Escolar Documentos
Profissional Documentos
Cultura Documentos
DE RESULTADOS
2T22
Destaques 2T22
variações vs 2T21
+45,3% +18,9%
Movimentos Litros Abastecidos
Aeroporto Aeroporto
+86,8% +308,5%
2
Disclaimer
Incorporação
¹Aviso: A Administração faz declarações sobre eventos futuros que estão sujeitos a riscos e incertezas. Tais declarações têm
como base estimativas e suposições da Administração e informações a que a Companhia atualmente tem acesso.
Declarações sobre eventos futuros incluem informações sobre suas intenções, estimativas ou expectativas atuais, assim
como aquelas dos membros do Conselho de Administração e Diretores da Companhia. As ressalvas com relação a
declarações e informações acerca do futuro também incluem informações sobre resultados operacionais possíveis ou
presumidos, bem como declarações que são precedidas, seguidas ou que incluem as palavras "acredita", "poderá", "irá",
"continua", "espera", "prevê", "pretende", "planeja", "estima" ou expressões semelhantes.
4
Comentários da Administração
Hospitalidade e Gastronomia
5
Comentários da Administração
7
Resultado Por Segmento 2T22
Shoppings e Hospitalidade e
2T22 Incorporação Aeroporto Holding Consolidado
Varejo+Digital Gastronomia
Receita Bruta 335,8 101,1 93,6 23,4 - 553,9
Impostos sobre a Receita (12,5) (20,1) (5,0) (1,8) - (39,5)
Receita Líquida 323,2 81,0 88,6 21,6 - 514,4
CPSV (83,0) (29,9) (63,1) (15,9) - (191,9)
Resultado Bruto 240,2 51,2 25,4 5,7 - 322,6
Margem (% da Receita Líquida) 74,3% 63,2% 28,7% 26,5% - 62,7%
Despesas Operacionais (13,9) (34,3) (11,1) (5,1) (15,4) (79,9)
Despesas com Vendas (8,0) (4,8) (0,3) (0,2) (1,4) (14,7)
Despesas Administrativas (4,9) (28,0) (9,0) (3,7) (12,1) (57,7)
Outros Resultados Operacionais (1,0) (1,6) (1,7) (1,2) (1,9) (7,5)
Apreciação das PPIs - 26,5 - - - 26,5
Resultado Operacional 226,3 43,4 14,4 0,6 (15,4) 269,2
Depreciação e Amortização 0,6 3,8 5,4 3,5 1,2 14,5
EBITDA 226,9 47,2 19,8 4,1 (14,2) 283,7
PPI - (26,5) - - - (26,5)
Eventos não recorrentes (ajustes) 0,5 3,8 2,7 1,8 1,5 10,3
EBITDA Ajustado 227,4 24,5 22,4 5,9 (12,7) 267,5
Margem (% da Receita Líquida) 70,4% 30,2% 25,3% 27,2% - 52,0%
Resultado Financeiro Líquido (30,9)
Imposto de Renda e CSLL (17,7)
Resultado Líquido 220,7
Margem (% da Receita Líquida) 42,9%
8
Resultado Incorporação 2T22
O resultado desse segmento é obtido por meio das vendas dos projetos
lançados, que são desenvolvidos em terrenos já pagos que a Companhia
mantém em seu landbank, sem a existência de permutas. O landbank da
Companhia é atualmente composto por VGV potencial de cerca de R$ 44
bilhões, considerando as estimativas na presente data.
Incorporação I
Resultado (R$ milhões)
2T22 2T21 Var %
Receita Bruta 335,8 581,1 -42,2%
9
Resultado Shoppings, Varejo+Digital 2T22
Impostos sobre a Receita (8,4) (4,7) 78,7% (11,7) (7,3) 61,7% (20,1) (11,9) 68,4%
Receita Líquida 49,6 31,2 59,0% 31,5 19,7 59,5% 81,0 50,9 59,2%
CPSV (15,3) (10,9) 39,9% (14,5) (8,5) 71,9% (29,9) (19,4) 53,9%
Resultado Bruto 34,2 20,2 69,3% 16,9 11,3 50,2% 51,2 31,5 62,5%
Margem (% da Receita Líquida) 69,1% 64,9% 4,2 p.p. 53,8% 57,1% -3,3 p.p. 63,2% 61,9% 1,3 p.p.
Despesas Operacionais (9,3) (8,9) 4,8% (25,0) (12,5) 99,4% (34,3) (21,4) 60,2%
Despesas com V endas (0,5) (0,1) 293,7% (4,3) (2,6) 63,5% (4,8) (2,7) 74,5%
Despesas Administrativas (7,8) (4,7) 65,9% (20,2) (13,2) 53,4% (28,0) (17,9) 56,7%
Outros Resultados Operacionais (1,0) (4,1) -75,1% (0,6) 3,2 -117,5% (1,6) (0,8) 87,7%
Resultado Operacional 51,4 10,8 376,9% (8,1) (1,3) 538,5% 43,4 9,5 355,5%
Depreciação e Amortização 1,0 0,0 2022,9% 2,8 2,3 24,3% 3,8 2,3 65,7%
EBITDA 52,5 10,8 384,2% (5,3) 1,0 -630,2% 47,2 11,8 299,0%
Eventos não recorrentes (ajustes) 3,9 5,3 -26,0% (0,1) 0,2 -175,4% 3,8 5,5 -31,0%
EBITDA Ajustado 29,9 16,7 78,9% (5,4) 1,2 -559,8% 24,5 17,9 36,9%
Margem (% da Receita Líquida) 60,3% 53,5% 6,7 p.p. -17,2% 6,0% -23,1 p.p. 30,2% 35,1% -4,9 p.p.
