ALIANSCE APRESENTA OS SEUS RESULTADOS E DESTAQUES

Transcription

1Q16 RESULTS
Renato Rique
CEO
Renato Botelho
CFO
Eduardo Prado
IRO
Mauro Junqueira
CIO
Samantha Senna
IR Specialist
Yan Oliveira
IR Analyst
Phone: +55 (21) 2176-7272
Email: ri@aliansce.com.br
ri.aliansce.com.br
CONFERENCE CALL IN ENGLISH
May 10, 2016 – Tuesday
11:00 a.m. (US EDT) / 12:00 p.m. (BR)
Phone: +1 516 300-1066
Code: Aliansce
Replay available for 7 days: +55 (11) 3127-4999
Password: 79480705
Aliansce presents its 1Q16 Results and Financial and Operating
Highlights
Rio de Janeiro, May 9, 2016 – Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of Brazil’s largest shopping mall owners,
announces today its results for the first quarter of 2016 (1Q16). The Company’s managerial financial information are presented
on a consolidated basis and in thousands of Brazilian Reais (R$), in accordance with accounting practices adopted in Brazil,
pursuant to CPCs issued and approved by the Brazilian Securities and Exchange Commission (CVM), as well as with the
International Financial Reporting Standards (IFRS), except with regards to the effects of adopting the pronouncements CPC 19 (R2)
and CPC 18 (R2) – IFRS 10 and 11. The managerial financial information reflect the Company’s ownership interest in each shopping
mall, except for Boulevard Belém and Boulevard Belo Horizonte, which are 100% consolidated, in line with the consolidated
financial statements.
In response to the Circular Letter CVM/SNC/SEP No. 01/2016, the sale of Boulevard Corporate Tower – a commercial tower next
to the Boulevard Belo Horizonte Mall –, formalized in June 2014, was reclassified for accounting purposes as “Liabilities related to
Investment Properties - Commercial Tower,” in contrast to “Investment Properties – Commercial Tower” (Note 5 to the Company’s
consolidated financial statements), although formally and legally it was a sale (“Reclassification”). Therefore, the consolidated
financial statements of March 31, 2016 have been adjusted to consider the transaction as a liability, and the consolidated financial
statements of March 31, 2015 have been similarly adjusted and are being restated, affecting the balance sheet and the statements
of income, comprehensive result and consolidated cash flows.
The aforementioned Reclassification notwithstanding, with a view to presenting information that is comparable to that disclosed
by the Company in previous years, thus better suited to the understanding of the Company and its financial situation, the
managerial financial information presented below does not reflect this Reclassification. For a review of the reconciliation of such
managerial financial information and the Company’s consolidated financial statements, as well as other relevant information,
please refer to the comments and tables in the “Appendices” section.
The Company’s managerial financial information and other non-accounting information presented below have not been reviewed
by independent auditors. For a review of the Company’s accounting and audited information, please refer to the Company’s
consolidated financial statements of March 31, 2016 and March 31, 2015.
1Q16 highlights and recent events
The financial information below is managerial in nature and based on the Company’s consolidated financial statements.

The Company’s net revenue, excluding the sale and purchase of interests in 2015*, increased 10.7%. Considering the
effect of changes in ownership interest over the past 12 months, the NOI grew 6.7% and adjusted EBITDA increased 7.5%.

Same store rents (SSR) saw a 7.1% growth in the quarter. This is the biggest gain since 4Q14. In 15 of the 19 malls in the
Company’s portfolio SSR growth was higher in 1Q16 than in 4Q15. SSR growth for the Company’s top 10 malls was 7.3%
in 1Q16.

Administrative and general expenses saw a reduction for the second consecutive quarter. Expenses decreased by 1.7%
in 1Q16. The main factors were the reduction in personnel and rental expenses.
*In 2015, ownership interest sold in Via Parque Shopping and acquired of stake in Shopping da Bahia.
Unless stated otherwise, all operating and financial information is expressed in thousands of Brazilian reais and based on consolidated information, pursuant to Brazilian Corporate Law and International Financial
Reporting Standards (IFRS), in accordance with the pronouncements of the Accounting Pronouncement Committee (CPC), as approved by the Brazilian Securities and Exchange Commission (CVM).

Sales per sqm dropped 1.7% when compared to 1Q15. Sales in Aliansce’s malls reached R$1.8 billion in 1Q16, a 2.6%
drop when compared to 1Q15. Same area sales (SAS) and same store sales (SSS) decreased 3.9% and 4.8% in 1Q16. All
sales indicators performed better in relation to the variation in 3Q15 and 4Q15.

The portfolio’s occupancy rate reached 96.1% in 1Q16. The reduction of 1.1 p.p. compared to 4Q15 is due mostly to the
departure of 3 anchor stores. The Company has approved a commercial proposal for the area previously occupied by
C&A at Via Parque Shopping, which will increase the portfolio's occupancy rate to 96.5%. The Company’s top 10 assets
reached an occupancy rate of 97.6% in 1Q16.

In 1Q16, the net late payments were 6.0% versus 5.3% in 1Q15. Net late payments for the 1st quarter is usually higher
than the annual average in view of the extra costs incurred by tenants at the beginning of each year.

The occupancy cost of the tenants was 11.4% in 1Q16. The sales volume in the first quarter is typically smaller than the
average for the year, impacting the occupancy cost. In the last 12 months, total occupancy cost was 10.4%. The occupancy
cost of satellite stores reached 15.1% in 1Q16, and 13.9% in the last 12 months, below sector’s average.

The Company's gross CAPEX was R$20.5 million in 1Q16 and net investments came to R$20.3 million in the quarter.

Long-term debt linked to low volatility indexes with cost below the Selic rate. The Company’s average cost of debt
remained at 14.0% p.a. at the end of 1Q16. Approximately 87.4% of the Company’s gross debt is long-term and 79.6% of
the total is indexed to TR (reference rate), TJLP (long-term interest rate) and fixed interest rates. Since March 2013, the
Selic rate climbed 7.0 p.p., and the average cost of our debt rose 2.9 p.p..

Debt rollover with cost reduction and maturity extension. On April 13, 2016, the Company prepaid a loan with a balance
of R$52.4 million, cost of IPCA plus 9.74% p.a. and maturity in 2019. On the same date, the Company issued a simple
debenture in the amount of R$75.0 million, at a cost of CDI plus 1.7% p.a. and a maturity of 12 years, with a principal
amount grace period of 12 months. The rights and credits arising from the debenture serve as backing for the issaunce
of CRI (real estate receivables notes), according to the Brazilian Securities and Exchange Comission (CVM) Instruction No.
476/2009.

On April 20, 2016, Shopping da Bahia opened its 20th expansion. The new area comprises a Pão de Açúcar supermarket
of 1.2 thousand sqm, plus a Kalunga megastore and 400 sqm of satellite stores focused on the service segment. Around
96.4% of the expansion area have already been leased. According to the Company’s estimates, the stabilized cap rate of
expansion is 18.1% p.a..

