Earnings Conference Call OPÇÕES 1Q16

Transcription

1 Earnings Conference Call OPÇÕES 1Q16

2 Agenda 1Q16 Highlights Expansions and Relevant Events Ongoing Projects Results

3 1Q16 Highlights (1/2) EBITDA reached R$ 129 million in 1Q16, a 25.7% increase when compared to the same period of last year, with an EBITDA Margin of 80.4%. Total Sales were R$ 2.8 billion in 1Q16, a 14% increase versus 1Q15 (+4.8% in the quester excluding the acquisition of Pátio Higienópolis) Same-area sales (SAS) were up 4.0% in 1Q16, above same-store sales (SSS) of 1.8%, showing an efficient tenant mix shift Same-store rent (SSR) was up 6.5% in 1Q16, and same-area rent (SAR) was up 7.4% Net revenues reached R$ million in 1Q16, an 8% growth YoY Net profit reached R$ 38.7 million and FFO were R$ 66.6 million 3

4 1Q16 Highlights (2/2) Leverage ended 1Q16 at 3.27x Net Debt/EBITDA Interest payment and amortization of the second debenture issuance, on February 29th 2016, in the amount of R$ 177 million Second issuance of R$105 million in securitization of Real Estate Receivables (CRI) with Kinea, on March 31st 2016, placed with a final rate of CDI % p.a. (all in) and total term of 19 years Subsequent Events: Inauguration of Iguatemi Porto Alegre expansion, on April 27th 2016, adding 20.4 thousand sqm of total GLA to the mall (90% of the GLA leased) 4

5 Agenda 1Q16 Highlights Expansion and Relevant Events Ongoing Projects Results

6 Inauguration of Iguatemi Porto Alegre expansion (1) Expansion inaugurated on April 27th, 2016, with 90% of the GLA leased. 6

7 Iguatemi Alphaville completed 5 years 7

8 Agenda 1Q16 Highlights Expansions and Relevant Events Ongoing Projects Results

9 Owned GLA of 451 thousand sqm, reaching 500 thousand sqm by 2019 Owned GLA ( 000 sqm) ~210 thousand sqm of own GLA (47%) inaugurated in the last 5 years Iguatemi Porto Alegre Expansion Iguatemi Porto Alegre Tower I Fashion Outlet Santa Catarina I Fashion Outlet Paraná I Fashion Outlet Nova Lima (Pre IPO) Additional GLA Sale of Boulevard Rio Current GLA Total Announced GLA for 2019 * Current GLA already includes Iguatemi Porto Alegre expansion inaugurated in April,

10 Iguatemi has 4 projects under development Greenfields Expansions I Fashion Outlet Santa Catarina I Fashion Outlet Paraná I Fashion Outlet Nova Lima Iguatemi Porto Alegre Tower Opening Oct/ Jun/16 GLA (sqm) 30,000 30,000 30,300 10,692 % Iguatemi 54% 42% 54% 36% % Leased N/A N/A N/A N/A % Constructed N/A N/A N/A 82% 10

11 Status Iguatemi Porto Alegre Tower - RS March 2016 March 2016 The project has 82% of the construction completed. 11

12 Status I Fashion Outlet Santa Catarina - SC March 2016 March 2016 March 2016 Ground/soil preparation phase. 12

13 Agenda 1Q16 Highlights Expansions and Relevant Events Ongoing Projects Results

14 Main Performance Indicators Performance indicators 1Q16 4Q15 1Q15 Var. 1Q16/4Q15 Var. 1Q16/1Q15 Total GLA (sqm) 714, , , % Owned GLA (sqm) 443, , , % Average Owned GLA (sqm) 437, , , % Total GLA, malls (sqm) 681, , , % Owned GLA, malls (sqm) 411, , , % Number of malls (1) % Total sales (R$ 000) 2,835,874 3,793,593 2,486, % Same-stores sales (SSS) 1.8% 4.2% 7.2% -2.4 bps -5.4 bps Same-area sales (SAS) 4.0% 5.2% 7.3% -1.2 bps -3.3 bps Same-store rentals (SSR) 6.5% 6.9% 8.1% -0.4 bps -1.6 bps Same-area rentals (SAR) 7.4% 7.1% 8.1% 0.3 bps -0.7 bps Occupancy cost (% of sales) 12.7% 11.0% 12.8% 1.7 bps -0.1 bps Occupancy rate 94.0% 94.0% 96.0% 0.0 bps -2.0 bps Net delinquency rate 3.7% 1.1% 2.6% 2.6 bps 1.1 bps 14

15 Financial indicators Consolidated Profit and Loss Account (R$ 000) 1Q16 1Q15 % Gross Revenue 180, , % Taxes and Discounts -19,931-16, % Net Revenue 160, , % Costs and Expenses -41,035-44, % Other Operational Revenues 9,354-1, % Equity gain (loss) in subsidiaries % EBITDA 129, , % EBITDA Margin 80.4% 69.1% 11.3 bps Depreciation and Amortization -27,847-24, % EBIT 101,177 78, % EBIT Margin 63.0% 52.7% 10.3 bps Financial Revenue (Expenses) -51,853-28, % Income Tax and Social Contribution Tax -10,612-5, % Net Profit 38,712 45, % Net Margin 24.1% 30.4% -6.2 bps FFO 66,559 69, % FFO Margin 41.5% 46.7% -5.3 bps 15

16 Gross Revenues and Rental Revenues 1Q16 Gross Revenues (R$ million) 1Q16 Rental Revenues (R$ million) 9.1% % VAR. % 13% 16% 6% 19% 6% OTHERS -19.9% PARKING 16.4% MGMT FEED 25.1% % 8% 10.4% % 8% TEMP. RENTALS VAR. % 9.8% OVERAGE 0.5% 65% 65% RENTALS 10.4% 80% 82% MINIMUM RENTALS 9.8% 1Q15 1Q16 1Q15 1Q16 16

17 Expenses (SG&A) Reduction (1) Expenses (R$ mn) Costs and Expenses (R$ mn) ,.2 1Q15 1Q16 Costs Expenses Expenses breakdown (R$ mn) Q15 1Q16 Administrative Expenses Stock Options Plan Pre-operational (1) Does not include depreciation and amortization. 17

18 Debt profile Debt 03/31/ /31/2015 Debt 2,025,796 2,083,200 Cash and Savings 291, ,936 Net Cash (Debt) 1,734,705 1,690,218 EBITDA (LTM) 530, ,804 Net Debt / EBITDA 3.27x 3.35x Debt amortization (R$ million) Debt Profile Financing Debentures Others 5% TJLP 12% CDI 68% TR 15% 18

19 IR Contact Cristina Betts CFO and Investor Relations Officer Carina Carreira Investor Relations Coordinator Elisa Manzato Investor Relations Analyst Phone: (+55 11) Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Iguatemi Empresa de Shopping Centers S.A. (IESC), eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Iguatemi's management concerning the future of the business and its continued access to capital to fund the Company s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice. 19