10
Resultado Hospitalidade e Gastronomia 2T22
Hospitalidade e Gastronomia
Resultado (R$ milhões)
2T22 2T21 Var %
Receita Bruta 93,6 50,3 86,1%
11
Resultado Aeroporto Executivo 2T22
Aeroporto
Resultado (R$ milhões)
2T22 2T21 Var %
Receita Bruta 23,4 8,0 192,2%
Impostos sobre a Receita (1,8) (0,7) 164,3%
Receita Líquida 21,6 7,3 194,8%
CPSV (15,9) (5,8) 173,7%
Resultado Bruto 5,7 1,5 275,1%
Margem (% da Receita Líquida) 26,5% 20,8% 5,7 p.p.
Despesas Operacionais (5,1) (7,0) -26,0%
Despesas com V endas (0,2) - -
Despesas Administrativas (3,7) (1,5) 150,5%
Outros Resultados Operacionais (1,2) (5,5) -77,9%
Resultado Operacional 0,6 (5,4) -110,7%
12
Receita
13
Receita
14
Custo dos Produtos e Serviços Vendidos
15
Resultado Bruto
17
Despesas Operacionais
As variações registradas nesta linha não possuem efeito “caixa”, e são ajustadas
ao EBITDA Ajustado e na apuração do cálculo para dividendos anuais.
Apreciação no Valor Justo das PPIs (R$ milhões) 2T22 2T21 Var %
Apreciação no Valor Justo das PPIs 26,5 (0,5) -5007,8%
20
Resultado Financeiro e Resultado Líquido
Disponibilidade de Caixa e Endividamento (R$ milhões) jun/22 mar/22 Var. R$ milhões Var. %
22
Disponibilidade de caixa e Endividamento
4%
19%
30% 35%
4%
7%
66%
35%
437
346
274
241 222
120
125 136 148 137 129 128
123 101 89
154
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
3% 9%
Indexadores da Carteira de Recebíveis de 4%
Incorporação
24
INCORPORAÇÃO
2T22
Incorporação
O resultado desse segmento é obtido por meio das vendas dos projetos
lançados, que são desenvolvidos em terrenos já pagos que a Companhia
mantém em seu landbank, sem a existência de permutas. O landbank da
Companhia é atualmente composto por VGV potencial de cerca de R$ 44
bilhões, considerando as estimativas na presente data.
26
Incorporação
2T22 vs
Vendas Contratadas (R$ milhões)¹ 2T22 2T21 Var. 1T22
1T22
Boa Vista Estates 153,9 190,9 -19,3% 117,7 30,8%
¹Na tabela acima foi excluída a venda de terreno para XP Investimentos S.A. reconhecida no 2T21.
¹Venda de terreno para a XP Investimentos S.A., localizado no Parque Catarina, conforme Fato Relevante de 14/12/2020.
Na próxima página está a abertura por projeto da evolução das obras ao final
do 2T22 (não inclui lotes) na ótica do “PoC”.
28
Incorporação
% Evolução
Projetos em Construção
da Obra
Boa V ista V illage -
Na Fazenda Boa Vista, as casas Sport Houses e Country Houses também estão
contabilizadas no método ”PoC”, entretanto, pela natureza da comercialização
destes produtos – a construção só inicia após a venda – cada unidade tem seu
“Poc” específico.
