2Q13

2Q13 Conference Call

www.multiplan.com.br/ri
ri@multiplan.com.br

2Q13
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. The Company has no obligation to
update said statements.

The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are
intended to identify statements.
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 should not make the decision to invest in Multiplan shares
based exclusively on the data disclosed on this report.
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. These projects may be altered in part or totally by the company with no previous warning.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia)
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

2Q13
Shopping Center Sales
Sales Growth: Multiplan vs.
National Retail (2Q13/2Q12)

Monthly Sales/m in 2Q13

(R$/m)

Same Area and Same Store Sales

Evolution (2Q13/2Q12)
SSS/SAS
SSS/SAS excluding malls impacted by June events

16.0%

7.3%

1,900
1,468

1,391

SSS

Total Sales
(Anchors and
Satellites)

7.3%

5.8%

5.7%

3.0%

National
Total sales
retail sales

SSS

SAS

Sales - stores
under 1.000m

2Q13/2Q12

Same Store and Same Area Sales Growth (YoY)

Same Area Sales (SAS)
16.5%

12.7%
8.5%

12.9%

9.4%

7.2%
14.0% 9.8%
5.1%
11.4% 5.6%
9.9%

1Q09

13.3%

12.1% 12.5%

2Q09

3Q09

8.4%

8.5%

7.9%
4Q09

13.8%

12.9%

15.1%

13.3%

13.8%

10.3%

10.0%

7.7%

7.0%

7.2%13.7%
11.9%
9.8%

1Q10
5.1%

16.5%

15.1%

9.4%

14.9%

10.6%

Same Store Sales (SSS)

12.6%
9.4%
14.9%
13.7%
6.6%
11.9%
10.6%

2Q10 5.6%
3Q10

4Q10

1Q11

2Q11

9.7%
10.3%

3Q11

8.3%
6.6%
4Q11

9.4%
8.8%
10.0% 9.7% 7.4%
9.5% 9.4%

7.7%

7.0%
7.5%
12.6%

9.5%

8.2%
9.4%

8.1%

8.5%

6.8%

8.1%

8.5%
8.3%
8.2%
8.1%
7.5%
1Q12
2Q12
3Q12
4Q12
1Q13

5.7%
7.4%
5.8%
6.8%
2Q13

Considering 100% of shopping center sales.

SAS
1Q08
2Q08
3Q08to same
4Q08
1Q09
2Q09 year.
3Q09 4Q09 1Q10 2Q10
3Q10 4Q10 SSS
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
April and
May 2013
compared
period
of the previous
3
For analysis purpose only, excluding the performance in June for BarraShopping, New York City Center and MorumbiShopping, due to the negative impact from protests near the malls sites.

2Q13
Selected Operational Data
Same Store Sales Anchors vs. Satellites

Same Store Sales Breakdown

Anchor stores

Satellite stores
13.7%

2Q13 x 2Q12
Same Store Sales

Anchors

Satellites

Total

5.7%

3.7%

4.2%

Home & Office

14.3%

3.6%

7.7%

Miscellaneous

0.1%

5.0%

3.3%

Apparel

n.a.

6.6%

6.6%

Services

8.7%

16.1%

14.6%

Total

6.3%

5.4%

5.8%

Food Court and Gourmet Area

9.2%
5.2%

9.3%

8.3%

6.1%

6.3%

6.1%

5.4%

2.3%

2Q12

3Q12

4Q12

1Q13

2Q13

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

97.6%

850

100.0%

800

92.0%

750

700

84.0%
699

650

76.0%

600
550

68.0%

500

450

60.0%
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Total shopping center GLA

Occupancy rate

2Q13
Gross Revenue Analysis
2Q13 Gross Revenue Breakdown
Other revenues
0.7%
Real estate for sale
revenue
10.1%
Parking revenue
11.8%

Rental revenue
58.3%

Base rent
88.0%

Key money
5.4%
Services
10.4%
Straight line effect
3.4%

Merchandising
7.6%

Overage
4.4%

2Q13 Gross Revenue Growth Breakdown

207.8 M

+20.7%

+34.7%

+2.4%

+48.5%

+26.2 M

+2.3 M

+0.6 M

+4.6 M

+22.6%

+5.7 M

+125.5%

+66.3%

+14.8 M

+0.7 M

262.8 M

+26.5%

Gross revenue Rental revenue

2Q12

Straight line
effect

Services

Key money

Parking revenue Real estate for Other revenues Gross revenue

sale revenue
2Q13

Excluding the sale of the Morumbi Business Center corporate tower in 2012, which impacted the 2Q12 results by R$3.8 million.