On April 29, 2016, the Annual Shareholders’ Meeting approved the distribution of dividends in the amount of R$17.7
million to shareholders. On December 22, 2015, the Board of Directors approved the distribution of R$13,6 million in
interest on equity (net of income tax).
The table below shows the Company’s main operating and managerial financial indicators in 1Q16, as well as their changes from
the same period in the previous year.
Main indicators
1Q16
Financial Performance - Managerial Information
1Q16/1Q15
Δ%
1Q15
(Amounts in thousands of Reais, except percentages)
Gross revenue
146,012
135,083
8.1%
Net revenue
131,984
123,628
6.8%
NOI
109,259
84.4%
104,821
89.2%
-4.7 p.p.
Margin %
NOI/sqm³
4.2%
86.7
79.7
8.7%
86,821
65.8%
83,807
67.8%
-2.0 p.p.
1,280
1.0%
1,787
1.5%
-0.5 p.p.
(4,815)
-3.8%
2,050
1.7%
-5.5 p.p.
12,865
10.2%
19,371
16.3%
-6.2 p.p.
Total rent/sqm² ³
82.5
73.9
11.6%
SAR/sqm (same area rent)²
70.8
66.4
6.6%
SSR/sqm (same store rent)²
70.2
65.5
7.1%
Adjusted EBITDA¹
Margin %
Net Income
Margin %
Adjusted Net Income¹
Margin %
Adjusted FFO¹
Margin %
3.6%
-28.4%
n/a
-33.6%
Operating Performance - Managerial Information
Sales
1,847,743
1,897,776
-2.6%
Sales/sqm²
1,059.9
1,078.6
-1.7%
SAS/sqm (same area sales)²
1,044.9
1,086.7
-3.9%
SSS/sqm (same store sales)²
1,041.0
1,093.2
-4.8%
Occupancy costs (% of sales)
11.4%
10.6%
0.7 p.p.
Net Late Payments
6.2%
5.3%
0.8 p.p.
Occupancy Rate
96.1%
97.4%
-1.2 p.p.
Total GLA (sqm)
689,977
675,578
2.1%
Owned GLA (sqm)
433,741
439,378
-1.3%
GLA tha reported sales (sqm)²
376,516
374,029
0.7%
¹Adjus ted by Non-recurri ng events a nd Non-ca s h effects
² Monthl y a vera ge
³ Incl udes s tra i ght l i ne rent
Impact of changes in divestment of ownership in 2015
Over the course of 2015, the Company sold ownership stake in Via Parque Shopping, and acquired a stake in Shopping da Bahia.
The table below summarizes the changes in the most significant income statement items, while adjusting the 2015 figures to
reflect the divestment of ownership in that period.
Main indicators
1Q16
1Q15 Pro
Forma
1Q16/1Q15
Δ%
Financial Performance - Managerial Information
Gros s revenue
146,012
131,605
10.9%
Net revenue
131,984
119,254
10.7%
NOI
109,259
84.4%
102,399
89.6%
-5.2 p.p.
86,821
65.8%
80,795
67.8%
-2.0 p.p.
12,865
10.2%
17,126
15.0%
-4.8 p.p.
Ma rgi n %
Adjus ted EBITDA¹
Ma rgi n %
Adjus ted FFO¹
Ma rgi n %
¹Adjusted by non-recurring effects and non-cash items
6.7%
7.5%
-24.9%
Our Portfolio
Owned GLA per Group
Aliansce holds ownership interest and/or manages malls in all Brazilian regions, covering all
major income segments in the country.
In order to facilitate an understanding of the Company’s growth in the coming years, the
portfolio was divided into two groups according to the length of operation or current phase of
each asset:


Mature Assets: Mature malls that have been in operation for more than five years.
New Generation of Assets: Malls in the maturation phase that have been in operation for
less than five years, or which have undergone recent renovation.
1Q15
1Q16
66.9%
72.4%
27.6%
Mature Assets
33.1%
New Generation
Mature Assets (Malls with more than 5 years of operating history)
Shopping da Bahia
Caxias Shopping
Shopping Taboão
Boulevard Shopping
Brasília
Shopping
Grande Rio
Via Parque
Shopping
Shopping
Santa Úrsula
Boulevard Shopping
Belém
Carioca Shopping
Shopping
West Plaza
Bangu Shopping
Santana Parque
Shopping
Boulevard Shopping
Belo Horizonte
New Generation Assets (Malls with less than 5 years of operating history)
Boulevard Shopping
Campos
Parque Shopping
Belém
Boulevard Shopping
Vila Velha
Boulevard Shopping
Nações Bauru
Parque Shopping
Maceió
Shopping Parangaba
Third Party Malls (Managed by Aliansce)
Shopping Leblon
Boulevard Shopping
Feira de Santana
Pátio Alcântara
Continental Shopping
Passeio Shopping
Santa Cruz Shopping
São Gonçalo Shopping Shopping Praça Nova
Santa Maria*
Floripa Shopping
Boulevard Shopping
Vitória da Conquista*
Indicates Aliansce’s presence
*Under Development
In 1Q16, the Company held ownership in 19 malls in operation, totaling 433.7 thousand sqm of owned GLA.
The Company also offers planning, managing and leasing services for 10 malls owned by third parties, which had a combined GLA
of 209.4 sqm at the end of 1Q16.
The table below shows the Company's portfolio in 1Q16 and the occupancy rate at the end of the quarter.
Operating Malls
Mature Assets - more than 5 years of operating history
Shopping da Bahia
Shopping Taboão
Via Parque Shopping
Shopping Grande Rio
Carioca Shopping
Shopping West Plaza
Bangu Shopping
Santana Parque Shopping
Caxias Shopping
Boulevard Shopping Brasília
Boulevard Shopping Belém
Boulevard Shopping Belo Horizonte
Shopping Santa Úrsula
C&A Stores
New Generation Assets - less than 5 years of operating history
Boulevard Shopping Campos
Parque Shopping Belém
Boulevard Shopping Vila Velha
Boulevard Shopping Nações Bauru
Parque Shopping Maceió
Shopping Parangaba
Total Portfolio
State
BA
SP
RJ
RJ
RJ
SP
RJ
SP
RJ
DF
PA
MG
SP
n/a
RJ
PA
ES
SP
AL
CE
% Aliansce
GLA (sqm)
62.84%
69.04%
78.00%
38.91%
25.00%
100.00%
25.00%
100.00%
33.40%
89.00%
50.00%
75.00%
70.00%
37.50%
69.05%
62.94%
100.00%
50.00%
50.00%
100.00%
50.00%
40.00%
62.86%
499,608
64,111
36,547
57,255
38,042
28,470
33,870
58,347
26,581
25,558
17,510
39,406
41,458
23,057
9,395
190,368
25,033
29,968
34,997
30,660
37,498
32,212
689,977
Owned GLA Occupancy
(sqm)
rate (%)
313,931
97.0%
44,262
98.2%
28,506
97.5%
22,278
94.3%
9,510
98.0%
28,470
96.7%
8,468
96.0%
58,347
98.1%
8,878
98.5%
22,747
97.5%
8,755
98.9%
29,555
97.0%
29,021
98.4%
8,646
90.5%
6,488
100.0%
119,810
93.7%
25,033
96.9%
14,984
97.6%
17,499
89.7%
30,660
88.4%
18,749
96.7%
12,885
93.4%
433,741
96.1%
Services
rendered
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
n/a
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
(M) Management | (L) Leasing | (SSC) Shared Services Center
The decrease in occupancy rate of Via Parque Shopping and Boulevard Shopping Nações Bauru is
explained by the departure of anchor store C&A. The decrease in occupancy rate of Boulevard
Shopping Vila Velha reflects the departure of anchor store Dadalto. Excluding these three anchor
stores, the Company’s occupancy rate went from 97.2% in 4Q15 to 96.9% in 1Q16.
Occupancy Rate
97.2%
96.5%*
96.1%
The Company has approved a commercial proposal for the area previously occupied by C&A at
Via Parque Shopping, which will increase the portfolio's occupancy rate to 96.5%.
The 10 largest malls in the portfolio – which accounted for 82.4 % of the Company’s NOI –
recorded an occupancy rate of 97.6% at the end of 1Q16.
4Q15
1Q16
*Incl udes a pproved proposal a t Via Parque Shopping
Financial Highlights
Gross Revenue
Revenue Breakdown - 1Q16
Gross revenue increased by 8.1% in 1Q16, for a total of R$146.0
million. Excluding the divestment and acquisition of interests
during 2015, the Company’s gross revenue grew by 10.9% in
1Q16.
Services rendered
8.7%
Minimum rent
83.1%
Rent
71.4%
Parking
17.5%
The Company’s parking revenue was once again the highlight
for the period. The growth in the flow of vehicles aligned with a
higher average ticket in the period led to an increase in revenue
in 14 of the 17 malls that charged for this service in 1Q15.
Parking revenue totaled R$25.5 million in 1Q16, a 18.5%
increase from 1Q15.
Key Money
2.4%
Stands and Kiosks
10.1%
Overage rent
6.9%
In 1Q16, straight line rent continued to be impacted by the correction of the linearization calculation of the rental revenue from
some of the leasing contracts. Excluding straight-line rent, the Company’s gross revenues grew 7.5% in 1Q16.
Managerial Financial Information
Revenues per type
1Q16
Revenues per mall
1Q16/1Q15
Δ%
Rentals
Key Money
Parking
Transfer fee
Services rendered
Straight line rent adjustment - CPC 06
Total
1Q15
96,989
3,567
25,483
59
12,663
7,251
94,663
4,138
21,510
168
12,078
2,525
146,012
135,083
1Q16
1Q15
2.5%
-13.8%
18.5%
-64.6%
4.9%
187.1%
8.1%
1Q16/1Q15
Δ%
Shopping da Bahia
Shopping Taboão
Via Parque Shopping
Shopping Grande Rio
Carioca Shopping
Bangu Shopping
Caxias Shopping
Boulevard Campos
Shopping West Plaza
Shopping Parangaba
C&A Stores
Services
Straight line rent adjustment - CPC 06
21,024
8,828
5,426
3,781
9,895
14,568
2,521
1,156
6,148
2,475
15,568
10,693
5,219
3,189
1,635
4,122
1,742
2,671
4,468
970
12,663
7,251
17,730
8,468
9,270
3,534
7,841
13,786
2,323
1,187
5,923
2,227
14,855
10,124
4,950
3,220
1,628
4,119
1,899
2,454
4,052
889
12,078
2,525
18.6%
4.2%
-41.5%
7.0%
26.2%
5.7%
8.5%
-2.6%
3.8%
11.2%
4.8%
5.6%
5.4%
-1.0%
0.5%
0.1%
-8.3%
8.8%
10.3%
9.1%
4.9%
187.1%
Total
146,012
135,083
8.1%
Revenues - Same Malls*
146,012
131,605
10.9%
*Include effect of sale and acquisition of interest during 2015
Rental Revenue
The Company’s rental revenue increased by 2.5% in 1Q16 compared to 1Q15. Adjusting the 1Q15 figures to reflect the Company’s
current ownership stake in Via Parque Shopping and Shopping da Bahia, the rental revenue was 5.2% higher than that observed
in the 1Q15.
In 11 of the 19 malls in the portfolio, rental revenue growth in 1Q16 was higher than in the last quarter of 2015. Among the
highlights, the performance of Carioca Shopping is explained largely by the success of the expansion opened in 2Q15. Bangu
Shopping recorded a 12.9% growth in minimum rent in the quarter.
Rent Revenues
1Q16
1Q15
1Q16/1Q15
Δ%
Shopping da Bahia
Shopping Taboão
Via Parque Shopping
Shopping Grande Rio
Carioca Shopping
Bangu Shopping
Caxias Shopping
Boulevard Campos
Shopping West Plaza
Shopping Parangaba
C&A Stores
18,243
6,416
3,592
2,727
7,818
11,086
1,746
816
4,449
1,873
12,673
7,258
3,821
2,421
1,580
2,740
1,297
3,262
2,201
970
17,352
6,214
6,494
2,579
6,460
10,422
1,637
820
4,296
1,727
11,904
6,858
3,665
2,378
1,584
2,930
1,397
3,007
2,051
889
5.1%
3.3%
-44.7%
5.7%
21.0%
6.4%
6.7%
-0.5%
3.6%
8.4%
6.5%
5.8%
4.3%
1.8%
-0.2%
-6.5%
-7.1%
8.5%
7.3%
9.1%
Total
96,989
94,663
2.5%
Rent Revenues - Same Malls*
96,989
92,158
5.2%
(Amounts in thousands of Reais, except per
In 1Q16, the portfolio’s same store rents (SSR) saw the largest growth since 4Q14. The
evolution of this indicator demonstrates the Company’s ability to increase rental
revenue despite the economic scenario, due to a low occupation cost in comparison
with the sector’s average. Of the 19 malls in the Company’s portfolio, 15 properties had
a higher rental revenue in 1Q16 than in 4Q15. SSR growth for the Company’s top 10
malls was 7.3% in 1Q16.
Same-Store Rent Growth
SSR/sqm
7.1%
5.9%
1Q15
4.0%
4.3%
4.6%
2Q15
3Q15
4Q15
1Q16
CAGR:
+27.5%
Aliansce Mall & Media was created in 2012 with the purpose of maximizing kiosk and
merchandising revenues in the Company’s properties. Between 1Q12 and 1Q16, this
rental revenue item had a compounded annual growth rate (CAGR) of 27.5%, and its
share in the Company’s rental revenue increased from 7.3% to 10.1%.
13
.0
%
14 ,0 00
12 ,0 00
10 ,0 00
8,7%
7,3%
9,1%
8,227
9,8%
9,253
10,1%
9,786
11
.0
%
9.0%
7.0%
6,597
8,00 0
5.0%
6,00 0
3,701
3.0%
4,00 0
1.0%
2,00 0
