1Q16

1Q16

Multiplans Conference Call Presentation

ir.multiplan.com.br
ri@multiplan.com.br

1Q16
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the companys management and on available information. The company is under no obligation to update these statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the companys ability to control. The reader/investor
should not make a 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, demands
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 prior warning.
External auditors have not reviewed non-accounting information.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31, 2012, as disclosed on 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 ir.multiplan.com.br.

1Q16
Managerial Report

Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete perspective
on operational data. Please refer to the companys financial statements on its website ri.multiplan.com.br to access the Financial

Statements in compliance with the Brazilian Accounting Standards Committee CPC.

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
Financial Statements dated March 31, 2016.

1Q16
Shopping Centers Sales
Evolution of tenants sales
(R$ billion)

Evolution of Same Area Sales

(R$/m/LTM)

Satellite stores sales

(R$/m/LTM)
+1,667 R$/m

CAGR: +10.1%

+671

+3.1%

20.464

+1.012
2.45 B

2.72 B

2.92 B

25,817

26,015

Mar-15
(LTM)

Mar-16
(LTM)

3.01 B

+1.291

24,348

2.05 B

17.489
+17.0%

1Q12

1Q13

1Q14

1Q15

Mar-13 Mar-14 Mar-15 Mar-16 Mar-16

(LTM) (LTM) (LTM) (LTM) (LTM)

1Q16

Mar-14
(LTM)

Same Store and Same Area Sales growth (YoY)

Same Area Sales

Spread
SAS/SSS

Same Store Sales

+2.6%

12.0%
9.7%

9.5%

9.4%
7.4%

8.2%
1Q12

8.1%
2Q12

Using Mar-13 (LTM) as the base

Source: Multiplan

8.5%
3Q12

8.8%

7.7%

8.0%

9.3%

8.8%

6.7%

5.7%

6.8%

8.1%

4Q12

1Q13

5.8%
2Q13

8.4%
3Q13

7.6%
4Q13

8.3%
1Q14

9.4%
2Q14

5.7%

6.1%

7.9%

3Q14

4Q14

3.9%

4.2%

2.8%

2.7%

4.3%

1.2%

0.6%

2.1%

1.6%

1Q15

2Q15

3Q15

4Q15

1Q16

1Q16
Selected Operational Data
Evolution of occupancy cost
14.0%

14.2%

13.7%

13.5%

Evolution of delinquency rate and rent loss

13.9%

13.1% 13.1% 13.0% 13.1% 13.0%

12.7%
5.8%
6.0%
5.8%
5.4%
5.9%

6.6%
5.8%

5.4%

5.3%

5.4%

5.6%

5.6%

5.3%

4.5%

3.2%

8.2%
7.3%

8.1%
8.1%
8.1%
7.8%
7.8%
7.7%
7.6%
7.5%
7.4%

1Q12
3Q10

1Q13
1Q14
1Q15
1Q16
3Q11 3Q12 3Q13 3Q14 3Q15

3.2%

2.2% 1.9% 1.8%

1.7% 2.1%
1.0% 1.0%

0.4% 0.6% 0.4% 0.3% 0.2% 0.5% 0.5%

1.0%

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Rent Loss

Occupancy
Rent as %
of Sales CostOther as % of Sales

Delinquency Rate (Gross)

Outros como % das vendas

Evolution of shopping center occupancy rate: 1Q12 1Q16

98.6%

98.5%

Source: Multiplan

3Q14

4Q14

1Q15

98.0%

2Q14

98.1%

1Q14

98.4%

4Q13

99.0%

3Q13

98.8%

2Q13

98.4%

1Q13

98.6%

4Q12

98.1%

3Q12

97.6%

98.1%

2Q12

98.5%

97.8%
1Q12

97.9%

97.5%

97.2%

2Q15

3Q15

4Q15

1Q16

1Q16
Gross Revenue Analysis
Gross revenue breakdown 1Q16
Others
0.4%
Real Estate for Sale
1.3%

Parking
15.0%

Base Rent
90.6%

Rental Revenue
67.0%

Key Money
1.1%
Services
12.0%

Merchandising
6.4%

Straight Line Effect

3.1%

Overage
3.0%

Gross revenue growth breakdown: 1Q16 (YoY)

