Divulgação Resultados 1T09

Transcription

Conference Call 1Q12
Divulgação Resultados
1T09
Highlights
•
1Q net revenue R$ 90.7mn, up 31.6% from 1Q11.
•
1Q Ebitda R$ 60.9mn – up 47.5% from 1Q11, with Ebitda margin of 67.2%.
•
1Q net profit R$ 32.2mn, up 2.3% from 1Q11.
•
Same-area rentals up 11.4% from 1Q11 (YoY) and Same-store rentals up 10.1% YoY.
•
Iguatemi Campinas Mall: Expansion announced to add 20,000 m² of GLA.
•
Change in announced projects increasing the expected first-year NOI by 35%.
•
Completion of third debenture issue:
R$ 300 mn,
CDI rate + 1.0% p.a.,
•
tenor 6 years.
1Q total sales: R$ 1.775bn – up 17.75% YoY.
Subsequent events
•
Expansion of 20,400 m² announced for Iguatemi Porto Alegre – mall with highest
revenue/m² in Brazil’s Southern region.
2
Highlights
Marketing
•
31st most valuable brand of Brasil - Istoé DINHEIRO and BrandAnalytics/Milward Brown
•
Fifth year in a row that Iguatemi is ranked among the top forty brands
•
The only Shopping Center brand in Brazil in the ranking.
80
350
31 o
300
250
75
70
40 o
38 o
38 o
65
42 o
60
200
55
150
50
170
45
100
100
40
104
50
35
0
30
2007
2008
2009
Value (US$ M)
Source: Istoé Dinheiro
Valor (US$ M)
2010
2011
Ranking
Posição
3
Agenda
•
Iguatemi Overview
•
Ongoing Projects-
•
Results
•
Guidance
4
Iguatemi´s portfolio has 13 malls and 3
office towers
Iguatemi
São Paulo
Total GLA: 42.104 sqm
Stake: 57,6%
Stores: 303
Market Place
São Paulo
Stake: 100,0%
Stores: 160
MG
SP
Galleria Shopping
Campinas
Stake: 50,0%
Stores: 140
Iguatemi São Carlos
São Carlos
Total GLA:19.035 sqm
Stake: 45,0%
Stores: 75
Boulevard Iguatemi Rio
Rio de Janeiro
Stake: 68,9%
Stores: 193
DF
Iguatemi Campinas
Campinas
Stake: 70,0%
Stores: 265
Esplanada Shopping
Sorocaba
Stake: 38,0%
Stores: 161
Towers (Mkt. Place and
Iguatemi São Paulo)
São Paulo
Total GLA: 29.080 sqm e 4.469
Stake: 100,0% e 57,6%
Iguatemi Brasília
Brasília
Stake: 64,0%
Stores: 166
RJ
Iguatemi Florianópolis
Florianópolis
Stake: 30,0%
Stores: 155
Praia de Belas
Porto Alegre
Stake: 37,6%
Stores: 187
PR
SC
Iguatemi Caxias
Caixas do Sul
Stake: 8,4%
Stores: 136
RS
Iguatemi Alphaville
Barueri
Stake: 78,0%
Stores: 181
¹Does not include Power Center, with 32.066 sq.m of GLA, in which Iguatemi holds 77%
Iguatemi Porto Alegre
Porto Alegre
Stake: 36,0%
Stores: 273
5
GLA
Evolution
• Present GLA 278,000 sq.m²
•The Announced Projects gives us 441,000 sq.m² of GLA by 2014
•Additional projects are still going to be announced.
Owned GLA ('000 m2)
64
28
469
2015
GLA
Announced
76
155
278
GLA Added
Present GLA
23
123
2006 (pre
IPO)
2012
2013
2014
6
Agenda
•
Iguatemi Overview
•
Ongoing Projects - Greenfields
•
Results
•
Guidance
7
Status
JK Iguatemi
•
The JK mall has been fully sold and finalized.
•
Awaiting only signature of the initial operational license by São Paulo city hall.
8
Status
Iguatemi Ribeirão Preto
• Earthmoving and pile driving have been completed;
• Foundations and assembly of the structure have begun.
• Sales have been in progress since October 2011: signed contracts with main anchor stores.
9
Status
Greenfields
IGUATEMI ESPLANADA
Start of sales, and earthmoving for construction.
IGUATEMI S. J. RIO PRETO
Plans approved by city hall; sales of contracts begin in first
half of May.
IGUATEMI JUNDIAÍ
Plans are in the process of approval by the local city hall.
10
Agenda
•
Iguatemi Overview
•
Ongoing Projects - Expansions
•
Results
•
Guidance
11
Status of Praia de Belas, Galleria and
Campinas
GALLERIA
Sales of contracts, and works, have been completed.
Store operators are completing their own construction.
Opening is planned for 2012.
PRAIA DE BELAS
Cinema Delivered
Beginning works on the deck parking (expected delivered early 2014),
Enables us to start the expansion of the 3rd floor.
IGUATEMI CAMPINAS
Begining of construction in June/12.
Adding 20.000 sq.m² of GLA.
12
Expansion
Iguatemi Porto Alegre
