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Annual Report
2009
The Company.
Company Profile
Highlights 2009
Vision and Values
Timeline
People
Strategy
Competitive Advantages
Corporate Governance
Capital Markets
Social and Environmental Conscience
Management and Board
Our Malls
Growth Drivers
Acquisitions
Case Studies
Developments
Expansions
Financial and Operational Indicators
Operational Indicators
Best Mall Operator
Leasing Activity
Financial Indicators
Financial Statements
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The Company.
Company Profile
Highlights 2009
Vision and Values
Timeline
People
Strategy
Competitive Advantages
Corporate Governance
Capital Markets
Social and Environmental Conscience
Management and Board
Our Malls
Growth Drivers
Acquisitions
Case Studies
Developments
Expansions
Financial and Operational Indicators
Operational Indicators
Best Mall Operator
Leasing Activity
Financial Indicators
Financial Statements
Financial Statements
Statements of income years ended december 31 - Consolidated
(in thousand of reais)
2007
2008
2009
Gross Revenue
222.652
346.360
429.066
Rents
161.714
276.263
330.329
Key Money
11.753
5.198
12.740
Parking
21.418
31.839
42.799
Transfer fee
785
1.062
1.687
Services Provided
25.246
28.033
35.095
Others
1.736
3.965
6.416
(-) Taxes and Contribution
(15.613)
(27.360)
(36.483)
Net Revenue
207.039
318.999
392.583
Costs
(48.436)
(32.249)
(32.210)
Payroll
(5.992)
(2.844)
(4.684)
Services Provided
(7.488)
(5.341)
(9.758)
Common Costs
(9.812)
(14.078)
(9.622)
Merchadising Costs
(2.083)
(3.096)
(3.591)
Amortization & Depreciation
(19.540)
(716)
0
Other Costs
(3.521)
(6.175)
(4.556)
Gross Profit
158.603
286.750
360.374
Sales, General and Administrative Expenses
(52.941)
(51.411)
(51.183)
Sales Expenses
(3.593)
(6.538)
(6.218)
Personnel Expenses
(27.689)
(33.207)
(36.139)
Services Hired
(12.428)
(8.765)
(9.656)
Other Expenses
(9.231)
(2.901)
830
Depreciation
(2.090)
(195)
(1.077)
Amortization
(60.172)
(7.649)
(10.620)
Financial Income
(103.792)
(135.755)
(6.584)
Financial Revenues
58.071
94.911
354.506
Financial Expenses
(161.863)
(230.666)
(361.090)
Revenue based on Equity Revenue
1.505
779
925
Other Operational Revenues
772.501
1.249.996
Operating Income
(58.888)
865.020
1.541.828
Non-operating results
2.471
0
0
Income before Income Taxes and Minority Interest
(56.417)
865.020
1.541.828
Social Contribution Provision
(3.877)
(7.888)
8.432
Income Tax
(10.005)
(27.046)
(18.600)
Deferred Taxes
0
(293.112)
(437.193)
Investment Loss
290
0
0
Minority Interest
(350)
(2.603)
(3.576)
Net Income
(70.359)
534.371
1.090.893
In 4Q09, Management adopted the directives of the Brazilian Accounting Pronouncements Committee (CPCs), in acoordance with CVM Deliberation 603, for its 4Q09 and FY09 results:
- the straight-lining of base rent and key money revenues over the non-cancelable lease term;
- the valuation of investment properties at their fair value: our shopping malls are valued at their fair value and our greenfields projects at their cost value.Thus, we no longer depreciate our investment properties and we no longer amortize the goodwill generated by acquisitions;
- the recognifition of deferred taxes (income tax and social contribution on net income) related to the valuation of investment properties at their value and on a straight-lining revenue.For comparative purposes, the Company 4Q09 and 2008 results have already incorporated the effects of the early adoption of the CPC directives
(in thousand of reais)
Balance Sheet - Consolidated
4Q07
4Q08
4Q09
Assets
667.088
896.208
1.249.910
Cash and cash equivalents
17.050
3.388
13.526
Accounts receivable
58.311
70.539
96.408
Securities
548.986
755.094
1.053.254
Swap Variation Receivable
0
2.241
2.291
Recoverable taxes
11.937
30.598
50.480
Advances
6.885
5.773
7.955
Other receivable accounts
17.177