29
SHOPPINGS, VAREJO
e DIGITAL
2T22
Shoppings, Varejo e Digital
Portfólio Shoppings:
Em operação
31
Shoppings, Varejo e Digital
Expansão SCJ
Foto artística
Expansão CFO
¹NOI anual na estabilidade com base nas estimativas da presente data. Sujeito a alteração. 32
Shoppings, Varejo e Digital
Performance Operacional
2T22 vs
Indicadores Shoppings 2T22 2T21 Var. 2T19
2T19
Vendas (R$ milhões) 1.020,5 720,9 41,6% 621,8 64,1%
2T22 vs 2T22 vs
Indicadores Operacionais
2T21 2T19
SSS 34,6% 46,4%
33
Shoppings, Varejo e Digital
2T22 vs
2T22 2T21 Var 2T19
Vendas Varejo+Digital 2T19
R$ milhões
48,9 31,9 53,2% 7,8 523,8%
34
Shoppings, Varejo e Digital
Ações de marketing
35
HOSPITALIDADE e
GASTRONOMIA
2T22
Hospitalidade e Gastronomia
Fasano Punta del Leste Punta del Leste/Uruguai 3 Punta del Leste/Uruguai
Fasano Angra dos Reis Angra dos Reis/RJ 3 Angra dos Reis/RJ
37
Hospitalidade e Gastronomia
Empório Fasano
Fotos
38
Hospitalidade e Gastronomia
2T22 vs
2T22 2T21 Var. 2T19
Receita Bruta Consolidada Fasano 2T19
(R$ mil)
163.389 78.767 107,4% 79.944 104,4%
2T22 vs
Hotéis - Receita Bruta (R$ mil) 2T22 2T21 Var. 2T19
2T19
Receita com Fees (R$ mil) 5.636 6.098 -7,6% 2.817 100,1%
Total Receita Bruta Hotéis (R$ mil) 80.929 38.535 110,0% 35.586 127,4%
2T22 vs
Restaurantes - Receita Bruta (R$ mil) 2T22 2T21 Var. 2T19
2T19
Administrados 16.228 8.153 99,0% 7.080 129,2%
Total Receita Bruta Restaurantes R$ (mil) 82.461 40.232 105,0% 44.358 85,9%
Os números acima divergem dos apresentados nas demais tabelas deste release,
pois consideram a participação dos minoritários.
39
Hospitalidade e Gastronomia
2T22 vs
Hotéis - Consolidado 2T22 2T21 Var. 2T19
2T19
Diária Média (R$) 3.279 2.256 45,3% 1.748 87,5%
Taxa de Ocupação (%) 48,2% 35,2% 13,0 p.p. 42,5% 5,7 p.p.
O Hotel Fasano São Paulo (HFSP) e Hotel Fasano Rio de Janeiro (HFRJ) foram
destaque no trimestre, com taxas de ocupação de 74,0% e 60,8%,
respectivamente.
2T22 vs
Taxa de Ocupação (%) 2T22 2T21 Var. 2T19
2T19
HFSP 74,0% 41,4% 32,7 p.p. 74,0% 0,1 p.p.
HFSP HFRJ
40
Hospitalidade e Gastronomia
2T22 vs
Restaurantes - Consolidado 2T22 2T21 Var. 2T19
2T19
Couvert Médio (R$) 247,3 208,0 18,9% 189,9 30,2%
Aplicativo Fasano
O aplicativo Fasano é um canal que permite fazer reservas nos hotéis e nos
restaurantes, além de disponibilizar menus, realizar pedidos pelo Delivery, acessar
atividades e experiências disponíveis em cada propriedade.
41
AEROPORTO
EXECUTIVO
2T22
Aeroporto Executivo
Fotos do evento
43
Aeroporto Executivo
44
Mercado de Capitais
8,7%
O Capital Social da Companhia é
composto atualmente por 679.328.541
19,2% ações ordinárias (ON), das quais 55,4%
são de posse do controlador e os demais
55,4% 44,6% estão distribuídos em acionistas
Pessoas Físicas (16,7%), Estrangeiros
16,7% (19,2%) e Locais (8,7%), tendo como
data base 30 de junho de 2022.
Shoppings,
BP por segmento - 30.06.2022
Incorporação Varejo e H&G Aeroporto Holding Consolidado
R$ mil
Digital
Ativo
Caixa e Apliações - - - - 1.048.351 1.048.351
Contas a receber 1.146.471 64.885 36.535 45.489 - 1.293.380
Landbank e Estoques 1.683.573 53.160 16.767 4.390 - 1.757.891
PPI (=) - 3.697.352 - - - 3.697.352
Custo Contábil (+) - 1.744.946 - - - 1.744.946
PPI - valor justo (+) - 1.952.406 - - - 1.952.406
PPI em Operação (+) - 997.411 - - - 997.411
PPI Pré-Operacionais (+) - 954.995 - - - 954.995
Imobilizado e Intangível 294.927 62.154 163.404 762.467 - 1.282.951
Leasing (IFRS 16) - 89.727 82.042 - - 171.770
Outros 54.696 107.628 27.557 41.669 - 231.550
Passivo e PL
46
Glossário
ABL Própria: ABL referente ao percentual que a JHSF detém dos shoppings de seu
portfólio.
Custo de Ocupação: Custo de locação de uma loja como porcentagem das vendas.
Inclui o aluguel e outras despesas (condomínio e fundo promocional).
EBITDA: Resultado líquido do período, acrescido dos tributos sobre o lucro, das despesas
financeiras líquidas das receitas financeiras e das depreciações, amortizações e
exaustões. O cálculo do EBITDA poderá ser ajustado por itens não recorrentes, que
contribuam para a informação sobre o potencial de geração bruta de caixa nas
operações da Companhia. O EBITDA Ajustado não possui significado padronizado e
nossa definição pode não ser comparável àquelas utilizadas por outras empresas.
RevPar (Revenue per Available Room ou Receita por Apartamento Disponível): Índice
equivalente à multiplicação da Diária Média de um determinado período pela Taxa de
Ocupação.
