Apresentação 2Q14 EN
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Transcript of Apresentação 2Q14 EN
Earnings Results
2Q14
1 1 1
This presentation contains statements that are forward-looking within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the 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 General Shopping and its subsidiaries that may cause the actual results of the
companies to be materially different from any future results expressed or implied in such forward-
looking statements.
This material is published solely for informational purposes and is not to be construed as a
solicitation or an offer to buy or sell any securities or related financial instruments and should not
be treated as giving investment advice. It is not targeted to the specific investment objectives,
financial situation or particular needs of any recipient. No representation or warranty, either
express or implied, is provided in relation to the accuracy, completeness or reliability of the
information contained herein. This material should not be regarded by recipients as a substitute
for the exercise of their own judgment.
Any opinions expressed in this material are expressed as of this date and subject to change
without notice and General Shopping is not under the obligation to update or keep current the
information contained herein. General Shopping and the respective affiliates, directors, partners
and employees accept no liability whatsoever for any loss or damage of any kind arising out of
the use of all or any part of this material. You should consult with your own legal, regulatory, tax,
business, investment, financial and accounting advisers to the extent that you deem it necessary,
and make your own investment, hedging and trading decision (including decisions regarding the
suitability of this transaction) based upon your own judgment and advice from such advisers as
you deem necessary and not upon any views expressed in this material.
.
Disclaimer
2 2 2
Company Overview
Agenda
Sector Overview
Financial Performance
3 3
Sector Overview
4 4 4
Economic Indicators
Source: PME-IBGE Table prepared by General Shopping Brasil *IBGE released the series until April, 2014
*
5 5 5
Economic Indicators
Source: PME-IBGE; Table prepared by General Shopping Brasil (1)Based on the employed population and their average income *IBGE released the series until April, 2014
*
6 6 6
560
590
620
650
680
710
740
770
0%
2%
4%
6%
8%
10%
12%
14%
(t-12) R$ billion
Credit Performance
Source: Central Bank Table prepared by General Shopping Brasil
Credit Volume – Individuals
Volume and Monthly Change
7 7 7
Credit Performance
Source: Central Bank Table prepared by General Shopping Brasil
Default Rate
Individuals %
6
7
8
9
8 8 8
100
105
110
115
120
125
130
Economic Indicators
Source: Fundação Getulio Vargas - FGV Table prepared by General Shopping Brasil
Consumer Confidence Index
Index - Quarterly Moving Average
9 9 9
Sales Volume - Monthly change (%)
As compared with same year-ago period
Retail Performance
Source: PMC-IBGE Table prepared by General Shopping Brasil
10 10 10
Retail Growth
Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Jun/12-Jun/14)
Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil
11 11 11
Retail Growth
Retail Industry: Monthly Change (VS Same Year-Ago Period) of Sales Volume (Jun/12-Jun/14)
Source: Brazilian Institute of Geography and Statistics (IBGE) Table prepared by General Shopping Brasil
12 12
Company Overview
13 13 13
Market-driven company with retail approach
B and C consumption classes as target market
Innovative complementary services
Majority ownership: 75.3% average interest
Differentials
14 14 14
General Shopping Brasil
Poli Shopping Guarulhos 50.0% 4,527 2,264 15,400
Internacional Shopping 100.0% 76,845 76,845 -
Auto Shopping 100.0% 11,477 11,477 -
Shopping Light 85.0% 14,140 12,019 -
Santana Parque Shopping 50.0% 26,538 13,269 -
