Aliansce Day 2012
Transcrição
Aliansce Day 2012
Aliansce Day Presentation 2012 Our Portfolio Mature Assets (More than 5 years of operating history) New Generation Assets (Malls with less than 5 years of operating history) Next Generation Assets (Assets under development) Third Party Malls - managed by Aliansce 2 Our Portfolio Shopping Centers State Mature Assets - More than 5 years of operating history % Aliansce GLA (sqm ) Ow ned GLA (sqm ) Occupancy Rate Services Rendered (1) 57.7% 263,661 152,261 99.4% M L SSC Shopping Iguatemi Salvador BA 53.0% 64,625 34,271 99.1% P P Shopping Taboão SP 78.0% 35,437 27,641 100.0% P P Via Parque Shopping RJ 69.6% 57,989 40,372 99.2% P P P Shopping Grande Rio RJ 25.0% 36,770 9,193 99.7% P P P Carioca Shopping RJ 100.0% 23,805 23,805 99.0% P P P Shopping West Plaza RJ 25.0% 33,532 8,383 n.a P P BA and RJ 74.7% 11,503 8,596 100.0% 70.3% 333,806 234,618 97.3% M L SSC P C&A Stores New Generation Assets - Less than 5 years of operating history n.a. Bangu Shopping RJ 100.0% 52,365 52,365 100.0% P P Santana Parque Shopping SP 50.0% 26,523 13,261 95.6% P P Shopping Santa Úrsula SP 37.5% 22,993 8,622 96.8% Caxias Shopping RJ 89.0% 25,559 22,747 97.9% P P P Boulevard Shopping Brasília DF 50.0% 17,002 8,501 93.7% P P P Boulevard Shopping Belém PA 75.0% 39,260 29,445 99.6% P P Boulevard Shopping Belo Horizonte MG 70.0% 43,016 30,111 93.9% P P P Boulevard Shopping Belo Campos RJ 100.0% 18,307 18,307 100.0% P P P Parque Shopping Belém PA 50.0% 31,271 15,635 96.1% P P P Boulevard Shopping Vila Velha ES 50.0% 30,058 15,035 - P P Boulevard Shopping Nações Bauru SP 75.0% 27,452 20,589 - P P Total Portfolio 64.8% 597,467 386,879 98.2% Next Generation Assets - Under developm ent / redevelopm ent 67.5% 58,277 39,352 M L - Parque Shopping Maceió AL 50.0% 37,851 18,926 - P P Boulevard Corporate Tow er BH 100.0% 20,426 20,426 - P P 65.0% 655,744 426,231 Total Portfolio + Assets Under Developm ent (1) SSC M for Management | L for Leasing | SSC for Shared Services Center 3 Our Portfolio 3Q12 Owned GLA per Region North 11.8% 3Q12 Gross Revenues per Region North 16.4% Northeast 14.4% Northeast 19.2% Southeast and Mid-West 73.8% Southeast and Mid-West 64.4% 4 Company Highlights Leading Developer Outstanding Growth Track Record Diversified Portfolio Efficient and Solid Capital Structure Strong Shareholder Base Most active developer in Brazil(1) 10 shopping malls developed in less than 6 years EBITDA CAGR 2006 – 2011: 50.9% Owned GLA CAGR 2006 – 2011: 28.3% Diversified portfolio with country-wide footprint and exposure to all income segments Portfolio with 98.3% occupancy Efficient use of balance sheet Debt aligned with the company’s cash flow with average maturity of 7 years Shareholders with strong tradition in the shopping mall sector GGP is one of the largest owners of malls in the U.S. (1) In terms of number of malls developed since 2006, among Brazilian publicly-held shopping center developers 5 Our Portfolio 387 Owned GLA sqm - thousands CAGR05-12: +32.1% 264 226 198 161 55 Stake Increase Acquisition 2005 Development / Expansion 277 80 2006 2007 Iguatemi Salvador Shopping Grande Rio SuperShop Osasco Shopping Taboão Blvd Campina Grande Carioca Shopping 2008 2009 2010 2011 2012 Shopping West Plaza Santa Úrsula Via Parque Shopping Shopping Taboão Shopping Grande Rio Santa Úrsula Iguatemi Salvador Iguatemi Salvador Bangu Shopping SuperShop Osasco SuperShop Osasco Iguatemi Salvador Shopping Taboão Caxias Shopping Carioca Shopping Blvd Campos Blvd Campina Grande Blvd Campina Grande SuperShop Osasco Via Parque Shopping Blvd Campina Grande Iguatemi Salvador Bangu Shopping Caxias Shopping Blvd Brasília Blvd Belo Horizonte Blvd Campos Parque Belém Santana Parque Shopping Shopping Taboão Blvd Belém Carioca Shopping Via Parque Shopping Blvd Vila Velha Shopping Grande Rio Bangu Shopping Bangu Shopping Blvd Nações Bauru Iguatemi Salvador 6 Growth