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1Q14
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 laws 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.
Non-accounting information has not been reviewed by the external auditors.
In this document the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31st, 2012, as disclosed in the next page.
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$).
1Q14
Managerial Report
Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete operational data.
Please refer to the Companys financial statements on its website www.multiplan.com.br/ir to access its Financial Statements in
compliance with the Brazilian Accounting Pronouncements Committee CPC.
The following pages present a brief description of the changes determined by Technical Pronouncement CPC19 (R2), and the
conciliation between the accounting and managerial numbers.
During fiscal year 2012, the Accounting Pronouncements Committee (CPC) issued the following pronouncements that impact the
companys activities and its subsidiaries, among others (i) CPC 18 (R2) Investment in affiliated companies, subsidiaries and in
joint control developments; (ii) CPC 19 (R2) Combined business. These pronouncements required their implementation for fiscal
years starting January 1st, 2013. Such pronouncements determine, among other issues, that developments controlled jointly be
recorded in financial statements via equity pick-up. In this case the company no longer consolidates proportionally the 50% interest
in Manati Empreendimentos e Participaes S.A., a company that owns a 75% interest in Shopping Santa rsula, and a 50% stake
in Parque Shopping Macei S.A., a company that owns a 100% interest in the shopping center of the same name. This report
adopted the managerial format and, for this reason, does not consider the requirements of CPCs 18 (R2) and 19 (R2). In this
manner, the information and/or performance analyses presented herein include the proportional consolidation of Manati
Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional information, please refer to note 9.4 of the
Quarterly Financial Report dated March 31st, 2014.
1Q14
Shopping Center Sales
Sales growth: Multiplan vs.
National retail (1Q14/1Q13)
Portfolio sales
(Last twelve months) - 1Q14
Satellite stores
+35.2%
13.7%
27,756/m
24,348/m
17,916/m
8.7%
8.0%
6.8%
7.2%
3Q13
4Q13
8.7%
6.3%
+11.2%
+7.4%
6.1%
National retail
sales
Multiplan
Malls opened in
tenants' sales
4Q12
1Q13
5.4%
2Q13
5.8%
1Q14
16.5%
13.3%
15.1%
13.8%
12.7%
12.9%
7.7%
12.1% 12.5%
7.0%
14.9%
12.6% 9.4%
11.9% 13.7%
8.4% 8.5%
9.4% 7.5%
6.6% 7.2%
11.4%
1Q10
9.9%
2Q10
3Q10
7.9% 4Q10
5.1%
9.8%
1Q11
2Q11
5.6%
SSS
16.5%
15.1%
10.0%13.3%
9.7% 9.5%13.8%
9.4%
10.3%
14.0%
SAS
10.6%
3Q11
8.3%
8.2%
14.9%
11.9%
4Q11
1Q12
8.1%
13.7%
9.3%
8.8%
7.7% 8.0%
7.4%
5.7%
10.3%
10.0% 9.7% 9.5% 9.4%
7.7%
8.5%
8.4% 7.6% 8.3% 7.4%
7.0% 6.8% 8.1%
5.8%
12.6%
2Q12
8.5%
8.3% 3Q13
3Q126.6%
4Q129.4%1Q13
8.2% 4Q13
8.1% 1Q14
7.5%2Q13
6.8%
1Q14
Selected Operational Data
Historical turnover
and occupancy cost: 1Q10-1Q14
Occupancy cost
13.5%
13.7%
14.0%
Turnover
14.2%
Rent loss
3.2%
13.7%
2.1%
1.7%
0.6%
1.1%
0.8%
0.9%
1.1%
1Q10
1Q11
1Q12
1Q13
1Q10
1.9%
0.4%
0.3%
0.2%
0.5%
1Q11
1Q12
1Q13
1Q14
0.7%
1Q14
1.8%
Total shopping center GLA (000 m) and occupancy rate evolution: 1Q10 1Q14
Total GLA ('000)
850
97.2%
98.4%
97.9%
Occupancy rate
98.5%
97.5%
100.0%
800
757
750
700
84.0%
650
600
550
592
76.0%
551
533
92.0%
699
68.0%
500
450
60.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
1Q14
Gross Revenue Analysis
Gross revenue breakdown 1Q14
Real estate
for sale
9.1%
Base rent
89.6%
Parking
12.5%
Key money
3.6%
Rental Revenue
59.1%
Services
11.3%
Merchandising Overage
3.6%
6.8%
245.9 M
13.5 M
+19.3%
1.8 M
+29.6%
7.4 M
-19.9%
(2.5 M)
+17.3%
5.2 M
+83.2%
11.7 M
N.A.
0.9 M
284.0 M
Other
Gross Revenue
1Q14
15.5%
Gross Revenue
1Q13
Rental revenue
Straight line
effect
Services
Key money
Parking revenue
1Q14
Rental Revenue Analysis
Rental revenue growth breakdown (YoY)
+8.3%
+4.7%
+17.4%
+1.9 M
179.3 M
Straight line
effect
Rental Revenue
1Q14
+1.7 M
+0.3 M
+11.5 M
+19.3%
9.4%
164.0 M
Rental Revenue
1Q13
Base rent
Overage
Merchand.
