Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
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 ir.multiplan.com.br.
2
3Q16
Multiplan at a Glance
High Productivity Portfolio Historical growth strategy breakdown
Recognized developer of top-of-mind shopping centers in regions with the (% of total GLA2)
largest GDP in Brazil;
Full service Company that plans, develops, owns and manages one of the most
efficient shopping center portfolios in the country;
Long-term planning including expansions and mixed-use projects;
Top line growth and efficiency gains leading to a strong 5-year CAGR1 of 15.0% Greenfields
65%
in NOI and 6.2% in FFO.
Acquisitions
5%
A Seasoned 42-year Company
Proven track record in the real estate industry;
Offices for lease Expansions
Management and control of its shopping centers, allowing great flexibility to 10% 20%
implement improvements;
18 shopping centers with an average interest of 73.8% and 775,561 sq.m. of
total GLA2, besides 2 office towers for lease. Interest, management and control in
properties
Source: Multiplan 3
3Q16
Properties Portfolio
Other
Other
Shopping
5.1% Shopping
Centers
Centers 8.7%
AL 94.9%
91.3%
DF
MG
SP
PR RJ
Multiplans Portfolio Size: States Exposed to:
RS
4Q16
Operating Efficiency
Tenants sales: Multiplan & USA malls Operating efficiency: Multiplan & Brazilian malls
Tenants sales USD/sq.f. Tenants sales USD/sq.f. (anchor + Rental Revenue USD/sq.f. (anchor +
(satellite stores only) - 2016 satellite stores) - 2016 satellite stores) Sep-16 (LTM)
+53% 723
+92% 566
+73% 41
472 295
24
Miscellaneous Miscellaneous
21.3% 11.0%
Services
Services 11.0%
1 Source: ICSC International Council of Shopping Centers 23.1%
2 Source: Abrasce Associao Brasileira de Shopping Centers.
3 2016 final Exchange rate of R$3.2585 / US$ (Bloomberg).
4 Source: ICSC International Council of Shopping Centers and JLL Jones Lang LaSalle. 5
3Q16
4Q16
2016 Preliminary Operating Performance
Tenants Sales and Shopping Center Occupancy Rate
Total tenants sales (R$) Same Area and Same Store Sales
(year/year)
12.0%
17
. 0B
7.2B
12.0%
9.7% 9.5% 9.4% +2.9%
16
. 0B
7.7%
15
. 0B
8.2% 8.1% 8.5% 6.8% 8.1%8.2% 8.1% 8.4%8.5% 8.3%8.1%9.4% 8.4% 3.2% 8.3% 2.7%
3.3% 3.3%7.9%
7.6%6.8% 7.9%7.6% 2.5%
4.2B
12
. 0B
5.8% 6.1%
5.8% 6.1%
3.2B
4.3% 1.2% 0.6% 2.1% 1.6%
2.8%
11
. 0B
4Q15 2Q12
1Q12 4Q163Q12 2015 1Q13
4Q12 2016
1Q122Q132Q12
3Q133Q12
4Q134Q12
1Q141Q13
4Q15 2Q142Q13
1Q16 3Q143Q13
2Q16 4Q14
2012 4Q13
3Q161Q15
2013 1Q14
4Q1620142Q14
2Q15 20153Q14
3Q15 4Q15 4Q14
2016 1Q161
Same Area Sales Same Area Sales Same Store Sales
+716 27,106
+777
+1,675 97.3%
98.0%
97.9%
97.6%
+13.2%
97.4%
23,938
2013 2014 2015 2016 2016 4Q15 1Q16 2Q16 3Q16 4Q16
Source: Multiplan 6
3Q16
4Q16
2016 Preliminary Operating Performance
Tenant Mix Management
Turnover in GLA and as % of total GLA (%) SAS and SSS spread (%)
5.2%
5.2% 5.1%
5.1% 5.1% 6.0%
4.8%
4.8%
4.3%
4.3% 5.0%
3.9% 1.5%
35,438 34,001 36,491 4.0% 1.4%
31,003 35,438 34,001 1.1%
30,727
3.0%
31,003 1.9% 30,727 27,613
2.1% 1.7%
1.3% 2.0% 0.5%
2.4% 0.1%
1.0%
Apparel Food Court & Miscellaneous Services Home & Office 8,0%
Gourmet Area 7
Source: Multiplan
3Q16
Diversified Revenues
Gross revenue breakdown in 9M16 Rental revenue diversification:
Others
Top retail chains in Sep-16 (LTM)
0.6% 25%
Real Estate for Sale 23%
0.6%
% of Rental Revenues
21%
19%
Parking Base rent
15.0% 89.9% 17%
15%
Rental Revenue
Key Money 69.3%
13%
1.1% 11%
9%
Services
7%
10.5% Top 10: Top 25:
Merchandising 5%
6.9% Overage 3% 12.0% 21.6%
Straight Line Effect
3.2%
2.9% 1%
1 3 5 7 9 11 13 15 17 19 21 23 25
Number of Retail Chains
2007 2008 2009 2010 2011 2012 2013 2014 2015 9M16
Real SSR growth 1
5.7% 2.5% 1.5% 5.7% 5.0% 4.0% 2.5% 3.0% 2.4% (2,6%)
1Real SSR considering the IGP-DI adjustment effect in each period.