-10
.%
0
1Q12
Cost of Rentals and Services
1Q13
1Q14
M&M Revenues (R$ thousands)
1Q15
1Q16
M&M/Rent Revenues
The Company continued to achieve margin gains in parking operations in 1Q16. The decrease in parking costs due to ticketing
automation and a reduction in staff enabled 16 out of 17 malls in the portfolio that charged for this service in 1Q15 to achieve
greater margins. Parking margin reached 84.6% in the quarter, about 10 p.p. above the percentage reached in 1Q15.
The increase in the Company’s operating cost this quarter was concentrated in 4 malls, which accounted for 45.8% of total
operating costs. The key factors were costs related to the migration from the captive energy market to the free market, and
contribution to marketing campaigns. The migration to the free energy market will significantly reduce the main cost item in
common area costs and, consequently, the tenants’ occupancy costs, enabling future incremental increases in rents.
In addition to the effects from higher late payments, provision for doubtful accounts in the quarter was impacted by historical
adjustments related to condominium receivables from previous quarters in Shopping West Plaza, and also by the uniform
application of PDA policy, so that the entire overdue balance of a tenant, including rent and condominium, be considered in the
provision. These adjustments totaled approximately R$1.2 million in the quarter.
Costs per type
1Q16
1Q15
1Q16/1Q15
Δ%
Depreciation and amortization
17,270
17,092
1.0%
Mall operating costs
11,768
9,214
27.7%
Parking costs
3,917
5,441
-28.0%
Leasing and Planning costs
1,718
1,303
31.8%
Provision for doubtful accounts
8,405
3,530
138.1%
43,079
36,579
17.8%
Total
Gross Income
The gross income totaled R$88.9 million in 1Q16, a 2.1% increase from the same period in the
previous year.
Gross Income (R$ thousands)
2.1%
87,048
88,905
1Q15
1Q16
Excluding divestments and acquisitions of interests in 2015, gross profit increased 5.4% in the
quarter.
NOI
NOI amounted to R$109.3 million in 1Q16, an increase of 4.2% from 1Q15. NOI margin was 84.4% in the quarter. Excluding the
effect of divestments and acquisitions made in the end of 2015, the Company’s NOI grew 6.7% in 1Q16.
1Q16
NOI
1Q16/1Q15
Δ%
1Q15
Rents
Key Money
Parking Results
Operational Income
104,299
3,567
21,565
129,432
97,356
4,138
16,070
117,564
7.1%
-13.8%
34.2%
10.1%
(-) Mall operational costs
(-) Provision for doubtful accounts
(11,768)
(8,405)
(9,214)
(3,530)
27.7%
138.1%
(=) NOI
109,259
104,821
4.2%
84.4%
89.2%
-4.7 p.p.
109,259
84.4%
102,399
89.6%
6.7%
-5.2 p.p.
NOI Margin
NOI - Same Mall*
NOI Margin - Same Mall*
Operating (Expenses) / Income
G&A Expenses vs. Net Revenues
As in the previous quarter, the Company was able to reduce general and
administrative expenses in 1Q16. The main reasons that explain the 1.7%
decrease in the quarter include a reduction of the statutory bonus for
management and of expenses with stock options. Additionally, the
Company reduced rental expenses in the quarter. In the last five years, the
Company recorded a decline of 7.3 p.p. in the share of general and
administrative expenses in net revenue.
25. 0%
21.6%
20. 0%
16.4%
14.9%
15.5%
1Q14
1Q15
15. 0%
14.3%
10. 0%
5.0%
0.0%
1Q12
1Q13
1Q16
G&A over Net Revenues
The main item of other operating (expenses)/revenue in the quarter was
the earn out related to the sale of ownership in Santana Parque Shopping in the amount of R$5 million. The Company was entitled
to receive this amount considering that the mall’s operating results was higher than the target set out in the sale agreement made
in 2014.
Operating (Expenses)/Income
1Q16
1Q16/1Q15
Δ%
1Q15
Administrative and general expenses
Depreciation and amortization expenses
Other operating (expenses)/income
Total
Gain on sale of interest¹
Other non-recurring Items
Adjusted Total
¹Earn out related to the sale of interest in Santana Parque Shopping
(18,820)
(19,147)
-1.7%
(1,144)
(911)
25.5%
2,414
(3,097)
n/a
(17,550)
(23,155)
-24.2%
(4,989)
0
2,013
1,885
6.8%
n/a
(20,526)
(21,269)
-3.5%
EBITDA and Adjusted EBITDA
The Company’s adjusted EBITDA totaled R$86.8 million in 1Q16, 3.6% higher than in 1Q15. Excluding the divestment and
acquisition of interests in 2015, adjusted EBITDA grew 7.5% in the quarter. In the last five years, the compound annual growth
rate (CAGR) of the adjusted EBITDA was 17.6%.
1Q16
1Q15
1Q16/1Q15
Δ%
Net revenues
131,984 -
123,628 -
6.8%
(-) Costs
(-) Expenses
(+) Depreciation and amortization
(43,079)
(17,550)
18,442
(36,579)
(23,155)
18,028
17.8%
-24.2%
2.3%
(=) EBITDA
89,797
81,922
9.6%
(+)/(-) Non-recurring (expenses) / income
(-) Gain on sale of interest¹
(+) Pre-operational expenses
(+)/(-) Others
(2,976)
(4,989)
2,013
1,885
0
1,885
n/a
n/a
n/a
6.8%
(=) Adjusted EBITDA
86,821
83,807
3.6%
Adjusted EBITDA Margin
65.8%
67.8%
-2.0 p.p.
Adjusted EBITDA - Same Mall²
Adjusted EBITDA Margin - Same Mall²
86,821
65.8%
80,795
67.8%
7.5%
-2.0 p.p.
¹Earn out related to the sale of interest in Santana Parque Shopping
²Include effect of sale of interest during 2014 and 2015
Financial Result
Financial Result (R$ thousands)
1Q15
1Q16
The change in income for 1Q16 compared to 1Q15 is due to the Company’s lower cash balance,
which resulted in a drop in financial revenues for the period.
There was a 0.6% decrease in financial expenses in the quarter compared with the same period in
the previous year. The main reason for the decrease in financial expenses was the savings
generated by prepayment of the first public issue of debentures in the amount of R$185 million
over the second half of 2015, which had a higher cost than the Company’s average.
(52,303)
(58,875)
Net Income and Adjusted Net Income
The Company’s net income totaled R$1.3 million in 1Q16. Excluding the non-recurring and non-cash effects, the Company had an
adjusted net loss of R$4.8 million in 1Q16.
1Q16
1Q16/1Q15
Δ%
1Q15
Net Income - Controlling Shareholders
1,280
1,787
-28.4%
(+)/(-) Non-recurring (expenses)/income
(-) Straight line rent adjustment - CPC 06
(+) non disbursed financial expenses
(+)/(-) non-cash taxes
(-) Capitalized Interest
(+) SWAP
(2,976)
(6,710)
587
3,369
(494)
128
1,885
(2,383)
1,174
458
(1,283)
411
n/a
181.6%
-50.0%
634.9%
-61.5%
-68.7%
(=) Adjusted Net Income
(4,815)
2,050
n/a
Adjusted Net Income - Same Malls*
(4,815)
80
n/a
FFO and Adjusted FFO (AFFO)
The adjusted FFO (AFFO) totaled R$12.8 million in 1Q16 and the AFFO margin was 10.2% in the quarter.
Managerial Financial Information @share
FFO
1Q16
1Q15
1Q16/1Q15
Δ%
Net Income - Controlling Shareholders
1,280
1,787
(+) Depreciation and Amortization
17,680
17,321
2.1%
(=) FFO
18,961
19,108
-0.8%
FFO Margin %
(+)/(-) Non-recurring expenses/(revenues)
(-) Straight line rent adjustment - CPC 06
(+) Stock Option
(+)/(-) Non-cash taxes
(-) Capitalized Interest
(+) SWAP
15.0%
(2,976)
(6,710)
587
3,369
(494)
128
16.1%
1,885
(2,383)
1,174
458
(1,283)
411
-1.1 p.p.
n/a
181.6%
-50.0%
634.9%
-61.5%
-68.7%
(=) Adjusted FFO
12,865
19,371
-33.6%
AFFO Margin %
10.2%
16.3%
-6.2 p.p.
Adjusted FFO - Same Mall¹
AFFO Margin - Same Mall¹
12,865
10.2%
17,126
15.0%
-24.9%
-4.8 p.p.
-28.4%
Operating Highlights
Sales Performance
Sales Growth
2,500
Sales in Aliansce malls totaled R$1.8 billion in 1Q16, down 2.6% from 1Q15. In the last 5
years, the total sales of the portfolio recorded a Compound Annual Growth Rate (CAGR)
of 12.4%.
2,000
CAGR:
12.4%
1,848
1,500
1,028
1,000
500
Sales per sqm totaled R$1,060, with a 1.7% drop against the 1Q15, an improvement from
the decreases of 4.6% in 4Q15 and 3.5% in 3Q15 against the same periods in previous
years.
-
1Q11
1Q15
Total Sales (R$ million)
The same trend can be observed in same area sales (SAS) and same store sales (SSS), which were down 3.9% and 4.8% in 1Q16,
respectively. Sales per sqm and SAS per sqm continued to reflect the positive impact in the Company’s sales of the change in
tenants and of the occupation of vacant areas. In all of the quarters over the past 5 years, SAS growth was higher than the change
in SSS.
SSS
SAS
Sales per sqm
1Q16 vs. 4Q15 Variation
∆
Improvement in
tenant mix
-3.9%
-4.8%
• Leasing of vacant
stores to tenants with
higher productivity
• Removal of stores