20.629
19.070
Deferred Income Tax and Social Contribution
6.742
0
0
Advanced Expenses
0
7.946
6.926
Non Current Assets
99.500
183.482
239.314
Clients
2.655
15.386
33.481
Deferred Tax Assets
73.997
65.434
56.910
Deposits and Bonds
6.729
10.843
11.455
Securities
16.119
14.696
74.594
Deferred Income Tax and Social Contribution
0
31.623
39.755
Swap Variation Receivable
0
42.469
19.527
Other Investments
0
2.825
2.826
Others
0
206
766
Fixed Assets
2.024.212
5.217.258
6.974.097
Investment Property
0
5.188.545
6.945.992
Property, Plant and Equipment
1.481.955
12.658
12.143
Investment - Goodwill
531.005
0
0
Investment - Investments
2.479
0
0
Leasing
0
0
0
Deferred
8.773
8.173
7.236
Intangible
0
7.882
8.726
Construction Financing
0
0
0
TOTAL ASSETS
2.790.800
6.296.948
8.463.321
For comparative purposes, the Company 4Q09 and 2008 results have already incorporated the effects of the early adoption of the CPC directives
(in thousand of reais)
Balance Sheet - Consolidated
4Q07
4Q08
4Q09
Current Liabilities
187.529
177.174
306.320
Loans and Financing
59.853
90.710
106.187
Suppliers
25.451
10.435
12.590
Taxes and Contributions
55.708
37.168
35.307
Payroll and Related Charges
15.346
11.906
20.519
Minimum Required Payable Dividend
0
0
48.795
Taxes and Contributions - Installments
4.559
4.988
4.768
Client Advances
0
2.281
9.425
Liability on shopping center's acquisition
20.958
18.168
66.045
Swap variation payable
0
1.208
1.475
Other Account Payables
5.654
310
1.209
Non Current Liabilities
824.454
2.570.218
3.088.654
Loan and Financing
775.394
1.371.505
1.346.966
Suppliers
0
8.031
7.139
Provision for Fiscal Risks and Other Contingencies
0
23.193
27.268
Taxes and Contributions - Installments
18.942
14.304
20.513
Liability on shopping center's acquisition
22.611
9.273
50.673
Swap variation payable
0
6.620
27.653
Deferred Taxes
0
1.107.531
1.526.988
Provision for Income Tax and Social Contribution
0
0
3.963
Deferred Revenues
0
23.356
70.159
Other Account Payables
7.507
6.405
7.332
Shareholder's Equity
1.778.817
3.549.556
5.068.347
Minority Interest
9.425
36.744
68.453
Capital Stock
1.839.293
1.846.253
2.307.012
Capital Reserves
126
6.508
10.086
Profit (loss) Reserves
(70.027)
0
2.741.879
Shares in Treasury
0
(5.390)
(19.204)
Retained Earnings (Loss)
0
1.699.781
0
Equity Offering Expenses
0
(34.340)
(39.879)
TOTAL ASSETS
2.790.800
6.296.948
8.463.321
For comparative purposes, the Company 4Q09 and 2008 results have already incorporated the effects of the early adoption of the CPC directives
(in thousand of reais)
2007
2008
2009
Financial Indicators
NOI
171.631
287.632
362.074
NOI Margin (%)
86,9%
90,4%
91,9%
Adjusted EBITDA
140.560
240.273
319.378
EBITDA Margin (%)
67,9%
75,3%
81,4%
Adjusted FFO
78.815
139.201
232.954
AFFO Margin (%)
38,1%
43,6%
59,3%
Operational Indicators
Total Sales (million)
9.681
9.681
11.037
Sales/m² (monthly average)
836
933
938
SSS/m² (growth %)
9,0%
10,6%
7,0%
SSR/m² (growth %)
6,5%
11,2%
10,5%
Rent/m² (monthly average)
55
65
69
NOI/m² (monthly average)
55
68
76
Occupancy Cost (% sales)
9,8%
9,4%
9,7%
Occupancy (%)
95,8%
97,1%
97,3%
Late Payments (30 days)
9,0%
4,9%
3,9%
Leasing Spread (existing contracts)
1,0%
13,7%
13,3%
Leasing Spread (new contracts)
7,4%
16,1%
17,7%
- Adjusted EBITDA 2008/2009: includes the straight-lining of base rent and key money revenues, excluding other operating revenues related to investment properties
- Adjusted FFO 2008/2009: includes the straight-lining of base rent and key money revenues, excluding other operating revenues and deferred taxes related to investment properties, the impact of exchange variations on our perpetual bond and the non-cash impact on the adjustments of the swap to market value and the corresponding taxes.
- Rent/m² and NOI/m² do not consider the straight-lining of base rent
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