Apresentao4QENG

8/7/2019 Apresentao4QENG

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4Q10

4Q10 Earnings Release

MULTIPLYING THE BEST THINGS IN LIFE.

35 YEARS



4Q10

20.6%

15.8%17.7%

14.5%17.8%

30.0% 27.9% 31.3%

16.3%12.0%

31.0%

19.9%22.4%

Sales Growth

SAS Growth

IBGE national Retail Growth (+10.9%)

Shopping Center Sales*

2

Multiplan Shopping Center Sales vs.National Retail and Inflation (2010/2009) SSS Growth (YoY)

* Considering 100% of shopping center sales.

Sales Growth Analysis (2010/2009)

10.9%

22.4%

17.6%

14.6%12.4%

5.9%

NationalRetail Sales

Total Sales Total Sales10-yr CAGR

SAS SSS IPCA

14.0%

11.4%

9.9%

7.9%

5.1%

9.8%

5.6%

10.6%

14.9%

11.9%

13.7%12.6%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10



4Q10

5.6% 6.7%8.6%

10.7% 11.1% 10.0%7.3%

2.9%

0.2% -0.3%

0.6%4.0%

2.1%2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%3.7% 4.8%

6.0%

7.7%7.7%9.0%

11.6%

13.9% 13.2% 14.0%

8.1%6.5%

3.9%4.4%

6.6%

12.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

IGP-DI Adjustment Effect Real SSR

4

Rental Revenue Analysis

Same Store Rent – Breakdown (YoY)

Same Store Rent – Real Growth (YoY)Rental Revenue Growth Analysis (2010/2009)

1.1%

6.3%6.9%

15.0%

IGP-DIAdjustment

Effect

SAR SSR RentalRevenue

2.1% 2.2%2.8% 2.9%

1.9%

3.6%

0.8%

3.4%3.7%

4.8%

6.0%

7.7%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10



4Q10

61.8M65.9M

12.8%

10.9%

2009 2010

+6.6%

27.0M

35.2M

2009 2010

+30.6%

386.4M

460.1M

86.2%

87.5%

2009 2010

+19.1%

359.4M

424.8M

85.3%

86.6%

2009 2010

+18.2%

5

Shopping Center Expenses and NOI

Shopping Center Expenses and as % of Net Revenue (2010/2009)

NOI + Key Money and Margin (2010/2009)

Key Money Accrued (2010/2009)

NOI and Margin (2010/2009)



4Q10

6

Key Money and New Projects for Lease Expenses

New Projects for Lease Expenses And Signed Key Money in 2010

83.0%

78.0%

64.8%

44.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

4Q09 1Q10 2Q10 3Q10 4Q10

ParkShopping São Caetano

Village Mall

Shopping Jundiaí

ParkShopping CampoGrande

Leasing Evolution

Deferred Income Evolution

Leased

Stores

Leasing Status (as of February 2011)

Leasedstores65%

To beleased35%

Numberof Stores:

809

39.1M

87.0M

New Projects forLease Ex enses

Signed Key Money

81.2M

96.4M110.2M

110.5M

121.5M126.3M

138.8M 141.2M137.1M

132.M136.7M

150.M158.5M

183.7MDelivery ofprojects

Newprojectslaunched



4Q10

EBITDA Margin Analysis

7

Impact of Real Estate Development and New Projects for Lease Expenses (R$’000)

EBITDA and Margin (2010/2009)G&A Expenses and as % of Net Revenue (2010/2009)

88.2M93.1M

18.3%15.4%

2009 2010

+5.6%

304.0M350.2M

63.0%

57.9%

2009 2010

+15.2%

350.2M334.3M

373.4M 386.M57.9% 61.0% 68.1%

70.4%

EBITDA 2010 EBITDA Before RealEstate Result

EBITDA Befo re RealEstate Result and New

Projects Expenses

EBITDA Befo re RealEstate Result, New

Projects Expenses andPIS/Cof ins Provision

+ 303 bps

+ 713 bps+ 230 bps

+ 1,245 bps



4Q10

272.6M

368.2M

56.5%60.9%

2009 2010

+35.1%

236.8M

323.5M

49.1%

53.5%

2009 2010

+33.6%

Adjusted Net Income and Adjusted Net Margin (2010/2009)Net Income and Net Margin (2010/2009)

Adjusted FFO and Margin (2010/2009)

8

Financial Results

163.3M

218.4M

33.8% 36.1%

2009 2010

+33.7%



4Q10

9

CAPEX and Indebtedness

Announced CAPEX (2010 – 2013): R$1.8 Billion

Debt Indexes Breakdown (As of December 2010)

Signed Funding

(As of December 2010)

Debt Position and Cash Generation (As of December 2010)