VGV (Valor Geral de Vendas): Valor calculado pela soma do valor potencial de venda
de todas as unidades de um empreendimento.
2T22
Webcast em Português: Webcast em Inglês:
12 de agosto de 2022
12 de agosto de 2022
15:00 (horário de Brasília)
(tradução simultânea)
14:00 (horário de Nova
14:00 (horário de Nova York)
York)
15:00 (horário de Brasília)
Webcast: ri.jhsf.com.br
Webcast: ri.jhsf.com.br
Acessível em libras
48
Earnings
Release
2Q22
Highlights 2Q22
vs 2Q21
Sales
RE Development
R$ 416.5 mn
Tenant Sales
Malls SSR
+41.6% +37.7%
Daily Average Average Couvert
Hospitality Gastronomy
+45.3% +18.9%
Movements Liters Filled
Airport Airport
+86.8% +308.5%
2
Disclaimer
São Paulo, August 11, 2022 - JHSF Participações S.A. (JHSF3) presents the
operating and financial results for the second quarter of 2022 (2Q22). All of the
following information, related to 2Q22, except when otherwise indicated, is in
reais (R$), based on consolidated figures and in accordance with corporate law
and current accounting standards. All percentage changes in the comparison
between periods, unless otherwise indicated, are nominal. The information
contained in this release has not been audited by the independent auditors. We
recommend reading this material together with the Explanatory Notes, which
are included in the Financial Statements. All information in this release has been
rounded to the nearest thousand, generating roundings that may differ
immaterially in the calculations. The margins shown were calculated on Net
Revenue, except when otherwise indicated. All the acronyms used here are
contained in the Glossary, presented on the last page of this release.
Business performance:
The development will be phased and on land that the Company has in its
landbank in the Cidade Jardim Complex. The project will have a private area
of 80,000 sqm and a PSV of approximately R$ 4.0 billion.
¹Disclaimer: Management makes statements concerning future events that are subject to risks and
uncertainties. These statements are based on the beliefs and assumptions of its Management, and on
information currently available to the Company. Statements include information regarding JHSF’s intentions,
estimates or current expectations or those of its Board of Directors or Executive Officers. Statements also
include information concerning the Company’s possible or presumed future operating results, as well as
statements preceded by, followed by, or including the words ‘‘believes,’’ ‘‘may,’’ “will”, ‘‘continues,’’
‘‘expects,’’ ‘‘envisages,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or similar expressions.
4
Management Comments
The construction works of the Shopping Cidade Jardim and Catarina Fashion
Outlet expansions continued at an accelerated pace and the leasing of the
new spaces evolved positively.
In Hospitality, the highlight of the quarter was the high occupancy of hotels in
São Paulo and Rio de Janeiro, as well as the growth of all consolidated
operating indicators.
5
Management Comments
São Paulo Catarina International Executive Airport, which has been operating
international flights since June 2021, had a record of movements in June and
hosted the Catarina Aviation Show. The event, which was held for the first time in
Brazil, was attended by major manufacturers, companies and business aviation
partners, with world launches of executive jets, helicopters and high-end test-
drive cars, among others.
7
Results by Segment 2Q22
8
Real Estate Development Results 2Q22
The result of this segment is obtained through the sales of launched projects that
are developed on land already paid that the Company maintains in its land bank,
without the existence of swaps. The Company's land bank currently comprises a PSV
of around R$ 44 billion, considering the estimates on the present date.
9
Malls, Retail+Digital Results 2Q22
The result of this segment is composed of revenues from the malls of the
Company's portfolio and the Retail+Digital operation, which corresponds to the
distribution of national and international brands and other digital operations.
Gross Revenue 57.9 35.8 61.6% 43.2 27.0 60.1% 101.1 62.8 60.9%
Taxes on Revenue (8.4) (4.7) 78.7% (11.7) (7.3) 61.7% (20.1) (11.9) 68.4%
Net Revenue 49.6 31.2 59.0% 31.5 19.7 59.5% 81.0 50.9 59.2%
COGS (15.3) (10.9) 39.9% (14.5) (8.5) 71.9% (29.9) (19.4) 53.9%
Gross Profit 34.2 20.2 69.3% 16.9 11.3 50.2% 51.2 31.5 62.5%
Margin (% of Net Revenue) 69.1% 64.9% 4.2 p.p. 53.8% 57.1% -3.3 p.p. 63.2% 61.9% 1.3 p.p.
