3Q11 EARNINGS RELEASE. November 8, 2011

Transcription

1 EARNINGS RELEASE November 8, 2011

2 Our Portfolio 3Q11 2

3 Our Portfolio Shopping Malls State % Aliansce GLA (sqm) Owned GLA (sqm) % of Owned GLA % Total Revenues 3Q11 Core Assets - More than over 5 years of operating history 45.58% 254, , % 37.6% Shopping Iguatemi Salvador BA 45.25% 62,341 28, % 14.6% Shopping Taboão SP 38.00% 35,601 13, % 4.0% Via Parque Shopping RJ 69.62% 52,083 36, % 8.9% Boulevard Shopping Campina Grande PB 36.52% 17,291 6, % 1.0% Shopping Grande Rio RJ 25.00% 36,770 9, % 3.2% Carioca Shopping RJ 40.00% 23,805 9, % 3.2% Supershopping Osasco SP 37.70% 17,624 6, % 1.8% C&A Stores 69.27% 9,462 6, % 0.9% New Generation Assets - Less than 5 years of operating history 65.82% 239, , % 48.6% Bangu Shopping RJ % 52,236 52, % 14.3% Santana Parque Shopping SP 50.00% 26,499 13, % 4.2% Shopping Santa Úrsula SP 37.50% 22,328 8, % 1.2% Caxias Shopping RJ 40.00% 25,559 10, % 2.8% Boulevard Shopping Brasília DF 50.00% 16,925 8, % 1.9% Boulevard Shopping Belém PA 75.00% 34,365 25, % 13.5% Boulevard Shopping Belo Horizonte MG 70.00% 43,016 30, % 8.9% Boulevard Shopping Campos RJ 50.00% 19,000 9, % 1.9% Straight Line Rent - CPC % Services % Total 55.40% 494, , % 100.0% Next Generation Assets - Under development /redevelopment 56.07% 144,189 80,844 Parque Shopping Belém PA 50.00% 31,097 15,548 Parque Shopping Maceió AL 50.00% 36,092 18,046 Boulevard Shopping Vila Velha ES 50.00% 42,000 21,000 Shopping Nações - Bauru SP 75.00% 35,000 26,250 Total 55.55% 639, ,000 3

4 Our Portfolio Owned GLA per Region New Generation Assets Owned GLA Southeast 73.3% North 9.4% Northeast 14.2% Groups % Owned GLA Core Assets 32.7% New Generation Assets 44.5% Next Generation Assets 22.8% Mid-West 3.1% Revenues per Region Southeast 63,0% North 15,7% Northeast 19,1% New Generation Assets Bangu Shopping 33.1% Santana Parque Shopping 8.4% Shopping Santa Úrsula 5.3% Caxias Shopping 6.5% Boulevard Shopping Brasília 5.4% Boulevard Shopping Belém 16.3% Boulevard Shopping Belo Horizonte 19.1% Boulevard Shopping Campos 6.0% Mid-West 2,2% 4

5 Operating Highlights Sales Performance Sales Growth 3Q11/3Q % Same Store Sales growth (YoY%) 16.4% 14.9% 14.9% 12.9% 11.1% 7.1% 11.1% 12.5% 6.0% 9.0% 10.0% 10.2% 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 IPCA SSS SAS Total Sales Core Assets SSS (R$/m²)¹ New Generation Sales (R$ million) 960 1, % , % % 3Q07 3Q08 3Q09 3Q10 3Q11 3Q10 3Q11 3Q10 3Q11 ¹ Monthly average 5

6 Financial Highlights Gross Revenues Breakdown 3Q11 Gross Revenues(R$ Thousand) Services rendered 10.3% Transfer fee 0.4% Parking 12.9% Revenues Breakdown - 3Q % Aluguéis Minimum rent 71,5% Rent Rent 81.7% 71.1% 70.1% 74,676 54, % 157, ,641 Key Money 6.3% Stands / Kiosks 8.5% Percentage rent 9.8% 3Q10 3Q11 9M10 9M11 6