+6.7%

+11.2%

+34.3%

-55.4%

9.5 M

13.0 M

Gross
revenue
1Q15
Source: Multiplan

-65.2%

4.0 M

1.0 M

293.0 M

+9.4%

(4.4 M)

+73.7%
0.6 M

309.2 M

Other
revenues

Gross
revenue
1Q16

(7.4 M)

+5.6%

Rental
revenue

Straight line
effect

Services
revenue

Key money
revenue

Parking
revenue

Real estate
for sale
revenue

1Q16
Rental Revenue Analysis
Rental revenue growth breakdown (R$)

Evolution of Morumbi Corporate rental revenue (R$)

LTM: R$72.5 M

194.2 M

+7.1%

-11.4%

+11.2%

12.5 M

(0.8 M)

1.3 M

207.2 M

10.1 M 11.1 M

+6.7%

13.4 M 14.5 M

15.0 M

17.2 M

19.0 M

21.2 M

5.6 M
1.3 M
Rental
revenue
1Q15

Base rent

Overage

Merchand.

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Rental
revenue
1Q16

Evolution of Same Store Rent

3.9%

11.9%

3.9%

1.8%

10.4%
7.7%

7.7%
1Q12

2.6%

8.6%

4.3%

0.6%

3.5%

0.9%

8.0%

6.8%

6.7%

5.9%

5.8%

5.9%

5.6%

4Q13

1Q14

2Q14

3Q14

4Q14

11.4%

11.4%
8.0%

6.3%

5.7%

5.9%

6.8%

7.4%

7.6%

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13
SSR

Source: Multiplan

1.2%

4.1%

10.1%

2.7%

3.4%

4.1%

2.4%

2.4%

0.3%

8.8%

9.2%

9.5%

7.0%

6.8%

6.2%

5.2%

4.5%

4.4%

5.9%

1Q15

2Q15

3Q15

4Q15

-1.7%

5.8%

1Q16

IGP-DI Adjustment Effect

1Q16
Expenses Analysis
Evolution of G&A expenses (R$)
and as a % of net revenue

Evolution of shopping center expenses (R$)

and as a % of shopping center revenues
+39.9%

+24.3%

31.9 M
25.6 M

24.5 M

24.9 M

25.5 M

13.5%

12.9%

32.1 M

23.0 M

18.4 M

25.7 M

19.9 M
12.7%

13.9%
10.5%

1Q12

1Q13

1Q14

1Q15

1Q16

Evolution of office towers for lease expenses (R$)

1Q12

1Q13

1Q14

1Q15

1Q16

Evolution of new projects for lease expenses (R$)

-39.8%

3.2 M

3.6 M

6.3 M
2.4 M

1.9 M

2.3 M

1.3 M

1Q15

2Q15

3Q15

Considers shopping center rental and parking revenues

Source: Multiplan

4.4 M

4Q15

1Q16

1Q12

1Q13

1Q14

-14.9%

1.8 M

1.5 M

1Q15

1Q16
8

1Q16
Evolution of Margins

90.2%

89.4%

64.5%

67.8%

56.1%

53.1%

42.6%

Mar-12 (LTM)

38.7%

Mar-13 (LTM)

NOI + Key Money Margin

Source: Multiplan

85.5%
64.0%

88.5%
69.5%

89.0%
72.2%

44.7%

47.4%

48.3%

29.3%

31.2%

33.0%

Mar-14 (LTM)
EBITDA Margin

Mar-15 (LTM)
FFO Margin

Mar-16 (LTM)
Net Income Margin

1Q16
Net Operating Income (NOI)
Evolution of Net Operating Income (NOI) + Key Money (R$) and margin (%)
CAGR: +15.5%

+4.6%
219.2 M

879.6 M

229.3 M

944.9 M

707.8 M

89.3%

88.1%

87.1%

88.8%

84.6%

1Q15

Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM)

1Q16

NOI

NOI Margin

NOI + Key Money per share (R$) and cap rate

6.00
5.00
4.00

4.85

5.12

CAGR:
+11.8%

CAGR:
+12.7%

3.85

4.06

0.79

1.02

1.05

1.20

1.24

Mar-12

Mar-13

Mar-14

Mar-15

Mar-16

3.18

3.00
2.00
1.00
-

NOI + Key Money per share (LTM)

