apres call 2 t11 eng
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2Q11 Earnings
| Net Revenues
In 2Q11, Net Revenues totaled R$199.4 million, a 62.1 % increase
123,049
199,418229,374
378,501
Net Revenues Growth (R$ thousand)
65.0%
62.1%
9.6%
3.2%
0.7%1.3%
55.1%
71.4%
Gross Revenues Breakdown 2Q11
Parking
Services
Key Money
Others
Transfer Fee
Overage Rent
Mall & Merchandising
Base Rent
2
2Q10 2Q11 6M10 6M11
13.8%
7.3%8.9%
Transfer Fee
Base Rent
Overage Rent
Mall & Merchandising
Mall & Merchandising
| NOI
NOI reached R$176.0 million in the quarter, a 61.0% in crease
176,033202,343
334,475
NOI growth (R$ thousand)
61.0%
65.3%
100,270122,794
188,809
234,347
Same Mall NOI Growth (R$ thousand)
22.5%
24.1%
3
Growth in managed malls(90.1% of our NOI) registered
23.0% in the quarter
2Q10 2Q11 6M10 6M11
109,322
176,033202,343
2Q10 2Q11 6M10 6M11
100,270
| EBITDA and FFO
We ended the quarter with an adjusted EBITDA of R$160.5 mil lion, a 58.3% increase
301,069
Adjusted EBITDA Growth (R$ thousand)
58.3%
58.4%
73,808
115,394 115,860
172,618
Adjusted Net Income Growth (R$ thousand)
49.0%
56.3%
4
2Q10 2Q11 6M10 6M11
101,377160,466
190,01558.3% 2Q10 2Q11 6M10 6M11
2Q10 2Q11 6M10 6M11
76,480
118,938 121,535
179,015
FFO Growth (R$ thousand)
47.3%
55.5%
Leisure and satellites stores had a good perfomance in the quarter, with SSS growth above 2 digits.
| Sales
2.9%1.9%
13.1%
29.0%
Same Store Sales per Segment (2Q11 versus 2Q10)
5
Anchors Megastore Satellites Leisure
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
10.8%12.7%
8.8%
3.5%6.4%
5.1%
11.0%
16.2%13.2%
16.6%
11.8%8.7%
10.0%
SSS (%)
| Rent
SSR growth reached the Company’s highest historical level , increasing by 14.2%
*
94.1%
96.0%
97.0%
98.3% 98.3%
Occupancy (%)
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
13.9%
8.1%
14.7%18.3%
22.3% 22.5%
27.7% 28.1% 27.4%
Renewals Leasing Spread (%)
2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
9.5%
12.4%13.4%
12.3% 12.0%
9.9%8.8% 8.6% 8.0%
10.1% 10.1% 9.7%
14.2%
SSR (%)
6* Excluding acquired and inaugurated malls in the last 12 months.
2Q07 2Q08 2Q09 2Q10 2Q11 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
| Acquisitions
We concluded in 2Q11 increases in ownership in 3 ma lls and 1 acquisition, representing a total capex of R$346.2 million.
Shopping Shopping Shopping Shopping Total
8,617 9,549 11,346
37,812
67,324
Owned GLA from Acquisitions 6M11 (m²)
7
Actual NOI in 2Q11 from acquired malls outperformed the projected NOI by 23.6%.
Shopping Crystal
Shopping Piracicaba
Shopping Curitiba
Shopping Paralela
Total
Projected NOI 2Q11
Realized NOI 2Q11
Projected NOI 6M11
Realized NOI 6M11
85,802106,031
148,180
185,386
NOI of Realized Acquisitions (R$ thousand)
25.1%
23.6%
| Greenfield Projects –Mooca Plaza Shopping
Mooca Plaza Shopping
•opening in the fourth quarter of 2011;
•stabilized NOI of R$34.6 million ;
•approximately 95.7% of the GLA already leased ;
•project on schedule, with approximately 67.0% of construction carried out ;
•Total GLA (m²): 41,964
•Owned GLA (m²): 25,178
•BRMALLS Stabilized NOI: R$34.6 million
•IRR: 16.9% (real and unleveraged)
8
| Greenfield Projects – Other Developments
Shopping Estação BH
•Total GLA (m²): 36,504
•Owned GLA (m²): 21,902
• % Developed: 54.2%
• Leasing Status: 72.8%
•IRR (real and unleveraged): 20.3%
•Opening: 2Q12674,115
747,15573,040
Owned GLA with Developments
10.8%
São Bernardo
•Total GLA (m²): 43,268
•Owned GLA (m²): 25,961
•% Developed: 20.3%
•Leasing Status: 52.7%
•IRR (real and unleveraged): 16.8%
•Opening: 4Q12
9
Current Owned GLA
Owned GLA -Developments
Total Owned GLA
79.8
15.1
5.5
20.3
44.5
132.4
| Summary of Greenfield and Expansion projects
We expect our projects under development to add 192 .0k m² of total GLA by 2013
Total GLA of Greenfields amd Expansions Projects ('000 m ²)
Pipeline 192,0 15% increasein Total GLA
Already developed 161,2
2008 2009 2010 2011YTD 2011 pipeline 2012 2013 Total
23.5 46.3
29.2
42.0
220.728.2
18.8
15.1
Greenfields Expansions
10
| Cash and Debt Position
BRMALLS ended 2Q11 with a cash position of R$1,255. 3 million, a 73.2% increase over 1Q11
1,255.3
Cash Position and Net Debt (R$ million)
+73.2% vs 1Q11
0.7% vs 1Q11 -27.0% vs 1Q11 244 246 238 238
737Debt Amortization Schedule (R$ million)
11
Cash Position Gross Debt Net Debt
(2,641.4) (1,386.0)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards
98131
238 238
155 156 14798 80 71
| Capital Markets
•Daily traded volume averaged R$43.0 million in 2Q11 , a 192.0% increase compared to 2Q10;•The number of trades averaged 5,483, up 301.5% comp ared to 2Q10;
Stock Performance
Follow On
•On May 25, we concluded our share offering, raising approx imately R$731 million at a price of R$17.20 per share;•The proceeds will be used mainly for acquisitions o f interest in malls;
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Millions
Trading Volume (30 days) BRML3 Ibovespa
Stock splitBase 100
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