JHSF highlights in 2012
Transcrição
JHSF highlights in 2012
JHSF highlights in 2012 2 • 2012 earnings: gross margin of 49% of net revenue; adjusted EBITDA margin of 34%; net income of R$ 184 million; R$ 590 million in cash balance and net debt of 2.4 times annualized 4Q12 EBITDA • NAV of R$ 6.3 billion, or R$ 14,54/share, much higher than current share price; JHSF3 appreciated 57% in 2012 and share liquidity increased significantly • Big investments in construction works Income properties: Bela Vista, Tucuruvi, Ponta Negra and Catarina Fashion Outlet malls, and Cidade Jardim mall expansion Real estate developments: Praça Vila Nova, Benedito Lapin and Vitra • Bela Vista mall opening in July 2012 • Acquisition of a building in NY • Launches of approximately R$ 500 million (PSV) and sale of units in inventory amounted R$ 555 million • Delivery of the Praça Vila Nova residential building, located in São Paulo, in 4Q12 • Revenue from Fasano hotels and retail brands grew 12% and 37% respectivelly, vs. 2011 • We are closely monitoring all variables that can impact the schedule and the cost of ongoing construction works, without jeopardizing the outstanding quality our clients expect towards our final products JHSF highlights in 2012 Adjusted Gross Revenue1 R$mn 961.3 Gross Profit R$mn 961.2 436.3 391.7 258.6 244.7 4Q11 4Q12 2011 2012 112.5 122.5 4Q11 4Q12 68.1 80,1 4Q11 4Q12 2011 24.3 287.0 (-) Adjusted Manaus 2011 disposal 2012 Adjusted Net Profit2 R$mn Adjusted EBITDA2 R$mn 311.3 2011 305.6 2012 220.8 50.2 46,7 4Q11 4Q12 2011 24.3 196.5 (-) Adjusted Manaus 2011 disposal 184.2 2012 (1) Adjusted Gross Revenue includes: (i) rent from our retail stores; (ii) rent from our headquarters (jan-aug/11) and (iii) results from FII CSHG JHSF Prime Offices (total of R$ 5.8 million in 2011 and R$ 12.3 million in 2012) (2) Non-recurring event of the disposal of the residential part of real estate project Parque Ponta Negra in Manaus, to the company Direcional in the 2Q11 3 Highlights of the recurring income business Adjusted Gross Revenue1 R$mn Adjusted EBITDA2 R$mn 62.6 97.7 42.5 63.6 21.4 36.2 9.7 15.5 4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012 Adjusted Net Income2 R$mn Adjusted NOI2 R$mn 38.0 63.1 45.1 21.3 15.6 23.0 10.4 4Q11 3.2 4Q12 2011 2012 4Q11 4Q12 2011 2012 (1) Adjusted Gross Revenue includes: (i) rent from our retail stores; (ii) rent from our headquarters (jan-aug/11) and (iii) results from FII CSHG JHSF Prime Offices (total of R$ 5.8 million in 2011 and R$ 12.3 million in 2012) (2) Adjustments on Gross Revenue as noted above, and allocations of revenues and expenses at the holding company for purposes of analysis of the recurring income division (R$ 26.2 million in 2011 and R$ 17.3 million in 2012) 4 Guidance to the recurring income business 1. Revenue growth in the recurring income business 2. Recurring income will be the most relevant business of JHSF in year 2015 5 Highlights of the recurring income business • Cidade Jardim’s total sales grew 18.5% in 4Q12 vs. 4Q11 and 15.2% in 2012 vs. 2011 • Opening of important exclusive stores, such as the first Louis Vuitton global store in Latam, Cartier and Valentino • Opening of the Bela Vista mall, located in Salvador, in July 2012 • Cidade Jardim mall Acquisition of a building in NY • Tucuruvi mall is ready, only waiting for the final legal permits to open Bela Vista mall • The Metropolitan and Platinum real estate fund continues performing very well in terms of occupation and rent price • Management service at the Pátio Higienópolis mall 6 Metrô Tucuruvi mall Next income properties in pipeline Ponta Negra mall (Manaus - AM) GLA: 46,479 sq.m – 80% JHSF NOI: R$61mn 1H13 (i) Cidade Jardim Shops (São Paulo - SP) Catarina Fashion Outlet mall (Parque Catarina - SP) GLA: 24,604 sq.m – 100% JHSF NOI: R$22mn 1H13 GLA: 5,245 sq.m – 100% JHSF NOI: R$12mn 2H14 Cidade Jardim expansion - Reservas I and II (ii) Commercial lease in the education sector, in São Paulo (iii) Building in NY 7 Catarina executive airport • Private airport exclusive executive aviation for • Development in phases • Strategy: adequate solution for the ultra high net worth client, aiming on meeting all requirements to have international flights Illustrative Image • Received the innitial approvals from the airports oversight authorities, and waiting the environmental licence to begin earthworks • Financing structure: own capital plus investors, plus infrastructure