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1Q15 Earnings Presentation
May 12,2015
Disclaimer
Management makes forward-looking statements concerning future events that are
subject to risks and uncertainties. These statements are based on its beliefs and
assumptions and on information currently available to the Company.
Forward-looking statements include statements regarding JHSF's intentions, estimates or current expectations or those of its Board of Directors or Executive Officers. Forward-looking 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.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur.
JHSF's future results and shareholder value creation may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company's ability to control or predict.
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1Q15 Highlights• Consolidated Net Revenue: Growth fueled by Shopping Malls and Hotels & Restaurants
• Shopping Malls Indicators: Net Revenue +7.8%, SSS +9.4%, SAS +9.1%, SSR +9.0% and SAR +7.1%
• Recurring Operating Expenses: reduction of 20.9%
• Cash Flow from operating activities: R$70.8 million
• Successful Capital Increase of R$192.1 million
• Opening of Ralph Lauren store and Parigi Bistrot, both at Shopping Cidade Jardim (São Paulo)
• Permit to construction of the Company's 6th mall - Cidade Jardim Shops (São Paulo)
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Delivering the growth strategy...Shopping Malls
+10 p.p.
Better performance of the existing shopping malls +
Inauguration of Catarina Fashion Outlet, in October/2014
...and increasing the Malls' EBITDA share in 1Q154
Permit to begin construction of Cidade Jardim Shops⁻ Focus: luxury standard (next to the Fasano Hotel in Jardins
neighborhood, São Paulo)
⁻ GLA: 3,290 sq.m
⁻ Future Net Capex: R$ 37.0 million
⁻ Estimated annual NOI: R$ 8.0 million
Illustrative image
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SHOPPING MALLS performanceOrganic growth 13% + Catarina Fashion Outlet Organic growth 8% + Catarina Fashion Outlet
1Q15 performance outperformed ABRASCE average
6 SSS: +9.4%/ SAS: +9.1%/ SSR: +9.0%/ SAR: +7.1%
Real Estate development impacted by two points...1. Macroeconomic Scenario
Real Estate sector going through adjustments
Inventory: +36%¹ (São Paulo State)
Sales speed: -50%¹
2. Sales Cancellations
Sales cancellations totaling R$7.3 million
...which were offset by the operating expenses reduction7 ¹ Source: Secovi and Embracorp
Hotels & RestaurantsHotels
Revenue: +16.7% RevPar: +17.7%
Occupancy rate: from 69.6% to 74.4%
Restaurants
Revenue: +7,5%
Average couvert: +10,9%
Acquisition in November 2014
Opening of Parigi Bistrot
Termination of Gero Caffé and Gero Mezzanino
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Consolidated Financial FiguresNet Revenue (R$ million) Adjusted EBITDA (R$ million}
+/-" ·8%
1Ql4 1Q15 1Ql4 1Q15
Financial Result (R$ million} Net lncome (R$ million)
1Ql4
-23,3
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1,0
1Ql4 1Q15
lndebtedness and receivablesAvailable Cash and lndebtness (in million of R$) Mar-15 Oec-14 Var.%
Gross Debt | ( 2,529.8} | (2,466.0) | 2.6% |
Cash and Equivalents | 283.9 | 369.5 | -23.2% |
Performed Accounts Receivable | 505.0 | 540.3 | -6.5% |
lnternational Debt | 552.8 | 459.8 | -6.5% |
Capitai lncrease in 1H15 | 152.1 | 192.1 | |
Ad justed Net Debt | (1,035.9) | (904.2) | 16.5% |
Debt Payments and Receivables Schedule (R$ million}
•CirmOht
IHotlRecei'lbles
2015 2016 2017 2018 2019 2020 2021 2022 2023
NOTE: Gross Bank Oebt, including cosls to be amorlized totally R$40.2 million
NOTE: Receivables subsequent lo 2019 are immalerial e were consolidale d in 2019
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lndebtedness Profile
IR ContactsEduardo S. Camara - CEO and IR Officer
Thiago Alonso de Oliveira - CFO
Marc Grossmann - Director
Bruna Gamboa - Analyst
Tel: 55 (11) 3702-JHSF
E-mail: ri@jhsf.com.br
www.jhsf.com.br/ir
Fasano Hotel (Rio de Janeiro)
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