Annual Report  2009
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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