NOI + Key Money per share (1Q)
Shares outstanding at the end of each period minus shares held in treasury
Source: Multiplan

10

1Q16
EBITDA
Consolidated EBITDA (R$) and margin (%) evolution
CAGR: +10.7%

790.9 M

+2.6% 198.8 M
193.7 M
73.2%

1Q15

71.3%

1Q16

+0.4%

794.3 M

648.0 M
72.2%

69.5%
64.0%

Mar-14 (LTM)

Mar-15 (LTM)

Mar-16 (LTM)

Consolidated EBITDA (LTM)

Property EBITDA (R$) and margin (%) evolution Consolidated EBITDA Margin (LTM)
CAGR: +11.5%
787.7 M

195.4 M

+2.5% 200.2 M

76.8%

+3.7% 817.0 M

657.7 M
75.4%

75.0%

Mar-15 (LTM)

Mar-16 (LTM)

72.0%

72.7%

1Q15

1Q16

Mar-14 (LTM)

Property
EBITDA
(LTM) includes headquarters
Property EBITDA: EBITDA considers Multiplans core business, leasing activities. The metric excludes real estate for sale activity and future developments
expenses.
The calculation
Consolidated EBITDA Margin (LTM)
expenses, stock options and taxes: proportional to the property revenues as a percentage of gross revenue.
11
Source: Multiplan

1Q16
FFO and Net Income
Net Income (R$) and margin (%) evolution
CAGR: 10.6%

+0.7%

70.1 M

296.4 M

26.3%

25.1%

29.3%

1Q15

1Q16

69.6 M

355.4 M

362.7 M

31.2%

33.0%

Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM)

Net Income (12M))

FFO (R$) and margin (%) evolution

CAGR: 8,3%

114.7 M

43.3%

-0.1%

114.6 M

539.0 M

530.6 M

47.4%

48.3%

452.7 M

41.1%
44.7%

1Q15

1Q16

Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM)

FFO (R$)

Source: Multiplan

FFO Margin (LTM)

12

1Q16
Debt and Cash
Cash generation and debt position (R$)
as of March 31, 2016

Multiplan debt indices

on March 31, 2016

Debt breakdown on
March 31, 2016

2,314.8M
1,850.7M

Net Debt
= 2.33x
EBITDA (LTM)

794.3M
530.6M

464.1M

Financial Position Analysis

Mar. 31, 2016

Net Debt/EBITDA

2.33x

Gross Debt/EBITDA

2.91x

EBITDA/Financial Results

4.15x

Total Debt/Shareholders Equity

0.54x

Net Debt/Market Cap

18.1%

Net Debt/Fair Value

11.8%

Weighted Average Maturity (Months)

Cash

Gross Debt Net Debt

EBITDA
(LTM)

IGP-M Others
TJLP 0.7% 2.5%
4.2%

TR
40.4%
CDI
52.2%

52

FFO (LTM)

All of Multiplans debt is in local

currency Brazilian Reais

Weighted average cost of funding vs. Selic rate (% p.a.)

8.95%

9.20%

9.34%

9.87%
10.00%

7.25%
Mar-13

8.00%
Jun-13

10.41%

10.75%

10.50%

10.54%

11.00%

11.00%

Jun-14

Sep-14

10.96%

11.75%

13.75%

14.25%

14.25%

14.25%

12.29%

12.81%

13.09%

13.22%

Jun-15

Sep-15

12.75%
11.53%

9.00%
Sep-13

Dec-13

Mar-14

Multiplan Cost of Funding (gross debt)

EBITDA and Financial Result are the sum of the last 12 months
Source: Multiplan and BCB (Banco Central do Brasil)

Dec-14

Mar-15

Dec-15

Mar-16

Selic Rate (basic interest rate)

13

1Q16
Debt Amortization Schedule and Covenants
Covenants

Evolution of Net Debt/EBITDA and its lowest covenant

4.00x
3.25x
2.44x

3.25x

4.00x
Covenant

3.50x

Net Debt/EBITDA
EBITDA/Financial Results
Total Debt/Total Asset
EBITDA Margin
Total Debt/Shareholders Equity

