GENERAL SHOPPING E OUTLETS DO BRASIL S.A. 1Q23
São Paulo, May15, 2023 - General Shopping e Outlets do Brasil [B3: GSHP3], one of the main Brazilian companies focused on the development and management of shopping centers in their different models, today announces its results for 1Q23. Except where otherwise stated, the following financial and operational information is presented on a consolidated basis and in thousands of Reais.
General Shopping e Outlets do Brasil S/A reported first quarter 2023 - 1Q23 Gross Revenue of R$ 43.2 million, a decrease of 2.7% compared with revenue of R$ 44.4 million in the first quarter of 2022 - 1Q22.
Consolidated NOI in 1Q23 recorded R$ 25.8 million, equivalent to a margin of 69.3% and a decrease of 9.8% in relation to the R$ 28.6 million posted for 1Q22.
Gross Profit in 1Q23 was R$ 25.6 million, representing a margin of 68.8% and a decrease of 9.4% compared with R$ 28.3 million in 1Q22.
The Adjusted EBITDA in 1Q23 reached R$ 14.4 million, corresponding to a margin of 38.8% and a decrease of 14.6% in relation to R$ 16.9 million in 1Q22.
Consolidated Financial Highlights | |||
R$ thousand | 1Q22 | 1Q23 | Chg. |
Gross Revenue | 44,403 | 43,214 | -2.7% |
Rent (Shopping Malls) | 18,632 | 17,265 | -7.3% |
Services | 25,771 | 25,949 | 0.7% |
NOI - Consolidated | 28,596 | 25,791 | -9.8% |
Adjusted EBITDA | 16,884 | 14,427 | -14.6% |
Adjusted Net Result | 167,713 | 1,315 | -99.2% |
Adjusted FFO | 168,532 | 1,796 | -98.9% |
NOI Margin | 75.4% | 69.3% | -6.1 p.p. |
Adjusted EBITDA Margin | 44.5% | 38.8% | -5.7 p.p. |
Adjusted Net Result Margin | 442.5% | 3.5% | - |
Adjusted FFO Margin | 444.6% | 4.8% | - |
Gross Revenue per m² | 474.93 | 503.36 | 6.0% |
NOI per m² | 305.86 | 300.42 | -1.8% |
Adjusted EBITDA per m² | 180.59 | 168.05 | -6.9% |
Adjusted Net Result per m² | 1,793.86 | 15.32 | -99.1% |
Adjusted FFO per m² | 1,802.62 | 20.92 | -98.8% |
Own GLA - Average in the Period (m2) | 93,493 | 85,851 | -8.2% |
Own GLA - End of the Period (m2) | 93,493 | 85,851 | -8.2% |
MANAGEMENT COMMENTS
The Company's Management is pleased to present the operating and financial performance for the first quarter 2023 (1Q23) and detailed in the respective reports and statements.
Initially, we would like to point out the reduction in Own Gross Leasable Area in 1Q23 compared with 1Q22 due to the sale of the stake in Outlet Premium Grande São Paulo.
Gross Revenue in 1Q23 reported a small decrease of 2.7% to R$ 43.2 million, weighted by the reduction in Rental Revenues of 7.3% and an increase in Services Revenue of 0.7% when compared to 1Q22.
For the performance of the Same Areas item, Same Area Rentals reported growth of 4.1% in 1Q23 when compared to the same period in 2022, and similarly, year-on-year growth in Same Area Sales of 15.3%.
Occupancy rates were down slightly in the quarter at 93.7% in 1Q23 from the 94.2% in 1Q22.
Costs of Rentals and Services increased by 20.5% in relation to 1Q22, to reach R$ 11.6 million, impacted by the growth in occupancy costs, payroll and third- party services.
NOI amounted to R$ 25.8 million in 1Q23, 9.8% lower than the same period in 2022 and equivalent to a margin of 69.3%.
An analysis of General and Administrative Expenses reveals an increase of 17.9% in 1Q23, compared to 1Q22, impacted by the rise in non-recurring expenses.
The Company's Adjusted EBITDA in 1Q23 recorded R$ 14.4 million, 14.6% lower than for the same period in 2022, corresponding to a margin of 38.8%.
In the quarter, the Net Financial Result was largely impacted by the US Dollar x Real currency exchange variation, declining from a positive R$ 156.0 million in 1Q22 to a negative R$ 11.4 million 1Q23.
We wish to thank our employees, tenants, customers and visitors for their invaluable contributions.
Marcio Snioka,
Investor Relations Officer
Earnings Result 1Q23 | 2 |
GROSS REVENUE
The Company's total gross revenue during the quarter amounted to R$ 43.2 million, a year-on-year decrease of 2.7%.
Gross revenue from rentals in 1Q23 totaled R$ 17.3 million, representing 40.0% of the total gross revenue and a decrease of 7.3% in relation to 1Q22. This decrease is largely a reflection of the sale of a 49.0% stake in Outlet Premium Grande São Paulo.
