Earnings Presentation 4Q09

Transcription

1 Earnings Presentation 4Q09 March 10, 2010 Faria Lima Square São Paulo, SP 0

2 CCP s Management CEO Roberto Perroni CEO & IRO Dani Ajbeszyc Commercial Properties Officer Nessim Daniel Sarfarti Shopping Malls Officer José Roberto Voso 1

3 Highlights 4Q09 / 2009 Land acquisition for Shopping Mall development in São Paulo (Pirituba) Total Leasing and Sale of units in the project Londres Financial Center - RJ Increased Interest in Torre Matarazzo Project 0% of vacancy in the Corporate Buildings and Distribution Centers Joint Venture with the institutional funds GIC Real Estate and CPPIB January/2010: Increased Interest in Shopping D project, from 14,5% to 29% March/2010: 1st Debenture issue amounted R$ 300 million Londres Financial Center, Rio de Janeiro 2

4 Latest Deals Matarazzo Project Project to a Shopping Mall development Interest Increase in the project that will develop 1 office tower and a shopping mall in Paulista Ave. /SP. Land acquisition of approximately sq.m, in the Northwest area of São Paulo to develop a Shopping Mall within 200 stores Shopping D Interest increase in Shopping D from 14,5% to 29% 3

5 CCP Asset Management Joint Venture formed to invest in Brazilian Commercial Real Estate GIC Real Estate is the Real Estate Arm of the Government of Singapore Investment Corporation CPPIB is a subsidiary of the Canada Pension Plan Investment Board USD 400 MM to invest and manage in Office Buildings, Shopping Centers and Distribution Facilities CCP will act as a General Partner of the Joint Venture Projects to be developed by the Joint Venture CEO Barra da Tijuca, RJ Delivery date: May/ 2013 Total Area* 22,152 m² Shopping na região da Marginal Tietê, SP Estimated GLA (sq.m) Approximately number of stores 36, Monthly Average rental per sq.m / m² Influence Area > 1 million people * Joint Venture and CCP Area 4

6 Company Update

7 Vacancy 100% of occupancy in the Corporate Buildings and Logistic Centers Increasing leasing price due to a lack of high quality projects. Vacancy Evolution 3.10% 3.30% 2.00% 0.68% Physical Vacancy Financial Vacancy 3Q09 4Q09 Financial Vacancy per segment Corporate Buildings 4.0% 0.0% 0.0% Shopping Malls 2.7% 0.7% Industrial Others General Vacancy

8 Breakdown of Current Portfolio Potential revenue from annual rent * Potential revenue from annual rent * With NEW PROJECTS Shopping Malls Industrial 15.8% Others 5.8% 1.9% Shopping Mall s Others Industrial 0.8% 8.0% 76.5% Corporate Buildings 27.8% 63.4% Corporate Buildings * Does not consider the consolidation concept as in the Financial Result Revenues based on average leasable value multiplied by company area without considering vacancy rate 7

9 Portfolio CCP Market value does not reflect the Company s portfolio Portfolio Value 235 1, Class A 251 Shopping Centers Industrial Others Projects under Develop. Office Market Cap. ¹ R$ 1,071 Triple A Office Current Portfolio Portfolio by CBRE in June 2008 Market Value = 74.1% do NAV Price per Share ² = R$ NAV / share ³ = R$ (1) Market Value of all companie s stocks.on 03/16/2010; (2) Stock price.on 03/16/2010; (3) Net Asset Value considering net debt divided by the number of stocks in the company 8

10 Portfolio Growth Thousand of sq.m Leasable Areas Source of funds for investment Current Portfolio Developing Portfolio Future Portfolio Cash flow of current Portfolio Corporate Buildings , Credit facility already negotiated Shopping Malls ,5 Industrial 40,4 66,0 Reallocation of portfolio properties Others To invest R$ mi 9

11 Financial Highlights

12 Gross Revenue Gross Revenue In R$ Million % % Q09 3T09 4T09 4Q Gross Revenue Breakdown 2.5% 2.5% 4..0% 13.1% 24.9% 53.0% Leasing of Corporate Buildings Leasing of Shopping Malls Leasing of Distribution centers Leasing of Other Projects Rendering of Administrative Services Sale of Properties 11

13 Financial Overview In R$ Million Net Revenue and Gross Margin Cost Breakdown 4T09 Depreciation Condominium fees 91.0% 86.2% 88.0% 81.2% 41,2% 32,8% Third Party Services 52.0 Payroll and related charges ,6% 5,6% 0,1% 6,8% Others Construction/ Acquisition Q09 4Q09 Adjusted EBITDA and EBITDA Margin NOI In em R$ milhões Million de R$ In em R$ milhões Millionde R$ % 84.0% 83.8% 85.0% 97.0% 95.9% 95.5% 97.4% Q09 4Q Q09 4Q09 12

14 Net Income and FFO Net Income and Net Margin FFO In R$ Million In R$ Million % 43.3% 44.8% 45.1% ,6% 48,1% 50.2% 48.4% Q09 4Q Q09 4Q09 Net Income per Share FFO per Share 2008 R$ R$ % 2008 R$ R$ % 3Q09 R$ Q09 R$ % 3Q09 R$ Q09 R$ % 13

15 Debt Net Debt¹ Amortization Schedule ² In R$ Million In R$ Million , x ,4x 5, x 1.60x , , M Net Debt Net debt / LTM EBITDA ¹ Debt on a cash basis, excluiding the effects of Law 11638/07 ² Payment of the principal only 14

16 02/01/09 26/01/09 17/02/09 13/03/09 06/04/09 30/04/09 26/05/09 18/06/09 10/07/09 03/08/09 25/08/09 18/09/09 13/10/09 05/11/09 30/11/09 22/12/09 19/01/10 11/02/10 09/03/10 Free Float =60,9% Ownership Breakdown and Share Performance Base Price 100 Volume (R$ mm) , CSHG 2 Leonis 1 Janus 4 Alpine ³ 5.1% 5.7% 13.5% 20.4% 16.3% 39.1% Control Others Ibov CCPR3 Average Daily Volume of R$ 735,000 In the last 30 Days (1) Leonis Empreendimentos e Participações Ltda. (2) Credit Suisse Hedging-Griffo Corretora de Valores S/A (3) Alpine Woods Capital Investors LLC (4) Janus Capital Management LLC 15