): 25,731
•% Developed: 26.0%
•Leasing Status: 52.7%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q12
Greenfield Projects – Announced on 3Q11
Shopping Londrina Norte
•Total GLA (m²): 32,601
•Owned GLA (m²): 22,820
• % Developed: 39.5%
• Leasing Status: 33.3%
•IRR (real and unleveraged): 14.2%
•Opening: 4Q12
Catuaí Shopping Cascavel
•Total GLA (m²): 31,080
•Owned GLA (m²): 21,103
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q13
13
Shopping Vila Velha
•Total GLA (m²): 64,238
•Owned GLA (m²): 32,119
• % Developed: 0.0%
• Leasing Status: 0.0%
•IRR (real and unleveraged): 22.6%
•Opening: 4Q13
Shopping Contagem
•Total GLA (m²): 35,000
•Owned GLA (m²): 24,500
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 17.3%
•Opening: 4Q13
Current Owned GLA
Owned GLA -Developments
Total Owned GLA
738,498
911,670173,172
Owned GLA with Developments
Greenfield Projects – Announced on 3Q11
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2008 2009 2010 2011YTD 2011 pipeline 2012 2013 onwards Total
23.5 46.329.2
42.0112.5
383.128.2
18.815.1
5.4
12.7
65.0
145.2
Greenfields Expansions
Summary of Greenfield & Expansion pipeline
We expect our projects under development to add 367 .1k m² of total GLA by 2014.
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Total GLA of Greenfield and Expansions Projects ('000 m² )
Pipeline (Total GLA) 367.1 Increase of27% in Total GLA and 29% in Owned GLA
Already developed (Total GLA) 161.2
Pipeline (Owned GLA) 213.3Already developed (Owned GLA) 86.3
Cash and Debt Position
16
BRMALLS ended 3Q11 with a cash position of R$765.9 million.
Cash Position Gross Debt Net Debt
765.9
(2,844.4) (2,078.4)
Cash Position and Net Debt (R$ million)
+39.0% vs 2Q11
7.7% vs 2Q11 +50.0% vs 2Q11
Debt Profile
17
Long-term and diversified debt profile with an aver age duration of 14 years
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards
40
135
259 270 262 262
171 165 156107 89 76
853Debt Amortization Schedule (R$ million)
Capital Markets
18
In the quarter BRMALLS joined the portfolio indices Ibovespa, IBrX-50 e ICO2.
• First mall company to join the three indices:
• Ibovespa : entered with a weight of 0.799%
• IBrX-50 : entered with a weight of 1.091%
• ICO2: entered with a weight of 1.007%
3T10 3T11
28.7
40.5
Average Daily Trading Volume (R$ millions)
41.1%
3T10 3T11
1,591.0
6,085.0
Daily Number of Trades (R$ millions)
282.5%
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