Drivers Owned GLA growth (sqm) Capital Expenditure until 2014 460,680 20,426 34,171 350,962 13,250 8,383(2) 5,161 35,901 Sale Divestment(1) Acquisition(2) 2012E Acquisition Greenfields Expansions Total Expansions 263.6 Greenfields 73.5 Real Estate Projects 38.6 18,926 +31.3% 3T12 In R$ million 2013E Key money / Land swap (3) -172.8 Total 202.9 Final 2013 Commercial Towers (1) Sale of Boulevard Campina Grande of Shopping West Plaza (3) Monetization of excess land (2) Acquisition 7 Recent Events: Acquisition of stake in Shopping West Plaza - SP Acquisition of 25% stake: Adding 8,383 sqm of owned GLA to portfolio Acquisition Price: R$65.0 million Price per sqm: R$ 7,754.00 Highlights Location São Paulo, SP Opened May 1991 GLA 33,532 sqm 8 Recent Events: Opening of the expansion of Boulevard Shopping Belém - PA 3,832 sqm of owned GLA, an increase of 15% to the Mall’s GLA 40 new stores and one new floor of deck parking, adding 165 spaces In the first nine months of 2012, Boulevard Belém had average monthly sales per square meter of R$ 1,122 and average monthly Net Operating Income per square meter was R$ 106.0 Expansion Highlights Opening: November 22, 2012 Aliansce Stake: 75.0% Total GLA : 5,109 sqm Own GLA : 3,832 sqm 9 Greenfield Projects Projects % Aliansce Greenfield Projects Opening 75.0% Boulevard Shopping Vila Velha 50.0% Projects Boulevard Shopping Nações Bauru Parque Shopping Maceió 3Q13 Total 50.0% GLA 27,453 sqm 30,058 sqm 37,851 sqm % of GLA Leased % Capex 3Q12 NOI 1st year + Services (1) NOI 3rd year + Services (1) Cap Rate 3rd year 91.7% 91% R$11.6 mm R$17.7 mm 12.7% 88.3% 84% R$9.2 mm R$15.9 mm 13.3% 78.0% 52% R$12.9 mm R$15.4 mm 16.7% R$33.7 mm R$49.0 mm 95,362 sqm Boulevard Shopping Nações Bauru (1) Ownership Rent management and CAM management fees Boulevard Shopping Vila Velha Parque Shopping Maceió 10 Expansions Boulevard Shopping Belém Shopping Iguatemi Salvador Future Expansions Boulevard Shopping Campos Carioca Shopping Opening GLA (sqm) % Aliansce Owned GLA (sqm) Opened 5,109 75.0% 3,832 4Q12 2,628 50.6% 1,329 Boulevard Shopping Campos (1) 2Q13 6,273 100.0% 6,273 Parque Shopping Belém (1) 2Q13 1,440 50.0% 720 2Q13 4,091 25.0% 1,023 3Q13 10,722 100.0% 10,722 Via Parque Shopping 4Q13 3,163 69.6% 2,202 Caxias Shopping 4Q13 6,022 89.0% 5,359 Bangu Shopping 4Q13 2,712 100.0% 2,712 Caxias Shopping 2Q14 5,400 89.0% 4,806 Shopping Iguatemi Salvador 2Q14 8,500 50.6% 4,298 Shopping Taboão 4Q14 10,000 78.0% 7,800 Boulevard Shopping Belém Shopping Iguatemi Salvador Shopping Grande Rio Carioca Shopping (1) (1) (1) Total Bangu Shopping (1) Shopping Taboão Projects already under development 66,060 Shopping Grande Rio Via Parque Shopping 51,075 Caxias Shopping 11 Excess Land – Mix-Use Projects Potential to generate important synergies via different types of projects around shopping centers Areas available for development in addition to future expansions of retail GLA Main objective is to monetize the construction potential, i.e. air rights Boulevard Corporate Tower 12 Financial Highlights Net Revenue (R$ million) CAGR09-11: +29.9% Gross Revenue Breakdown (%) - 9M12 270 Growth: +28.6% Key Money Transfer Fee 0.5% 5.2% Services 9.6% 252 Parking 14.5% 208 196 160 Rent 70.2% Gross Revenue 9M12: R$271.3 million 2009 2010 2011 9M11 9M12 13 Financial Highlights Adjusted EBITDA (1) (R$ million) NOI (R$ million) CAGR09-11: +33.2 % Growth: +32.1% 229 66% 67% 71% 68% 71% 214 CAGR09-11: +33.9% 167 190 162 138 129 2009 178 134 106 2010 2011 9M11 9M12 Adjusted FFO (2) (R$ million) 2009 2010 2011 EBITDA (R$ mm) 9M11 EBITDA Margin (%) 9M12 Capital Expenditure (R$ million) CAGR09-11: +47.2% 156 125 974 119 116 72 322 372 215 122 2009 (1) (2) 2010 Excludes non-recurring expenses Excludes non-recurring items and deferred taxes 2011 9M11 9M12 2009 2010 2011 9M11 9M12 14 Operating Highlights Same Store Sales per Square Meter (1) (R$/sqm) Same Store Rent per