Earnings Conference Call OPÇÕES 2Q16

Transcription

1 Earnings Conference Call OPÇÕES 2Q16

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

3 2Q16 Highlights (1/2) Total Sales were R$ 3.1 billion in 2Q16, a 13,2% increase versus 2Q15 (+4.4% when excluding the acquisition of Pátio Higienópolis) Same-area sales (SAS) were up 3.2% in 2Q16, above same-store sales (SSS) of 3.0%, showing an efficient tenant mix shift Same-store rent (SSR) was up 6.4% in 2Q16, and same-area rent (SAR) was up 6.1% Net revenues reached R$ million in 2Q16, an 4% growth YoY Net profit reached R$ 35 million and FFO were R$ 62 million Leverage ended 2Q16 at 3.26x Net Debt/EBITDA 3

4 2Q16 Highlights (2/2) Inauguration of Iguatemi Porto Alegre s expansion, on April 27th 2016, adding 20.4 thousand sqm of total GLA to the mall (90% of the GLA leased) Delivery of Iguatemi Porto Alegre Tower, on June 30th 2016, with 10.7 thousand sqm of total GLA Beginning of the commemorations of Iguatemi São Paulo s 50th anniversary Subsequent Event Issuance of R$ 275 million in securitization of Real Estate Receivables (CRI), on July 12th 2016, placed with a final rate of CDI - 0.1% p.a. and total term of 7 years 4

5 Agenda 2Q16 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 Delivery of Iguatemi Porto Alegre Tower 7

8 Iguatemi Alphaville completed 5 years 8

9 Beginning of the commemorations of Iguatemi São Paulo s 50 th anniversary 50 YEARS OF IGUATEMI SÃO PAULO São Paulo, May 18th, 2016 In celebration to Iguatemi São Paulo s 50th anniversary first shopping mall built in Latin America we have prepared a series of unique experiences to enchant the public throughout the year. The theme Living Is Wonderful translates our personality, as we have innovation in our DNA. 9

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

11 Owned GLA of 454 thousand sqm, reaching 500 thousand sqm by 2019 Owned GLA ( 000 sqm) Greenfields inaugurated in the last 5 years represent (32%) ~132 thousand sqm of own GLA 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,

12 Iguatemi has 3 projects under development Greenfields I Fashion Outlet Santa Catarina I Fashion Outlet Paraná I Fashion Outlet Nova Lima Opening Oct/ GLA (sqm) 30,000 30,000 30,300 % Iguatemi 54% 42% 54% % Leased N/A N/A N/A % Constructed N/A N/A N/A 12

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

14 Main Performance Indicators Performance indicators 2Q16 2Q15 Chg. % 6M16 6M15 Chg. % Total GLA (sqm) 746, , % 746, , % Owned GLA (sqm) 454, , % 454, , % Average Owned GLA (sqm) 452, , % 447, , % Total GLA, malls (sqm) 701, , % 701, , % Owned GLA, malls (sqm) 419, , % 419, , % Number of malls (1) % % Total sales (R$ 000) 3,085,263 2,724, % 5,921,136 5,211, % Same-stores sales (SSS) 3.0% 6.0% -3.0 p.p. 2.2% 6.6% -4,4 p.p. Same-area sales (SAS) 3.2% 6.2% -3.0 p.p. 2.2% 6.8% -4,6 p.p. Same-store rentals (SSR) 6.4% 6.8% -0.4 p.p. 6.3% 7.5% -1,2 p.p. Same-area rentals (SAR) 6.1% 6.8% -0.7 p.p. 6.0% 7.5% -1,5 p.p. Occupancy cost (% of sales) 11.7% 11.6% 0.1 p.p. 12.1% 11.9% 0,2 p.p. Occupancy rate 93.8% 95.0% -1.2 p.p. 93.9% 95.5% -1,6 p.p. Net delinquency rate 3.0% 1.7% 1.3 p.p. 3.4% 2.2% 1,2 p.p. 14

15 Financial indicators Consolidated P&L (R$ 000) 2Q16 2Q15 Chg. % 6M16 6M15 Chg. % Gross Revenue 188, , % 369, , % Taxes and Discounts -26,143-19, % -46,074-35, % Net Revenue 162, , % 323, , % Costs and Expenses -45,981-46, % -87,016-91, % Other Operational Revenues 4,534 12, % 13,888 11, % Equity gain (loss) in subsidiaries % % EBITDA 121, , % 250, , % EBITDA Margin 74.7% 78.2% -3.6 p.p. 77.5% 73.8% 3.7 p.p. Depreciation and Amortization -27,223-25, % -55,070-49, % EBIT 94,364 97, % 195, , % EBIT Margin 58.0% 62.1% -4.2 p.p. 60.5% 57.5% 2.9 p.p. Financial Revenue (Expenses) -52,919-37, % -104,772-65, % Income Tax & Social Contribution Tax -6,357-11, % -16,969-16, % Net Profit 35,088 47, % 73,800 93, % Net Margin 21.6% 30.6% -9.1 p.p. 22.8% 30.5% -7.7 p.p. FFO 62,311 73, % 128, , % FFO Margin 38.3% 46,7% -8.5 p.p. 39.9% 46.7% -6.9 p.p. 15

16 Gross Revenues and Rental Revenues Gross Revenues (R$ million) Rental Revenues (R$ million) 7.7% Chg. % % Others -12,9% 11% 19% Parking 13.8% 9.3% 18% 6% 6% Mgmt. Fee 7.4% % 7% % 7% Temp. Rentals Chg. % 9.0% Overage 7.6% 66% 67% Rental 9.3% 85% 85% Mínimum Rental 9,5% 2Q15 2Q16 2Q15 2Q16 16

17 Expenses (SG&A) Reduction (1) Expenses (R$ mn) Costs and Expenses (R$ mn) -1.6% % 71% % 29% 2T15 Expenses 2T16 Rent and Services Costs Expenses breakdown (R$ mn) % 5% -12.5% % 91% 98% T15 2T16 Administrative Expenses Stock Options Plan Pre-operational (1) Does not include depreciation and amortization. 17

18 Debt profile Debt 06/30/ /31/2016 Total Debt 2,028,307 2,025,796 Cash and Savings 300, ,091 Net Debt 1,727,796 1,734,705 EBITDA (LTM) 529, ,154 Net Debt / EBITDA 3.26x 3.27x Debt amortization (R$ million) Debt Profile Financing Debentures Others 5% TJLP 11% TR 14% CDI 70% 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