Escolar Documentos
Profissional Documentos
Cultura Documentos
2014
Portfolio Overview
Aliansce owns an extensive and balanced portfolio of shopping malls, totaling 445.3 thousand sqm
of owned GLA
Mature Assets (Malls with more than 5 years of operating history)
Caxias Shopping
Shopping Iguatemi
Salvador
Shopping Taboo
Shopping
Grande Rio
Via Parque
Shopping
Carioca Shopping
Shopping
West Plaza
Bangu Shopping
Santana Parque
Shopping
Caxias Shopping
New Generation Assets (Malls with less than 5 years of operating history)
Indicates Aliansces presence
Shopping
Santa rsula
Boulevard Shopping
Braslia
Boulevard Shopping
Belm
Boulevard Shopping
Belo Horizonte
Boulevard Shopping
Campos
Parque Shopping
Belm
Boulevard Shopping
Vila Velha
Boulevard Shopping
Naes Bauru
Parque Shopping
Macei
Shopping Parangaba
Shopping Leblon
Shopping Jequitib
Shopping
Park Lagos
Boulevard Shopping
Feira de Santana
Shopping
Park Europeu
Boulevard Shopping
Vitria da Conquista*
Continental Shopping
Passeio Shopping
Moinhos Shopping
Floripa Shopping
Boulevard Shopping So
Gonalo
*Under Development
Ptio Alcntara
Portfolio Overview
Extensive governance with an average ownership of approximately 65.9% of its consolidated portfolio
Portfolio em Operao
Estado
% Aliansce
ABL
(m)
68.87%
366,581
252,482
99.2%
BA
70.78%
64,695
45,795
99.8%
A/C
Shopping Taboo
SP
78.00%
36,667
28,600
100.0%
A / C / CSC
RJ
72.87%
56,471
41,150
99.6%
A / C / CSC
RJ
25.00%
36,771
9,193
99.6%
A / C / CSC
Carioca Shopping
RJ
100.00%
23,805
23,805
99.1%
A / C / CSC
SP
25.00%
33,671
8,418
97.7%
A / C / CSC
Bangu Shopping
RJ
100.00%
53,025
53,025
99.7%
A / C / CSC
SP
50.00%
26,523
13,261
97.6%
A/C
Caxias Shopping
RJ
89.00%
25,558
22,747
98.3%
A / C / CSC
n/a
69.05%
9,395
6,488
100.0%
n/a
62.42%
308,950
192,844
94.9%
Lojas C&A
Nova Gerao de Ativos - Menos de 5 anos de histrico operacional
Shopping Santa rsula
SP
37.50%
23,057
8,646
95.9%
DF
50.00%
17,002
8,501
96.2%
A / C / CSC
PA
75.00%
39,441
29,580
94.0%
A / C / CSC
MG
70.00%
43,016
30,111
95.3%
A / C / CSC
RJ
100.00%
24,762
24,762
94.7%
A / C / CSC
PA
50.00%
31,028
15,514
97.1%
A / C / CSC
ES
50.00%
33,600
16,800
94.8%
A / C / CSC
SP
100.00%
27,256
27,256
95.6%
A / C / CSC
AL
50.00%
37,580
18,790
95.1%
A / C / CSC
40.00%
65.92%
32,208
675,531
12,883
445,326
91.6%
A / C / CSC
Shopping Parangaba
CE
Total do Portfolio
(A) Administrao | (C) Comercializao | (CSC) Central de Servios Compartilhados
97.3%
Portfolio Overview
444
CAGR05-13:
+29.8%
400
264
277
226
159
55
2005
182
80
2006
2007
2008
2009
2010
2011
2012
2013
Leading Developer
Most active mall developer in Brazil
413.8
17.9
43.9% of GLA is
1.5x
1.5x
276.3
275.0
2.5x
1.9x
16.0
15.3
10.6
217.9
8.3
165.1
BR Malls
Multiplan
Iguatemi
Sonae Sierra(1)
BR Malls
Multiplan
Iguatemi
Sonae Sierra
(1)
Growth Drivers
Owned GLA growth of 7.8% by year-end 2015
15,538
445,326
480,243
19,380
CAPEX to Complete
2014E
2015E
2016E
TOTAL
7.8%
Expansions
113.8
85.5
0.0
199.2
Greenfields
22.9
0.0
0.0
22.9
-24.1
-27.8
-7.0
-58.8
Total
112.6
57.7
-7.0
163.3
Expenses for the conclusion of recently opened projects. This value includes R$6.5 million
referring to Parangaba's Obligations for Future Assets.
