Presentation 4Q13

8/12/2019 Presentation 4Q13

1/25

4Q13

4Q13Conference Call

www.multiplan.com.br/[email protected]


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4Q13

2

Disclaimer

This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations ofthe Companysmanagement 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 notmake 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 form 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$).
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir


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4Q13

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Managerial Report

Multiplan is presenting its year-end and 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 CommitteeCPC.

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 injoint 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 the 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 December 31st, 2013.


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4Q13

4

Same Store and Same Area Sales growth (YoY)

Shopping Center Sales

Sales growth: Multiplan vs.

National retail (2013/2012)

Same Area Sales SAS Same Store Sales SSS

Considering 100% of shopping center sales.

+4.3%

+16.3%

National retailsales

Multiplantenants' sales

1,873/m

2,546/m2,950/m

Sales -(Anchors &Satellites)

Sales -stores under

1,000m

Sales -stores under

200m

Portfolio sales

4Q13 monthly sales/m

7.0%

10.3%

7.7%

10.0% 9.7% 9.5% 9.4%

7.4%8.8%

5.7%

7.7% 8.0%

6.6%9.4%

7.5% 8.3% 8.2% 8.1% 8.5% 6.8%8.1%

5.8%8.4% 7.6%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

8.9% 8.9%7.5%

7.6% 8.4% 7.4%

2011 2012 2013

Sales growth: Multiplan vs.

National retail (4Q13/4Q12)

+6.2%

+14.0%

National retailsales

Multiplantenants' sales


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4Q13

4Q13 x 4Q12

2013 x 2012

Same Store Sales Anchors Satellites Total Anchors Satellites Total

Apparel 7.7% 4.2% 5.2% 9.7% 3.6% 5.2%

Home & Office 7.3% 12.0% 9.1% 5.8% 9.6% 7.2%

Miscellaneous 10.1% 9.7% 10.0% 5.9% 7.6% 6.9%

Food Court & Gourmet Area 8.2% 9.4% 9.3% 7.9% 10.9% 10.6%

Services 0.4% 9.4% 7.1% 7.5% 14.3% 13.2%

Total

8.0%

7.2%

7.6%

7.7%

7.0%

7.4%

2.3%

13.7%

6.3%

6.8%

8.0%8.3%

6.1%

5.4%

8.7%

7.2%

4Q12 1Q13 2Q13 3Q13 4Q13

Anchor stores Satellite stores

Apparel38%

Home & Office9%

Miscellaneous20%

Food Courtand Gourmet

Area10%

Services23%

Same Store Sales growth breakdown

Same Store Sales - Anchor and Satellite stores Total GLA distributionper segment - 2013

Shopping Center Sales

5


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4Q13

12.0% 11.9% 12.4% 12.4% 11.7%

1.4%0.7% 0.9%

1.4%0.7%

4Q09 4Q10 4Q11 4Q12 4Q13

Occupancy cost Turnover

0.6%

2.1%

1.5%

1.9% 1.8%

1.5% 1.6%

1.1%

0.3%

1.1%

4Q09 4Q10 4Q11 4Q12 4Q13

Delinquency ra te Rent loss

Total GLA CAGR 4Q09-4Q13:

7.5%

Total shopping center GLA and occupancy rate evolution: 4Q094Q13

Historical delinquency rate

and rent loss: 4Q09-4Q13

Historical turnover

and occupancy cost: 4Q09-4Q13

Selected Operational Data

534552

592

699 712

99.1% 98.6% 98.0% 98.1%98.6%

60.0%

68.0%

76.0%

84.0%

92.0%

100.0%

450

500

550

600

650

700

750

800

850

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

Total GLA ('000) Occupancy rate

6


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4Q13

Straight line effect0.5%

Services9.8%

Key money4.9%

Parking12.2%

Real estate for sale9.0%

Other0.3%

Base rent88.6%

Overage

4.1%

Merchandising

7.3%

Rental Revenue63.2%

1,048.0 M

882.7 M

1,074.6 M

117.1 M (9.5 M) 6.8 M15.0 M 26.3 M

34.9 M 1.3 M

Gross Revenue

2012

Gross Revenue

2012excluding MBC

Rental revenue Straight line

effect

Services Key money Parking revenue Real estate for

sale

Other Gross Revenue

2013

21.7%

+20.8% -64.7% +6.9% +39.7% +24.9% +56.1% -64.7%

2013 Gross revenue growth breakdown (YoY)

Gross revenue breakdown2013

Gross Revenue Analysis

Excludes the one-time selling of Morumbi Business Center (MBC) in 2012, for R$165 million. 7


