JHSF study sale of piece of malls

JHSF Participações, a company controlled by the Auriemo family, is studying the creation of a holding company that will bring together the operation of shopping malls and outlet of the group, formed by five enterprises in total, found the value. The plan involves the sale of a participation of that holding for investors, with keeping control over business JHSF.
Bradesco BBI advises the company and would have probed prospective partners, between pension funds and foreign investors, according to sources.
The project is in the initial phase of analysis, but the first contacts with investors still would not have generated great interest, according to a source close to the transaction. Was something interpreted as a reflection of a more adverse economic moment, with investors still cautious for the country. Sought, and Bradesco commented on the not JHSF subject. The Auriemo family has 72.3% of JHSF Participações. Part of the operation the Cidade Jardim shopping malls, Shopping and Catherine Outlet Fashion, all in São Paulo, the Bela Vista, in Salvador, and Ponta Negra Manaus. Plus, the enterprises registered gross sales of R$ 2.2 billion in 2015, up 25%. NET JHSF with this Division was 256.7 million-R$ 15.7% advance.
After 2015, and outlet malls accounted for 40.7% of net revenue of JHSF. Incorporation answered by a slice of 30%, and hotels and restaurants (including the network Fasano) amounted to about 29.1%.
If the advance plan, the resources may reduce the level of leverage and help recover any company box, currently below 200 million R$, according to data from December. At the end of 2014, were almost 370 million R$ in the box and in December 2013, about 600 million R$.
In the assessment of analysts a difficult transition from the model of incorporation for the real estate income, through the business of malls, raises a need greater initial financial breath.
In recent months, JHSF comes taking steps, involving disbursement of resources on the part of drivers, that has been reflected in an improvement of the level of indebtedness.
Since mid-2015, ads for buying property for the family, most stock underwriting a capital increase by controllers and purchase of real estate credit notes (CCIs) sold to Auriemo.
In October 2015, the company received from its controlling shareholder proposal for sale of two real estate of New York and one in Uruguay for $ 200 million. The buyers were the family. This operation was approved in the meeting of the Board of Directors in March.
The ratio of earnings before interest, taxes, depreciation and amortization (Ebitda) and net debt (not adjusted) company was at 5.7 times in September 2015. The indicator fell to 2.5 times in December, as a reflection of actions to reduce leverage, including the sale of assets abroad.
In operational terms, the company has grown above the market, in part, a reflection of the performance of shopping Cidade Jardim, that in 2015 had 17% expansion in gross revenue. This rate, however, loses strength, pulled by negative numbers of two developments: Shopping Metrô Tucuruvi and Ponta Negra, with falls of 3.3% and 10.3% in 2015.
The Division of malls and outlet had gross revenue of R$ 295 million in 2015, a high of 16.2%, above the market average. According to the Brazilian Association of Shopping centres (Abrasce), the expansion of the sector was 6.5%. Iguatemi''s gross revenues grew 9% and 5%, Multiplan. The profit margin before interest, taxes, depreciation and amortization amounted to 85% in 79% of JHSF Iguatemi and 73% on Multiplan.