Actual
2014E
2015E
End of 2015
Expansions
Expansions
34.9 thousand sqm of owned GLA with expected opening until the end of 2015
Future Expansions
Opening
GLA (sq.m.)
% Aliansce
1Q14-2Q15
2,805
100.0%
2,805
3Q14
7,375
100.0%
7,375
Carioca Shopping
4Q14
9,200
100.0%
9,200
Caxias Shopping
1Q15
7,672
89.0%
6,828
2Q15
3,175
25.0%
794
Iguatemi Salvador
2Q15
8,500
70.7%
6,009
Caxias Shopping II
2Q15
2,143
89.0%
1,907
Bangu Shopping
Total
40,870
34,918
Cap Rate(1)
% Aliansce
Initial
70.0%
Opening
Oct-07
GLA (sqm)
43,975
Owned GLA
(sqm)
88.9%
16.5%
14.5%
85.4%
30,783
90.0%
71.4
61.9
11.7%
Santana
50.0%
Oct-07
21,962
10,981
Caxias
40.0%
Nov-08
25,601
10,241
Braslia
50.0%
Jun-09
16,925
8,462
Boulevard Belm
75.0%
Nov-09
34,117
25,588
44.3
1st Year
2nd Year
3rd Year
1st Year
2nd Year
3rd Year
NOI Margin
(1)
(2)
Sum of the operating results of each year of the five shopping centers, divided by the sum of investments. Does not include expansions.
Sum of the operating results of the five shopping centers
Excess Land
Portfolio has 808 thousand sqm of GLA to be monetized or for expansions
Available construction potential for mix-use projects and future expansions in 14 of the 19 assets of the portfolio
Main objective for mix-use projects is to monetize the construction potential, i.e. air rights
13.4%
Blvd.
Belo Horizonte
Blvd. Braslia
Parque Belm
Blvd. Vila Velha
Blvd. Bauru
Blvd. Belm
10.9%
10.2%
10.4%
10.7%
8.7%
9.3%
9.2%
8.9%
98.1%
97.3%
98.0%
97.2% 97.1%
98.0%
8.7%
98.2%
95.7%
4Q13
3Q13
1Q12
1Q11
1Q10
4Q09
3Q09
4Q13
1Q13
4Q12
1Q12
4Q11
1Q11
4Q10
1Q10
4Q09
1Q09
1Q13
Blvd.
Campos
14.9%
16.4%
14.9%
12.9%
10.2%
11.1%
12.4%
11.1%
10.1%
10.4%
11.9%
10.7%
8,6%
10,1%
10.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
Aliansce
4Q11
1Q12
BR Malls
2Q12
3Q12
Multiplan
4Q12
1Q13
Iguatemi
2Q13
3Q13
9.3%
8.1%
8.0%
7.7%
4Q13
10
Leading ratio of SSS over SSR in the sector for at least 10 quarters
Half of the portfolio will complete first 5th year renewal in the next five years
-0.3p.p.
1.6p.p.
0.7p.p.
1.2p.p.
1.8p.p.
1.8p.p.
-1.2p.p.
-0.8p.p.
-1.2p.p. -2.2p.p.
-1.5p.p.
-1.3p.p.
-2 p.p.