14.1%
12.0%
6.6%
3.9%
3.7%
0.2%
1Q10
4.4%
4.8%
-0.3%
2Q10
6.0%
7.7%
10.3%
4.9%
5.8%
14.5%
11.9%
4.8%
3.9%
2.8%
7.3%
8.8%
9.6%
1Q11
2Q11
3Q11
Real SSR
9.3%
3.9%
11.4%
11.4%
10.4%
7.7%
8.6%
1.8%
2.6%
4.3%
8.0%
0.6%
3.5%
8.0%
1.1%
6.8%
0.9%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4%
7.6%
6.8%
5.9%
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
4.0%
0.6%
3Q10
4Q10
4Q11
1Q14
Net Operating Income (NOI)
Shopping center expenses evolution
and as % of shopping center net revenue
2.6%
7.7%
38.4 M
34.4 M
182.1 M
24.9 M
26.8 M
12.4%
16.8%
2.21
12.9%
2.34
14.2%
1Q13
2Q13
3Q13
0.54
4Q13
1Q14
0.79
0.70
0.62
1Q09
3.85
25.5 M
3.18
1Q10
4.03
2.66
196.0 M
685.7 M
754.6 M
CAGR:
12.7%
88.0%
87.1%
89.4%
1Q13
1Q14
1Q13 (LTM)
85.1%
11.5%
1.05
1.02
CAGR:
14.0%
1Q14 (LTM)
1Q12
1Q13
1Q14
3.85
4.03
1.02
1.05
1Q13
1Q14
3.18
2.66
2.21
2.34
0.54
0.62
0.70
0.79
1Q09
1Q10
1Q11
1Q12
Excluding real estate for sale revenue and taxes, and straight-line effect
CAGR:
12.7%
CAGR:
14.0%
Shares
outstanding
at the endper
of each
period, adjusted by shares held in treasury
NOI
+ Key money
share
1Q14
EBITDA Analysis
G&A expenses and
G&A/Net revenues (%)
23.3%
2.00 x
1.80 x
1.60 x
1.40 x
1.20 x
1.00 x
0.80 x
0.60 x
0.40 x
0.20 x
-
40.0%
50.0 M
35.0%
30.0%
40.0 M
32.1 M
30.0 M
27.8 M
28.2 M
24.5 M
19.9 M
20.0 M
10.0 M
25.0%
20.0%
13.5%
8.9%
11.2%
10.5%
9.5%
15.0%
10.0%
5.0%
1Q13
2Q13
3Q13
Consolidated EBITDA
4Q13
0.94 x
2007
1Q14
23.4%
1.31 x
2008
2009
2010
1.00 x
0.93 x 0.98 x 0.97 x
2011
2012
2013
1Q14
12.4%
196.6 M
182.7 M
196.6 M
162.5 M
182.7 M
189.0 M
90.0%
88.0%
159.3 M
86.0%
82.6%
79.9%
84.0%
82.0%
80.0%
76.4%
71.3%
76.4%
77.1%
78.0%
79.9%
76.0%
74.0%
72.0%
70.0%
1Q13
1Q14
1Q13
1Q14
Consolidated
EBITDA
Shopping Center
EBITDA
Shopping Center
EBITDA before
New Projects for
Lease Expenses
1Q14
Debt and Cash
Cash Generation and Debt Position
IGP-M
3.7%
TJLP
8.5%
2,158.3M
1,904.5M
55
53
Other
3.2%
50
TR
42.2%
48
648.0M
253.8M
Cash
Gross
11.08% Debt
10.52%
45
452.7M
CDI
42.4%
FFO
(LTM)
9.98%
1Q13
9.48%
11.00%
9.08%
2Q13
3Q13
4Q13
1Q14
8.95%
9.34%
8.00%
7.50%
10.75%
10.41%
9.75%
8.50%
10.00%
9.00%
9.87%
7.25%of funding
7.25%
Weighted average cost
(% p.a.) vs. Selic Rate
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
10.52%
9.98%
9.48%
11.00%
9.08%
3Q13
4Q11
1Q12
2Q12
8.95%
7.50%
7.25%
7.25%
3Q12
4Q12
1Q13
1Q14
Selic Rate
9.20%
9.34%
8.00%
2Q13
10.00%
10.75%
10.41%
9.75%
8.50%
4Q13
9.00%
3Q13
9.87%
4Q13
1Q14
Selic Rate
10
1Q14
Net Income and FFO per Share
FFO and margin
26.1%
128.6 M
82.3 M
70.4 M
102.0 M
50.0%
31.5%
32.0%
1Q13
1Q14
45.6%
1Q13
1Q14
2.42
CAGR:
27.4%
1.32
0.72
0.93
0.90
0.36
1Q09
0.51
0.58
1Q10
1Q11
1Q12
0.57
0.69
1Q13
1Q14
CAGR:
13.8%
11
1Q14
Multiplans Margin Evolution
NOI Margin
EBITDA Margin
89.8%
85.3%
76.3%
66.7%
86.6%
89.0%
84.7%
74.3%
68.4%
59.3%
63.0%
52.1%
57.7%
86.5%
79.9%
78.0%
60.1%
56.5%
61.0%
60.9%
57.9%
67.3%
61.4%
71.7%
70.9%
76.4%
64.0%
62.6%
53.6%
50.0%
43.6%
51.8%
2007
FFO Margin
2008
2009
2010
2011
2012
2013
1Q14
12
1Q14
Expansion VII
Illustration
13
1Q14
Diamond Tower and Rsidence du Lac
Illustration
Construction site
(April 2014)
Construction site
(April 2014)
14
1Q14
IR Contact
Armando dAlmeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent
Franco Carrion
Investor Relations Analyst
Ricardo Gaspar
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
15