Post on 27-Oct-2018
www.fibrashop.mx
Margen NOI y EBITDA
2
Sólidos resultados operativos
170.0
180.0
190.0
200.0
210.0
220.0
230.0
3Q 2017 3Q 2018
202.3
267.4
MN
P
NOI
+ 32.21%
250.0
270.0
290.0
310.0
330.0
350.0
370.0
3Q 2017 3Q2018
277.2
350.1 MN
P
EBITDA
150.0
170.0
190.0
210.0
230.0
250.0
270.0
3Q 2017 3Q2018
185.8
254.1 MN
P
Ingresos
+ 26.59%
+ 36.76%
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
3Q-2013 3Q-2018
72.98%
76.22%
67.03%
72.42%
Margin NOI Margin EBITDA
www.fibrashop.mx 3
Incremento en ocupaciones
La ocupación
promedio
ponderada de
todo el portafolio
es de 95.80%
Plaza% de Ocupación
(Adquisición)
% de
Ocupación
Actual
Variación
Plaza Cibeles 99% 99% 0%
La Luciérnaga 73% 99% 26%
Puerto Paraíso 100% 95% -5%
Kukulcán Plaza 100% 84% -16%
UC Condesa Durango 100% 100% 0%
UC Jurica 99% 99% 0%
UC Juriquilla 73% 97% 24%
UC Xalapa 63% 92% 29%
Puerta Texcoco 95% 99% 4%
UC Nima Shops 75% 100% 25%
Los Atrios 80% 97% 17%
Galerías Tapachula 92% 95% 3%
Galerías Mall Sonora 85% 98% 13%
Las Misiones 86% 100% 14%
City Center Bosque Esmeralda 87% 90% 3%
Plaza Cedros 92% 90% -2%
Cruz del Sur 97% 100% 3%
Puerta La Victoria 91% 91% 0%
www.fibrashop.mx 4
Objetivo: Crecer… y mejorar
5.4 veces + ingresos
5.5 veces + NOI
5.7 veces + EBITDA
En estos años hemos crecido
más de 5 veces y hoy tenemos
márgenes comparables con los
mejores operadores a nivel
mundial
0
50
100
150
200
250
300
350
400
3Q-2013 3Q-2018
65
351
48
267
44
254
MD
P
Ingresos NOI EBITDA
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
4Q-2013 3Q-2018
59.64%
76.22%
53.64%
72.42%
Margen NOI Margen EBITDA
www.fibrashop.mx 5
Pese al aumento en el costo financiero,
hemos recuperado el nivel de utilidades
Pese a que en un año el costo financiero se incremento 1.9 veces, las utilidades
netas han crecido.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00 Comportamiento Historico del Costo Financiero
Utilidad del periodo (sin avalúos) Costo Financiero TIIE
www.fibrashop.mx
Ingresos mismas tiendas
6
14.34%
11.47% 9.52%9.93%
8.10%
11.55%
9.12% 9.60%
15.06%
11.63%
10.20%
12.44%
23.42%
26.80%
24.28% 23.96%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18
Tasa de incremento anualizado mismos centros comerciales
Tasa Ingresos Tasa NOI
Los ingresos mismas plazas han registrado un crecimiento sostenido durante los últimos dos
años a doble dígito, el promedio del crecimiento anualizado ha sido 10.45%. La tasa
anualizada de crecimiento del NOI ha sido de 18.47% en el mismo periodo mencionado de
dos años. Mientras que la tasa de inflación anualizada promedio de los últimos dos años ha
sido de 5.27%.
www.fibrashop.mx 7
Debido al aumento en los ingresos hemos
recuperado el crecimiento en la utilidad por CBFI
Estos números aún no reflejan el potencial del portafolio por las inversiones que hemos realizado
actualmente en expansiones (Kukulcan Plaza y Galerias Mall Sonora), así como los nuevos
proyectos en Coinversion (Sentura y La Perla) y la maduración de Puerta la Victoria.
www.fibrashop.mx 8
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
4Q 2013 3Q 2018
4.65%
10.90%
10.0
15.0
20.0
25.0
30.0
4Q 2013 3Q 2018
18.5 ce
nts
26.13141% 525pb
Utilidad del
periodo por CBFI
Dividend Yield
Atractivos Rendimientos de Dividendo
Los sólidos resultados de FibraShop nos han permitido devolver distribuciones atractivas a
nuestros tenedores de CBFI, lo que se refleja en un rendimiento de dividendos competitivo
de trimestre a trimestre.
www.fibrashop.mx
Disclaimer
About FibraSHop
FibraShop (BMV: FSHOP13), is the only real estate option in Mexico offering a specialization in the
shopping malls segment that has a long-track experienced management in the commercial sector, a solid
operating and corporate governance structure, which guarantees transparency, efficiency and a profitable
and secure growth vehicle.
FibraShop is an infrastructure and real estate trust formed to acquire, posses, administer and develop real
estate in the shopping center segment in Mexico. The initial portfolio includes eight properties in four states
of the Mexican Republic and one in Mexico City. FibraShop is administered by a group of experienced
management specialized in the industry with a long track record and is advised externally by Fibra Shop
Portafolios Inmobiliarios, S.A.P.I. de C.V.
FibraShop’s goal is to provide attractive returns to CBFIs holders, through the stable distribution and capital
appreciation.
Forward Looking Statements
This report may contain certain forward-looking statements. Said forward-looking statements are not based
on historic events but on the current views of the administration. We caution that certain declaration or
estimates imply risks and uncertainties that can changed due to different factors that are not under the
Company’s control.
9
www.fibrashop.mx
Contacts
10
Salvador Cayón Ceballos, CEOscayon@fibrashop.mx
Gabriel Ramírez Fernández, CFOgramirez@fibrashop.mx
Irvin García Millán, Controllerinvestor@fibrashop.mx
Tel. (5255) 5292 1160
www.fibrashop.mx
Margin NOI & EBITDA
2
Solid operating results
NOI
EBITDA
Revenues
250.0
270.0
290.0
310.0
330.0
350.0
370.0
3Q 2017 3Q2018
277.2
350.1 MN
P
+ 26.59%
170.0
180.0
190.0
200.0
210.0
220.0
230.0
3Q 2017 3Q 2018
202.3
267.4
MN
P
+ 32.21%
150.0
170.0
190.0
210.0
230.0
250.0
270.0
3Q 2017 3Q2018
185.8
254.1 MN
P
+ 36.76%
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
3Q-2017 3Q-2018
72.98%
76.22%
67.03%
72.42%
Margin NOI Margin EBITDA
www.fibrashop.mx 3
Occupancy increases
The weighted
average
occupancy of
the entire
portfolio is
95.80%
Shopping CenterOccupation %
(Acquisitions)
Current
Ocupation %
% Point
Variation
Plaza Cibeles 99% 99% 0%
La Luciérnaga 73% 99% 26%
Puerto Paraíso 100% 95% -5%
Kukulcán Plaza 100% 84% -16%
UC Condesa Durango 100% 100% 0%
UC Jurica 99% 99% 0%
UC Juriquilla 73% 97% 24%
UC Xalapa 63% 92% 29%
Puerta Texcoco 95% 99% 4%
UC Nima Shops 75% 100% 25%
Los Atrios 80% 97% 17%
Galerías Tapachula 92% 95% 3%
Galerías Mall Sonora 85% 98% 13%
Las Misiones 86% 100% 14%
City Center Bosque Esmeralda 87% 90% 3%
Plaza Cedros 92% 90% -2%
Cruz del Sur 97% 100% 3%
Puerta La Victoria 91% 91% 0%
www.fibrashop.mx 4
Goal: Grow ... and improve
5.4 times + REVENUES
5.5 times + NOI
5.7 times + EBITDA
In these 5 years we have grown
more than 5 times and today we
have comparable margins to
those of the best operators
worldwide
0
50
100
150
200
250
300
350
400
3Q-2013 3Q-2018
65
351
48
267
44
254
md
p
Revenue NOI EBITDA
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
4Q-2013 3Q-2018
59.64%
76.22%
53.64%
72.42%
Margin NOI Margin EBITDA
www.fibrashop.mx 5
Despite the increase in the financial cost, we
have recovered the profits levels
Although in one year the financial cost increased 1.9 times, net profits are still growing.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
-40.00
-20.00
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
Historical Net profit and financial cost
Net income of the period (without appraisal) Financial Cost TIIE
www.fibrashop.mx
Same Shopping Centers Revenues
6
The same-store incomes have registered a sustained growth during the last two years in
double digits, the average annualized growth has been 10.45%. The annualized growth rate of
the NOI was 18.47% in the same period of two years. While the average annualized inflation
rate of the last two years has been 5.27%.
14.34%
11.47% 9.52%9.93%
8.10%
11.55%
9.12% 9.60%
15.06%
11.63%
10.20%
12.44%
23.42%
26.80%
24.28% 23.96%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18
Same-store sales annualized growth rate
Income Rate NOI Rate
www.fibrashop.mx 7
Revenue increase allowed to recover profit
growth per CBFI
These numbers do not reflect the potential the current expansion investments in the portfolio
(Kukulcan Plaza and Galerias Mall Sonora), as well as new co-investment projects (Sentura and La
Perla) and the maturation of Puerta La Victoria.
www.fibrashop.mx 8
Attractive for Dividend Yield
The solid results of FibraShop have allowed us to return attractive distributions to our CBFI holders,
which is reflected in a competitive dividend yield from quarter to quarter.
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
4Q 2013 3Q 2018
4.65%
10.90%
Dividend Yield
10.0
15.0
20.0
25.0
30.0
4Q 2013 3Q 2018
18.5 ce
nts
26.13
525pb141%
Income per CBFI´S
www.fibrashop.mx
Disclaimer
About FibraSHop
FibraShop (BMV: FSHOP13), is the only real estate option in Mexico offering a specialization in the
shopping malls segment that has a long-track experienced management in the commercial sector, a solid
operating and corporate governance structure, which guarantees transparency, efficiency and a profitable
and secure growth vehicle.
FibraShop is an infrastructure and real estate trust formed to acquire, posses, administer and develop real
estate in the shopping center segment in Mexico. The initial portfolio includes eight properties in four states
of the Mexican Republic and one in Mexico City. FibraShop is administered by a group of experienced
management specialized in the industry with a long track record and is advised externally by Fibra Shop
Portafolios Inmobiliarios, S.A.P.I. de C.V.
FibraShop’s goal is to provide attractive returns to CBFIs holders, through the stable distribution and capital
appreciation.
Forward Looking Statements
This report may contain certain forward-looking statements. Said forward-looking statements are not based
on historic events but on the current views of the administration. We caution that certain declaration or
estimates imply risks and uncertainties that can changed due to different factors that are not under the
Company’s control.
9