•
•
SHOPPING
2nd biggest revenue/sq.m² for the company.
3rd in total revenue of our portfolio.
•
1st Shopping mall to be opened in the south of Brazil.
•
Porto Alegre´s main mall.
•
Expansion will have 84 stores and over 20,000 sq.m² of GLA.
•
Construction of a comercial tower with 11,000 sq.m² of GLA.
ACTUAL
AFTER EXPANSION
1983
-
SITE AREA (m²)
118,661
118,661
GROSS RETAIL AREA –(m²)
42,701
OPENING
Gross Leasable Area - GLA (m²)
Gross Area Sold / owned (m²)
MANAGEMENT
IGUATEMI STAKE
EXPANSION
SHOPPING
TOWER
OPENING
oct-14
apr-15
GLA (m²)
20.325
10.692
73,717
IGUATEMI STAKE
36,0%
36,0%
39,306
59,631
REAL DELEVERED IRR
15,1%
15,2%
3,395
3,395
R$ 132,6 mn
R$ 56,1 mn
Iguatemi/Anca
r
Iguatemi/Ancar
NOI 1st year
R$ 23,8 mn
R$ 10,0 mn
36%
36%
NOI 4th year
R$ 31,6 mn
R$ 11,5 mn
CAPEX (net of key money)
13
Agenda
•
Iguatemi Overview
•
Ongoing Projects
•
Quarter Results
•
Guidance
14
Performance indicators
Operational indicators
1Q12
1Q11
Total GLA (m²)
473,804
431,315
9.85%
Owned GLA (m²)
277,647
238,291
16.52%
Number of malls
13
12
8.33%
1,775,184
1,507,656
17.74%
1,431,6
1,324,3
8.11%
1,252
1,129
10.90%
Rentals/m²/month – same stores (R$)
93.3
84.8
10.05%
Rentals/m²/month – same area (R$)
84.1
75.5
11.42%
Occupancy cost as % of sales
11.6%
12.2%
– 0.6 p.p.
Occupancy rate, %
96.6%
96.7%
–0.1 p.p.
5%
3.1%
1.9 p.p.
Total sales (R$ ’000)
Sales/m²/month – same stores (R$)
Sales/m²/month – same area (R$)
Default rate
Change
15
Main Financial indicators
Financial indicators
1Q12
1Q11
Change
102,506
76,912
33.28%
Net revenue (R$ ’000)
90,664
68,887
31.61%
Ebitda (R$ ’000)
60,919
41,299
47.51%
Ebitda margin
67,2%
60%
7.2 p.p.
FFO (R$ ’000)
40,560
36,544
11%
45%
53%
-8.0 p.p.
32,203
31,488
2.27%
Gross revenue (R$ ’000)
FFO margin
Net profit
16
Breakdown Gross and Rent Revenue
•Gross Revenue grew 33,3% on 1Q12 compared to 1Q11
•Rent Revenue grew 27,0% compared to 1Q11
Gross Revenue (R$ million)
Rent Revenue (R$ million)
120.000
Growth (%) 100.000
120.000
33.3%
100.000
60.000
33%
9%
123%
16%
76.9
5%
16%
80.000
102.5
35%
7%
25%
Growth (%)
27.0%
80.000
60.000
54,8
69,6
8%
8%
27%
85%
23%
8%
5%
7%
29%
84%
40.000
40.000
68%
71%
27%
20.000
-
20.000
87%
-
1Q11
Rent
Adm Fee
1Q12
Parking
Others
1Q11
Minimum Rent
1Q12
overage
Temp Rent
17
We maintain a comfortable cash position
Balance sheet
03/31/2012
12/31/2011
Cash
1,048,966
721,488
Debt
(1,443,019)
(1,083,895)
Net (debt) cash
(394,053)
(362,407)
Assets
3,278,740
2,897,032
Equity
1,603,173
1,578,861
Debt Repayment Timetable
Debt Cost
TJLP
26.3%
386.3
268
170.5
CDI
58.6%
190.1
171.1
TR
23.1%
135.5
91.9
30.7
2012
2013
2014
2015
2016
Financiamento
Financing
2017
Debêntures
Debentures
2018
2019
3.5
0.2
2020
2021
IGP-DI
0.1%
18
Agenda
•
Iguatemi Overview
•
Ongoing Projects
•
Results
•
Guidance
19
Guidance de resultados
2009
Net Revenue
EBITDA Margin
2010
2011
2012
Guidance
Real
Guidance
Real
Guidance
Real
Guidance
9% a 12%
14.5%
15% a 17%
21.2%
25% a 30%
25%
25% a 30%
~70%
69.7%
70% a 72%
70.1%
70% a 72%
71.3%
~70%
Dividends
• Starting in 2011 and until the 2014 business year, Iguatemi undertakes to distribute at
least R$ 0.63 per share as dividends and/or Interest on Equity.
Exchanges of PSV
• We expect to contribute between R$ 20mn and R$ 30mn per year in PSV over the following
three years 2012-2014.
20
Long term financial goal
• EBITDA between R$450-500 mn by 2014
EBITDA
(R$
Million)
EBITDAGuidance
Guidance
(R$
Milhões)
600
450 - 500
500
400
25-28%
25-27%
300
235
200
100
26%
73
0
2006
2011R
for 2014
Guidance para
21
Contato RI
Cristina Betts
CFO and Investor Relations
Gunther Schrappe
Strategic Planning and Investor Relations Officer
Cecília Viriato
Investor Relations Coordinator
Bruno Carobrez
IR Analyst
www.iguatemi.com.br/ri
Phone: (55 11) 3137-6877
e-mail: [email protected]
22

Divulgação Resultados 1T09

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