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4Q13

576.6 M

684.2 M111.2 M 0.9 M 4.8 M (9.5 M)

RentalRevenue 2012

Base rent Overage Merchand. Straight lineeffect

RentalRevenue 2013

18.7%

+22.7% +4.0% +10.9% -64.7%

135/m

90/m

157/m

Portfol io New ShoppingCenters

ConsolidatedShoppingCenters

75.4%

110/m

72/m

128/m

Portfolio New ShoppingCenters

ConsolidatedShoppingCenters

78.3%

2013 Rental revenue growth breakdown (YoY)

Rental revenue per m/month in 4Q13 Rental revenue per m/month in 2013

Rental Revenue Analysis

Shopping centers in operation over 5 years.Shopping centers in operation for 5 years or less. 8


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4Q13

7.3%8.8% 9.6% 9.3% 7.7%

6.3% 5.7% 5.9% 6.8%7.4% 7.6% 6.7%

2.8%

4.9%5.8%

4.8%

3.9%3.9%

1.8% 2.6%

4.3%0.6%

3.5%

1.2%

10.3%

14.1%

16.0%14.5%

11.9%10.4%

7.7% 8.6%

11.4%

8.0%

11.4%

8.0%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

IGP-DI Adjustment Effect Real SSR

8.8%6.4% 6.9%

4.9%

3.7% 2.5%

14.1%

10.4%9.6%

2011 2012 2013

Same Store Rent (SSR) breakdown - Nominal and real growth

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2007 2008 2009 2010 2011 2012 2013

IPCA IGP-DI Adjustment Effect SSR

Same Store Rent (SSR) versus inflation indexes

Rental Revenue Analysis

9


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4Q13

80.4 M

108.9 M

50.6 M

126.3 M

26.7 M

91.6 M

20,000

40,000

60,000

80,000

100,000

120,000

4Q12 1Q13 2Q13 3Q13 4Q13

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000180,000

200,000

Jan

Feb

Mar

Apr

May

JunJu

l

Aug

Sep

Oct

Nov

Dec

+56.6%

JundiaShopping

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000180,000

200,000

JanFeb

Ma

r

Ap

r

May

JunJu

l

Aug

SepOc

t

Nov

Dec

+82.3%

ParkShoppingCampoGrande

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Jan

Feb

Ma

r

Ap

r

May

Jun

Ju

l

Aug

Sep

Oc

t

Nov

Dec

+37.9%

VillageMall

Vehicle flow evolution - 2013

Sales evolution

New Malls 2013 Performance

JundiaShopping ParkShoppingCampoGrande VillageMall

95.0% 96.6%

96.2% 97.9%

88.7%

98.9%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

4Q12 1Q13 2Q13 3Q13 4Q13

Opening dates: JundiaShopping: October 17th, 2012; ParkShoppingCampoGrande: November 28th, 2012; VillageMall: December 3rd, 2012.

Occupancy Rate evolution

10


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4Q13

845/m

1,484/m

1,720/m

New ShoppingCenters

Portfol io ConsolidatedShoppingCenters

730/m833/m

1,072/m


JundiaShopping

Village Mall

+75.5%

+103.4%

72/m

110/m

128/m

New ShoppingCenters

Portfol io ConsolidatedShoppingCenters

66/m 69/m

85/m

JundiaShopping


Village Mall

+53.1%

+78.5%

Rent/m/month in 2013

Sales/m/month in 2013

New Malls 2013 Performance (Contd)

Shopping centers in operation over more than 5 years 11


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4Q13

0.69 0.75 0.730.94

1.14 1.09

2.06 2.172.58

3.09

3.623.97

2008 2009 2010 2011 2012 2013

NOI + Key money per share (4th quarter) NOI + Key money per share (year)

CAGR:

14.0%

CAGR:

9.4%

Shopping center expenses evolution

and as % of shopping center net revenue

NOI + Key Money and margin

(2013/2012)

NOI + key money per share evolution

Net Operating Income (NOI)

Excluding real estate for sale revenue and taxes, and straight-line effect Shares outstanding at the end of each year, adjusted for shares held in treasury

23.6 M 24.9 M

34.4 M

26.8 M

38.4 M

10.0% 12.4% 16.8% 12.9% 14.2%

4Q12 1Q13 2Q13 3Q13 4Q13

62.7%

644.7 M744.1 M

89.6% 85.7%

2012 2013

15.4%

12


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4Q13

610.7 M

626.6 M

650.1 M

62.4%

70.4%

73.1%

2013 Consolidated

EBITDAShopping Center

EBITDAShopping Center

EBITDA before New

Projects for LeaseExpenses

0.94 x0.84 x 0.83 x 0.78 x

0.93 x 0.98 x 0.97 x

1.00 x

2007 2008 2009 2010 2011 2012 2013

541.7 M

615.8 M 610.7 M

2012 ConsolidatedEBITDA

Excluding the Saleof Morumbi

Business Center



0.8%

12.7%

2013 Consolidated EBITDA

and Margins (%)

Consolidated EBITDA Evolution

(2013/2012)

Annual services revenue / G&A (x)

EBITDA Analysis

55.9 M

79.1 M88.2 M 93.1 M 88.4 M

99.9 M108. M

16.6%19.2% 18.3%

15.4%13.1%

10.4% 11.0%

2007 2008 2009 2010 2011 2012 2013

8.1%

Annual G&A expenses and

G&A/Net revenues (%) evolution

13

Shopping Center EBITDA

Evolution (2013/2012)