Operating Expenses (9.3) (8.9) 4.8% (25.0) (12.5) 99.4% (34.3) (21.4) 60.2%
Commercial Expenses (0.5) (0.1) 293.7% (4.3) (2.6) 63.5% (4.8) (2.7) 74.5%
Administrative Expenses (7.8) (4.7) 65.9% (20.2) (13.2) 53.4% (28.0) (17.9) 56.7%
Other Operating Expenses (1.0) (4.1) -75.1% (0.6) 3.2 -117.5% (1.6) (0.8) 87.7%
Fair Value of Investment Properties 26.5 (0.5) -5007.8% - - - 26.5 (0.5) -5007.8%
Operating Income 51.4 10.8 376.9% (8.1) (1.3) 538.5% 43.4 9.5 355.5%
Depreciation and Amortization 1.0 0.0 2022.9% 2.8 2.3 24.3% 3.8 2.3 65.7%
EBITDA 52.5 10.8 384.2% (5.3) 1.0 -630.2% 47.2 11.8 299.0%
Fair Value of Investment Properties (26.5) 0.5 -5007.8% - - - (26.5) 0.5 -5007.8%
Non-recurring events (adjustments) 3.9 5.3 -26.0% (0.1) 0.2 -175.4% 3.8 5.5 -31.0%
Ajusted EBITDA 29.9 16.7 78.9% (5.4) 1.2 -559.8% 24.5 17.9 36.9%
Adjusted EBITDA Margin (% Net Revenue) 60.3% 53.5% 6.7 p.p. -17.2% 6.0% -23.1 p.p. 30.2% 35.1% -4.9 p.p.
10
Hospitality and Gastronomy Results 2Q22
11
Executive Airport Results 2Q22
The result of this segment is obtained by the airport activities and services related
to executive aviation, developed at the São Paulo Catarina International
Executive Airport, an asset of the Company, inaugurated at the end of 2019.
12
Revenue
Consolidated Gross Revenue and Net Revenue are represented in the table
above.
The balance of Revenue to Perform, arising from the “PoC”, is R$ 453.7 million
and will be recognized in the coming periods according to the progress of the
construction works.
13
Revenue
Revenue from Malls, Retail+Digital grew compared to 2Q21, due to the strong
operating performance, added to the greater number of operating hours of
Malls compared to the previous period, impacted by the isolation restrictions.
Tenant sales grew 41.6% compared to 2Q21 and 64.1% compared to 2Q19.
Moreover, the higher number of Retail operations, in addition to the growth of
Digital, also contributed to the increase in Revenue.
In Hospitality, Revenue growth was driven by (i) the increase in the occupancy
rate (13.0 p.p. above 2Q21); and (ii) the 45.3% increase in the daily average. In
the quarter, the occupancy rates of 74.0% at Hotel Fasano São Paulo and 60.8%
at Hotel Fasano Rio de Janeiro were highlights and contributed positively to the
segment's results, as in the 1Q22.
At the Airport, revenue expansion was driven by the growth in airport activities.
The number of movements grew by 86.8% and the number of liters filled
increased by 308.5%. It is worth mentioning that the operation of international
flights, which was expanded in 1Q22, contributed to the evolution of the result.
14
Cost of Goods and Services Sold
In Real Estate Development, there was a reduction in Costs due to the lower level
of contract sales compared to 2Q21.
In Hospitality and Gastronomy, the opening of new operations and the increase
in the flow of hotels and restaurants, caused the growth of Costs.
At the Airport, Costs increased in line with the growth of airport activities, and
mainly due to the evolution of the fuel supply operation. The cost of purchasing
fuel for resale has increased due to the growth in movements and the operation
of international flights, representing a significant part of the variable cost of the
segment.
15
Gross Profit
The reduction in gross margin is mainly explained by the difference in the product
mix of the Real Estate Development Revenue in the comparison between the
quarters, as explained in the Revenue session of this Earnings Release.
The increase in Expenses in Malls, Retail+Digital reflects (i) the growth in the
number of employees to support new projects and mall expansions; (ii) expenses
with marketing actions and events; (iii) and expenses related to the growth of
Retail and Digital operations.
In Hospitality and Gastronomy, there was a stable scenario with a small increase
in Depreciation (no cash effect) in “Other Operating Results’.
17
Operating Expenses
In the Airport, Consolidated Operating Expenses has dropped, with the growth in
Administrative Expenses driven by the increase in the number of employees as a
result of the activities expansion.
The variations recorded in this line do not have a “cash” effect, and are adjusted
to Adjusted EBITDA and in the calculation of annual dividends.
Appraisal of the Fair Value of PPIs (R$' million) 2Q22 2Q21 Var %
Appraisal of the Fair V alue of PPIs 26.5 (0.5) -5007.8%
Below is the table with the balance of Fair Value of Investment Properties.
The reconciliation of Ebitda and Adjusted Ebitda is shown in the table below:
EBITDA and Adjusted EBITDA Reconciliation (R$' million) 2Q22 2Q21 Var %
Net Income 220.7 321.4 -31.3%
Income Taxes and Social Contribution 17.7 20.6 -14.2%
Financial Result 30.9 66.1 -53.3%
Depreciation and Amortization 14.5 14.3 1.2%
EBITDA 283.7 422.4 -32.8%
Fair V alue of Investment Properties (26.5) 0.5 -5007.8%
Non-Recurring Expenses 10.3 21.5 -52.1%
Adjusted EBITDA 267.5 444.4 -39.8%
Margin (% of Net Revenue) 52.0% 67.1% -15.1 p.p.