-4 p.p.
-6 p.p.
-8 p.p.
-10 p.p.
1Q11
2Q11
3Q11
4Q11
1Q12
Aliansce
2Q12
BR Malls
3Q12
4Q12
Multiplan
1Q13
2Q13
3Q13
4Q13
Iguatemi
11
At least one mall will complete five years of operating history in each of the next six years
2014
2015
2016
2017
2018
Bangu
13.1%
9.1%
12.6%
3.6%
48.0%
15.3%
Blvd. Belm
13.1%
19.2%
36.1%
7.7%
9.4%
7.5%
Belo Horizonte
17.2%
5.9%
43.9%
9.0%
2.4%
9.2%
Braslia
10.3%
19.7%
12.4%
17.1%
7.2%
6.0%
Campos
24.2%
14.8%
0.9%
29.7%
3.2%
19.3%
Carioca
7.6%
15.4%
11.4%
32.6%
19.9%
16.3%
Caxias
13.9%
16.3%
5.0%
4.5%
5.5%
65.0%
Grande Rio
10.6%
13.5%
14.7%
20.6%
14.8%
28.1%
17.9%
Iguatemi Salvador
Parque Belm
Santana
Taboo
7.1%
13.2%
15.8%
21.6%
20.3%
26.7%
2.5%
0.0%
0.0%
54.9%
7.0%
8.2%
10.0%
6.1%
5.7%
58.5%
14.5%
9.6%
6.6%
8.3%
9.3%
29.0%
28.0%
Via Parque
13.6%
10.7%
8.8%
28.3%
10.5%
21.8%
Bauru
30.7%
7.8%
3.1%
0.7%
44.4%
17.4%
Vila Velha
10.7%
7.1%
1.4%
3.1%
35.6%
10.5%
West Plaza
N/A
18.8%
20.9%
13.0%
12.5%
18.5%
Macei
Parangaba
TOTAL
N/A
N/A
2.3%
7.0%
11.8%
0.1%
0.5%
14.1%
0.4%
0.0%
13.8%
0.0%
0.0%
20.5%
49.9%
47.0%
21.8%
(1)
Except:
HIGHLIGHT =
12
Aliansce has seven fortress malls positioned with the Emerging Middle Class: (Shopping Taboo, Shopping Grande
Rio, Carioca Shopping, Bangu Shopping, Caxias Shopping, Parque Shopping Belm and Shopping Parangaba)
These malls in terms of Aliansces Gross Revenues and Owned GLA represented 33.3% and 38.6%, respectively, in
2013
Operating Highlights
3Q13
Main Indicators
4Q13
Aliansce
Middle Income
Aliansce
Middle Income
10.1%
10.7%
0.6 p.p
9.3%
10.4%
1.2 p.p
11.3%
13.2%
1.9 p.p
10.6%
9.9%
-0.7 p.p
Occupancy Rate
97.3%
99.1%
1.8 p.p
97.2%
98.1%
0.9 p.p
Occupancy Cost
9.7%
8.8%
-1.0 p.p
8.7%
7.7%
-1.0 p.p
Late Payments
1.9%
1.8%
-0.2 p.p
1.7%
2.8%
1.1 p.p
13
Financial Highlights
CAGR10-13:
+29.5%
Growth:
+23.6%
Services
rendered
7.8%
451
Transfer Fee
0.5%
357
Parking
15.2%
272
Rent
73.0%
Key Money
3.6%
208
106
2010
Minimum rent
78.9%
2011
2012
2013
4Q12
Stands /
Kiosks
9.3%
130
Percentage
rent
11.8%
4Q13
14
Financial Highlights
Growth:
+21.4%
67%
389
71%
72%
73%
Growth:
+27.0%
253
229
71%
325
CAGR10-13:
+32.7%
307
190
167
138
93
2010
70%
2011
2012
2013
4Q12
113
4Q13
156
75
2010
2011
2012
2013
4Q12
96
4Q13
212
1.148
Growth:
+54.3%
148
125
602
55
372
215
36
195
91
2010
(1)
(2)
2011
2012
2013
4Q12
4Q13
2010
2011
2012
2013
4Q12
4Q13
15
Capital Structure
Net Debt (R$ million)(1)
TR
% 25
1.934
1.738
196
1.738
157
1.582
IGP-DI
CDI
15
5
-5
196
Short-term Debt Long-term Debt
Total Debt
Cash
Net Debt
2005
2007
2009
2011
2013
IPCA
7.8%
TR
68.0%
IGP-DI
5.0%
Fixed
4.4%
1Q14 Events
2003
TJLP
14.8%
168.7
2014
151.9
241.6
256.9
130.5
90.0
2015
2016
2017
2018
Average
2018-2027
(1)As
of December 2013
proceeds from the sale of BH Commercial Tower and excluding Capex and NOI of malls opened during 4Q13