2Q13
Rental Revenue Analysis
Rental Revenue Growth Analysis (2Q13/2Q12)

Monthly Rent/m in 2Q13 (R$)

21.4%

123
112

104

6.5%

7.4%

6.1%

IPCA

IGP-DI
Adjustment
Effect

SAR

84

8.0%

SSR

SSR

Rental
revenue

New shopping
centers

Portfolio
Average

Consolidated
shopping
centers

Same Store Rent Growth (YoY)

IGP-DI Adjustment Effect
IGP-DI Adjustment Effect

Real SSR
Real SSR
16.0%

14.5%
11.9%
16.0%
11.4%
5.8%
10.4%
10.3% 4.9%
14.5%
1.9% 3.6%
4.8%
14.1%
14.0%
13.2%
8.6%
8.1%
8.0%
12.0%
3.9%11.9%
7.7%
2.8%
6.6%
5.8%
6.5%
4.3% 11.4%
3.9%
10.4%
10.3% 4.9%
1.9% 3.6% 0.8%
7.7%
4.8%
0.6%
1.8% 2.6% 8.6%
8.1%
3.9% 4.4%
3.9%
7.7%
11.1% 10.0%
4.3%
9.6%
6.6% 7.7% 2.8%8.8%
3.4%
9.3% 7.7%
3.9%
0.8% 6.5%
7.3%
7.3%
6.0%
6.8% 7.4%
6.3% 5.7% 1.8%
5.9% 2.6%
4.4%
4.8%
3.7%
3.9%
4.0%
11.1% 10.0%
2.9%
9.6% 9.3%
3.4% 0.2% -0.3% 0.6%
7.7% 6.3%
7.3% 8.8%
7.3%
6.0%
5.7% 5.9% 6.8%
3.7% 4.8%
4.0%
2.9%
1Q09 2Q09 3Q09 4Q09 1Q10
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
0.2% 2Q10
-0.3% 0.6%
Less
than 5 2Q09
years in operation
Shopping
Vila Olmpia,
JundiaShopping,
ParkShoppingCampoGrande).
1Q09
3Q09 (BarraShoppingSul,
4Q09 1Q10
2Q10
3Q10ParkShoppingSoCaetano,
4Q10 1Q11 2Q11
3Q11 VillageMall
4Q11 and1Q12
2Q12 3Q12 4Q12 1Q13
13.2% 14.0%

More than 5 years in operation

14.1%

12.0%

2Q13
Net Operating Income (NOI)
66.0%
as a

Shopping Center Expenses and

% of Shopping Center Net Revenue
+66.0%

NOI + Key Money Growth and Margin

34.4 M

+22.9%

+17.1%

172.8 M

354.9 M

288.7 M

147.6 M
20.7 M

16.3 M

17.2 M

87.7%

13.0 M

16.1%
12.2%

12.3%

11.4%

11.7%

2Q09

2Q10

2Q11

2Q12

2Q13

2Q12

83.4%

88.1%

2Q13

1H12

85.7%

1H13

NOI + Key Money per Share Evolution

R$ 3.76

CAGR:
+13.0%

CAGR:
+16.3%

R$ 3.29
R$ 2.78
R$ 2.31

R$ 2.45

R$ 0.60

R$ 0.71

R$ 0.83

R$ 0.97

R$ 0.53

2Q09

2Q10

2Q11

2Q12

2Q13

NOI + Key money/share

NOI + Key money/share (LTM)

2Q13
EBITDA Analysis

M
M
M
M
M
M
M
M
M
M
-

30.0%
Headquarter Expenses and as a % of Net
Revenue
51.7%

11.2%
25.0%

32.1 M

29.2 M
21.2 M

24.0 M

11.0%

2Q12

19.9 M

14.2%
9.9%

3Q12

4Q12

Shopping Center EBITDA and Margin Analysis

8.9%

1Q13

20.0%
50.0 M 46.7 M
40.0 M 15.0%
13.5%
30.0 M
20.0 M 10.0%
9.1%
10.0 M
- 5.0%
2Q13

1H12

350.0 M

+18.4%

160.0 M
52.0 M 140.0 M
30.0%
120.0 M
25.0%
100.0 M
20.0%
80.0
M
60.0
M
15.0%
11.3%
40.0 M
10.0%
20.0
M
5.0%1H13

+25.2%

306.7 M
145.4 M300.0 M
86.0% 244.9 M
122.8 M
250.0 M
81.0%
200.0 M
76.0%
150.0 M
71.0%
72.3%
70.5%
100.0 M
66.0%
69.1%
68.2% 50.0 M
61.0%
56.0%
1H12
1H13
2Q12
2Q13
Shopping
Shopping
Shopping
Shopping
Center EBITDA Center EBITDA
Center EBITDA Center EBITDA