20
Financial Result and Net Result
In the quarter, there was an improvement in the Financial Result caused by the
growth in Financial Revenue, composed of income from cash investments,
interest and monetary restatement of the Performed Receivables Portfolio of
Real Estate Development.
Income Taxes, Social Contribuition and Net Income (R$' million) 2Q22 2Q21 Var %
Income Before Taxes and Social Contribution 238.3 342.0 -30.3%
Income Taxes and Social Contribution (17.7) (20.6) -14.2%
Net Income 220.7 321.4 -31.3%
Cash and Equivalents and Indebtedness (R$' million) jun/22 mar/22 Var. R$ million Var. %
During 2Q22, the Company invested (i) in the expansions of Cidade Jardim Mall
and Catarina Fashion Outlet (approximately R$ 52 million); (ii) expansion of the
Airport, with a disbursement of approximately R$ 12 million; and (iii) partial
payment of “Fazenda Santa Helena” project land aquisition, located in the
Municipality of Bragança Paulista, in the amount of R$ 44 million, totaling
approximately R$ 108 million in investments in the quarter.
At the end of June, the 12th Issuance of Simple Debentures was concluded, used
to support the Issuance of Certificates of Real Estate Receivables (“CRIs” or Asset-
backed securities) in the amount of R$757 million, with a total term of 12 years
and a grace period of 5 years for amortization of the principal. The amount of R$
457 million was paid and the balance will be paid in up to six months.
The funds from this transaction will be used to develop the Boa Vista Estates
project, located in the Boa Vista Complex, one of the strategic clusters where the
Company develops multipurpose real estate products for high-end clients.
22
Cash Availability and Indebtedness
4%
19%
30% 35%
4%
7%
66%
35%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
In this sense, the Company redefines the concept of excellence for a sustainable
business ecosystem and assumes six commitments related to the transformation of
its projects into poles of positive impact, creating wellness to its customers and
beyond its walls. These commitments contribute to the 2030 Agenda through the
Sustainable Development Goals (SDGs) proposed by the United Nations (UN).
In this quarter, the Company gathered the main events of all its segments and
published the 2021 Annual Sustainability Report.
Other highlights of the period are the significant advances in the structuring of the
Supply Chain Management Program and the kickoff of two other important
processes: the implementation of a system of indicators, which aims to improve
the ESG accounting of all businesses, and the analysis of risks and opportunities
related to climate change based on the TCFD (Task Force on Climate Financial
Disclosure).
24
REAL ESTATE
DEVELOPMENT
2Q22
Real Estate Development
The result of this segment is obtained through the sale of projects launched,
which are developed on land already paid that the Company maintains in its
landbank, without the existence of swaps. The Company's landbank currently
comprises a potential PSV of approximately R$ 44 billion, considering the
estimates on the present date.
In 2Q22, we continued with the sales of the remaining inventory at Fazenda Boa
Vista, products from Boa Vista Village, and the pre-launch Boa Vista Estates,
located in the Boa Vista Complex.
In São Paulo, at the Cidade Jardim Complex, there were the sales of Fasano
Cidade Jardim project, the São Paulo Surf Club Memberships - the first surfing
club in the city of São Paulo - and the Reserva Cidade Jardim project, which its
commercialization started in 2Q22.
Reserva Cidade Jardim will be composed of residential and hotel units, with
several amenities designed for the comfort and leisure of families. With plants
from 455 sqm to 1,300 sqm, it will have private gardens and green areas,
ensuring privacy and quality of life, in addition to the best views of the city of
São Paulo.
The development will be phased and on land that the Company has in its
landbank in the Cidade Jardim Complex. The project will have a private area
of 80,000 sqm and a PSV of approximately R$ 4.0 billion.
26
Real Estate Development
2Q22 vs
Contracted Sales (in R$' million)¹ 2Q22 2Q21 Var. 1Q22
1Q22
Boa V ista Estates 153.9 190.9 -19.3% 117.7 30.8%
¹In the table above, the sale of land to XP Investimentos S.A. recognized in 2Q21.
There was a 29.5% growth in sales compared to 1Q22, driven by the sale of
recently launched projects in São Paulo (Reserva Cidade Jardim and São Paulo
Surf Club Memberships, which is part of the Real Park multipurpose project), in
addition to the growth in sales of Boa Vista Estates.
The remaining inventory of Fazenda Boa Vista is almost finished, leaving only a
few units available for sale, which explains the drop in comparisons. In relation to
Boa Vista Village, the slowdown in sales was mainly due to the lack of medium-
sized land plots in the inventory, in addition to the anticipation of launches,
which concentrated greater sales volume in its initial phases.
The breakdown of Gross Revenue for the quarter is below. We emphasize that
the sales of Fasano Cidade Jardim and Reserva Cidade Jardim, as well as the
Sports Houses and Country Houses, and the Boa Vista Village apartments, are
accounted using the Percentage of Completion “Poc” method, according to
the cost incurred by the project. .
In the next page is the breakdown by project of the construction works progress
at the end of 2Q22 (does not include land plots) from the perspective of the
“PoC”.
