JHSF Participações S.A. – JHSF3

JHSF Participações S.A. – JHSF3
Disclaimer
Management makes forward-looking statements concerning future events that are subject to
risks and uncertainties. These statements are based on its beliefs and assumptions and on
information currently available to the Company.
Forward-looking statements include statements regarding JHSF’s intentions, estimates or current
expectations or those of its Board of Directors or Executive Officers. Forward-looking statements
also include information concerning the Company’s possible or presumed future operating
results, as well as statements preceded by, followed by, or including the words “believes”, “may”,
“will”, “continues”, “expects”, “envisages”, “intends”, “plans”, “estimates” or similar expressions.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties
and assumptions because they relate to future events and therefore depend on circumstances
that may or may not occur.
JHSF’s future results and shareholder value creation may differ materially from those expressed in
or suggested by these forward-looking statements. Many of the factors that will determine these
results and values are beyond the Company’s ability to control or predict.
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JHSF3 is Novo Mercado listed Company of the Income Shopping
Malls segment, with a Controlling family who successfully
developed major real estate projects in Brazil over the past 40+
years and have a significant portion of their time, assets and
income associated with the Company …
Auriemo Family
Management and Treasury
Free Float
77.3%
0.5%
22.2%
Global
40%
Local
60%
MarketCap of R$ 1,070 million (US$ 350 million)
… professional management with execution capacity provides a
attractive platform for investors
3
We develop innovative and unparalleled projects in shopping malls,
hotels, restaurants, rental properties and high-end real estate…
… and have invested in assets which will increase GLA & services
revenues in resilient market niches
4
Portfolio provides attractive upside on already identified projects…
Malls
More than 1,3 million sq ft with additional GLA potential, mainly in São Paulo high-end neighborhoods
Real Estate Development
Unique projects in Brazil and Uruguay to serve high-end families
Hotels & Restaurants - FASANO
Prime locations, premium restaurant brands and international growth upside
… existing platform will boost ROIC on additional capital
5
Our projects pipeline comprises additional malls in high-end
neighborhoods, two properties in NY and an executive airport…
Same block as Fasano hotel Sao Paulo
Synergic with Cidade Jardim mall
3
1
2
+
Located at Central Park
A breakthrough solution
… core land investments already made and licenses obtained,
reducing execution risks and delays, not yet priced
6
Malls
5 shopping malls
–
–
–
–
–
Cidade Jardim (Sao Paulo, luxury)
Bela Vista (Salvador)
Metrô Tucuruvi (Sao Paulo)
Ponta Negra (Manaus, luxury)
Catarina Fashion Outlet (Sao Paulo outskirts)
Mall related businesses
–
–
–
Retail luxury brands operations
Energy and telecom provider
Mall and parking lot manager
Ongoing projects
–
–
–
CJ Shops (Sao Paulo, luxury)
Outlet expansion
Cidade Jardim’s expansion
Growth pipeline already set, in Sao Paulo
–
–
–
–
Sizeable and adjacent areas already acquired
surrounding high-end Cidade Jardim Mall
Reserva I
Reserva II
Reserva III
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Malls – JHSF Portfolio
CIDADE JARDIM
Sao Paulo – SP
Inaugurated on May 2008
GLA: 39,409 sq.m
BELA VISTA
Salvador - BA
Inaugurated on July 2012
Total GLA: 51,185 sq.m
JHSF GLA: 51%
METRÔ TUCURUVI
CATARINA FASHION OUTLET
Sao Paulo – SP
Inaugurated on April 2013
GLA: 32,796 sq.m
São Roque – SP
Inaugurated on October 2014
GLA: 20,280 sq.m
PONTA NEGRA
CIDADE JARDINS SHOPS
Manaus - AM
Inaugurated on August 2013
Total GLA: 36,501 sq.m
JHSF GLA : 80%
Sao Paulo – SP
Estimated Opening: 1Q17
GLA: 3,100 sq.m
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Malls - 1Q15 Operating Indicators
CIDADE
CONSOLIDATED JARDIM
BELA
VISTA
METRO
TUCURUVI
PONTA
NEGRA
CATARINA
OUTLET ¹
Revenue Growth
+16.2%
+23.9%
-6.5%
+5.1%
-9.1%
-
Sales Growth
+29.5%
+9.5%
+31.1%
+9.2%
+3.1%
-
SSS
+9.4%
+3.6%
+23.9%
+10.1%
+1.9%
-
SAS
+9.1%
+2.7%
+24.5%
+10.9%
+1.3%
-
SSR
+9.0%
+4.9%
+17.8%
+9.7%
+4.7%
-
SAR
