apresentao3q11eng

8/3/2019 Apresentao3Q11ENG

1/16

3Q11

3Q11 Earnings Release

Conference Call Presentation


2/16

3Q11

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. These prospects include

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 forward-

looking 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.

Note: All figures are presented in Brazilian Reais (R$).

Disclaimer

2


3/16

3Q11

6.6%

11.8%

NationalRetail Sales

(IBGE)

Total Sales

7.7% 7.5%

SAS SSS

31 Considering 100% of shopping center sales. 2 July and August 2011 compared to the same period in 2010.

Multiplan Shopping Center Sales vs.National Retail (3Q11/3Q10)

2

13.8%12.2%

14.4%

11.4%

14.0%

11.4%9.9%

7.9%

5.1%

9.8%

5.6%

10.6%

14.9%

11.9%

13.7%12.6%

6.6%

9.4%

7.5%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Same Store Sales Evolution (Y/Y)

3Q Historical Shopping CenterSales Growth

Operational Results: Shopping Center Sales

1,030 M1,204 M

1,416 M

1,745 M1,951 M

3Q07 3Q08 3Q09 3Q10 3Q11

CA

GR: +17.3%


4/16

3Q11

4

3Q11 Gross Revenue Breakdown (%) 3Q11 Gross Revenue Growth

Rental Revenue Growth Analysis (3Q11/3Q10)

Operational Results: Revenue Analysis

9.6%

15.1% 16.0%18.7%

IGP-DIAdjustment

effect

SAR SSR RentalRevenue

Straigh t line effect3.3%

Services13.0%

Key money

5.4%

Parking10.9%

Real estate5.8%

Other0.4%

Base52.3%

Merchandising5.9%

Overage3.1%

RentalRevenue

61.2%

160.0 M

181.8 M

17.5 M

5.3 M1.4 M

2.9 M(3.2 M)

(2.3 M) 0.1 M

Grossrevenue

3Q10

Rentalrevenue

Servicesrevenue

Key money Parkingrevenue

Real estatefor salerevenue

Straightlin e effect

Other Grossrevenue

3Q11

+18.7%

+28.9%+16.9%

+17.5%-23.4%

-27.3% +23.7%

+13.7%


5/16

3Q11

5

Same Store Rent Real Growth (YoY)

Operational Results: Same Store Rent

2.6%

3.6% 3.9%4.6% 5.6%

6.7% 8.6%

10.7% 11.1% 10.0%

7.3%

2.9%

0.2%-0.3%

0.6%

4.0%

7.3%8.8% 9.6%

6.5%6.6% 6.4% 4.2% 2.1%

2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%

3.7% 4.8%6.0%

7.7%2.8%

4.9%5.8%

9.4%10.4%10.6%

9.0%

7.7%

9.0%

11.6%

13.9%13.2%

14.0%

8.1%

6.5%

3.9%4.4%

6.6%

12.0%

10.3%

14.1%

16.0%

-1.0%

4.0%

9.0%

14.0%

19.0%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

IGP-DI Adjustment Effect Real SSR


6/16

3Q11

6

Shopping Center Expensesand as % of Net Revenue (3Q11/3Q10)

NOI + Key Money and Margin (3Q11/3Q10)

112.3 M

131.6 M

88.2%

89.5%

3Q10 3Q11

+17.1%

15.0 M

19.3 M

15.4 M17.2 M

15.4 M

11.2%

12.5%

10.6%

11.4%

9.9%

3Q10 4Q10 1Q11 2Q11 3Q11

+2.6%

Performance Results: Net Operating Income


7/16

3Q11

7

G&A Expenses Evolution and as a % of Net Revenue

Shopping Center EBITDA and Margin (3Q11/3Q10)

EBITDA and Margin Analysis

Performance Results: EBITDA Analysis

Shopping Center EBITDA: does not consider revenues, taxes on sales,

costs, and new projects for sale expenses from real estate activity.

66.9 M

116.2 M

49.9%

74.4%

3Q10 3Q11

+73.7%

24.7 M23.0 M 21.6 M 20.1 M 21.0 M

16.9%

12.9%13.7%

12.6% 12.6%

3Q10 4Q10 1Q11 2Q11 3Q11

-15.3%

111.6 M

116.2 M

118.7 M

67.3%

74.4%

76.1%

Consolidated EBITDA Shopping Center

EBITDA

Shopping Center

EBITDA before NewProjetcs fo r Lease

Expenses

+ 872 bps


8/16

3Q11

Net Income and Net Margin (3Q11/3Q10) FFO and FFO Margin (3Q11/3Q10)