with sales per sqm
lower than mall's
average
-1.7%
SSS
SAS
+1.5 p.p.
Sales per sqm
+2.8 p.p.
+1.8 p.p.
Impact of the continuous improvement in tenant mix
Occupancy Rate (%)
Occupancy Rate
The Company’s occupancy rate was of 96.1% in 1Q16, 1.1 p.p. below 4Q15. The
main reason for the drop in the occupancy rate was the departure of 3 anchor
stores, one in Via Parque Shopping, another in Boulevard Shopping Nações
Bauru, and the last in Boulevard Shopping Vila Velha. Excluding these three
stores, Aliansce’s occupancy rate would be 96.9% in 1Q16, a decrease of 0.3 p.p.
compared with 4Q15.
97.4%
97.3%
97.1%
97.2%
96.5%*
96.1%
1Q15
2Q15
3TQ15
4Q15
1Q16
*Incl udes a pproved proposal a t Via Parque Shopping
The Company has approved a commercial proposal for the area previously occupied by anchor store in Via Parque Shopping, which
will increase the portfolio's occupancy rate to 96.5%, a reduction of 0.6 p.p. versus 4Q15.
Boulevard Shopping Brasilia stood out with an increase of 4.2 p.p. in occupancy rate.
Net Late Payments
Net Late Payments
Net late payments for the 1st quarter is usually higher than the annual average in
view of the extra costs incurred by tenants at the beginning of each year. In 1Q16,
the net late payments were 6.0% versus 5.3% in 1Q15. Considering the current
economic environment, net late payments in the quarter reflect the quality and
resilience of Aliansce’s portfolio.
5.3%
1Q15
3.2%
4.0%
2Q15
3Q15
5.0%
4Q15
6.0%
1Q16
Occupancy Cost (% of sales)
Similarly to net late payments, occupancy cost is also impacted by seasonality in the first quarter of the year. Lower sales volume
in the quarter results in an above year-average occupancy cost. In the last 4 years, the occupancy cost in the 1st quarter was on
average 0.8 p.p. above the occupancy cost in the year.
The occupancy cost of the portfolio was 11.4% in 1Q16, 0.8 p.p. higher than 1Q15. The occupancy cost for the Company’s top 10
malls was 11.1% in the period. In the last 12 months, occupancy cost was 10.4%.
The occupancy cost of satellite stores totaled 15.1% in 1Q16, an increase of 0.6 p.p. from the same period last year. The occupancy
cost of satellite stores totaled 13.9% in the last 12 months.
Total Occupancy Cost
Satellites Occupancy Cost
15.1%
14.5%
13.9%
13.2%
11.4%
10.6%
10.4%
9.7%
1Q15
LTM
1Q16
LTM
1Q15
LTM
1Q16
LTM
Approximately 50% of the increase in the occupancy cost for the last 12 months was due to higher condominium fees, which
reflected the higher energy costs. In addition to the 7 malls that already operate in the free energy market, 9 additional assets in
the portfolio will leave the captive market over 2016. This change will lead to a significant reduction in energy costs, as well as
their impact on condominium fees.
CAPEX
The Company’s gross CAPEX totaled R$20.5 million in 1Q16. Net investment was R$ 20.3 million in the quarter.
The main investments included the acquisition of an ownership stake in Shopping da Bahia and acquisition of land, in addition to
the amount invested by shopping da Bahia in exchange for the right to charge for parking.
The chart below shows the estimated CAPEX to be disbursed by the end of 2018. The figures below do not include the balance
payable for the acquisition of interests that total R$22.7 million by the end of 2018 and are booked in the Company’s balance
sheet.
CAPEX to Complete¹
2016E
2017E
2018E
TOTAL
(Amounts in millions of Reais)
Expansions
4.2
0.0
0.0
4.2
Maintenance / Renovations
8.4
33.3
38.0
79.7
Other
24.0
20.0
12.2
56.3
Key money / Land swap²
-1.2
-0.7
0.0
-1.9
Total
35.4
52.6
50.2
138.2
¹
²
Real values
Monetization of excess land
Growth Drivers
Expansions
Ongoing Projects scheduled to be opened in the next 12 months
Expected to open on 4Q16, the expansion of Shopping West Plaza will add 0.8 thousand sqm to the Company’s owned GLA. The
project represents an estimated investment of R$5.2 million net of key money at Aliansce’s stake.
Ongoing Projects
Shopping West Plaza
% Aliansce (R$ million)
State
Opening
GLA (sqm)
% Aliansce
Owned GLA
(sqm)
Net Capex¹
Stabilized NOI
Stabilized Cap
IRR²
(p.a.)
SP
4Q16
3,175
25.0%
794
5.2
0.4
7.7%
10.4%
794
5.2
0.4
Total
3,175
¹Includes net Key Money and Land Swap
²Real and unleveraged IRR
Expansion of Shopping West Plaza
Shopping West Plaza’s expansion encompasses a new state-of-the-art movie theater with 7 screens, following a new concept
recently opened by Cinemark in the U.S.. The Company expects a significant increase in consumer traffic, especially during
weekends, which will benefit the mall as a whole. There will also be a theater that will be opened in the former site of the mall's
movie theater.
The current schedule continues on time and the expected net CAPEX is R$5.2 million at the Company's stake, of which
approximately 85.0% has been invested by the end of 1Q16, considering that we had completed around 95.0% of the construction
works. By the end of 2Q16 we estimate the delivery of the work to Cinemark and the inauguration is expected for the 4Q16.
New front view with movie theater on the 4th floor
Current front view
Excess Land
Aliansce’s portfolio has 468.0 thousand sqm of total expandable area in 13 of the Company’s 19 shopping malls. According to each
property’s multi-year plan, this area was divided between future expansions of the Company’s malls and the development of
mixed-use projects. The intended use of the expandable area can be adapted to the Company’s interest. The numbers below
reflect Aliansce’s ownership interest.
Mixed-use Projects
(Private Built Area - sqm)
Expansion Potential
(GLA - sqm)
(Amounts at Aliansce's stake)
Carioca Shopping
11,900
1,522
Bangu Shopping
7,000
25,000
Shopping Grande Rio
2,000
7,500
Shopping Taboão
26,600
24,960
Shopping da Bahia
46,466
10,680
91,500
15,000
Boulevard Shopping Campos
41,000
20,000
15,000
10,000
28,000
15,000
Caxias Shopping
17,800
25,273
7,000
3,500
-
11,250
Shopping Parangaba
-
4,000
294,266
173,686
Total
Cash and Cash Equivalents and Indebtedness
At the end of 1Q16, the Company’s net debt was R$1,574.3 million. Excluding minority interests, the balance totaled R$1,508.3
million. Approximately 79.6% of the Company’s debt was indexed to TR (reference rate), TJLP (long-term interest rate) and fixed
interest rates, and the average cost of debt remained at 14.0% p.a. at the end of the quarter, below the Selic rate. Average maturity
increased to 5.9 years due to the prepayment of the balance on the first issuance of debentures in the second half of 2015. At the
end of 1Q16, 87.4% of the Company’s gross debt was long-term.
On April 13, 2016, the Company prepaid a loan with a balance of R$52.4 million, cost of IPCA plus 9.74% p.a. and maturity in 2019.
On the same date, the Company issued a simple debenture in the amount of R$75.0 million, at a cost of CDI plus 1.7% p.a. and a
maturity of 12 years, with a principal amount grace period of 12 months. The rights and credits arising from the debenture serve
as backing for the issaunce of CRI (real estate receivables notes), according to the Brazilian Securities and Exchange Comission
(CVM) Instruction No. 476/2009.
Debt Profile
Aliansce Cost of Debt vs. Selic (base 100)
190
TR
74.1%
Change in Selic = 7.0 p.p.
170
150
130
Change in ALSC cost = 2.9 p.p.
IPCA
14.7%
110
90
1Q13
1Q14
1Q15
SELIC
1Q16
Fixed
2.5%
ALSC Cost
Debt breakdown
Short-Term
Long-Term
TJLP
3.0%
IGP-DI
5.7%
Total Debt
(Amounts in thousands of Reais)
Banks
71,861
948,098
1,019,959
100,113
376,979
477,092
Obligation for purchase of assets
15,299
22,700
37,999
Debentures
26,035
128,826
154,862
TOTAL DEBT
213,309
1,476,604
1,689,912
Cash and Cash Equivalents
(115,572)
-
(115,572)
TOTAL CASH
(115,572)
-
(115,572)
97,737
1,476,604
1,574,340
CCI/CRI
NET DEBT
The table detailing the costs and terms of each debt is available in the appendix of the release.
Principal Amortization Schedule (R$ millions)
162.3
162.0
127.8
121.8
109.7
100.9
92.8
137.9
127.3
70.6
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
The table below shows the reconciliation between the book value of the consolidated net debt and managerial net debt in 1Q16.
The reduction in debt was a result of the recognition of the net effect of loans for Parque Shopping Belém and Parque Shopping
