4Q13

4Q13 Conference Call

www.multiplan.com.br/ir

ir@multiplan.com.br

4Q13
Disclaimer
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. 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 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 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$).

4Q13
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 Committee CPC.
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 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 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.

4Q13
Shopping Center Sales
Sales growth: Multiplan vs.
National retail (4Q13/4Q12)

Sales growth: Multiplan vs.

National retail (2013/2012)
+16.3%

Portfolio sales
4Q13 monthly sales/m

+14.0%

2,950/m

2,546/m
1,873/m

+6.2%

+4.3%

National retail
Multiplan
sales
tenants' sales

National retail
Multiplan
sales
tenants' sales

Sales (Anchors &

Satellites)

Sales Sales stores under stores under

1,000m
200m

Same Store and Same Area Sales growth (YoY)

Same Area Sales (SAS)

SAS

10.3%
12.7%
7.7%
7.0% 12.1% 12.5%
9.4%
6.6%

14.0%

1Q11

11.4%

9.9%

2Q11

8.4%
7.5%

10.0%

16.5%
9.4%

9.5%

15.1%
8.8%

13.3%
7.4%

12.9%

13.8%

7.7%

5.7%

8.5% 9.4%
8.3%
8.2%7.2% 8.1%

8.5%
14.9%

4Q11
5.1%

2Q08
1Q09
1Q08
Considering
100% of3Q08
shopping4Q08
center sales.

1Q12 5.6%
2Q12

2Q09

3Q09

4Q09

6.8%
11.9%

10.6%

9.8%

7.9%

3Q11

9.7%

Same Store Sales (SSS)

SSS

3Q12

1Q10

4Q12

2Q10

8.1%
13.7%

1Q13

3Q10

8.0%

10.3%

7.0% 8.4%
5.8%

8.9%

8.9%

7.5%

10.0% 9.7%

7.7%
7.6%

7.6%

9.5% 9.4%
8.4%
7.4%
7.4%

12.6%

2Q13

4Q10

6.6%

9.4%

3Q13

1Q11

2Q11

7.5%

8.3%

4Q13

3Q11

8.2%

2011

4Q11

1Q12

8.1%

2012

2Q12

8.5%

2013

3Q12

6.8%

4Q12
4

4Q13
Shopping Center Sales
Same Store Sales - Anchor and Satellite stores
Anchor stores

Total GLA distribution

per segment - 2013

Satellite stores

13.7%

8.7%

8.3%

Services
23%

8.0%

Food Court
and Gourmet
Area
10%

6.3%

6.1%

5.4%

6.8%

7.2%

Miscellaneous
20%

2.3%

4Q12

1Q13

2Q13

3Q13

Apparel
38%

Home & Office

9%

4Q13

Same Store Sales growth breakdown

4Q13 x 4Q12

Same Store Sales

2013 x 2012

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%

4Q13
Selected Operational Data
Historical turnover
and occupancy cost: 4Q09-4Q13
Occupancy cost

12.0%

12.4%

11.9%

Historical delinquency rate

and rent loss: 4Q09-4Q13
Delinquency rate

Turnover

12.4%

Rent loss

2.1%

11.7%

1.9%
1.6%

1.5%

1.8%

1.5%
1.1%

1.1%

0.6%
1.4%

4Q09

0.7%

0.9%

1.4%

4Q10

4Q11

4Q12

0.3%
0.7%

4Q09

4Q13

4Q10

4Q11

4Q12

4Q13

Total shopping center GLA and occupancy rate evolution: 4Q09 4Q13
Total GLA ('000)
850

99.1%

Occupancy rate

98.0%

98.6%

98.6%

98.1%

100.0%

800
750

Total GLA CAGR 4Q09-4Q13:

7.5%

700

550

592

76.0%

552

534

92.0%
84.0%

650
600

712

699

68.0%

500
450

60.0%
4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

4Q13
Gross Revenue Analysis
Gross revenue breakdown 2013
Other
0.3%
Real estate for sale
9.0%

Parking
12.2%

Base rent
88.6%

Rental Revenue
63.2%

Key money
4.9%

Merchandising Overage
4.1%
7.3%

Services
9.8%
Straight line effect
0.5%

2013 Gross revenue growth breakdown (YoY)

1,048.0 M

+20.8%

-64.7%

+6.9%

+39.7%

+24.9%

117.1 M

(9.5 M)

6.8 M

15.0 M

26.3 M

+56.1%

-64.7%

34.9 M

1.3 M

1,074.6 M

Other

Gross Revenue
2013

882.7 M

21.7%

Gross Revenue Gross Revenue Rental revenue

2012
2012
excluding MBC

Straight line
effect

Services

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

Key money

Parking revenue Real estate for

sale

4Q13
Rental Revenue Analysis
2013 Rental revenue growth breakdown (YoY)
+22.7%
111.2 M

576.6 M

+4.0%

+10.9%

-64.7%

0.9 M

4.8 M

(9.5 M)

684.2 M

18.7%

Rental
Revenue 2012

Base rent

Rental revenue per m/month in 4Q13

Overage

Merchand.

Straight line
Rental
effect
Revenue 2013

Rental revenue per m/month in 2013

78.3%

75.4%

157/m

135/m

110/m
72/m

90/m

Portfolio

New Shopping
Centers

Shopping centers in operation over 5 years.

