Multiplan Presentation 1q09 Eng
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1Q09
Earnings Release 1Q09
Teleconference English
May 14, 2009
12:30 pm (Brasília) 11:30 am (US EST) Tel.: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 97299428
1Q09
Operational Highlights ¹ Sales Growth (R$’000)
Multiplan Sales vs. IPCA vs. Retail
+92,006
+83,954
+18,410
1,261,212
+21,051
8.5%
+20.6%
1,045,791
Total Sales 1Q08
20.6%
Operating
SSU
5.6%
BSS
4Q08 Total Sales Expansions 1Q09
Turnover vs. Vacancy
IPCA
3.8%
Retail Sales
5.1%
SSS/m²
SAS/m²
Sales
SSR vs. SAR vs. IGP-DI Growth
(R$ ’000)
4.8%
38.0%
Turnover ² Vacancy²
2.6% 2.1% 1.0%
0.8%
1.1%
1.4%
11.1%
1.7%
1Q07
1Q08
1Q09
¹ Considering 100% of the shopping centers. ² Does not include BarraShoppingSul and Shopping Santa Úrsula.
12.6%
SSR/m²
SAR/m²
5.6%
IPCA
1Q06
13.2%
IGP-DI Adjustment Effect
Rent
2
1Q09
Revenue Highlights Gross Revenue Growth
Gross and Rental Revenue Breakdown
(R$ ’000)
(1Q09) +4,135
118,074
+427
+4,976 +404
-33
+18,826
Minimum 87.3%
Parking 15.0%
+32.2%
Rental 67.2%
Key money 4.4%
89,339
Gross Revenue 1Q08
Real Estate 0.4%
Rental
Services
Key Money
Parking
Real Estate
Other
Gross Revenue 1Q09
-22.5% -22.5%
Overage 2.5%
(R$ ’000)
+34.8% +34.8%
2,110
17,281
Merchandising 10.3%
Parking Result
Rental Revenue Growth (R$ ’000) +33.2% +33.2%
Services 13.0%
79,389
+69.4%
10,540
-566
+31.1%
6,224
60,564
Rental 1Q08
Minimum
Overage
Merchandising Rental 1Q09
1Q08
1Q09 3
1Q09
Company Results NOI vs. NOI + Key Money Margins
NOI vs. NOI + Key Money Growth (R$ ’000)
+28.8%
+40.8%
73,374
91,031
+180 b.p. +357 b.p.
70,675
81.6%
84.6%
82.8%
78.0%
52,109
1Q08
(R$ ’000)
NOI
1Q09
1Q08
NOI + KM
1Q09
EDITDA vs. Core EBITDA (R$ ’000)
59,947
1Q09
1Q08
NOI
1Q09
NOI + KM
Net Income vs. Adjusted Net Income
+25.6%
+17.8%
1Q08
77,214
(R$ ’000)
-11.8% 50,101
61,456 +240.8%
50,910
44,178
44,178
12,962
1Q08
1Q09 EBITDA
1Q08
1Q09
Core EBITDA
1Q08
1Q09
Net Income
1Q08
1Q09
Adjusted Net Income
4
1Q09
Net Debt/EBITDA of 0.7x Debt Breakdown
Debt: Bank vs. Non-Bank 900.000
Gross Debt: R$ 364.3 million Net Debt: R$ 177.0 million
Fixed 12%
CDI 25%
brAABB
Others 1% TJLP 4%
NonBank 35%
IPCA 22% Bank 65%
TR 36% 900.000
Debt vs. Cash Generation
Debt Amortization
(R$ ’000)
(R$ million)
364,337
110.2
Loans and financings Obligations for acquisition of goods
259,341 230,074
40.4 33.1 24.9 24.8 20.6 21.8 19.0 19.0 13.4 13.4
2009
2010
2011
2012
2013
2014
177,125 18.7 5.0
2015 >=2016
Gross Debt
Net Debt
Adjusted FFO (12M)* EBITDA (12M)*
* From April 2008 to March 2009
5
1Q09
Generating Value ¹ New Stores
GLA Growth (‘000 m²)
+10.2%
364 m²
25 m²
+19.8%
3,016
9 m²
331 m²
3,614 Stores to be leased 16%
Stores leased 84% Shoppings in operation
Shoppings under Expansions under development development
Total 900.000
Projects Capex
Stores in 1Q09
NOI and Yields ²
(R$ million)
(R$ ’000)
Total Capex (% MTE): R$339.3 M; Invested Capex (% MTE): R$123.8 M Capex R$89.9 M (% MTE):
Stores in 2010
R$48.9 M
R$122.3 M R$48.9 M
R$10.6 M
R$18.7 M
Capex to be invested 64%
51%
49%
8%
36%
Shopping Vila Olímpia
ParkShopping Barigüi Exp. II
BH Shopping Exp.
