31 12-2011 - 4 q11 results presentation
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Transcript of 31 12-2011 - 4 q11 results presentation
4Q11 Results
Presentation
March 7th, 2012
Highlights
• The Company’s Net Revenue increased 18.0% to R$61.5 million in 4Q11 compared to R$52.1 million
in 4Q10. In 2011, Net Revenue increased by 18.5%.
• EBITDA totaled R$49.1 million in 4Q11, an increase of 22.0% over the same period of last year with
EBITDA margin reaching a historically high 79.8% in 4Q11. The 2011 EBITDA totaled R$168.4 million ,
a 22.3% increase over the same period of 2010.
• FFO totaled R$48.2 million in the 4Q11, a 35.3% increase over 4Q10. FFO margin reached 78.3% in
4Q11. In 2011, FFO increased by 40.4% to R$ 169.7 million .
• Same-store rent (SSR) reached, once again, a strong double-digit growth of 12.7% in 4Q11 and
11.6% in 2011. Same-store sales (SSS) increased by 7.9% in 4Q11 and 8.5% in 2011.
• Total Net Income attributed to the shareholders rea ched R$231.1 in 2011, 66.0% higher than 2010.
• In November 2011, Sonae Sierra Brasil successfully opened the expansion of Shopping Metrópole ,
adding 8.7 thousand sqm of GLA and bringing over 30 new stores to the mall.
• In January 2012, SSBR3 was included in BM&FBovespa’ s Small Cap (SMLL) and Real Estate (IMOB)
indexes.
• In February 2012, the Company obtained the controll ing ownership interest in Shopping Plaza Sul .2
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Operating Results
Occupancy Rate (% of GLA)
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Sales (R$ million)
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SSS/sqm
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SSR/sqm
1,119 1,258
3,545 3,969
4Q10 4Q11 2010 2011
12.4%
12.0%
97.3%
96.3%97.0%
97.2%
98.3% 98.5% 98.4%98.0%
97.7% 97.5% 97.4%
98.8%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
1,179 1,272 958 1,039
4Q10 4Q11 2010 2011
7.9%
8.5%
61 6951 57
4Q10 4Q11 2010 2011
12.7%11.6%
Future Growth
Owned GLA growth (‘000 sqm)
Sonae Sierra Brasil has a solid new development and expansion pipeline which will double the Company’s owned GLA until 2013
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198
3899
17
86
78
1
2010 2011 2012 2013 Total
M&A operations
Greenfields
Expansion
Plaza Sul and Penha
Uberlândia
Londrina
Goiânia
Metrópole (I)
PDP (II)
Metrópole (II)
Tívoli
+96%
Campo Limpo
Greenfield Projects – Uberlândia
Data on December 31 st, 2011
Construction site
Project illustration
Uberlândia Shopping
City Uberlândia
State MG
Expected Opening March 27th, 2012
GLA (‘000 sqm) 45.3
SSB’s ownership interest 100%
Committed GLA 92%
Gross Capex Incurred (R$ million) 187.2
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Greenfield Projects – Londrina and Goiânia
Boulevard Londrina Shopping
City Londrina
State PR
Expected Opening 4Q12
GLA (‘000 sqm) 47.8
SSB’s ownership interest* 84.5%
Committed GLA 69%
Gross Capex Incurred (R$ million) 117.4
Project illustration and construction site Project illustration
Passeio das Águas Shopping
City Goiânia
State GO
Expected Opening 2H13
GLA (‘000 sqm) 78.1
SSB’s ownership interest 100%
Committed GLA 41%
Gross Capex Incurred (R$ million) 74.0
Data on December 31 st, 2011 *Ownership considering partner will fully exercise its rights in the project
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Expansions
* As of December 31 st, 2011
Future Expansions
Metrópole(Expansion I)
LocationSão Bernardo
(SP)
Sonae Sierra Brasil Stake
100%
Additional TotalGLA (‘000 sqm)
9.0
Opening Nov 2011
Start of construction 1H2010
% of GLA already committed*: 100%
Campo Limpo
São Paulo (SP)
20%
3.0
Sep 2011
1H2011
96%
Parque D. Pedro(Expansion II)
Campinas (SP)
51%
5.0
2013
1H2013
n.a.
Metrópole(Expansion II)
São Bernardo(SP)
100%
12.0
2013
2H2012
n.a.
Tivoli
Sta. Bárbara D’Oeste (SP)
30%
7.0
2013
1H2012
n.a.