Maceió in the Company’s share.
Debt breakdown - Consolidated
Financial
Statements 1Q16
Effects of CPC
18/19
(amounts in thousands of reais)
1,060,006
(40,047)
Banks
CCI/CRI
Debentures
1,019,959
477,092
-
37,999
-
37,999
154,862
-
154,862
1,729,959
TOTAL DEBT
Managerial
1Q16
(40,047)
477,092
1,689,912
Cash and Cash Equivalents
(108,809)
(6,762)
(115,571)
TOTAL AVAILABLE
(108,809)
(6,762)
(115,571)
NET DEBT
1,621,150
(46,809)
1,574,341
Stock Performance
Aliansce’s shares (code ALSC3) traded on the Novo Mercado of BM&F Bovespa closed the 1Q16 at R$12.81. The average trading
volume in the quarter was R$ 5.8 million per day. On January 4th, the Company entered the portfolio that makes up the IBrX 100
index, which measures average stock performance tracking changes in the prices of the 100 most actively traded and
representative stocks of the Brazilian stock market.
Aliansce - Base = 100 (3/31/2015)
Base 100
R$ Thousand
130
14,000
120
12,000
110
10,000
100
8,000
90
6,000
80
4,000
70
2,000
60
Mar-16
ADTV 15 days
Jan-16
IBOV
Nov-15
Sep-15
Jul-15
May-15
Mar-15
ALSC3
Shareholder Base
CPPIB
29.2%
Free Float
46.6%
Treasury
0.4%
Renato Rique
21.0%
Management
2.9%
Glossary
Abrasce: Brazilian Association of Shopping Malls.
Additional Rent: The difference (when positive) between the minimum rent and rent based on a percentage of sales, pursuant to
the rental agreements.
Adjusted EBITDA: EBITDA + pre-operating expenses + / (-) other non-recurring expenses (revenues).
Adjusted FFO (Funds from Operations): Net income of the controlling shareholders + depreciation + amortization + non-recurring
expenses / (revenues) - straight line rent adjustment + stock option plan +/(-) non-cash taxes - capitalized interest + SWAP effect.
Adjusted Net Profit: Net profit of the controlling shareholders + non-recurring expenses / (revenues) - straight line rent
adjustment + stock option +/ (-) non-cash taxes - capitalized interest + SWAP effect.
Anchor Stores: Large stores (GLA over 1000 sqm) by well-known brands with special marketing and structural features that attract
customers, thus ensuring permanent customer traffic and uniform traffic in all areas of the shopping mall.
CAGR: Compound annual growth rate
CAPEX: Capital Expenditure. Estimate of the amount of funds to be spent on the development, expansion, improvement or
acquisition of an asset.
CPC: Accounting Pronouncements Committee.
CRI: Real estate receivables notes.
EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization): Net revenue – operating costs and expenses +
depreciation and amortization.
Federal Law 11638: On December 28, 2007, Federal Law 11638 was enacted, with the purpose of including publicly-held
companies in the international accounting convergence process. Consequently, certain financial and operating results were
subject to accounting effects due to the changes introduced by the new law.
FIIVPS: Fundo de Investimento Imobiliário Via Parque Shopping, a real estate investment fund.
GCA (Gross Commercial Area): Equivalent to the sum of all the commercial areas of the shopping malls (i.e., GLA plus store areas
sold).
GLA (Gross Leasable Area): Equivalent to the sum of all leasing areas available in shopping malls, except for kiosks and sold areas.
Greenfield: Development of new shopping mall ventures.
Management Fee: Fee charged to tenants and other partners of the mall to defray management costs.
MBS: Real estate credit notes.
Mega Stores Medium-sized stores (GLA between 500 and 1000 sqm), which frequently have special marketing and structural
features, on a lesser scale, but which still attract and retain customers. They are also known as “mini-anchors.”
Minimum Rent: The minimum rent price in a tenant’s leasing agreement.
Net Late Payments: It is the ratio between the total amount charged in a respective period and the total received within the same
period, being determined 30 days after the end of the quarter. The renegotiation of rental agreements is considered in the
calculation of net late payments.
Net Key Money: Key money net of leasing costs.
Key Money: Amount charged to tenant for the right to use the technical infrastructure of a project, applicable to agreements with
duration longer than 60 months.
NOI (Net Operating Income): Gross mall revenue (excluding revenue from services) + parking revenues - mall operating costs allowance for loan losses.
Occupancy Cost: The leasing cost of a store as a percentage of sales: Rent (minimum + percentage) + common fees + marketing
fund.
Occupancy Rate: Total mall GLA divided by the leased area at the end of the period in question.
Owned GLA: Refers to total GLA weighted by Aliansce’s ownership stake in each shopping mall.
PDA: Provision for Doubtful Accounts.
Sales: Reported product and service sales of stores in each of the shopping malls in the quarter, including kiosk sales. Includes
100% of each mall’s sales, regardless of Aliansce’s stake.
Sales/sqm: Sales value divided by the area reporting sales in the period. Does not include kiosk sales, since such operations are
not covered in the malls’ total GLA. Considers Aliansce’s stake in each mall.
SAR (Same Area Rent): Change in rent earned in the same area compared to the previous year. Considers Aliansce’s ownership
stake in all malls, except for Shopping Santa Úrsula.
SAS (Same Area Sales): Change in sales in the same area compared to the previous year. Considers Aliansce’s ownership stake in
all malls, except for Shopping Santa Úrsula.
Satellite Stores: Small stores (GLA less than 500 sqm) with no special marketing and structural features, located around the Anchor
Stores and intended for general retail.
SSR (Same Store Rent): Change in rent earned for the same operation compared to the previous year. Considers Aliansce’s
ownership stake in all malls, except for Shopping Santa Úrsula.
SSS (Same Store Sales): Change in sales in the same operation compared to the previous year. Considers Aliansce’s ownership
stake in all malls, except for Shopping Santa Úrsula.
Tenant Mix: Strategic composition of stores defined by the malls’ operator.
Vacancy: The mall’s gross leasable area available for rent.
Appendices
Reconciliation of the consolidated and managerial financial statements
As of January 1, 2013, the Company adopted technical pronouncement CPC 19 (R2) – Joint Businesses, which determines that the
projects that a company controls jointly with one or more parties must be characterized as Joint Businesses or Joint Venture and
must be classified under one of these categories. In addition, on the same date, the Company adopted the technical
pronouncement CPC 18 (R2) – Investment in subsidiaries and associated companies – and now fully consolidates Via Parque
Shopping Real Estate Investment Fund, as well as Parque Shopping Belém.
As stated above, in response to the Circular Letter CVM/SNC/SEP No. 01/2016, the sale of Boulevard Corporate Tower – a
commercial tower next to the Boulevard Belo Horizonte Mall –, was reclassified for accounting purposes as “Liabilities related to
investment Properties – Commercial Tower” (Note 5 to the Company’s consolidated financial statements), although formally and
legally it was a sale. This transaction was formalized in June 2014 through the sale of all the shares issued by Degas
Empreendimentos e Participações S.A., owned by Hula Fundo de Investimento em Participações – FIP.
The consolidated financial statements of March 31, 2016 have been adjusted to consider the transaction as a liability, and the
consolidated financial statements of March 31, 2015 have been similarly adjusted, and are being restated. This adjustment
affected the balance sheet, and the statements of income, comprehensive income and consolidated cash flows, as detailed in the
following tables. The asset in the transaction was entered at cost as “Investment Properties - Commercial Tower” (Note 12).
This liability has no established maturity date, since it is linked to the possible sale of the tower to third parties. Since the
transaction was formalized as a sale with its price subject to adjustments, the Company’s financial liability is limited to the
