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Transcript of Apresentao3Q11ENG
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8/3/2019 Apresentao3Q11ENG
1/16
3Q11
3Q11 Earnings Release
Conference Call Presentation
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8/3/2019 Apresentao3Q11ENG
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
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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%
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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%
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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
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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
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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
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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
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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)
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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
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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)
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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
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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