7 Financial Highlights Rent Revenues Rent Revenues Growth Analysis 3Q11/3Q %¹ Rent Revenues Evolution (R$ Thousand) % 12.3% 37.7% SAR SSR Rent Revenues ¹ Excludes straight line rent adjustment 3Q10 Minimum Overage Merchan. Straight Line 3Q11 SSR (R$/m²)¹ Same Store Rent- SSR (YoY%) 8.8% 8.2% 7.9% 12.1% 10.5% 12.2% 12.3% Core Assets 11.7% New Generation 13.5% % 4.0% 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 3Q11 3Q10 3Q11 ¹ Monthly average 7

8 Financial Highlights NOI(R$ Thousand) and NOI Margin(%) 36.6% Adjusted EBITDA (R$ Thousand) and EBITDA margin(%) 39,3% 91.7% 39.3% 90.8% 90.0% 118, , % 68.6% 44.9% 71.9% 66.2% 96, , % 41,594 57,942 34,344 49,763 3Q10 3Q11 9M10 9M11 Adjusted FFO (R$ Thousand) and FFO margin(%) 27.4% 66.1% 66.1% 119, % 93, % 38.1% 3Q10 3Q11 9M10 9M11 Net Income(R$ thousand) 24.8% 66,375 53, % 33,111 45,733 20,171 21,011 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 8

9 Operational Highlights Occupancy Rate Occupancy Costs (% sales) Core Assets New Generation Core Assets New Generation 98.6% 99.3% 97.3% 9.4% 9.7% 11.1% 9.9% 94.7% 3Q10 3Q11 3Q10 3Q11 3Q10 3Q11 3Q10 3Q11 9

10 Growth Drivers Owned GLA growth until 2013 Parque Shopping Belém + Blvd Vila Velha + Shopping Nações BH Tower + Parque Shopping Maceió 18,020 18, ,093 62,798 11, ,156 5,263 16, % 3Q11A 2011E 2012E 2013E End 2013 Expansions Developments Tower 10

11 Greenfield Projects Parque Shopping Belém, PA Blvd Shopping Vila Velha, ES Shopping Nações- Bauru, SP Parque Shopping Maceió, AL Projects % Aliansce Greenfield Projects Opening Ownership GLA % Leased IRR (real and unleveraged) Net Key Money ¹ CAPEX % Capex Invested NOI 1 st year + Services ² NOI 3 rd year + Services ² Parque Shopping Belém 2Q % 31,097 sqm. 82% 16.9% R$ 5.7 million R$ 91.5 million 39.9% R$ 10.3 million R$ 11.9 million Boulevard Shopping Vila Velha 4Q % 42,000 sqm. 51% 16.4% R$ 5.8 million R$ million 15.4% R$ 12.4 million R$ 17.2 million Shopping Nações - Bauru 4Q % 35,000 sqm. 55% 16.2% R$ 9.2 million R$ million 28.8% R$ 15.0 million R$ 17.5 million Parque Shopping Maceió 2Q % 36,092 sqm. 50% 19.8% R$ 6.5 million R$ 89.6 million 26.0% R$ 12.3 million R$ 14.3 million Total 144,189 sqm. R$ 27.3 million R$ million R$ 50.0 million R$ 60.9 million ¹ Includes leasing costs ² Rent management and CAM management fees 11

12 Growth Drivers Ongoing Expansions Bangu Expansion- Medical Center GLA: 1,978 sq.m Medical Center Opening: 4Q11 (Sergio Franco and CDPI) IRR (real andunlev.): 15% % Leased: 55% Iguatemi Salvador Expansion GLA: 2,628 sq.m 1 Gym Center (BodyTech) Opening: 1Q12 IRR (real and unlev.): n/a % Leased: 100% Via Parque Shopping Expansion - Phase 01 Boulevard Shopping Belém Expansion GLA (1st phase): 4,719 sq.m 1 newanchorstore(c&a) GLA: 5,060 sq.m 1 new anchor store Opening: 4Q11 34 newin-line stores Opening: 3Q12 2 new megastores IRR (real andunlev.): 36% IRR (real andunlev.): 26% 43 new in-line stores % Leased: 95% % Leased: 0% 12