539.8 M

626.6 M

71.7% 70.4%

2012 ShoppingCenter EBITDA

2013 ShoppingCenter EBITDA

16.1%


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4Q13

434.6 M

515.6 M

426.2 M

54.1% 53.6%43.6%

2012 Excludingthe Sale of

Morumbi BusinessCenter

2012 2013

17.4%

1.9%

307.0 M

388.1 M

284.6 M

38.2% 40.3%29.1%

2012 Excludingthe Sale of

Morumbi BusinessCenter

2012 2013

26.7%

7.3%

Net income and margin (2013/2012)FFO and margin (2013/2012)

1.351.61 1.54

2.06

2.33

2.89

2.27

0.46 0.45 0.520.59

0.740.89

0.47

2007 2008 2009 2010 2011 2012 2013

FFO per share evolution

Net Income and FFO per Share

FFO per share (year) FFO per share (4th quarter) 14


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4Q13

351.5M

2,203.6M

1,852.0M

610.7M426.2M

Cash GrossDebt

Net Debt EBITDA2013

FFO2013

Debt and Cash

Debt Position and Cash Generation (December 31st, 2013)

Net Debt

EBITDA (LTM)= 3.03x

5048

45

5553

4Q12 1Q13 2Q13 3Q13 4Q13

TR42.3%

CDI42.5%

TJLP8.9%

IGP-M3.2%

Others3.1%

Multiplan Debt Indices (December 31st, 2013)Weighted Average Maturity (Months)

15

Ratings

(issued on December 10th, 2013)

Global Scale: BBB

National Scale: brAAA

Standard & Poors upgrades Multiplans

rating on the global scale

StableOutlook


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4Q13

11.18% 11.08%

10.52%9.98% 9.48% 9.08% 8.95% 9.20% 9.34% 9.87%

12.00%11.00%

9.75%8.50%

7.50% 7.25% 7.25%8.00%

9.00%

10.00%

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Multiplan Cost of Funding Selic Rate

1.0%

32.0%

40.0% 38.0% 39.0%

49.1% 49.4% 49.4%

42.0%

42.5%65.0%

40.0%

37.0% 38.0% 38.5%32.0% 31.8% 30.9%

42.3% 42.3%

34.0%28.0%

23.0% 24.0% 22.5%18.9% 18.8%

19.7%

15.7% 15.2%

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

CDI TR Other

Multiplan Main Debt Indices Evolution

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

Debt and Cash (Contd)

16


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4Q13

371.6411.4

528.139.8

116.7

106.9

371.6 411.4

528.1

635.0

2010 2011 2012 2013

+54.3%

+70.9%

+10.7%

+28.4%

+20.2%

Portfolio breakdown

(as % of owned GLA)

Owned GLA growth (2010-2013)in thousand m

Another Growth Cycle Delivered71% owned GLA growth in the last three years

GLA with 5 years or less in operation GLA with more than 5 years in operation 17

ConsolidatedGLA48%

New GLA

52%


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4Q13

Parque Shopping Macei

Illustration of potential mixed-use projectDay before opening (November 2013)

Day before opening (November 2013) Day before opening (November 2013)

18


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4Q13

Expansion VIII

Opening day (December 2013) 19


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4Q13

Expansion VII

Illustration

Construction site (February 2014)

Construction site (February 2014)

20


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4Q13

&

Illustration

Construction site (January 2014) Construction site (January 2014)

Illustration

21


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4Q13

Fair Value Analysis

-

1.5 B

3.0 B

4.5 B

6.0 B

7.5 B

9.0 B

10.5 B

12.0 B

13.5 B

15.0 B

2009 2010 2011 2012 2013

Properties in Operation Properties Under Development (Announced) Future Projects (Not Announced)Fair

Value

22 Fair Value was based on internal valuation. For more details, please see the Financial Statements and the Earnings Release report.


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4Q13

347,985371,640

411,423

521,439 535,3138.5 B

12.3 B13.0 B

14.7 B 14.6 B

2009 2010 2011 2012 2013

Owned GLA (m) Fair Value

23

Fair Value Analysis (Contd)

Fair Value was based on internal valuation. For more details, please see the Financial Statements and the Earnings Release report.


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4Q13

67.5% 53.8% 52.6%73.4%

64.8%

5.8 B6.6 B 6.9 B

10.8 B

9.5 B

8.5 B

12.3 B13.0 B

14.7 B 14.6 B

2009 2010 2011 2012 2013

Spread Market Cap / Fair Value Market Cap Fair Value

24

Fair Value Analysis (Contd)

Fair Value was based on internal valuation. For more details, please see the Financial Statements and the Earnings Release report.


25/25

4Q13

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

Hans Melchers

Planning Manager

Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322

E-mail:[email protected]

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

Presentation 4Q13

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