Source: Multiplan
8
3Q16
Strong and Predictable Revenues
1,100.0 M 97.4% 96.6% 96.9% 98.6% 98.2% 97.9% 98.1% 98.7% 98.3% 97.7% 100.0%
898.4 M 95.0%
900.0 M 861.6 M
801.3 M 90.0%
679.0 M 85.0%
700.0 M
561.9 M 80.0%
486.3 M
500.0 M 416.1 M 75.0%
360.2 M 89.4%
295.3 M 88.7% 88.9% 70.0%
300.0 M 239.4 M 88.6%
87.3% 65.0%
86.2%
85.8% 84.7%
83.2% 60.0%
100.0 M 84.2%
55.0%
(100.0 M) 2007 2008 2009 2010 2011 2012 2013 2014 2015 Sep-16 (LTM) 50.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 Sep-16 (LTM)
Source: Multiplan 9
3Q16
Debt and Cash
Cash generation and debt position (R$) Multiplan debt indices Debt breakdown on
as of September 30, 2016 on September 30, 2016 September 30, 2016
2,612.5M IGP-M Others
TJLP
0.3% 2.2%
3.0%
Financial Position Analysis Sep. 30, 2016
1,932.7M
Net Debt
= 2.40x Net Debt/EBITDA 2.40x
EBITDA (LTM)
Gross Debt/EBITDA 3.24x
EBITDA/ Net Financial Expenses 4.09x TR
36.9%
Net Debt/Fair Value 12.5%
805.8M CDI
679.8M Total Debt/Shareholders Equity 0.60x
526.2M 57.6%
Net Debt/Market Cap 16.1%
Weighted Average Maturity (Months) 49
Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
Multiplan Cost of Funding (gross debt) Selic Rate
EBITDA and Net Financial Expenses are the sum of the last 12 months
Source: Multiplan and BCB (Banco Central do Brasil) 10
3Q16
Debt Amortization Schedule and Covenants
Evolution of Net Debt/EBITDA and its lowest covenant Covenants
Amount R$300 M
Guaranty 40% of BarraShoppingSul (Value: R$390 M); 130% of the Issuance amount
Source: Multiplan 12
3Q16
NOI and stock price evolution
LTM NOI(1) and stock price evolution since IPO
NOI
CAGR 2007/16:
18.7%
(+367%)
Share price
CAGR 2007/16:
10.9%
(+153%)
100
Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16
1,400 1,344 M
1,000 14.00% 14%
1,200
800 12.00%
1,000
12%
986 M
800 600 10.00%
847 M (1)
600 10%
400
725 M 8.00%
664 M 689 M (2)
400
200 6.00%
200 477 M 8%
437 M 442 M
- - 4.00%
2006 2007 2008
2006 2009
2007 2010
2008 2011
2009 2012
2010 2013
2011 2014
2012 2015
2013 9M16
2014 2017E 9M16
2015
253 M 229 M 6%
91 M (3)
4%
2006
2006 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014 2015 9M16 2017E
9M16 data consider total CAPEX from Jan/16 to Sep/16 and R$639.8 million in acquisitions signed until Dec/16.
2017E data consider Brazil Central Banks Feb/17 FOCUS report projection of 9.5% interest rate at the end of 2017.
2017E CAPEX is only considering the R$91.0 million acquisition announced in Jan/17.
Source: Multiplan. 14
3Q16
4Q16
R$731 Million Invested in Stake Acquisitions
R$59 million in NOI
Portfolios
NOI (LTM):
R$59.0M
NOI
Stakes LTM NOI: R$24.8 M Stakes LTM NOI: R$15.5 M Stakes LTM NOI: R$11.5 M Stakes LTM NOI: R$7.2 M
Purchase price: R$311.2 M Purchase price: R$184.7 M Purchase price: R$143.9 M Purchase price: R$91.0 M
(1) Considering the NOI for the past 12-month period ended on Jun-16 for BarraShopping (1) and MorumbiShopping, and Sep-16 for BarraShopping (2) and ParkShoppingBarigi, weigthed by the acquired stakes
Source: Multiplan 15
3Q16
Greenfield Under Construction
52% 53% 54
25% 28%
21% 23%
16% 17% 18% 18% 18% 19%
11% 13% 14%
10% 28%
21% 23%
16% 17% 18% 18% 18% 19%
11% 13% 14%
10%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FR AU MX US AS CD
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 FR AU MX U
Public
1,350 Companies
22%
900
360 Municipalities
180 220 Others
68 110 without a
78%
shopping center
5,358
Hans Melchers
Investor Relations and Planning Director
Franco Carrion
Investor Relations Manager
Leandro Vignero
Investor Relations Analyst
Daniela Mostaert
Investor Relations Analyst
ir.multiplan.com.br