3rd yr NOI Yield:
Capex invested 61%
92%
Total 3rd yr NOI weighted average yield: 16.3%
39%
82% 18%
15.9%
28.1%
R$ 9.2 M
3rd yr NOI (% MTE) :
8.0%
20.7%
27.2%
R$ 11.7 M
R$ 10.9 M
36%
10.7%
R$ 8.7 M R$ 4.0 M R$ 0.8 M
64%
ParkShopping RibeirãoShopping Shopping Anália 3 Exp. Frontal Exp. Franco Exp.
Shopping Vila Olímpia
ParkShopping Barigüi Exp. II
BH Shopping Exp.
ParkShopping Exp. Frontal
RibeirãoShopping Shopping Anália Exp. Franco Exp.
¹ ParkShoppingBarigüi Expansion was included since its construction is scheduled to start this year. Shopping Maceió was not considered since its construction date was not yet announced. ² The yield is calculated as 3rd yr NOI divided by the capex subtracted by the key money. 3 This expansion (ParkShopping Frontal) does not include the investment of R$49 million and its future revenues from the new deck parking of 1,600 parking spaces. All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.
6
1Q09
Six Projects 84% Leased ! ShoppingAnáliaFranco Expansion
RibeirãoShopping Expansion (Phase 2)
Opening: Jul-09
BH Shopping Expansion Opening: 2010
Opening: Aug-09
GLA: 11,667 m² Stores: 93
GLA: 466 m² Stores: 6
Construction
GLA: 11,010 m² Stores: 104
Construction
Construction
Stores Leased
87%
Stores Leased
100%
Stores Leased
89%
Capex invested
64%
Capex invested
18%
Capex invested
36%
ParkShopping Frontal Expansion
Shopping Vila Olímpia
Construction
Construction
Capex invested
39%
GLA: 8,075 m² Stores: 93
GLA: 29,586 m² Stores: 211
GLA: 8,591 m² Stores: 91
96%
Opening: 2010
Opening: Nov-09
Opening: Oct-09
Stores Leased
ParkShopping Barigui Expansion
Stores Leased Capex invested
Project Project
87%
Stores Leased
58%
49%
Capex invested
8%
All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.
7
1Q09
Main Figures Indicators (R$ '000) Financials (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² EBITDA EBITDA Margin Core EBITDA Core EBITDA Margin Net Operating Income (NOI) Net Operating Income/m² Net Operating Income Margin Adjusted FFO Adjusted FFO/m² Performance (100%) Final Total GLA Final Own GLA Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Rental Revenue Rental Revenue /m² Total Sales Total Sales/m² Same Stores Sales/m² Same Area Sales/m² Same Store Rent/m² Same Area Rent/m² Occupancy Costs * Rent as Sales % Others as Sales % Turnover * Occupancy Rate * Delinquency (25 days delay) Rent Loss *Does not include BSS and SSU.