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DeliveredExpansion
Financial and Operating Performance
Gross Revenue (R$ ‘000) 4Q11 4Q10 Var. % 2011 2010 Var. %
Rent 54,283 47,391 14.5% 184,773 156,435 18.1%
Rent contract straight-lining (1,618) (1,980) -18.3% 1,285 1,811 -29.0%
Service revenue 4,058 3,771 7.6% 16,294 14,477 12.5%
Parking revenue 6,992 4,998 39.9% 24,172 17,682 36.7%
Key Money 2,859 2,719 5.1% 10,341 10,399 -0.6%
Other revenue 1,869 424 340.8% 2,784 808 244.5%
Total 68,443 57,323 19.4% 239,649 201,612 18.9%
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Gross Revenue (R$ million)
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Gross Revenue Breakdown
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57.3 68.4
201.6 239.6
4Q10 4Q11 2010 2011
19.4%
18.9%
Costs and Expenses
Costs and Expenses (R$ ‘000) 4Q11 4Q10 Var. % 2011 2010 Var. %
Depreciation and amortization 362 325 11.4% 1,467 1,210 21.2%
Personnel 5,691 4,189 35.9% 24,935 20,757 20.1%
External services 2,828 2,824 0.1% 10,654 12,832 -17.0%
Occupancy cost (vacant stores) 1,110 856 29.7% 3,851 4,070 -5.4%
Cost of contractual agreements with tenants 285 514 -44.6% 1,428 1,873 -23.8%
Reversal of the allowance for doubtful lease receivables (195) (460) -57.6% 418 (890) N/A
Rent 724 702 3.1% 2,780 2,749 1.1%
Travel 399 417 -4.3% 1,442 1,338 7.8%
Other 1,647 3,106 -47.0% 6,711 6,762 -0.8%
Total 12,851 12,473 3.0% 53,686 50,701 5.9%
Classified as:
Cost of rentals and services 8,852 7,592 16.6% 36,809 33,528 9.8%
Operating Expenses 3,999 4,881 -18.1% 16,877 17,173 -1.7%
Total 12,851 12,473 3.0% 53,686 50,701 5.9%
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35.6 48.2
120.9
169.7
4Q10 4Q11 2010 2011
40.4%
35.3%
Indicators
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EBITDA and Margin (R$ million)
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Net Revenue (R$ million)
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FFO and Margin (R$ million)
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Net Operating Income - NOI (R$ million)
77.2% 79.8%74.5% 76.8%
68.3%
78.3%
65.4%
77.7%
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52.1 61.5
185.0219.2
4Q10 4Q11 2010 2011
18.5%
18.0%
40.3 49.1
137.8168.4
4Q10 4Q11 2010 2011
22.0%
22.3%
51.2 61.2
174.4 211.5
4Q10 4Q11 2010 2011
21.3%
19.5%
59.0 50.9
139.2
231.1
4Q10 4Q11 2010 2011
66.0%
-13.7%
25.236.9
84.3
128.2
4Q10 4Q11 2010 2011
52.1%
46.3%
Indicators – Management Accounts (PDP 51%)
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EBITDA and Margin (R$ million)Net Revenue (R$ million)
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FFO and Margin (R$ million)
74.3%78.5%
70.6%74.2%
62.5%
76.0%
58.6%
74.4%
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Net Income (R$ million)
30.0 38.1
101.6127.9
4Q10 4Q11 2010 2011
25.9%
26.9%
40.4 48.5
143.8172.2
4Q10 4Q11 2010 2011
19.7%
20.2%
Fixed37%
CDI12%
TR51%
Cash Position and Leverage
Data on December 31st, 2011
Net Cash Position (R$ million) Debt Profile
Debt Amortization Schedule (R$ million)
17.643.4 43.9 43.6 39.1
163.3
2012 2013 2014 2015 2016 2017 and beyond
390,9
40,0
350,9
Cash and CashEquivalents
Debt Net Cash
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Contracted Debt FinancingCommitted Amount (R$
MM)
Term (Years)
Interest Rate
Balance as of
12/31/11 (R$ MM)
Working Capital 20 5 CDI + 2.85% 18
Working Capital 27 6 CDI + 3.30% 25
Manauara Shopping 112 12 8.5% 130
Metrópole Shopping – Expansion I 53 8 TR + 10.3% 54
Uberlândia Shopping 81 15 TR + 11.30% 53
Boulevard Londrina Shopping 120 15 TR + 10.90% 72
Passeio das Águas Shopping 200 12 TR + 11.00% 0
Total 614 351
Average 12.1 11.62%
Thank you
Q&A
Investor RelationsCarlos Alberto CorreaInvestor Relations Director
Murilo HyaiInvestor Relations Manager
Eduardo Pinotti de OliveiraInvestor Relations Analyst
Website:www.sonaesierrabrasil.com.br/ir
Email:[email protected]
Phone: +55 (11) 3371-4188
Disclaimer
► The material that follows is a presentation of general background information about Sonae Sierra Brasil S.A. and its subsidiaries
(the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not
intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This
presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or
implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information
presented herein.
► This presentation may contain statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of
1933, as amended (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking
statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-
looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations
and business environments of the Company and its subsidiaries that may cause the actual results of the Company to be materially
different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to
update any such information.
► This presentation does not constitute an offer, or invitation, or solicitation or an offer, to subscribe for or purchase any securities.
Neither this presentation nor anything contained herein shall form the basis of any contract or commitment.