Square Meter (1) (R$/sqm) Growth: +10.9% CAGR09-11: +11.7% 59.4 1,014 912 57.5 987 53.1 890 (2) 52.6 49.6 813 2009 Growth: +9.3% CAGR09-11: +9.4% 2010 2011 9M11 9M12 2009 2010 2011 9M11 9M12 Same Store Sales Growth (%) 16.4% 14.9% 14.9% 12.9% 12.4% 11.1% 10.2% 10.3% 10.1% 10.0% 10.4% 8.9% 8.5% 6.2% 1Q10 2Q10 3Q10 4Q10 1Q11 Aliansce (1) (2) Monthly average Does not include Shopping Santa Úrsula 2Q11 BR Malls 3Q11 Iguatemi 4Q11 1Q12 2Q12 3Q12 Multiplan Same-store sales posted double-digit growth for the 11st consecutive quarter 15 Aliansce’s financing structure - Principles: Hiring of fully-amortizing and long-term debt Debt that is accretive Debt indexed to historically stable indices and that correlate to Aliansce’s assets Maintenance of robust cash position and debt coverage ratio 16 Indebtedness & Cash and Cash Equivalents* Net Debt (R$ million) (1) Breakdown Debt Indexes (%) Others 4% CDI 11% 180 1,397 1,655 214 IPCA 9% 448 36 1,440 TR 76% 733 1,439 Net Debt / Adj. EBITDA (2) = 5.3x 52 0 1,475 1,432 992 259 206 259 Banks ST CCI/CRI ST Obligations ST Total ST Banks LT CCI/CRI LT Obligations LT Debentures LT Total LT Total Debt Cash (3) Net Debt (1) As of September 2012 Adj. EBITDA of R$268mm refers to the annualized 3Q12 Adjusted EBITDA (3) Considers cash and cash equivalents and asset sale receivables (2) 17 Shareholder Structure and Positive Impact on Liquidity Pre-Offering (1) Free Float Size (R$ million) (2) +28.4% Free Float 42,2% Rique Empreedimentos 12,3% 365.8 GGP Brazil III LLC 14,1% GGP Brazil I LLC 31,4% 1,653.3 1,287.5 Market Cap: R$3.1 bn (1) (1) Current Free Free FloatFloat Atual Post-Offering (1,2) Primary Primária Offering Oferta Free Float Float Post-Offering Free Após a Oferta Share Liquidity - ADTV (R$ million) (3) 18.2 Rique Empreedimentos 11,0% Free Float 48,4% 16.5 14.9 13.2 9.8 GGP Brazil III LLC 12,6% GGP Brazil I LLC 28,0% Current 0.76% Market Cap: R$3.4 bn 0.80% 0.90% 1.00% 1.10% Share Turnover Current Free Float of R$1.3 bn Post-Offering Free Float of R$1.7 bn Source: CVM, and Bloomberg (1) Free float includes: (i) Government of Singapore Investment Corporation with 6.4%, (ii) BNY Mellon ARX with 5.1%, and (iii) Others with 30.7%. Although not considered in the free float, GGP III is not a part of the shareholders’ agreement. (2) Considering the base offering size of R$365.8 million and share price of R$21.85 as of November 30th, 2012 (3) Average daily traded volume for the last 60 days as of November 30th, 2012. Share turnover calculation excludes GGP III from free-float. 18 Investor relations Renato Rique - President Henrique Cordeiro Guerra - Executive Director Renato Botelho - CFO Eduardo Prado - IR Superintendent Pedro Arieira - IR Analyst Yan Oliveira - IR Analyst Phone.: +55 (21) 2176-7272 E-mail: [email protected] Website: www.aliansce.com.br/ri Disclaimer This presentation may contain forward-looking statements that are subject to risks and uncertainties, because they are not statements of historical facts, but reflect the beliefs and expectations of our management as well as available information. Our statements are based largely on current expectations and projections about future events and financial tendencies that affect or may affect our business, and which may or may not materialize. Many factors could adversely affect our results as contained in our forward-looking statements. The forward-looking statements include information regarding results and projections, strategies, financing plans, competitive position, industry environment, potential growth opportunities and the effects of competition. Such estimates and projections refer only to the date they were made, and we assume no obligation to publicly update or revise any of these estimates in the light of new information, future events or other factors, subject to the applicable regulations. 20
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