1Q09 118,074 108,102 18,761 79,389 251 R$/m² 59,947 55.5% 77,214 68.3% 73,374 232 R$/m² 81.6% 53,835 170 1Q09 484,894 m² 330,786 m² 470,488 m² 316,378 m² 133,022 283 R$/m² 1,261,212 2,681 R$/m² 2,961 R$/m² 2,878 R$/m² 258 R$/m² 263 R$/m² 14.6% 8.8% 5.8% 1.4% 98.3% 5.8% 0.4%
1Q08 89,339 80,892 11,712 60,564 249 R$/m² 50,910 62.9% 61,456 69.7% 52,109 214 R$/m² 78.0% 57,685 237 1Q08 392,015 m² 257,063 m² 377,981 m² 242,963 m² 96,407 255 R$/m² 1,045,791 2,767 R$/m² 2,817 R$/m² 2,653 R$/m² 228 R$/m² 234 R$/m² 13.6% 8.4% 5.2% 1.1% 97.9% 3.2% 1.0%
Chg. % ▲32.2% ▲33.6% ▲60.2% ▲31.1% ▲0.7% ▲17.8% ▼748 b.p ▲25.6% ▼140 b.p ▲40.8% ▲8.1% ▲357 b.p ▼6.7% ▼28.3% Chg. % ▲23.7% ▲28.7% ▲24.5% ▲30.2% ▲38.0% ▲10.9% ▲20.6% ▼3.1% ▲5.1% ▲8.5% ▲13.2% ▲12.6% ▲102 b.p ▲41 b.p ▲60 b.p ▲23 b.p ▲40 b.p ▲256 b.p ▼65 b.p
8
1Q09
IR Contact Armando d’Almeida Neto CFO and Investors Relation Director
Hans Christian Melchers
Planning & Investor Relations Manager
Rodrigo Tiraboschi
Investor Relations Analyst Senior
Franco Carrion
Investor Relations Analyst
Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322
E-mail: [email protected]
http://www.multiplan.com.br/ri Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and on available information. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 9
Earnings Release 1Q09
Teleconference English
May 14, 2009
12:30 pm (Brasília) 11:30 am (US EST) Tel.: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 97299428
1Q09
Operational Highlights ¹ Sales Growth (R$’000)
Multiplan Sales vs. IPCA vs. Retail
+92,006
+83,954
+18,410
1,261,212
+21,051
8.5%
+20.6%
1,045,791
Total Sales 1Q08
20.6%
Operating
SSU
5.6%
BSS
4Q08 Total Sales Expansions 1Q09
Turnover vs. Vacancy
IPCA
3.8%
Retail Sales
5.1%
SSS/m²
SAS/m²
Sales
SSR vs. SAR vs. IGP-DI Growth
(R$ ’000)
4.8%
38.0%
Turnover ² Vacancy²
2.6% 2.1% 1.0%
0.8%
1.1%
1.4%
11.1%
1.7%
1Q07
1Q08
1Q09
¹ Considering 100% of the shopping centers. ² Does not include BarraShoppingSul and Shopping Santa Úrsula.
12.6%
SSR/m²
SAR/m²
5.6%
IPCA
1Q06
13.2%
IGP-DI Adjustment Effect
Rent
2
1Q09
Revenue Highlights Gross Revenue Growth
Gross and Rental Revenue Breakdown
(R$ ’000)
(1Q09) +4,135
118,074
+427
+4,976 +404
-33
+18,826
Minimum 87.3%
Parking 15.0%
+32.2%
Rental 67.2%
Key money 4.4%
89,339
Gross Revenue 1Q08
Real Estate 0.4%
Rental
Services
Key Money
Parking
Real Estate
Other
Gross Revenue 1Q09
-22.5% -22.5%
Overage 2.5%
(R$ ’000)
+34.8% +34.8%
2,110
17,281
Merchandising 10.3%
Parking Result
Rental Revenue Growth (R$ ’000) +33.2% +33.2%
Services 13.0%
79,389
+69.4%
10,540
-566
+31.1%
6,224
60,564
Rental 1Q08
Minimum
Overage
Merchandising Rental 1Q09
1Q08
1Q09 3
1Q09
Company Results NOI vs. NOI + Key Money Margins
NOI vs. NOI + Key Money Growth (R$ ’000)
+28.8%
+40.8%
73,374
91,031
+180 b.p. +357 b.p.