dedicated loans • The potential recurring income from this project is not contemplated in our guidance 8 Highlights of the development business • Sales grew 24% in 2012 vs. 2011 and Inventory at market price reached R$ 687.5mn at year end • Gross margin of 54.9% in 4Q12 and 48.4% in 2012 • Future operating cash flow of R$ 1.96 bn • Launches of R$ 496mn PSV in 2012 (+7% vs. 2011) • Recognition prize as the best real estate developer of the year, from PINE/Núcleo de Real Estate of Poli/USP • Elected the best Brazilian company of the real estate sector, in the 2012 edition of the Annuary Época Negócios 360º 9 Residência Cidade Jardim Launched developments and landbank Projects at December 2012 end (R$ million) Parque Cidade Jardim Cidade Jardim Corporate Center Fazenda Boa Vista Horto Bela Vista Praça Vila Nova Benedito Lapin Vitra Las Piedras Villas & Hotel Fasano Parque Catarina Parque Ponta Negra (Flat) Bosque Cidade Jardim Residência Cidade Jardim Mena Barreto Development Projects Total 10 Launches 919 851 1,388 634 248 78 120 104 190 204 55 4,792 Land Bank 1,483 945 344 7,520 37 300 10,629 Total 919 851 2,871 1,579 248 78 120 449 7,710 37 300 204 55 15,421 Highlights of the Fasano and retail businesses Fasano hotel in São Paulo Fasano hotel in Rio de Janeiro Hotels • 12% growth in 2012 vs. 2011 • 2 new Fasano hotels (construction works and ownership are thirdparties’) Retail • 37% increase in the Company’s revenue with this business • Total of 5 luxury brands managed by JHSF in Brazil; Valentino and Red Valentino joined our portfolio through a JV 11 Account receivables from properties • Account receivables of approximately R$ 1 billion, concentrated primarily in years 2013 and 2014 Real Estate Developments Account Receivables (R$' millions) 12 12/31/2012 Account Receivables recorded (on balance) 654.3 Account Receivables to be recorded (off-balance, backlog) 349.0 Cash advances from clients (on balance) (31.8) Total Account Receivables (on and off balance) 971.5 Indebtedness (*) Considers the Adjusted EBITDA of the last quarter multiplied by 4 13 Net Asset Value (NAV) Real Estate Development Dec/12 Receivables at present value - launched projects Advances - launched projects Inventory at market value - launched projects Construction costs, expenses and taxes to incur - launched projects 1 Inventory of areas with infrastructure ready Land (landbank) at book value 1 Obligation of land (landbank) purchased 1,003 (32) 687 3 (437) 761 297 (7) 2,273 Malls, offices, hotels and expansions 2 5,058 Shoppings, escritórios e hotéis e suas expansões 5,058 Total Development + Malls + Offices + Hotels 7,331 (-) Net Debt 4 (1,069) Consolidated NAV Amount NAV R$/share 6,262 14.54 (1) Includes landbank for the recurring income projects and air rights.The table bellow breaks down the PSV and the area size of each project in the landbank (2) It does not consider the potential increase of recurring income of the new airport in São Paulo (3) Beginning in 3Q12, we are including expenses and taxes in this line (4) Net Debt does not include the positive adjustment of performed accounts receivable of R$ 299.9 million that would lead the adjusted net debt to R$769.0 million 14 IR Contacts Eduardo S. Camara – VP and IR Officer Marc Grossmann - Manager Juliana Freitas - Analyst Phone: 55 (11) 3702-JHSF E-mail: [email protected] www.jhsf.com.br/ir Residência Cidade Jardim – illustrative image 15 Annexes 16 Nossas prioridades e estratégia 1. Implement our strategy of growth in the recurring income business 2. Mantain the same level of activity in Real Estate Development 3. Operational and Financial discipline in line with our operational and business model 4. Mantain the conservative capital structure Recurring Income 2013: R$230mn 2015: R$430mn 17 17 Launchings Real Estate R$1 billion / year In a long term average Cash balance: R$ 587mn Account receivables: R$1.0 billion (present value) Developments Launches totalling R$4.8 billion since 2007 Parque Cidade Jardim Praça Vila Nova 18 Fazenda Boa Vista Vitra Horto Bela Vista Residência Cidade Jardim Strong GLA growth in the recurring income business Square meters 300000 250000 200000 150000 100000 50000 0 Cidade Jardim mall Bela Vista mall 2012 19 Metro Tucuruvi mall Cidade Ponta Jardim Negra mall Corporate Catarina Fashion Outlet Cidade Jardim Shops Cidade Jardim expansion Cidade Tucuruvi Ponta Bela Vista Jardim expansion Negra expansion mall expansion expansion 2015