28
Real Estate Development
% Work
Projects under Construction
evolution
Boa V ista V illage -
Sport Houses and Country Houses, located in Fazenda Boa Vista, are also
accounted for in the "PoC" method, however, due to the nature of the sale of
these products - construction only starts after the sale - each unit has its specific
"Poc".
29
MALLS, RETAIL AND
DIGITAL
2Q22
Malls, Retail and Digital
The result of this segment is composed of revenues from the Malls of the
Company's portfolio (6 Malls in operation, in addition to expansions, and 3 Malls
under development), in addition to the Retail+Digital operation, which
corresponds to the distribution of national and international brands and digital
operations.
Malls Portfolio:
In execution
31
Malls, Retail and Digital
The 2nd stage, works in the area destined for expansion, is in its final stage. The
expansion will add approximately 11 thousand sqm of GLA, 100% commercialized.
The expansion has a potential of around R$ 72 million of annual NOI¹ and by the
end of 2Q22, 85% of the total capex had already been incurred.
The CFO expansion works continued during 1Q22. The expansion will be phased
and will add approximately 38 thousand sqm of GLA. The first phase, with
approximately 23 thousand sqm of GLA, is already 70% commercialized. The
expansion, which at the end of 2Q22 had 55% of capex already realized, has a
potential to add approximately R$ 44 million of annual NOI¹.
CFO Expansion
Construction work
32
Malls, Retail and Digital
Operating Performance
2Q22 vs
Malls Indicators 2Q22 2Q21 Var. 2Q19
2Q19
Retailers' Sales (R$' million) 1,027.3 720.9 42.5% 621.8 65.2%
In comparison with 2Q21, sales at Cidade Jardim Mall grew 44.8% and at Catarina
Fashion Outlet grew 33.2%. Compared to 2Q19, the growth was 86.5% and 56.7%,
respectively.
The consolidated operating indicators for sales and rent are shown below:
2Q22 vs 2Q22 vs
Operational Indicators
2Q21 2Q19
SSS 34.6% 46.4%
33
Malls, Retail and Digital
2Q22 vs 2Q22 vs
2Q22 2Q21 Var
Retail+Digital Sales 2Q20 2Q19
R$ mi
48.9 31.9 53.2% 7.8 523.8%
34
Malls, Retail and Digital
Marketing actions
In May, Cidade Jardim Mall new institutional campaign was launched - “Our
nature is amazing”. The campaign aims to celebrate the Mall's gardens and
green areas, one of its most striking features.
In July, a free tree climbing circuit was opened for the school holidays, with an
illuminated bridge, suspended hammock, climbing wall, among others. The
circuit will be available until August 15 and runs daily from 12am to 8pm.
35
HOSPITALITY &
GASTRONOMY
2Q22
Hospitality e Gastronomy
Fasano Punta del Leste Punta del Leste/Uruguay 3 Punta del Leste/Uruguay
Fasano Angra dos Reis Angra dos Reis/RJ 3 Angra dos Reis/RJ
In addition to the operations mentioned above, the segment also includes the
activities of Delivery Fasano and Emporium Fasano, which opened in July.
Emporium Fasano is a project with more than 1,000 sqm of area and three floors
open to the public. Located on Rua Bela Cintra, the project brings together
around 4,500 items, which include Fasano products, in addition to imported
products.
37
Hospitality e Gastronomy
Emporium Fasano
Photos
38
Hospitality e Gastronomy
Below are the tables that show the total Gross Revenue from all operations in the
Hospitality and Gastronomy segment, with the breakdown between managed
and owned assets and fees received from hotel operations, branding fees from
the sale of projects with the Fasano brand and marketing fees.
2Q22 vs
2Q22 2Q21 Var. 2Q19
Fasano Consolidated Gross Revenue 2Q19
(R$' thousand)
163,389 78,767 107.4% 79,944 104.4%
2Q22 vs
Hotels - Gross Revenue (R$' thousand) 2Q22 2Q21 Var. 2Q19
2Q19
Fees Gross Revenue (R$' thousand) 5,636 6,098 -7.6% 2,817 100.1%
2Q22 vs
Restaurants - Gross Revenue (R$' thousand) 2Q22 2Q21 Var. 2Q19
2Q19
Managed 16,228 8,153 99.0% 7,080 129.2%
It is important to note that the numbers differ from those presented in the other
tables in this release, as they consider the minority interest.
39
Hospitality e Gastronomy
2Q22 vs
Hotels - Consolidated 2Q22 2Q21 Var. 2Q19
2Q19
Daily Average (R$) 3,279 2,256 45.3% 1,748 87.5%
Occupancy Rate (%) 48.2% 35.2% 13.0 p.p. 42.5% 5.7 p.p.
Hotel Fasano São Paulo (HFSP) and Hotel Fasano Rio de Janeiro (HFRJ) were
highlights in the quarter, with occupancy rates of 74.0% and 60.8%, respectively.
2Q22 vs
Occupancy rate (%) 2Q22 2Q21 Var. 2Q19
2Q19
HFSP 74.0% 41.4% 32.7 p.p. 74.0% 0.1 p.p.