Suzano Shopping 100.0% 19,583 19,583 -
Cascavel JL Shopping 85.5% 8,877 7,590 2,953
Top Center Shopping 100.0% 6,369 6,369 -
Parque Shopping Prudente 100.0% 15,148 15,148 -
Poli Shopping Osasco 100.0% 3,218 3,218 -
Shopping do Vale 84.4% 16,487 13,913 -
Unimart Shopping Campinas 100.0% 14,961 14,961 -
Outlet Premium São Paulo 50.0% 17,716 8,858 -
Parque Shopping Barueri 48.0% 37,420 17,962 -
Outlet Premium Brasília 50.0% 16,094 8,047 -
Shopping Bonsucesso 63.5% 24,437 15,517 -
Outlet Premium Salvador 52.0% 14,964 7,781 -
Parque Shopping Sulacap 51.0% 29,059 14,820 -
75.3% 357,860 269,641 18,353
Outlet Premium Rio de Janeiro* 98.0% 32,000 31,360
Parque Shopping Maia 63.5% 30,492 19,362
Parque Shopping Atibaia 100.0% 24,043 24,043
86.4% 86,535 74,765
Greenfield InterestTotal GLA
(m²)
Own GLA
(m²)
Shopping Center Interest Total GLA
(m²)
Own GLA
(m²)
Own GLA
Expansion (m2)
(*) Company may sell up to 48% of the project to BR Partners Fund. 14
15 15 15 Fonte: IBGE 2011
Geographic Distribution
Top Center Shopping
Internacional Shopping Guarulhos
Poli Shopping Guarulhos
Santana Parque Shopping
Poli Shopping Osasco
Suzano Shopping
Shopping Light
Shopping do Vale
Parque Shopping Prudente Auto Shopping
Outlet Premium São Paulo
Greenfield
Shopping in operation
16,487
Total GLA (m2)
Cascavel JL Shopping Unimart Shopping
Campinas
8,877
Total GLA (m2)
8
15,148
Total GLA (m2)
Total GLA (m2)
11,477
76,845 Total GLA (m2)
6,369
Total GLA (m2)
4,527
Total GLA (m2)
3,218
Total GLA (m2)
26,538
Total GLA (m2)
19,583
Total GLA (m2)
Outlet Premium Brasília
16,094
Total GLA (m2)
(1) Estimated Source: IBGE 2011
Parque Shopping Maia
30,492
(1) Total GLA (m2)
Parque Shopping Barueri
Region GDP Retail Mkt
South + Southeast 71.6% 72.3%
Parque Shopping Atibaia Shopping Bonsucesso
24,437
Total GLA (m2)
Outlet Premium Rio de
Janeiro
32,000(1)
Total GLA (m2)
(1) 24,043
Total GLA (m2)
14,961 Total GLA (m2)
37,420
Total GLA (m2)
Parque Shopping Sulacap
29,059
Total GLA (m2)
14,140
Total GLA (m2)
17,716
Total GLA (m2)
Outlet Premium Salvador
14,964
Total GLA (m2)
15
16 16 16
88,962
98,82219,696
17,919
37,420
50,131
44,910
105,389 463,249
Dec/06 Dec/07 Dec/08 Dec/09 Dec/11 Dec/12 Dec/13 2014/2015 TOTAL GLA
Total GLA Evolution (m2)
Pre IPO
Portfolio
17 17 17
ABL Própria(1) Consolidation
Shopping center acquisitions
Greenfields
Concept and development of new
shopping centers
Expansions
Interest stake increase in assets
GLA expansion of the original portfolio
Implementation of mixed-use projects
Synergies + Profitability
Turnaround
Remodeling and retrofit of tenant mix
Innovation in complementary services
Own GLA(1)
43.4%
25.4%
10.6%
20.6%
Diversified Growth Strategy
(1) Considering current shopping centers, expansions and
announced greenfields.
Concluded Greenfields
Acquisitions
Expansions
Greenfields under Development
18 18 18
Parque Shopping Maia- Greenfield
Parque Shopping Maia
Type: Neighborhood
Stake: 63.5%
Total GLA: 30,492 m2
Social Classes: A, B and C
Overall Population (within 5Km): 737 thousand people
Event: On June 28, 2013, we entered into a Purchase and Sale
Agreement for a notional fraction of 36.5% of the property and a
Purchase and Sale Agreement of 36.5% of Project, Improvements and
Construction with the Fundo de Investimento Imobiliário General
Shopping Ativo e Renda – FII for R$ 167.0 million
Opening Scheduled:
April, 2015
19 19 19
Parque Shopping Maia- Greenfield
20 20 20
Outlet Premium Rio de Janeiro
Outlet Premium Rio de Janeiro - Greenfield
Type: Outlet Center
City/State: Duque de Caxias/RJ
Stake: 98%*
Estimated Total GLA: 32,000 m2
Estimated Own GLA : 31,360 m2
Influence area (inhabitants): Super Regional
Description: Fourth outlet from the Company. Located near the city of
Rio de Janeiro, with easy access to the city of Rio de Janeiro, the
mountainous region of Rio de Janeiro state, Galeão and Santos
Dumont airports and close to the future metropolitan road arc.