8

46.4 M

65.3 M

31.6%

39.4%

3Q10 3Q11

+40.8%

FFO Growth Analysis

Performance Results: Net Income and FFO

84.1 M

99.7 M

57.4%60.2%

3Q10 3Q11

+18.6%

182.2 M

239.1 M247.7 M

353.8 M

389.6 M

229.7252.4

319.1339.3

357.3

147.8 147.8 147.8179.2 179.2

1.23

1.621.68

1.972.17

3Q07 3Q08 3Q09 3Q10 3Q11

FFO LTM GLA (thousand) Shares (million) FFO Per Share LTM


9/16


10/16

3Q11

10

CAPEX Breakdown

Debt Position and Cash Generation(on September 30th, 2011)

Debt Indexes Breakdown(on September 30th, 2011)

Funding Breakdown(on September 30th, 2011)

CAPEX 3Q11 9M11

Mall Development 137.7 M 345.2 M

Mall Expansions 19.5 M 30.8 M

Office towers for lease 33.4 M 65.0 M

Renovations & other 7.3 M 27.1 M

Total 198.0 M 468.1 M

Drawn595.6M

Loans andfinancing to be

drawn300.5M

Debentures tobe drawn

300.0M

TJLP10%

IPCA9%

TR65%

CDI

1%IGP-M15%

Performance Results: CAPEX and Indebtedness

532.9 M595.6 M

(62.7 M)

432.5 M389.6 M

Cash Gross Debt Net Debt EBITDA

(LTM)

AFFO

(LTM)


11/16

3Q11

11

Projects Signed Key Money andNew Projects for Lease Expenses in 3Q11

Leasing Evolution

Deferred Income Evolution

Leasing Status(October, 2011)

81.2M

96.4M110.2M

110.5M

121.5M

126.3M

138.8M141.2M

137.1M

132.M136.7M

150.M

158.5M

183.7M

189.6M

204.6M

207.1MDelivery

ofprojects

Newprojectslaunched

Key Money and Leasing Status

0%

20%

40%

60%

80%

100%

120%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

LeasedStores(units)

ParkShoppingSoCaetano

VillageMall

JundiaShopping

ParkShoppingCampoGrande

96.8%

85.7%

82.5%

82.3%

Leased stores87%

To be leased13%

Total stores:783

12.1 M

2.5 M

Signed Key Money New Projects forLease Expenses


12/16


13/16

3Q11

13

Projects Under Development: Greenfields

JundiaShopping (SP) ParkShoppingCampoGrande (RJ)VillageMall (RJ)

Construction works in 3Q11

1 Considers only the first phase of the project (disregarding any future expansions). Includes project expenses.2 Multiplan will invest 100% of the CAPEX.

Shopping centers under construction Multiplans Interest (000)

Project OpeningGLA

(100%)%Mult. CAPEX

Invested

CAPEXKey Money NOI 1st year NOI 3rd year

3rd year NOI

Yield (%)

ParkShoppingSoCaetano DELIVERED Nov-11 38,660 m 100.0% 260,579 89% 37,083 35,296 47,111 21.1%

JundiaShopping Oct-12 35,754 m 100.0% 271,006 45% 24,763 27,876 34,331 13.9%

VillageMall Nov-12 23,583 m 100.0% 426,620 54% 40,975 41,093 46,855 12.1%

ParkShoppingCampoGrande Nov-12 42,016 m 90.0% 229,000 27% 45,075 25,562 34,147 18.6%

Parque Shopping Macei Apr-13 36,092 m 50.0% 93,333 13% 9,259 10,432 13,184 15.7%

Total 176,106 m 87.4% 1,280,539 51% 157,155 140,259 175,627 15.6%

Parque Shopping Macei (AL)


14/16

3Q11

14

Morumbi Business Center (SP) ParkShopping Corporate (DF) Morumbi Corporate (SP)

Office Towers for Lease Multiplans Interest (000)

Project Opening GLA (100%) %Mult. CAPEXInvested

CAPEX

Stabilized

NOI

Stabilized

NOI Yield (%)

Morumbi Business Center Mar-12 10,635 m 100.0% 74,391 73% 11,486 15.4%

ParkShopping Corporate Nov-12 13,360 m 50.0% 38,629 24% 7,152 18.5%

Morumbi Corporate Sep-13 74,198 m 100.0% 445,759 27% 83,701 18.8%

Total 98,193 m 93.2% 558,779 33% 102,339 18.3%

Artists rendering

Artists renderingArtists rendering

Projects Under Development: Towers for Lease

Construction works in 3Q11


15/16


16/16

3Q11

IR Contact

Armando dAlmeida Neto

CFO and Investors Relation Director

Rodrigo KrauseInvestor Relations Superintendent

Leonardo OliveiraInvestor Relations Senior Analyst

Franco CarrionInvestor Relations Analyst

Diana LitewskiInvestor Relations Analyst

Hans MelchersPlanning Manager

Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322E-mail: [email protected]

http://www.multiplan.com.br/ri

apresentao3q11eng

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