Consolidated EBITDA and Margin Analysis

+30.7%

+25.3%

-0.9%

+23.7%
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
-

149.0 M
118.8 M

120.4 M

63.0%

62.8%

2Q12
2Q12
Consolidated Consolidated
EBITDA
EBITDA
Excluding
Tower Sale

62.7%
2Q13
Consolidated
EBITDA

350.0 M
69.0%M
300.0
250.0
67.0%M
200.0
65.0%M
150.0 M
63.0%M
100.0
61.0%
50.0 M
59.0% -

311.1 M

308.2 M

235.9 M

64.6%

66.9%
60.4%

1H12
1H12
Consolidated Consolidated
EBITDA
EBITDA
Excluding
Tower Sale

90.0%
85.0%
80.0%
75.0%
70.0%
65.0%
60.0%
55.0%
50.0%

1H13
Consolidated
EBITDA

Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, equity pickup, and new projects for sale expenses from real estate activity.
Excluding the sale of the Morumbi Business Center corporate tower in 2012.

2Q13
Net Income and FFO per Share
Net Income Growth and Margin
(Not considering Morumbi Business Center Sale in 1Q12)
FFO per Share Evolution (R$)
+20.1%

+11.5%

140.8 M

70.3 M

32.9%

2Q12

2.40

117.2 M

63.1 M

1.36
29.6%

2Q13

32.1%

1H12

0.96

0.31

0.29

0.34

2Q09

2Q10

2Q11

1H13

2.50

CAGR:
+16.6%

30.5%

0.94

CAGR:
+27.6%

0.53

0.58

2Q12

2Q13

(Considering Morumbi Business Center Sale in 1Q12)

187.6 M

-25.0%

FFO per share

FFO LTM/share

140.8 M

36.4%

30.5%

1H12

1H13

2Q13
Debt, Cash and Dividends
As of June 30th, 2013
Debt Position and
Cash Generation

Weighted Average Cost of

Funding (p.a.) vs. SELIC Rate

Debt Index Breakdown

Multiplan Cost of Funding

IPCA
IGP-M 1.7%
5.4%

Net Debt = 2.34x

EBITDA (LTM)

9.98%

TJLP
11.4%

1,884.8M

SELIC Rate

9.48%

1,431.5M

612.9M

453.2M

Cash

Gross Debt

Net Debt

EBITDA
(LTM)

TR
30.9%

472.9M

9.08%

CDI
49.4%

9.20%
8.95%

8.50%
8.00%

FFO (LTM)

2Q12

7.50%

7.25%

7.25%

3Q12

4Q12

1Q13

2Q13

Debt Amortization Schedule

Debentures
Obligations from acquisition of goods (land and minority interest)
Loans and financing (banks)
150 M
150 M
43 M
8M
28 M
71 M

174 M

2013

2014

8M

29 M
250 M

290 M

163 M

2015

2016

2017

225 M

2018

177 M

2019

47 M

35 M

35 M

2020

2021

>=2021

10

2Q13
Announced Growth for 2013
Owned GLA: +20% Expected Growth for 2013
Multiplans owned GLA 000 m

627.4

74.2
522.6

11.8

18.8

104.8

522.6

Owned GLA: +20.0%

2Q13

Parque Shopping
Macei

Expansions VII & VIII

Ribeiro Shopping

Projects for lease under construction

Morumbi Corporate

4Q13

Multiplans Interest (R$)

Invested
Key
NOI 3rd
CAPEX Money
year

3rd year
NOI Yield

GLA
(100%)

%Mult.

CAPEX

4Q13

37,598 m

50.0%

112.6 M

86%

8.1 M

15.3 M

14.6%

18.6%

4Q13

19,494 m

76.2%

200.1 M

71%

10.5 M

16.9 M

8.9%

10.9%

BarraShopping Exp. VII

2Q14

9,479 m

51.1%

103.4 M

44%

27.3 M

14.7 M

19.3%

22.1%

Morumbi Corporate

3Q13

74,198 m

100.0%

482.4 M

91%

91.5 M

19.0%

18.5%

140,769 m

80.1%

898.5 M

81%

45.9 M

138.4 M

16.2%

Project
Parque Shopping Macei
RibeiroShopping Exp. VI, VII, VIII

Total

Opening

IRR

11

2Q13
Parque Shopping Macei

Illustration

Construction site (June 2013)

Construction site (June 2013)

12

2Q13
Expansions VII and VIII

Construction site (June 2013)

Illustration

Construction site (June 2013)

Illustration

13

2Q13

Illustration

Construction site (June 2013)

Underground parking (June 2013)

14

2Q13
Expansion VII

Illustration

Illustration

Illustration

15

2Q13
&

Illustration

Construction site (June 2013)

Construction site (June 2013)

16

2Q13
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