(*) Company may sell up to 48% of the project to BR Partners Fund.
21 21 21
Outlet Premium Rio de Janeiro - Greenfield
22 22 22
Parque Shopping Atibaia
Parque Shopping Atibaia - Greenfield
Type: Neighborhood
City/State: Atibaia/SP
Stake: 100.0%
Estimated Total GLA: 24,043 m2
Estimated Own GLA: 24,043 m2
Description: Located in one of the main economic corridors in the
country, at the intersection of the São Paulo- Belo Horizonte and
Campinas-São José dos Campos axes.
23 23 23
Parque Shopping Atibaia - Greenfield
24 24 24
Atlas
Energy
Wass
I Park
e GSPark
GSB Adm
ASG Adm
Stake Held
100%
100%
100%
100%
100%
Management Parking Water Energy
Internacional
Auto
Poli
Light
Santana *
Cascavel
Prudente
Poli Osasco
Top Center
Do Vale
Unimart
Campinas
Suzano
Outlet São Paulo
Barueri
Outlet Brasília
Bonsucesso
Outlet Salvador
Sulacap
Increasing Complementary Services Activities
►Responsible for planning the
energy supply and leasing of
the equipment for its
transmission and distribution
►Engaged in water supply
planning and its treatment
and distribution
►Controls and manages
parking lots
►Manages operations of
shopping centers
►Manages the operations of
Auto Shopping
Services currently provided to the mall Potential services / currently being implemented * Partial 24
25 25 25
Stock Performance
(Basis 100 – JAN 2, 2009)
(*) In August 8, 2014
Until JUN 30, 2014: GSHP3 = 243.4%
Ibovespa = 32.1%
Stock Performance
R$ 8.75*
283.8%*
55,572*
38.1%*
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
Jan
-09
Feb
-09
Mar
-09
Ap
r-0
9M
ay-0
9Ju
n-0
9Ju
l-0
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ug-
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Sep
-09
Oct
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No
v-0
9D
ec-
09
Jan
-10
Feb
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Mar
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Ap
r-1
0M
ay-1
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n-1
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l-1
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Sep
-10
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No
v-1
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ec-
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Jan
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Feb
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-11
Ap
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ay-1
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-11
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Jan
-12
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Sep
-12
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-12
No
v-1
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Jan
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Ap
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-13
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Jan
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Feb
-14
Mar
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GSHP3 Ibovespa
26 26 26
GSHP3 Volume (R$ thousand)
Liquidity
6,394 17,971
91,672
65,527 66,365 42,790
59,840
102,614
64,746
278,611
150,268
92,470
156,813
122,759
58,566 45,608
86,804 86,136
56,068 42,110
29,556 42,355
1,105 1,886
6,263 5,254
3,911 3,236 3,077
5,945
4,545
12,625 13,164
8,196
13,391 13,561
6,569 5,864 6,660
11,284
6,810
5,825
4,426
11,116
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Trading Volume Number of Trades
27 27 27
Listed since July 2007
30,000,000 -
30.3% - Brazilian
64.6% - Foreign
5.1% - Individual
50,480,600 -
20,480,600
40.6%
59.4%
Free Float
Controlling Shareholder
Shareholders
(*) Position as of August 7, 2014
Nr. Shares Type of investor
Controlling
shareholder
Total
Free float
28 28
Financial Performance
29 29 29
Services Revenue Breakdown - 2Q14
73.3%