13 Growth Drivers Future Expansions Future Expansions State Opening GLA (sq.m.) % Aliansce Owned GLA (sq.m.) Shopping Taboão SP 4Q12 6, % 2,300 Boulevard Shopping Campina Grande - Phase 01 PB 4Q12 6, % 2,458 Via Parque Shopping - Phase 02 RJ 4Q12 3, % 2,202 Bangu Shopping - Phase 02 RJ 4Q12 4, % 4,480 Shopping Grande Rio RJ 2Q13 5, % 1,250 Carioca Shopping RJ 2Q13 10, % 4,289 Caxias Shopping RJ 4Q13 6, % 2,409 Iguatemi Salvador BA 4Q13 8, % 3,535 Boulevard Shopping Campina Grande - Phase 02 PB 2Q14 7, % 2,842 Total 58,453 25,765 13

14 Indebtedness& Cash and Cash Equivalents Composição da Dívida Curto Prazo Longo Prazo Endividamento Total Bancos 16, , ,936 CCI/ CRI 45, , ,952 Obrigação para compra de ativos 5,511-5,511 DÍVIDA TOTAL 67, , ,399 Caixa e aplicações financeiras (292,626) - (292,626) DÍVIDA LÍQUIDA (225,207) 666, ,773 % 40 TR IGP-DI CDI Principal Amortization Schedule R$ Million Debt Profile TR 76,1% IPCA 20,6% 47,8 15,4 54,1 63,4 72,0 80,0 81,2 87,8 77,6 56,6 47,1 36,3 20,1 6, Others 2,2% TJLP 0,5% CDI 0,6% Amount paid Amount to be disbursed 14

15 Main Performance Indicators Main indicators 3Q11 3Q10 3Q11/3Q10 Δ% 9M11 9M10 9M11/9M10 Δ% Financial Performance - Managerial Information Gross revenue 74,676 54, % 210, , % Net revenue 69,204 50, % 194, , % NOI 57,942 41, % 162, , % Margin % 90.8% 91.7% -0.9p.p. 90.2% 90.0% 0.2p.p. Adjusted EBITDA 49,763 34, % 134,395 96, % Margin % 71.9% 68.6% 3.3p.p. 69.0% 66.2% 2.7p.p. Net Income 21,011 20, % 66,375 53, % Margin % 30.4% 40.3% -9.9p.p. 34.1% 36.5% -2.5p.p. Adjusted FFO 45,733 33, % 119,173 93, % Margin % 66.1% 66.1% 0p.p. 61.1% 64.2% -3.1p.p. Operational Performance - Managerial Information Sales 1,227, , % 3,452,382 2,717, % Sales/sqm (monthly average) % % Total rent / sqm (monthly average) % % SAS/sqm (sales on same area)¹ % % SAR/sqm (rents on same area)¹ % % SSS/sqm (same store sales)¹ % % SSR/sqm ( same store rent)¹ % % Occupancy costs (% of sales) 9.8% 9.6% 0.2p.p. 10.2% 10.1% 0.1p.p. Late Payments -1.2% 0.7% -1.9p.p. 0.9% 1.8% -0.9p.p. Occupancy 98.3% 97.4% 0.9p.p. 98.3% 97.4% 0.9p.p. Total GLA (sq.m.) 494, , % 494, , % Owned GLA (sq.m.) 274, , % 274, , % GLA reported sales (average - sqm) 439, , % 430, , % ¹ Monthly average. Note: Includes the consolidation of the 69.62% of the investment in Via Parque Shopping 15

16 -Colocar alguma foto - Relações Investor com relations Investidores Henrique Cordeiro Guerra Henrique Cordeiro CEO Guerra CEO e Diretor de RI Renato Botelho Renato CFO Botelho CFO Eduardo Prado Eduardo IR Manager Prado Gerente de RI João Pedro Salgado IR Analyst Felipe do Vale Freire Gerente de Planejamento Bianca Carsalade Analista de RI Phone.: +55 (21) ri@aliansce.com.br Website: Tel.: (21) ri@aliansce.com.br Website: