| 4Q12 Conference Call

Company
Presentation
www.multiplan.com.br/ir | ir@multiplan.com.br

4Q12

4Q12
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. This presentation includes
statements concerning our managements current intentions or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forwardlooking statements in this document. The Company has no obligation to update said statements. The words "expect,
foresee, intend, "plan and similar words are intended to identify affirmations. Forward-looking statements refer to
future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking
statements. Many factors and values that can establish these results are outside the companys control or
expectation.
The reader/investor is encouraged not to completely rely on the information above. This document also contains
information on future projects which could differ materially due to market conditions, changes in law or government

policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand
by tenants and consumers, commercial negotiations or other technical and economic factors.

For more detailed information, please check our Financial Statements and other relevant information on our investor
relations website www.multiplan.com.br/ir.
Note: All financial figures presented are in Brazilian Reais (R$).
2

4Q12
From Opportunities to Reality
Owned GLA: +28% Growth in 2012

Multiplans owned GLA 000 m

+25.5

+3.1

+6.7

528.1

+38.1
+34.5

411.7

116.5

+8.5

411.7

Owned GLA: +28.3%

2011

Shopping
VilaOlmpia*

* 30% additional interest acquisition

Jundia
Shopping

ParkShopping VillageMall
CampoGrande

Expansion VI ParkShopping
Ribeiro
Corporate
Shopping

2012

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4Q12
Expansion VI

4Q12

4Q12

4Q12
Announced Growth for 2013
Owned GLA: +20% Expected Growth for 2013

Multiplans owned GLA 000 m

74.2

528.1

18.9

12.3

633.6

105.4

528.1

Owned GLA Growth: +20.0%

2012

Parque Shopping Expansions VII & VIII Morumbi Corporate

Macei
Ribeiro Shopping

2013

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4Q12
Parque Shopping Macei

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4Q12
Expansions VII and VIII

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4Q12
Expansion VII

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4Q12

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4Q12
&

15

4Q12

Shopping Center Sales

Same Store Sales
Historical Evolution (per year)

Sales/m
Stores up to 200 m

2012 Sales Growth:

Multiplan vs. National Retail

CAGR* 2007-2012: +8.5%

+12.4%

+50.2%
27,899 R$/m

17,340 R$/m

+14.9%

24,820 R$/m

11,545 R$/m

+8.8%

2007

2012

2011

National Retail
Sales (IBGE)

2012

* Compounded Annual Growth Rate

Total Sales

Same Store and Same Area Sales Growth (YoY)

Same Store Sales (SSS)

16.5%
12.7%
12.1% 12.5%
7.2%

11.4%

9.9%

7.9%

3Q08

SAS: 12.5%
SSS: 10.3%

4Q08

1Q09

2009

2008

2Q08

11.9%

10.6%

9.8%

13.7%

3Q09

6.6%

SAS: 9.3%
SSS: 7.2%

4Q09

1Q10

2Q10

3Q10

SAS: 14.6%
SSS: 12.4%

9.5%

9.4%
7.4%

12.6%

5.6%

2Q09

10.0% 9.7%

7.7%

7.0%

14.9%

5.1%

1Q08

10.3%

9.4%

2010

14.0%

8.5%

13.8%

4Q10

1Q11

2011

8.4%

15.1%

13.3%

12.9%

1) Considering 100% of shopping center sales. 2) January to November 2012 compared to same period of the previous year.

9.4%

2Q11

7.5%

8.3%

8.2%

8.1%

8.5%

3Q11

4Q11

1Q12

2Q12

3Q12

SAS: 8.9%
SSS: 7.6%

2012

Same Area Sales (SAS)

6.8%

4Q12

SAS: 8.9%
SSS: 8.4%
16

4Q12
Selected Operational Data
Turnover and Occupancy Cost Evolution
Turnover

14.9%

Delinquency and Rent Loss Evolution

Occupancy cost

13.1%
11.9%

Deliquency rate

13.0%

11.4%

13.0%

5.4%
3.6%

6.0%

5.3%

5.2%

5.2%

Rent Loss

3.8%
3.1%

5.2%

3.9%

1.5%
0.7%

0.9%

0.9%

0.9%

1.3%

2007

2008

2009

2010

2011

2007

2012

2008

2009

1.7%

2010

2011

0.4%
2012

Shopping Center Total GLA (000 m) and Occupancy Rate Evolution

95.0%

95.5%

94.2%

95.4%

96.0%

96.1%

97.4%

96.6%

98.1%

98.2%

96.5%

97.9%
699

484

295

299

2001

2002

341

345

351

359

378

2003

2004

2005

2006

2007

2008

534

552

2009

2010

592

2011

2012

17

4Q12
Gross Revenue Analysis
2012 Gross Revenue Breakdown
Other
0.2%
Real estate for
sale
21.7%
Rent
53.6%

Parking
10.1%
Key money
3.6%

Services
9.4% Straight line effect
1.4%

Base
87.3%

Overage
Merchandising 4.8%
7.9%

2012 Gross Revenue Growth Breakdown

+15.6%

+19.5%

-3.3%

+28.4%

+360.5%

178.1 M

75.7 M

16.1 M

1.3 M

+1,728.8%

13.9 M

+2.3%

+41.2%

0.1 M

1,048.0 M

Other

Gross revenue
2012

23.3 M

742.2 M

+41.2%

Gross revenue
2011

Rent

Services

Key money

Parking

Real estate for Straight line

sale
effect

18

4Q12
Rental Revenue Analysis
Same Store Rent Historical Growth (per month)

Same Store Rent, IGP-DI Adjustment Effect and IPCA

14.1%

CAGR 2007-2012: +9.0%

10.6%

9.6%

+54.2%

9.4%

106 R$/m
7.9%

69 R$/m

7.8%

5.9%

3.7%

1.1%

6.5%

2010

2011

5.8%

4.3%

2007

2012

6.4%

5.9%

4.5%

2007

10.4%

8.8%

6.9%

2008

SSR

2009

2012

IGP-DI Adjustment Effect

IPCA

Same Store Rent Growth (YoY)

IGP-DI Adjustment Effect

Same Store Rent (SSR) real growth

16.0%
14.1%

13.9% 13.2% 14.0%

11.6%

2.9%

1.9%

9.0% 2.8%
7.7%
2.1%
5.6%

2.2%
6.7%

12.0%
10.3% 4.9%

3.6%

8.1%

0.8%
7.3%
11.1%
10.7%
10.0%
8.6%

6.5%
3.4%
2.9%

3.9%
3.7%
0.2%

4.4%
4.8%
-0.3%

6.6% 7.7%

11.9%
4.8%

10.4%

3.9%

2.8%

7.3%

6.0%

5.8%

14.5%

3.9%
8.8%

9.6%

9.3%

7.7%

4.0%

6.3%

7.7%

8.6%

1.8%

2.6%

5.7%

5.9%

0.6%

Nominal SSR: 6.9%

Real SSR: 4.9%

Nominal SSR: 14.1%

2012

Nominal SSR: 9.4%

Real SSR: 5.7%

2011

Nominal SSR: 10.6%

Real SSR: 1.5%

2010

Real SSR: 2.5%

2009

2008

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Real SSR: 3.7%
Nominal SSR: 10.4%

19

4Q12
Net Operating Income (NOI)
Shopping Center Expenses and
as a % of Shopping Center Net Revenue

NOI + Key Money Growth and Margin

+17.2%

75.1 M
61.8 M

644.7 M

65.9 M

550.0 M

58.3 M

46.9 M 49.7 M
90.4%
89.6%
14.7%

12.2%

2007

2008

13.1%

2009

12.0%

2010

9.2%

10.0%

2011

2012

2011

2012

NOI + Key Money per Share Evolution

3.62
3.09

CAGR:
+18.3%

2.58

2.06

2.18

0.75

0.73

0.94

0.51

0.69

2007

2008

2009

2010

2011

1.56

NOI + KM per share (per year)

1.14

2012

NOI + KM per share (per 4Q)

20

4Q12
EBITDA Analysis
Headquarter Expenses and
as a % of Net Revenue
+13.0%

0.0 M
0.0 M
0.0 M
0.0 M
0.0 M
0.0 M
0.0 M)

88.2 M

99.9 M

93.1 M

28.0%

88.4 M

79.1 M

2012 EBITDA and Margin Analysis

23.0%
55.9 M
19.2%
16.6%

800.0 M
18.0%
18.3%

700.0 M
13.0%

15.4%
13.1%

2007

2008

2009

2010

2011

10.4%
2012

90.0%

573.1 M

600.0 M
8.0%

539.8 M
76.1%

500.0 M
3.0%

71.7%

400.0 M

New Projects for Lease and for Sale Expenses

85.0%

615.8 M

49.0 M

28.1 M

2011

75.0%
70.0%

300.0 M
64.0%

65.0%

200.0 M
+74.3%

80.0%

100.0 M

60.0%
2012
Consolidated
EBITDA

Shopping Center Shopping Center

EBITDA
EBITDA before
New Projects for
Lease Expenses

2012

1) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, equity pickup, and new projects for sale expenses from real estate activity.

21

4Q12
Net Income and FFO
Net Income Growth and Margin

FFO per Share Evolution (R$)

2.89

+30.1%

CAGR:
+16.4%

388.1 M
2.33

2.06

298.2 M
1.61
1.35

44.1%

2011

1.54

40.3%

2012

0.46

0.45

0.52

0.59

2007

2008

2009

2010

FFO per share (per yeay)

0.74

2011

0.89

2012

FFO per share (per 4Q)

22

4Q12
Debt and Cash
As of December 31st, 2012
Debt Position and Cash Generation

1,900.2M

Debt Index Breakdown

Net Debt
= 2.4x
EBITDA (LTM)

IPCA
IGP-M 2.3%
4.2%
TJLP
11.6%

1,505.2M

615.8M
395.0M

Cash

Gross
Debt

Net Debt EBITDA

515.6M

TR
32.0%

CDI
49.1%

FFO

Weighted Average Cost of Funding (p.a.)

CAPEX Evolution and Breakdown

1,344 M

11.50%
11.00%
10.50%
10.00%
9.50%
9.00%
8.50%
8.00%

11.08%
10.52%
9.98%

9.48%
9.08%

4Q11

1Q12

2Q12

689 M

664 M

3Q12

4Q12

477 M 442 M

437 M

2007

2008

2009

2010

2011

2012

23

4Q12
Stock Market Performance
Daily Average Traded Shares

Daily Average Financial Volume

36.0%
359,710

331,608

94.5%

17.4 M

264,490

255,766

11.1 M
8.9 M

152,951

6.6 M
2.5 M

2008

2009

2010

2011

2008

2012

2009

2010

2011

2012

MULT3 and IBOV 2012 Evolution

Traded Volume (15 day average)

Multiplan

Ibovespa

+57.3%

+7.4%

40.0 M

180

35.0 M

160

30.0 M

140
120

25.0 M

100

20.0 M

80

15.0 M

60

10.0 M

40

5.0 M

20

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

24

4Q12
IR Contact
Armando dAlmeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent
Leonardo Oliveira
Investor Relations Senior Analyst
Franco Carrion
Investor Relations Analyst
Diana Litewski
Investor Relations Analyst
Hans Melchers
Planning Manager
Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br
http://www.multiplan.com.br/ri