70,675
81.6%
84.6%
82.8%
78.0%
52,109
1Q08
(R$ ’000)
NOI
1Q09
1Q08
NOI + KM
1Q09
EDITDA vs. Core EBITDA (R$ ’000)
59,947
1Q09
1Q08
NOI
1Q09
NOI + KM
Net Income vs. Adjusted Net Income
+25.6%
+17.8%
1Q08
77,214
(R$ ’000)
-11.8% 50,101
61,456 +240.8%
50,910
44,178
44,178
12,962
1Q08
1Q09 EBITDA
1Q08
1Q09
Core EBITDA
1Q08
1Q09
Net Income
1Q08
1Q09
Adjusted Net Income
4
1Q09
Net Debt/EBITDA of 0.7x Debt Breakdown
Debt: Bank vs. Non-Bank 900.000
Gross Debt: R$ 364.3 million Net Debt: R$ 177.0 million
Fixed 12%
CDI 25%
brAABB
Others 1% TJLP 4%
NonBank 35%
IPCA 22% Bank 65%
TR 36% 900.000
Debt vs. Cash Generation
Debt Amortization
(R$ ’000)
(R$ million)
364,337
110.2
Loans and financings Obligations for acquisition of goods
259,341 230,074
40.4 33.1 24.9 24.8 20.6 21.8 19.0 19.0 13.4 13.4
2009
2010
2011
2012
2013
2014
177,125 18.7 5.0
2015 >=2016
Gross Debt
Net Debt
Adjusted FFO (12M)* EBITDA (12M)*
* From April 2008 to March 2009
5
1Q09
Generating Value ¹ New Stores
GLA Growth (‘000 m²)
+10.2%
364 m²
25 m²
+19.8%
3,016
9 m²
331 m²
3,614 Stores to be leased 16%
Stores leased 84% Shoppings in operation
Shoppings under Expansions under development development
Total 900.000
Projects Capex
Stores in 1Q09
NOI and Yields ²
(R$ million)
(R$ ’000)
Total Capex (% MTE): R$339.3 M; Invested Capex (% MTE): R$123.8 M Capex R$89.9 M (% MTE):
Stores in 2010
R$48.9 M
R$122.3 M R$48.9 M
R$10.6 M
R$18.7 M
Capex to be invested 64%
51%
49%
8%
36%
Shopping Vila Olímpia
ParkShopping Barigüi Exp. II
BH Shopping Exp.
3rd yr NOI Yield:
Capex invested 61%
92%
Total 3rd yr NOI weighted average yield: 16.3%
39%
82% 18%
15.9%
28.1%
R$ 9.2 M
3rd yr NOI (% MTE) :
8.0%
20.7%
27.2%
R$ 11.7 M
R$ 10.9 M
36%
10.7%
R$ 8.7 M R$ 4.0 M R$ 0.8 M
64%
ParkShopping RibeirãoShopping Shopping Anália 3 Exp. Frontal Exp. Franco Exp.
Shopping Vila Olímpia
ParkShopping Barigüi Exp. II
BH Shopping Exp.
ParkShopping Exp. Frontal
RibeirãoShopping Shopping Anália Exp. Franco Exp.
¹ ParkShoppingBarigüi Expansion was included since its construction is scheduled to start this year. Shopping Maceió was not considered since its construction date was not yet announced. ² The yield is calculated as 3rd yr NOI divided by the capex subtracted by the key money. 3 This expansion (ParkShopping Frontal) does not include the investment of R$49 million and its future revenues from the new deck parking of 1,600 parking spaces. All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.
