Earnings Presentation 4Q09 March 10, 2010 Faria Lima Square São Paulo, SP 0
CCP s Management CEO Roberto Perroni CEO & IRO Dani Ajbeszyc Commercial Properties Officer Nessim Daniel Sarfarti Shopping Malls Officer José Roberto Voso 1
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
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 36.000 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
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 36,000 200 Monthly Average rental per sq.m 70 85 / m² Influence Area > 1 million people * Joint Venture and CCP Area 4
Company Update
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 2009 6
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
Portfolio CCP Market value does not reflect the Company s portfolio Portfolio Value 235 1,624 890 135 Class A 251 Shopping Centers 68 45 Industrial Others 1.389 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$ 12.39 NAV / share ³ = R$ 16.72 (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
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 92.8 43,7 35.0 Credit facility already negotiated Shopping Malls 41.9 61,5 Industrial 40,4 66,0 Reallocation of portfolio properties Others 18.0 - To invest R$ 676.4 mi 9
Financial Highlights
Gross Revenue Gross Revenue In R$ Million + 34.3% 149.1 111.0 + 61.0% 53.6 33.3 2008 2009 3Q09 3T09 4T09 4Q09 2009 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
Financial Overview In R$ Million Net Revenue and Gross Margin 144.5 Cost Breakdown 4T09 Depreciation 107.7 Condominium fees 91.0% 86.2% 88.0% 81.2% 41,2% 32,8% Third Party Services 52.0 Payroll and related charges 32.3 13,6% 5,6% 0,1% 6,8% Others Construction/ Acquisition 2008 2009 3Q09 4Q09 Adjusted EBITDA and EBITDA Margin NOI In em R$ milhões Million de R$ 105.6 In em R$ milhões Millionde R$ 120.6 88.7 104.5 82.3% 84.0% 83.8% 85.0% 97.0% 95.9% 95.5% 97.4% 34.5 25.3 30.1 28.9 2008 2009 3Q09 4Q09 2008 2009 3Q09 4Q09 12
Net Income and FFO Net Income and Net Margin FFO In R$ Million In R$ Million 62.5 69.5 33.8 31.4% 43.3% 44.8% 45.1% 23.5 43.8 40,6% 48,1% 50.2% 48.4% 25.2 14.5 16.2 2008 2009 3Q09 4Q09 2008 2009 3Q09 4Q09 Net Income per Share FFO per Share 2008 R$ 0.386 2009 R$ 0.724 + 88.3% 2008 R$ 0.500 2009 R$ 0.804 + 60.8% 3Q09 R$ 0.166 4Q09 R$ 0.272 + 63.9% 3Q09 R$ 0.186 4Q09 R$ 0.291 + 56.5% 13
Debt Net Debt¹ Amortization Schedule ² In R$ Million In R$ Million 186.2 177.5 2010 5,000 2.10 x 171.0 2011 2,4x 5,000 1.66x 1.60x 2012 210,500 2013 5,000 2008 9M09 2009 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
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 200 190 180 170 160 150 140 130 120 110 100 90 80 Base Price 100 Volume (R$ mm) 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0, 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