7.0%
7.5%
12.2%
Parking Energy Water Management
Rental Revenue Breakdown - 2Q14
73.4%
9.0%
4.5%
8.6%4.5%
Minimum Rent Percentage on Sales
Key Money Advertising
Straight-lining Revenue
Gross Revenue – R$ million
30 30 30
Services Revenue Breakdown - 1H14
72.1%
6.6%
8.7%
12.6%
Parking Energy Water Management
Rental Revenue Breakdown - 1H14
72.5%
10.0%
4.7%
8.3%4.5%
Minimum Rent Percentage on Sales
Key Money Advertising
Straight-lining Revenue
Gross Revenue – R$ million
31 31 31
Performance
Description 2Q13 2Q14 Chg % 1H13 1H14 Chg %
Average GLA (m2) 255,073 269,641 5.7% 255,073 269,491 5.7%
Rent (R$/m2) 169.80 177.11 4.3% 331.69 357.04 7.6%
Serv ices (R$/m2) 56.35 70.72 25.5% 108.31 137.93 27.3%
Total (R$/m2) 226.15 247.83 9.6% 440.00 494.97 12.5%
GSB (Total)
32 32 32
Occupancy Rate
Occupancy Rate Performance
96.7% 96.4%
2Q13 2Q14
33 33 33
Services Revenue – R$ million
2nd Quarter 1st Half
34 34 34
Performance Indicators – R$ million
14.8% 15.8%
35 35 35
Performance Indicators – R$ million
18.0% 19.6%
36 36 36
2014
49.3%
24.1%
13.7%
8.2%
2.5% 1.3% 1.0%
USD TR IPCA CDI TJLP FIXED SELIC
Indebtedness Breakdown
319.5
1,818.6
Cash Debt
Cash X Debt
Cash X Debt (R$ million)
2014 2015 2016 2017 2018 2019 2020 2021 2022After
2022Total %
CCI 19.1 46.9 53.0 59.8 58.9 72.4 65.8 63.5 58.4 151.6 649.4 35.7%
Banks 92.7 52.1 34.8 24.8 16.8 16.7 16.1 10.5 6.7 4.5 275.7 15.2%
Perpetual Bonds 18.8 - - - - - - - - 874.7 893.5 49.1%
Total 130.6 99.0 87.8 84.6 75.7 89.1 81.9 74.0 65.1 1,030.8 1,818.6 100.0%
Amortization Schedule
37 37 37
319.5
1,650.7
Cash Debt
Cash X Debt
44.1%
26.5%
15.1%
9.0%
2.7% 1.5% 1.1%
USD TR IPCA CDI TJLP FIXED SELIC
Indebtedness Breakdown
Cash X Debt (R$ million)
According to Rating Agencies' Criteria*
* Considering 50% of the Subordinated Perpetual Bonds’ balance
as Equity, amounting to R$ 167.9 million
38 38 38
Investment Properties- R$ million
39 39 39
Subsequent Events
In July 14, 2014 through the subsidiaries “SECURIS ADMINISTRADORA E INCORPORADORA LTDA.” and “ SEND – EMPREENDIMENTOS E PARTICIPAÇÕES LTDA”, signed a PRIVATE PURCHASE AND SALE AGREEMENT IN NOTIONAL FRACTIONS OF REAL ESTATE PROPERTIES
(“Purchase and Sale Agreement”) with ACAPURANA PARTICIPAÇÕES S.A, for the purpose of selling our entire stake of 50% in the commercial enterprise denominated “SANTANA PARQUE SHOPPING”, for the total acquisition price of R$ 144,548,894.50. The conclusion of the operation is contingent on the fulfillment of certain Precedent Conditions enshrined in the Purchase and Sale Agreement. Should the Precedent Conditions in the Purchase and Sale Agreement be satisfied and the above operation consummated, then the Company
will cease to hold any direct or indirect stake in the commercial enterprise denominated “SANTANA PARQUE SHOPPING”. In August 13, 2014 through the subsidiary “SECURIS ADMINISTRADORA E INCORPORADORA LTDA.”, signed a PURCHASE AND SALE COMMITMENT AGREEMENT AND OTHER COVENANTS
(“Purchase and Sale Commitment”) with CLAVAS EMPREENDIMENTOS IMOBILIÁRIOS LTDA, for the purpose of selling our entire stake of 100% in the commercial enterprise denominated TOP CENTER, for the total acquisition price of R$145,500,000.00, subject to adjustments contemplated in the Purchase and Sale Commitment. The conclusion of the operation is contingent on the fulfillment of certain Precedent Conditions enshrined in the Purchase and Sale Commitment. Should the Precedent Conditions in the Purchase and
Sale Commitment be satisfied and the above operation consummated, then the Company will cease to hold any direct or indirect stake in the commercial enterprise denominated TOP CENTER.
40 40 40
GSB INVESTOR RELATIONS
Alessandro Poli Veronezi
IR Officer
Marcio Snioka IR Superintendent
Rodrigo Lepski Lopes IR Analyst
55 11 3159-5100
www.generalshopping.com.br
Contacts