difference between the Target Value (amount paid by the buyer at the CDI rate + 2% per annum deducted from distributions of
earnings from the tower, held between the date of sale to the buyer and the future date of sale to a third party) and the value
obtained by the purchaser at any sale of the tower to third parties. If the tower is eventually sold for a price above the Target
Value, Aliansce will be entitled to a credit. The amount under “Liabilities related to Investment Properties - commercial tower” in
the consolidated financial statements corresponds to the target value.
The managerial financial information does not consider the impact of the Reclassification and reflect the proportional stake held
by Aliansce in jointly owned subsidiaries, as shown below:
Income Statements
Financial
Financial
Managerial
Statements 1Q15 Statements 1Q16 Statements 1Q16
Equity Income
Equity Income
50.00%
Equity Income
Equity Income
50.00%
Shopping Grande Rio
Equity Income
Equity Income
25.00%
Equity Income
Equity Income
37.50%
100.00%
100.00%
50.00%
Via Parque Shopping
100.00%
Equity Income
38.91%
Equity Income
Equity Income
33.40%
100.00%
100.00%
-
Boulevard Corporate Tower
Finally, the managerial financial statements were prepared based on the balance sheets, income statements and financial reports
of the respective companies and projects, as well as assumptions deemed reasonable by the Company’s Management, which
should be read in conjunction with the period’s financial statements and respective notes.
We present below the reconciliation of accounts versus managerial financial statements for the periods ended March 31, 2015
and 2016:
Reconciliation of the consolidated accounting and managerial financial statements – 2015
Conciliation between managerial financial information
vs financial statements
Period ended March 31, 2015
Aliansce Consolidated
Boulevard Corporate
2015 - Financial
Tower
Statements
Minorities
Via Parque
Consolidation /
Adjustment Cross off
Aliansce
Consolidated
2015 - Managerial
Gross revenue from rental and services
Taxes and contributions and other deductions
127,740
(10,935)
Net revenues
116,805
Cost of rentals and services
(31,195)
- - -
(2,060)
133
9,402
(653)
135,083
(11,455)
(1,927)
8,749
123,628
433
(5,816)
(36,579)
(1,494)
2,933
87,048
(6)
2
(8)
(2,647)
3,046
(5,748)
5
50
(23,154)
(19,147)
0
(911)
(3,097)
(52,303)
85,610
- - -
Operating income/expenses
Equity Income
Depreciation and Amortization
Other operating income/(expenses)
(17,238)
(22,195)
5,748
(916)
125
(3,263)
0
(0)
(3,263)
Financial income/(expenses)
(60,805)
7,016
(51)
1,537
7,567
3,753
(1,552)
1,823
7,838
(5,227)
(1,276)-
(82)
(1,736)
(8,321)
Net income for the period
2,340
2,477
(1,633)
87
3,270
Income attributable to:
Controlling Shareholders
Minority Shareholders
(690)
3,030
2,340
2,477
2,477
(1,633)
(1,633)
87
87
1,787
1,483
3,270
Consolidation /
Aliansce
Consolidated
2015 - Managerial
Gross income
Net income before taxes and minority interest
Income and social contribution taxes
Conciliation between EBITDA / Adjusted EBITDA
Boulevard Corporate
2015 - Financial
Tower
Statements
Minorities
Via Parque
(amounts in thousands of reais, except percentages)
Net income
2,340
2,477
(1,633)
87
3,270
(+)/(-) Financial expenses / (income)
(+) Income and social contribution taxes
17,180
60,805
5,227
(7,016)
1,276
(244)
51
82
1,093
(1,537)
1,736
18,028
52,303
8,321
EBITDA
EBITDA MARGIN %
85,552
73.2%
(3,263)
(1,745)
1,378
81,922
66.3%
ADJUSTED EBITDA
ADJUSTED EBITDA MARGIN %
Conciliation between FFO / Adjusted FFO
1,501
87,053
74.5%
238
-
-
146
1,885
(3,025)
(1,745)
1,524
83,807
67.8%
Boulevard Corporate
2015 - Financial
Tower
Statements
Minority Interest
Consolidation /
Aliansce
Consolidated
2015 - Managerial
Net income/(loss) for the period
(+) Depretiation and amortization
(=) FFO *
FFO MARGIN %
(+)/(-) Non recurring expenses
(-) Straight line rent adjustments - CPC 06
(+) Stock Options
(-) CPC 20 - Capitalized Interest
(+) SWAP
(=) Adjusted FFO *
AFFO MARGIN %
* Non-accounting indicators
2,340
2,477
(3,116)
87
1,787
17,180
- -
(951)
-
1,093
-
1,501
0
238
0
-
0
146
17,321
19,108
16.0%
0
(2,261)
1,174
(1,293)
(1,283)
411
1,276
0-
143
(162)
--
(265)
638
- -
19,519
16.7%
1,885
(2,383)
1,174
459
(1,283)
411
0
19,371
16.3%
Reconciliation of the consolidated accounting and managerial financial statements – 2016
Conciliation between managerial financial information
vs financial statements
2016 - Financial Statements
Consolidation / Adjustment
Cross off
2016 - Managerial
130,538
(13,148)
-
Net revenues
117,390
-
14,594
131,984
(31,017)
-
(12,062)
(43,079)
Gross income
15,474
(881)
146,012
(14,028)
86,373
-
2,532
88,905
Operating income/expenses
Equity Income
(12,164)
(25,979)
9,642
(1,143)
5,316
(2,716)
(2,716)
(2,672)
7,157
(9,642)
(1)
(186)
(17,550)
(18,820)
0
(1,144)
2,414
(69,757)
9,164
1,719
(58,875)
4,452
6,448
1,579
12,480
(5,912)
(2,192)
(1,114)
(9,219)
(1,460)
4,256
465
3,261
(2,975)
1,515
(1,460)
4,256
4,256
465
465
1,280
1,980
3,261
Income and social contribution taxes
Conciliation between EBITDA / Adjusted EBITDA
2016 - Financial Statements
Consolidation / Adjustment
Cross off
2016 - Managerial
(1,460)
4,256
465
3,261
(+)/(-) Financial expenses / (income)
(+) Income and social contribution taxes
16,892
69,758
5,913
(9,164)
2,192
1,550
(1,719)
1,114
18,442
58,875
9,219
EBITDA
EBITDA MARGIN %
91,103
77.6%
(2,716)
1,411
89,797
68.0%
(+) Pre-operational expenses
(+)/(-) Others
(3,499)
(3,499)
615
615
(92)
(92)
(2,976)
(2,976)
ADJUSTED EBITDA
ADJUSTED EBITDA MARGIN %
87,604
74.6%
(2,102)
1,319
86,821
65.8%
Conciliation between FFO / Adjusted FFO
Boulevard Corporate
2016 - Financial
Tower
Statements
Minority Interest
Consolidation /
Aliansce
Consolidated
2016 - Managerial
(+) Depretiation and amortization
(=) FFO *
FFO MARGIN %
(1,460)
4,256
(1,980)
465
1,280
16,892
- -
(762)
-
1,550
-
17,680
18,961
15.0%
0
15,432
13.1%
(+)/(-) Non recurring expenses
(3,499)
0
615
0
-
0
(92)
(2,976)
(-) Straight line rent adjustments - CPC 06
(+) Stock Options
(-) CPC 20 - Capitalized Interest
(+) SWAP
(5,871)
587
1,517
(494)
128-
2,192
--
542
(320)
--
(1,381)
(19)
--
(6,710)
587
3,369
(494)
128-
(=) Adjusted FFO *
AFFO MARGIN %
* Non-accounting indicators
12,865
10.2%
Debt table
The amounts detailed below reflect Aliansce’s stake in each debt and do not include (i) structuring costs and (ii) obligations related
to the purchase of assets. For more information, please refer to Note 15 of the Company’s consolidated financial statements.
Index
Interest
Short Term
Long Term
Current Balance
Maturity
50,098
105,417
86,552
120,207
52,396
90,390
97,047
42,631
67,098
81,917
129,314
203,286
153,199
119,343
32,208
58,687
24,912
32,174
76,187
Oct-17
Jan-24
Sep-18
Jan-21
Dec-19
Mar-23
May-25
Dec-23
Nov-21
Apr-24
May-26
Aug-27
Sep-27
Dec-27
Sep-21
Dec-24
Jul-21
Apr-24
May-30
(Amounts @share in thousands of Reais)
Debenture II
Debenture III¹
Cibrasec
Cibrasec
RB Capital
RB Capital
Gaia Securitizadora
BNB
Bradesco
Bradesco
Bradesco
Bradesco
Bradesco
Bradesco
Bradesco
Santander
Itaú
Itaú
Itaú²
¹ Grace period until Jan-23
² Grace period until May-18
TJLP
IPCA
TR
TR
IPCA
IPCA
IGP-DI
TR
TR
TR
TR
TR
TR
TR
TR
TR
TR
TR
5.00%
7.50%
10.80%
12.00%
9.74%
7.95%
7.95%
8.08%
12.00%
10.60%
10.80%
10.50%
10.50%
9.60%
10.20%
10.20%
10.70%
9.90%
9.88%
25,098
1,210
33,882
28,541
12,569
9,967
8,423
4,038
9,107
7,323
7,721
10,218
7,707
6,051
4,727
4,639
4,675
4,106
565
25,000
104,207
52,670
91,666
39,827
80,422
88,624
38,593
57,991
74,594
121,592
193,068
145,491
113,292
27,481
54,047
20,238
28,068
75,622
Balance Sheet
Managerial Balance Sheet
Aliansce Financial Statements
03/31/2016
12/31/2015
03/31/2016
ASSETS
Current
Cash and cash equivalents
Short-term investments
Accounts receivable
Dividends receivable
Taxes recoverable
Other receivables
Total Current Assets
03/31/2016
12/31/2015
Aliansce Managerial Consolidated
03/31/2016
12/31/2015
15,720
93,089
80,268
1,500
52,533
27,668
15,425
120,620
89,604
57,411
14,018
270,778
297,078
Non-Current
Accounts receivable
Judicial deposits
Other receivables
Investments
Investment property - Commercial Tower
Investment property - malls
Property, plant and equipment
Intangible assets