Gross revenue from services in 1Q23 amounted to R$ 25.9 million, a growth of 0.7% compared with 1Q22. The key factor driving this growth was increased vehicle flows and consumption of Company-supplied services.
TOTAL GROSS REVENUE
(R$ million)
44.4 | 43.2 | ||||
-2.7% | |||||
25.8 | 25.9 | ||||
0.7% | |||||
-7.3% | |||||
18.6 | 17.3 | ||||
1Q22 | 1Q23 | ||||
Rent | Services |
RENTAL REVENUE
The Company's rental revenue totaled R$ 17.3 million in 1Q23, divided between minimum rentals, rentals as a percentage of sales, key money, advertising and straight-lining revenue.
Rental Revenue Breakdown | |||
R$ million | 1Q22 | 1Q23 | Chg. |
Minimum Rent | 15.3 | 14.3 | -6.8% |
Percentage on Sales | 0.9 | 1.1 | 13.7% |
Key Money | 0.4 | 0.2 | -34.8% |
Advertising | 1.6 | 1.6 | -0.3% |
Straight-lining Revenue | 0.4 | 0.1 | -79.4% |
Total | 18.6 | 17.3 | -7.3% |
Earnings Result 1Q23 | 3 |
Revenue from minimum rentals in 1Q23 decreased by R$ 1.0 million, or 6.8% compared to 1Q22, mainly due to the factors already cited.
Rentals as a percentage of sales increased 13.7% when comparing the two quarters.
Advertising rentals in 1Q23 totaled R$ 1.6 million, the same level as 1Q22.
Minimum rental revenues represented 82.7% of the total revenue from rents in 1Q23, when compared with 1Q22 when this same item was 81.8%.
Rental Revenue Breakdown - 1Q23
1,4% 9,2% 0.5%
6,2%
82,7% | |
Minimum Rent | Percentage on Sales |
Key Money | Advertising |
Straight-lining Revenue |
SERVICES REVENUE
In 1Q23, revenues from services amounted to R$ 25.9 million, representing a growth of 0.7% compared to the same period in 2022.
Services Revenue Breakdown | |||
R$ million | 1Q22 | 1Q23 | Chg. |
Parking | 10.5 | 13.6 | 29.7% |
Energy | 8.6 | 4.8 | -43.6% |
Water | 1.9 | 2.2 | 13.7% |
Management | 4.8 | 5.3 | 11.4% |
Total | 25.8 | 25.9 | 0.7% |
Parking lot revenue in 1Q23 was R$ 13.6 million, an improvement of R$ 3.1 million or 29.7% over 1Q22, this result largely due to a recovery in vehicle flows through our commercial developments.
Earnings Result 1Q23 | 4 |
Revenues from the management of energy supplies were R$ 4.8 million in 1Q23, a decrease of R$ 3.8 million, or 43.6% and reflecting mainly the variation in spot purchasing costs in addition to factors already alluded to previously.
Revenues from water supply management totaled R$ 2.2 million in 1Q23, R$ 0.3 million greater than 1Q22.
DEDUCTIONS FROM REVENUE (TAXES, DISCOUNTS AND CANCELLATIONS)
Taxes, discounts, and cancellations deducted from gross revenues totaled R$ 6.0 million in 1Q23 and corresponded to 13.9% of total gross revenue, while in 1Q22 these items accounted for 14.6%.
Sales taxes (PIS/COFINS/ISS) amounted to R$ 3.9 million in 1Q23, representing a growth of R$ 0.2 million in relation to 1Q22.
In the first quarter of 2023, discounts and cancellations were R$ 2.1 million, representing a decrease of R$ 0.7 million when compared to 1Q22.
NET REVENUE FROM RENTALS AND SERVICES
Net Revenue amounted to R$ 37.2 million in 1Q23, a year-on-year decrease of 1.8%.
COST OF RENTALS AND SERVICES
In 1Q23, the costs of rentals and services reported a growth of 20.5%, and totaling R$ 11.6 million.
Rental and Services Costs | |||
R$ million | 1Q22 | 1Q23 | Chg. |
Personnel | 1.0 | 1.1 | 9.4% |
Depreciation | 0.3 | 0.2 | -45.3% |
Occupancy | 5.1 | 6.5 | 28.5% |
Third parties | 3.2 | 3.8 | 18.1% |
Total | 9.6 | 11.6 | 20.5% |
Personnel Costs
The cost of personnel during the quarter was R$ 1.1 million, R$ 0.1 million greater than 1Q22.
Depreciation Costs
Depreciation costs in 1Q23 were R$ 0.2 million, R$ 0.1 million lower than 1Q22.
Earnings Result 1Q23 | 5 |
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General Shopping e Outlets Brasil SA published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 02:09:10 UTC.