6
1Q09
Six Projects 84% Leased ! ShoppingAnáliaFranco Expansion
RibeirãoShopping Expansion (Phase 2)
Opening: Jul-09
BH Shopping Expansion Opening: 2010
Opening: Aug-09
GLA: 11,667 m² Stores: 93
GLA: 466 m² Stores: 6
Construction
GLA: 11,010 m² Stores: 104
Construction
Construction
Stores Leased
87%
Stores Leased
100%
Stores Leased
89%
Capex invested
64%
Capex invested
18%
Capex invested
36%
ParkShopping Frontal Expansion
Shopping Vila Olímpia
Construction
Construction
Capex invested
39%
GLA: 8,075 m² Stores: 93
GLA: 29,586 m² Stores: 211
GLA: 8,591 m² Stores: 91
96%
Opening: 2010
Opening: Nov-09
Opening: Oct-09
Stores Leased
ParkShopping Barigui Expansion
Stores Leased Capex invested
Project Project
87%
Stores Leased
58%
49%
Capex invested
8%
All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.
7
1Q09
Main Figures Indicators (R$ '000) Financials (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² EBITDA EBITDA Margin Core EBITDA Core EBITDA Margin Net Operating Income (NOI) Net Operating Income/m² Net Operating Income Margin Adjusted FFO Adjusted FFO/m² Performance (100%) Final Total GLA Final Own GLA Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Rental Revenue Rental Revenue /m² Total Sales Total Sales/m² Same Stores Sales/m² Same Area Sales/m² Same Store Rent/m² Same Area Rent/m² Occupancy Costs * Rent as Sales % Others as Sales % Turnover * Occupancy Rate * Delinquency (25 days delay) Rent Loss *Does not include BSS and SSU.
1Q09 118,074 108,102 18,761 79,389 251 R$/m² 59,947 55.5% 77,214 68.3% 73,374 232 R$/m² 81.6% 53,835 170 1Q09 484,894 m² 330,786 m² 470,488 m² 316,378 m² 133,022 283 R$/m² 1,261,212 2,681 R$/m² 2,961 R$/m² 2,878 R$/m² 258 R$/m² 263 R$/m² 14.6% 8.8% 5.8% 1.4% 98.3% 5.8% 0.4%
1Q08 89,339 80,892 11,712 60,564 249 R$/m² 50,910 62.9% 61,456 69.7% 52,109 214 R$/m² 78.0% 57,685 237 1Q08 392,015 m² 257,063 m² 377,981 m² 242,963 m² 96,407 255 R$/m² 1,045,791 2,767 R$/m² 2,817 R$/m² 2,653 R$/m² 228 R$/m² 234 R$/m² 13.6% 8.4% 5.2% 1.1% 97.9% 3.2% 1.0%
Chg. % ▲32.2% ▲33.6% ▲60.2% ▲31.1% ▲0.7% ▲17.8% ▼748 b.p ▲25.6% ▼140 b.p ▲40.8% ▲8.1% ▲357 b.p ▼6.7% ▼28.3% Chg. % ▲23.7% ▲28.7% ▲24.5% ▲30.2% ▲38.0% ▲10.9% ▲20.6% ▼3.1% ▲5.1% ▲8.5% ▲13.2% ▲12.6% ▲102 b.p ▲41 b.p ▲60 b.p ▲23 b.p ▲40 b.p ▲256 b.p ▼65 b.p
8
1Q09
IR Contact Armando d’Almeida Neto CFO and Investors Relation Director
Hans Christian Melchers
Planning & Investor Relations Manager
Rodrigo Tiraboschi
Investor Relations Analyst Senior
Franco Carrion
Investor Relations Analyst
Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322
E-mail: [email protected]
http://www.multiplan.com.br/ri Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and on available information. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 9
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