19,784
22,194
413,960
175,345
2,897,765
7,096
282,529
18,539
20,551
413,951
174,945
2,899,689
7,329
283,126
Total Non-current Assets
3,818,673
3,818,130
Total Assets
12/31/2015
Consolidation Cross off CPC 18/19
4,089,451
4,115,208
--
--
-(175,345)
-
-(174,945)
-
(175,345)
(175,345)
(174,945)
(174,945)
LIABILITIES
1,092
5,670
11,657
(1,500)
806
1,653
2,167
1,700
12,085
856
1,997
16,813
98,759
91,925
53,339
29,320
17,592
122,320
101,689
58,267
16,015
19,378
18,805
290,156
315,883
(38)
1,881
(413,788)
246,054
(1)
103,683
43
(2,503)
440
(413,779)
246,274
(2)
103,678
19,746
24,075
172
3,143,819
7,096
386,211
43
16,036
20,991
172
3,145,963
7,327
386,804
(62,209)
(65,848)
3,581,118
3,577,337
(42,831)
(47,043)
3,871,274
3,893,220
Current
Suppliers
Loans and financing, real estate credit notes and debentures
Taxes and contributions payable
Dividends payable
Obligations for purchase of assets
Other liabilities
12,780
201,398
25,612
33,502
15,299
34,224
18,911
200,110
27,052
31,755
18,721
23,871
(84)
-
Total Current Liabilities
322,815
320,420
(84)
0
(84)
(84)
0
Non-Current
Loans and financing , real estate credit notes and debentures
Taxes and contributions to collect
Deferred income
Derivative financial instruments
Deferred income and social contribution tax
Obligations for purchase of assets
Other liabilities
Provision for contingencies
Obligation related to Investment Properties – Commercial Tower
1,490,562
7,119
26,472
6,106
64,191
22,700
7,319
2,070
230,226
1,517,285
7,234
28,273
5,978
62,675
22,222
13,260
2,147
223,379
18,688
(230,226)
16,496
(223,379)
Total Non-Current Liabilities
1,856,765
1,882,453
Shareholders' Equity
Share Capital
Expenditure on issuance of shares
Capital reserve
Treasury shares
Revenue reserves
Carrying value adjustments
1,413,854
(43,714)
21,586
(8,430)
388,812
45,283
1,413,854
(43,714)
20,999
(8,430)
391,787
45,283
0
(211,538)
0
36,277
-
0
(206,883)
0
32,022
-
- 0
36,2770
- 0
32,0220
(20,469)
(20,934)
72,011
71,622
(20,469)
(20,934)
1,925,678
1,923,422
(175,345)
(174,945)
(42,831)
(47,043)
Minority Interest
Total Shareholders' Equity
Total liabilities and shareholders' equity
92,480
92,556
1,909,871
1,912,335
4,089,451
4,115,208
1,461
(3,388)
1,977
10
(333)
1,254
(3,308)
1,366
180
(318)
14,241
198,010
27,506
33,512
15,299
33,889
20,165
196,802
28,334
31,935
18,721
23,553
(273)
(825)
322,456
319,511
(36,659)
4,098
6,139
910
3,423
-
(36,930)
3,548
6,158
910
1,030
-
1,453,904
7,119
30,570
6,106
89,019
22,700
8,229
5,493
-
1,480,355
7,234
31,821
5,978
85,329
22,222
14,170
3,177
-
(22,088)
(25,284)
1,623,139
1,650,286
-
1,413,854
(43,714)
21,586
(8,430)
425,089
45,283
1,413,854
(43,714)
20,999
(8,430)
423,809
45,283
(0)
0
3,871,274
3,893,219
Cash Flow
Cash Flow Statement
Aliansce Financial
Statements
Boulevard Corporate
Tower
Consolidation Cross off
Aliansce Managerial
Consolidated
03/31/2016
03/31/2016
03/31/2016
03/31/2016
Operating Activities
Net Profit/(Loss) for the period
Adjustments to net profit due to:
Straight line rent adjustment
Equity Income Gain
Provision (Reversal of provision) for doubtful accounts
Stock Option plan
Interest on Equity
Monetary variation over financial debts
(Gain) loss on investments
(2,975)
4,255
0
1,280
(5,871)
16,926
(9,642)
7,219
587
62,842
-
-
(1,380)
1,550
9,642
1,186
0
(1,573)
-
(7,251)
18,476
8,405
587
61,269
-
(5,000)
128
1,517
2,192
0
(20)
(5,000)
128
3,689
Funds from profits
65,731
6,447
9,405
81,583
Decrease (increase) in assets
Accounts receivable
Other credits
Taxes recoverable
10,605
7,987
(2,260)
4,878
-
-
354
666
(362)
50
-
10,959
8,653
(2,622)
4,928
-
Increase (decrease) in liabilities
Suppliers
Obligation related to Investment Properties – Commercial Tower
Collectable taxes and contributions
Other obligations
Deferred income
10,342
(6,130)
7,651
6,847
3,775
(1,801)
(6,847)
(6,847)
-
1,920
206
1,286
(123)
550
5,415
(5,924)
8,937
3,652
(1,251)
(18,748)
-
(1,374)
(20,122)
67,930
(400)
10,305
77,835
(400)
(32)
(13,059)
9,534
27,531
(3,818)
(585)
-
400
-
1
(1,321)
(7,838)
(3,970)
(0)
(15)
-
(31)
(14,380)
1,696
23,561
(3,818)
(600)
-
19,171
400
(13,144)
6,427
Increase in capital
-
-
-
-
Paid dividends
-
-
-
-
Interest payment loans and financing / real estate credit note
-
-
-
-
Principal payment loans and financing / real estate credit note
(46,086)
-
1,740
(44,346)
Structuring costs - loans and financing / real estate credit note
(31,593)
-
160
(31,433)
-
-
-
-
(9,126)
-
0
(9,126)
Payment of structuring cost - Debentures
-
-
-
-
Funding of loans and financing
-
-
(136)
(136)
Issuance of loans and financing
-
-
-
-
Issuance of Debentures
-
-
-
-
Share buyback
-
-
-
-
(86,805)
-
1,764
(85,041)
295
-
(1,075)
(779)
15,720
15,425
-
1,093
2,167
16,813
17,592
295
-
(1,074)
(779)
Earn Out Acapurana
Provision for impairment loss on assets
Fair value of financial derivatives instruments
Gain on Dilution of Interest - fair value
Deferred income and social contribution tax
Taxes paid
Net Cash Used in Operating Activities
Investtment Activities
Acquisition of properties for investment - Commercial Tower
Acquisition of property, plant and equipment
Acquisition of properties for investment - Shopping
Sale of investment in properties
Decrease (increase) in real estate assets
Sale of investments
Reduction (increase) in securities
Acquisition of intangible assets
Aditional acquisition of non-controlling interest
Receipt of Interest on Capital
Net Cash Used in Investment Activities
Financing Activities
Interest payment of debentures
Principal payment of debentures
Net Cash Used in Financing Activities
Net change in Cash and Cash Equivalents
Cash and Cash Equivalents at the end of the Period
Cash and Cash Equivalents at the beginning of the Period
Net change in Cash and Cash Equivalents
Comparison of the consolidated accounting and managerial financial statements for
the periods ended March 31, 2015 and 2016:
Consolidated Financial Statements
1Q16
1Q16/1Q15
Δ%
1Q15
130,538
127,740
2.2%
(13,148)
(10,935)
20.2%
Net revenues
117,390
116,805
0.5%
(31,017)
(31,195)
-0.6%
86,373
85,610
0.9%
(12,164)
(17,238)
-29.4%
(25,979)
(22,195)
17.1%
9,642
5,748
67.7%
(1,143)
(916)
24.7%
5,316
125
4152.8%
(69,757)
(60,805)
14.7%
4,452
7,567
-41.2%
Current income and social contribution taxes
(4,396)
(6,520)
-32.6%
Deferred income and social contribution taxes
Gross income
Operating income/(expenses)
Equity income
Depreciation and Amortization expenses
(1,516)
1,293
n/a
(1,460)
2,340
n/a
(2,975)
1,515
(1,460)
(690)
3,030
2,340
331.2%
-50.0%
n/a
1Q16
1Q16/1Q15
Δ%
1Q15
146,012
-
135,083
-
8.1%
22.5%
(14,028)
-
(11,455)
-
Net revenues
131,984
-
123,628
-
6.8%
(43,079)
-
(36,579)
-
17.8%
Gross income
Operating income/(expenses)
Depreciation and Amortization expenses
88,905
-
87,048
-
2.1%
(17,550)
-
(23,155)
-
-24.2%
(18,820)
(19,147)
-1.7%
(1,144)
(911)
25.5%
2,414
-
(3,097)
-
n/a
(58,875)
-
(52,303)
-
12.6%
12,480
-
11,591
-
7.7%
Current income and social contribution taxes
(5,530)
-
(7,619)
-
-27.4%
Deferred income and social contribution taxes
(3,689)
-
(702)
-
425.5%
3,261
3,270
-0.3%
1,280
1,787
-28.4%
1,980
1,483
33.6%
3,261
3,270
-0.3%
This report may contain forward-looking statements that are subject to risks and uncertainties because they are not historical facts, but reflect the Management’s
beliefs and expectations as well as information available at the time. Most of these statements are based on current expectations and projections regarding future
events and financial trends that impact or may impact our business and which may or may not materialize. Many factors may negatively affect our results, as
contained in our forward-looking statements. Said statements include information related to results and projections, strategies, financial planning, competitive
positioning, the sector environment, potential growth opportunities and competition effects. Said estimates and projections refer only to the date on which they
were made and we undertake no responsibility for updating or revising any estimates due to new information, future events or other factors, subject to applicable
regulations.

ALIANSCE APRESENTA OS SEUS RESULTADOS E DESTAQUES

Transcription

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