3.03x
2.36x

2.44x

2.33x

Limit

Mar-16

<= 4.00x
>= 2.00x
<= 0.50x
>=20.0%
<= 1.00x

2.33x
4.15x
0.32x
71.3%
0.54x

Debt
Volume
1,225.4 M
773.4 M
114.7 M
114.7 M
56.7 M

Total debt with financial covenants

2012

2013
2014
Lowest Covenant

2015
1Q16
Net Debt / EBITDA

209 M

2018

2020
19.9%

265 M

2020

12 M
199 M

258 M

2021
2019
20.3%

32 M 241 M
393 M

2019
2018
17.7%

205 M

39 M 26 M

140 M

2017
2017
10.4%

1,340.1 M

Debt amortization schedule (R$)

2016

2016
9.0%

Comply
Comply
Comply
Comply
Comply

EBITDA and Financial Results are the sum of the last 12 months

Debt amortization schedule (%)

>2020
22.7%

Status

158 M

199 M

405 M
464 M
457 M

- 158 M

2022

97 M

97 M

2023

98 M

98 M

Loans and financing (banks)

Obligations from acquisition of goods (land and minority interest)

2024
EBITDA and Financial Results are the sum of the last 12 months
Debt amortization schedule from Apr-16 to Dec-16
Source: Multiplan

2025

88 M
102 M

88 M
102 M

Debentures

14

1Q16
Greenfield Under Construction

Status: Construction structuring

phase

Total GLA: 48,000 m

Multiplans stake: 80.0%
Leased area (GLA): 72.3%
Expected opening: 2017
CAPEX(1): R$359.3M
Key Money(1): R$26.5M
3rd year NOI(2): R$36.0M
3rd year NOI yield(2): 10.8%

(1) Considering Multiplans interest in CAPEX of 94.7%

(2) Considering Multiplans interest of 80.0%

Construction works in March, 2016

Source: Multiplan

15

1Q16
BarraShopping Medical Center Expansion

The BarraShopping Medical

Center expansion was delivered
in April 2016.
Total GLA: 3,515 m
Multiplans stake: 51.0%

Medical Center Expansion entrance in April, 2016

Source: Multiplan

16

1Q16
MULT3 Performance
Evolution of Average Daily Traded Volume

Indexes

Average daily traded volume (R$)

Average daily traded volume in number of shares

809,890

892,627

640,868
492,683
359,710
26.5 M

38.6 M

40.6 M

2015

1Q16

31.7 M

17.4 M

2012

2013

2014

1Q16: MULT3, MULT3 Volume and Bovespa Index

150

Traded Volume (15 day average)

140

Multiplan

Ibovespa

+41.3%

+16.9%

70.0 M
60.0 M

130

50.0 M

120

40.0 M

110

30.0 M

100

20.0 M

90

10.0 M

80
Dec-15
Source: Bloomberg

Jan-16

Feb-16

0.0 M
Mar-16

17

1Q16
Fair Value Analysis
Evolution of Fair Value (R$)

Enterprise Value and Fair Value (R$)

Future projects (not disclosed)

Properties under development (disclosed)
Properties in operation

Fair
Value

17.5 B

15.7 B

15.0 B
12.5 B
10.0 B
7.5 B
5.0 B
2.5 B
.0 B
2010

2011

2012

2013

2014

2015

Fair Value per share (R$)

1Q16

Market Cap vs. Enterprise Value (EV)

vs. Fair Value on March 31, 2016

Calculated according to CPC 28. Details are available in the March 31, 2016 Financial Statements and 1Q16 Earnings Report.
Based on stock price in March 31, 2016.
The sum of Market Cap and Net Debt.
Source: Multiplan

Growth of Fair Value, NOI and owned

GLA (Base 100: 2010)

18

1Q16

IR Contact
Armando dAlmeida Neto
CFO and IRO

Hans Melchers
Investor Relations and Planning Director

Franco Carrion
Investor Relations Manager

Carolina Weil
Investor Relations Analyst

Leandro Vignero
Investor Relations Analyst

Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322
E-mail: ir@multiplan.com.br
http://www.ir.multiplan.com.br