HFSP HFRJ
4040
Hospitality e Gastronomy
2Q22 vs
Restaurants - Consolidated 2Q22 2Q21 Var. 2Q19
2Q19
In 2Q22, there was a growth of 18.9% in the Average Couvert and 72.4% in the
Number of Couverts sold compared to 2Q21. Compared to 2Q19, there was also
an increase in the indicators.
FASANO APP:
Channel that allows our clients to make reservations at hotels and restaurants, in
addition to providing menus, placing orders through Delivery, accessing activities
and experiences available at each property.
41
EXECUTIVE
AIRPORT
2Q22
Executive Airport
The result of this segment is obtained from airport activities and services related
to executive aviation, developed at São Paulo Catarina International Executive
Airport, an asset of the Company, opened at the end of 2019. The airport has a
runway of 2,470 meters in length and capacity to serve aviation business,
including intercontinental business jets.
Since mid-2021, the Airport has been operating international flights and thus
became the first International Airport dedicated exclusively to executive
aviation in the country.
In June, the Airport had a record of movements and was the stage for the
Catarina Aviation Show. The event, which was held for the first time in Brazil, was
attended by major manufacturers, companies and business aviation partners,
with world launches of executive jets, helicopters and high-end test-drive cars,
among others.
43
Executive Airport
In 2Q22, the number of movements increased by 86.8% and the liters filled by
308.5% compared to 2Q21.
44
Capital Market
Since its IPO in 2007, the Company's shares have been traded on B3's Novo
Mercado, the highest level of Corporate Governance in the Brazilian stock
market.
In September 2021, the shares became part of the Dividend Index (IDV), which
aims to be an indicator of the shares of the Company that have stood out in
terms of remuneration to investors in the last 36 months. The Company, which
was already part of the composition of indices such as the SMLL, IMOB, IGCX,
IGC-NM and ITAG, now composes B3's portfolio of eleven indices.
The Company has a share buyback plan and by the end of July, 11,900,000
shares were repurchased, with part of this amount used to exercise stock option
plans. In May, 6,895,812 shares were cancelled, representing an increase of
1.01% in shareholders participation.
8.7%
The Company's Capital Stock is currently
composed of 679,328,541 common shares
19.2%
(ON), of which 55.4% are held by the
controlling shareholder and the remaining
55.4% 44.6% are distributed among Individual
shareholders (16.7%), Foreign (19.2%) and
16.7%
Local (8.7%), as the end of June 30, 2022.
Assets
Cash and financial aplications - - - - 1,048,351 1,048,351
Performed Receivables 1,146,471 64,885 36,535 45,489 - 1,293,380
Landbank and Inventories 1,683,573 53,160 16,767 4,390 - 1,757,891
Fair Value of Investment Properties (=) - 3,697,352 - - - 3,697,352
Accounting Cost (+) - 1,744,946 - - - 1,744,946
Fair Value of Investment Properties - fair value (+) - 1,952,406 - - - 1,952,406
in operation (+) - 997,411 - - - 997,411
pre-operation (+) - 954,995 - - - 954,995
Fixed assets and Intangible 294,927 62,154 163,404 762,467 - 1,282,951
Leasing (IFRS 16) - 89,727 82,042 - - 171,770
Others 54,696 107,628 27,557 41,669 - 231,550
46
Glossary
ADTV (Average Daily Trading Volume): A metric used to identify the volume of trades that a
certain asset generates per day, on average, in the market. In other words, it represents the
average business – sale and purchase – per day, for a certain period.
Allowance: Provision of the lessor’s own resources to carry out works in areas that will be
occupied by tenants.
Anchor stores: A store that is larger than ordinary stores and that may attract a larger
audience to the mall, as it is known nationally or internationally.
Contracted sales: Refers to the value of contracts with customers, related to the sale of
finished units or when launching projects in the development segment.
CVM (Securities and Exchange Commission): it is an autonomous entity, with the purpose
of disciplining, inspecting and developing the securities market.
Dividends: Earnings (parts of a company’s profit) that are distributed among its
shareholders.
EBITDA: Net income for the period, plus taxes on profit, financial expenses net of financial
income and depreciation, amortization and depletion. The EBITDA calculation may be
adjusted for non-recurring items, which contribute to the information on the potential of
gross cash generation in the Company’s operations. Adjusted EBITDA does not have a
standardized meaning and our definition may not be comparable to those used by other
companies.
GLA (Gross Leasable Area): Corresponds to the areas available for rental in malls
Liquidity: Speed and ease with which an asset can be converted into cash.
LTM (Last Twelve Months): Metric used for analyzes referring to the last twelve months from
the base date.
Minimum rent: Amount paid by the tenant, based on the square meters rented, according
to the location in the development.
PSV (Potential Sales Value): Value calculated by adding the potential sales value of all
units of a project to be launched.
RevPar (Revenue per Available Room): Index equivalent to multiplying the Average Daily
Rate for a given period by the Occupancy Rate.
2Q22
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