TJLP6%

IPCA13%

TR45%

CDI23% IGP-M

12%

Fixed1%

124.4 M

526.6 M

354.9 M107.0 M

101.0 M

91.5 M

20.8 M18.5 M

180.3 M

181.4 M

71.1 M

442.4 M

728.5 M

536.2 M

71.1 M

2010 2011E 2012E 2013E

Mal l Development Mal l Expansion Acquisitions

Renovation & Others Office for Lease

794.8M

549.8M

245.0M

350.2M 368.2M

Cash GrossDebt

Net CashPosition

EBITDA AFFO

Drawn549.8

To beDrawn373.3M



4Q10

10

NAV of Investment Properties(as of December 31st 2010)

Announced projects include: ParkShoppingSãoCaetano, VillageMall, JundiaiShopping, ParkShopping Campo Grande, Shopping Maceió, Morumbi

Businnes Center, ParkShopping Corporate and Morumbi Corporate.

2.5 bi.

6.6 bi.

9.7 bi.

11.5 bi.12.3 bi.

Investment properties Market value NAV of shoppingcenters in operation

NAV of shoppingcenters in operation +Anno unced p rojects

NAV of sh oppingcenters in operation +Announced projects +

Future expansions

+ 85.8%

+ 46.5%



4Q10

11

New Project Development

Expected Owned GLA Growth (2010 - 2013)

371,596 m² 371,596 m²

39,051 m²

116,234 m²155,285 m²

16,830 m²

73,400 m² 90,230 m²

371,596 m²

410,647 m²

543,711 m²

617,111 m² 617,111 m²

2010 2011E 2012E 2013E Total announced (2013E)

Malls in operation Malls under development Off ices for rent under development

Owned GLA growth: +66.1%

+1 Shopping center

+4 Shopping centers+2 Officetower project

+1 Office tower project



4Q10

40.1%

64.8%

22.0%

20.4%

65.5%

Time between launchingand delivery *

Leased Stores *

CAPEX Invested(Total CAPEX) **

Project Costs(Capitalized CAPEX) **

Development Expenses(Expensed CAPEX) **

64.3%

83.0%

43.1%

42.2%

65.0%


Leased Stores *

CAPEX Invested

(Total CAPEX) **



12

ParkShoppingSãoCaetano

JundiaíShopping

Status: Under Construction


Reference: *as of February 2011; ** as of December 2010

Project Development

Ten Projects Underway: Five shopping center greenfields and five office towers



4Q10

13

Project Development


ParkShoppingCampoGrande

Shopping Maceió Status: Under Construction VillageMall


Status: Under Approval

Total GLA: 35,868 m²

Multiplan’s interest: 50%

Opening: Dec/2012

Estimated CAPEX: R$91 million

19.8%

44.0%

8.0%

5.8%

58.5%


Leased Stores *



Development Exp enses(Expensed CAPEX) **

Reference: *as of February 2011; ** as of December 2010

37.9%

78.0%

35.2%

32.8%

76.1%


Leased Stores *






4Q10

14

Office Towers for Lease

Morumbi CorporateParkShopping Corporate Morumbi Business Center

Office Towers for Lease Multiplan's Share (R$' 000)

Project State Status Opening GLA (100%) %Mult. CAPEX

Morumbi Businnes Center SP Construction Jan-12 10,150 m² 100% 74,000

ParkShopping Corporate DF Development Nov-12 13,360 m² 50% 39,800

Morumbi Corporate SP Development Sep-13 73,400 m² 100% 444,100

Total 96,910 m² 93.1% 557,900

Project Development




4Q10

15

Office Tower for Sale

Centro Profissional RibeirãoShopping Cristal Tower

Office Towers for Sale

Project State Status Opening Area %Mult. PSV (R$'000)

Cristal Tower RS Construction May-11 11,915 m² 100% 70,000

Centro Profissional Ribeirão SP Construction Dec-12 12,563 m² 100% 75,040

Total 24,478 m² 100% 147,900

Project Development


Preliminary view of Centro Profissional RibeirãoShopping Cristal Tower illustration (left) and construction works (right)



4Q10

This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Company’s management and on theinformation available. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that manyfactors 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. Ourfuture financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-lookingstatements. Many factors and values that can establish these results are outside the company’s 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 governmentpolicies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations orother technical and economic factors

Disclaimer

IR Contact

Armando d’Almeida Neto

CFO and Investors Relation Director

Rodrigo KrauseInvestor Relations Superintendent

Leonardo OliveiraInvestor Relations Senior Analyst

Franco CarrionInvestor Relations Analyst

Diana LitweskiInvestor Relations Analyst

Hans MelchersPlanning Manager

Tel.: +55 (21) 3031-5224Fax: +55 (21) 3031-5322E-mail: [email protected]

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

Apresentao4QENG

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