(3) IR$179 million proceeds from BH Tower, and R$22 million Capex in acquisition of 10% stake in Boulevard Bauru
(4)Yearly Average
(2) Including
16
Shareholder Structure
Management
2.8%
Renato Rique
21.7%
Free Float
47.9%
CCPIB
27.6%
ADTV60(2): R$6.7 mn
17
Appendix
18
Sector Outlook
2.218
73.8%
1.355
32.0%
19.3%
235
US
Canada
151
France
58
Mexico
Brazil
8.5%
4.1%
n.a.(1)
High + High Mid
Middle
10
7.5
8.3
8.6
9.1
11,4
15.8%
16.0%
9.3%10.0%
9.5
6.5
4.8%
2005 2006 2007 2008 2009 2010 2011 2012 2013
Mall Sales (R$ million)
18.6%
17.0%
11.4%
9.9%
6.2%
10.7%
8.1%
10.9%
9.7% 9.1%
9.2%
10.3
5.9%
6.9%
8.4%
4.3%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Retail
Shopping Centers
Sources: ABRASCE, ICSC, BNDES, IBGE, Collins International, FGV and Cetelem Research Ipsos 2008 ; (1) Not meaningful because disposable income growth was negative in 2005
19
Company Highlights
Aliansce has the key strengths to replicate its operational excellence in the upcoming years
New Generation
Assets
Outstanding Growth
Diversified Portfolio
Significant portion of GLA with assets with less than 5 years of operating history
Potential value creation: lease step-ups lead to faster growth of SSR
Exposure to North and Northeast region, the fastest growing regions in Brazil
Exposure to all income segments
20
North
16%
Mid-West
2%
402,311
389,376
Northeast
18%
Northeast
20%
Southeast
70%
Southeast
62%
High Income
High-Mid Income
Middle Income
High growth regions with GDP growth 17%(1) higher than the Brazilian
average, with increasing importance in the countrys economy
(1)
16%
24%
31%
20%
8%
Social Classes
21
Disclaimer
This presentation may contain forward-looking statements that are subject to risks and uncertainties,
because they are not statements of historical facts, but reflect the beliefs and expectations of our
management as well as available information.
Our statements are based largely on current expectations and projections about future events and financial
tendencies that affect or may affect our business, and which may or may not materialize. Many factors
could adversely affect our results as contained in our forward-looking statements.
The forward-looking statements include information regarding results and projections, strategies, financing
plans, competitive position, industry environment, potential growth opportunities and the effects of
competition. Such estimates and projections refer only to the date they were made, and we assume no
obligation to publicly update or revise any of these estimates in the light of new information, future events
or other factors, subject to the applicable regulations.
22
Investor relations
Renato Rique - President
Henrique Cordeiro Guerra - Executive Director
Renato Botelho - CFO
Eduardo Prado - IR Superintendent
Pedro Arieira - IR Analyst
Yan Oliveira - IR Analyst