+7.1%
+3.4%
17.5%
+6.2%
+2.8%
-
Leased Area
94.3%
99.5%
94.7%
97.6%
82.9%
98.2%
+13.2%
+12.0%
+14.3%
+15.5%
+16.6%
+8.3%
Occupancy Rate
¹ Inaugurated on October 2014
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Real Estate Developments
Real Estate Estimated Cash Flow - in BRL million
Fazenda Boa Vista
683.7
Horto Bela Vista
154.6
Bosque Cidade Jardim
113.1
Residência Cidade Jardim
Others
Total
Landbank
Grand Total
64.9
364.5
1,380.8
410.8
1,791.6
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Hotels & Restaurants
Luxury Hotels
–
–
–
–
Sao Paulo
Rio de Janeiro
Fazenda Boa Vista (Sao Paulo outskirts) – own property
Las Piedras (Punta del Este, Uruguay) – own property
Luxury Restaurants
–
13 operations, located in Sao Paulo and Rio
Growth
–
–
–
Fasano Hotels:
– New York, major cites (Belo Horizonte & Salvador) and highend Brazilian beach destinations (Trancoso & Angra dos Reis)
Restaurants: 2 new operations in 2015 in Sao Paulo and Rio
Asset light model
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Ongoing Projects
2 Income Properties in NY
Residential building (815 5th Ave)
- Refurbishing: ready by 2H16
Hotel building (16-18W 57th Street)
- 2 blocks from Central Park
- Start-up by 2H18
Sao Paulo Catarina Executive Airport
- Fully dedicated to executive aviation
- First of a kind in Brazil (similar to Teterboro)
- Located 30’ drive or 10’ flight from Sao Paulo
- Start-up by 2H16
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JHSF3 Selected Financials
LTM - in BRL million
Net Revenues
611
Gross Profit
278
Gross Margin
45%
SG&A
(175)
Adjusted EBITDA
171
Adjusted EBITDA Margin
28%
Net Financial Result
(163)
Total Assets
5,958
Cash & Equivalent
Net Debt
Shareholders Equity
284
(1.589)
2,363
Financials available at www.jhsf.com.br/ir
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IR Contacts:
[email protected]
+55 (11) 3702-JHSF (5473)
www.jhsf.com.br/ir
1Q15 Highlights
•
Consolidated Net Revenue: Growth fueled by Shopping Malls and Hotels & Restaurants
•
Shopping Malls Indicators: Net Revenue +7.8%, SSS +9.4%, SAS +9.1%, SSR +9.0%, SAR +7.1%
•
Recurring Operating Expenses: reduction of 20.9%
•
Cash Flow from operating activities: R$70.8 million
•
Successful Capital Increase of R$192.1 million
•
Opening of Ralph Lauren store and Parigi Bistrot, both at Shopping Cidade Jardim (Sao
Paulo)
•
Permit to construction of the Company’s 6th mall – Cidade Jardim Shops (São Paulo)
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Delivering the growth strategy...
Shopping Malls
+10 p.p.
Better performance of the existing shopping malls +
Inauguration of Catarina Fashion Outlet, in October/2014
...and increasing the Malls’ EBITDA share in 1Q15
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SHOPPING MALLS performance
Organic growth 13% + Catarina Fashion Outlet
Organic growth 8% + Catarina Fashion Outlet
1Q15 performance outperformed ABRASCE average
SSS: +9.4%/ SAS: +9.1%/ SSR: +9.0%/ SAR: +7.1%
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Real Estate development impacted by two points...
1. Macroeconomic Scenario
Real
Estate
adjustments
sector
going
through
Inventory: +36%¹ (São Paulo State)
Sales speed: -50%¹
2. Sales Cancellations
Sales cancellations
million
totaling
R$7.3
...which were offset by the operating expenses reduction
¹ Source: Secovi and Embracorp
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Hotels & Restaurants
Hotels
Revenue: +16.7%
RevPar: +17.7%
Occupancy rate: from 69.6% to 74.4%
Restaurants
Revenue: +7,5%
Average couvert: +10,9%
Acquisition in November 2014
Opening of Parigi Bistrot
Termination of Gero Caffé and Gero Mezzanino
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Consolidated Financial Figures
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Indebtedness and receivables
Available Cash and Indebtness (in million of R$)
Mar-15
Gross Debt
(2.529,8)
Dec-14
(2.466,0)
Var. %
2,6%
Cash and Equivalents
283,9
369,5
-23,2%
Performed Accounts Receivable
505,0
540,3
-6,5%
International Debt
552,8
459,8
-6,5%
Capital Increase in 1H15
152,1
192,1
Adjusted Net Debt
(1.035,9)
(904,2)
16,5%
NOTE: Gross Bank Debt, including costs to be amortized totally R$40.2 million
NOTE: Receivables subsequent to 2019 are immaterial e were consolidated in 2019
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