Shopping centers in operation for 5 years or less.

128/m

Consolidated
Shopping
Centers

Portfolio

New Shopping
Centers

Consolidated
Shopping
Centers

4Q13
Rental Revenue Analysis
Same Store Rent (SSR) breakdown - Nominal and real growth
16.0%
14.1%
10.3%

4.9%

5.8%

IGP-DI Adjustment Effect

1Q11

14.1%

11.9%

3.9%
3.9%
8.8%

2Q11

9.6%

3Q11

9.3%

4Q11

11.4%

11.4%

10.4%

4.8%

2.8%

7.3%

Real SSR

14.5%

7.7%

8.6%

1.8%

2.6%

4.3%

8.0%
0.6%

3.5%

8.0%

4.9%

1.2%

7.7%

6.3%

5.7%

5.9%

6.8%

7.4%

7.6%

6.7%

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

8.8%

2011

10.4%

9.6%

3.7%

2.5%

6.4%

6.9%

2012

2013

Same Store Rent (SSR) versus inflation indexes

IPCA

16.0%

IGP-DI Adjustment Effect

SSR

14.0%

12.0%
10.0%
8.0%
6.0%
4.0%
2.0%

0.0%
2007

2008

2009

2010

2011

2012

2013

4Q13
New Malls 2013 Performance
Sales evolution

Occupancy Rate evolution

JundiaShopping

96.2%

95.0%
88.7%

97.9%
96.6%

95.0%
70.0%

92.0%

50.6 M

90.0%

40,000
26.7 M

60.0%

88.7%

88.0%
1Q13

2Q13

86.0%
84.0%

82.0%

+56.6%

80.0%

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

JundiaShopping

50.0%
3Q13

4Q13

4Q12

1Q13

2Q13

3Q13

4Q13

Vehicle flow evolution - 2013

200,000
180,000
160,000
4Q12
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0

70,000

+82.3%

1Q13

2Q13

60,000

3Q13

+37.9%

4Q13

50,000

40,000
30,000

ParkShoppingCampoGrande

20,000

VillageMall

10,000
0

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

20,000

200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0

90.0%

98.9%
97.9%
96.6%

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

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec

94.0%

4Q12

98.9%

80.0%

80,000
60,000

96.2%

91.6 M

96.0%

80.4 M

100.0%

108.9 M

98.0%

100,000

VillageMall

126.3 M

100.0%

120,000

ParkShoppingCampoGrande

10

4Q13
New Malls 2013 Performance (Contd)
Sales/m/month in 2013
+103.4%
+75.5%

1,720/m

1,484/m
1,072/m

730/m

ParkShopping
CampoGrande

845/m

833/m

Jundia
Shopping

Village Mall

New Shopping
Centers

Portfolio

Consolidated
Shopping
Centers

Rent/m/month in 2013
+78.5%

+53.1%

128/m

110/m
85/m
66/m

69/m

Jundia
Shopping

ParkShopping
CampoGrande

Shopping centers in operation over more than 5 years

72/m

Village Mall

New Shopping
Centers

Portfolio

Consolidated
Shopping
Centers

11

4Q13
Net Operating Income (NOI)
Shopping center expenses evolution
and as % of shopping center net revenue

NOI + Key Money and margin

(2013/2012)

62.7%
15.4%
744.1 M

38.4 M

34.4 M

644.7 M

26.8 M

23.6 M

24.9 M

10.0%

12.4%

16.8%

12.9%

14.2%

4Q12

1Q13

2Q13

3Q13

4Q13

89.6%

2012

85.7%
2013

NOI + key money per share evolution

3.62

3.97

CAGR:
14.0%

3.09
2.58
2.06

2.17

0.69

0.75

0.73

2008

2009

2010

0.94

2011

NOI + Key money per share (4th quarter)

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

1.14

1.09

2012

2013

CAGR:
9.4%

NOI + Key money per share (year)

12

4Q13
EBITDA Analysis
Annual G&A expenses and
G&A/Net revenues (%) evolution
8.1%

30.0 M
10.0 M
90.0 M
70.0 M
50.0 M
30.0 M
10.0 M
10.0 M)

M
M
M
M
M
M
M
M
M

Annual services revenue / G&A (x)

79.1 M

99.9 M
88.2 M 93.1 M 88.4 M

108. M

55.9 M
16.6%
2007

19.2%

2008

18.3%

2009

15.4%
2010

13.1%
2011

10.4%

11.0%

2012

2013

Consolidated EBITDA Evolution

(2013/2012)

2.00 x
1.80 x
1.60 x
33.0%
1.40 x
1.20 x
28.0%
1.00 x
23.0%
0.80 x
18.0%
0.60 x
0.40 x
13.0%
0.20 x
8.0%
-

3.0%

1.00 x

0.94 x

2007

0.84 x

0.83 x

0.78 x

2008

2009

2010

0.93 x

0.98 x

0.97 x

2011

2012

2013

2013 Consolidated EBITDA

and Margins (%)

Shopping Center EBITDA

Evolution (2013/2012)

12.7%
73.1%
16.1%

0.8%

615.8 M
541.7 M

630.0 M
580.0 M
610.7 M
530.0 M
480.0 M
430.0 M
380.0 M
330.0 M
280.0 M
230.0 M
180.0 M

2012 Consolidated 2012 Consolidated 2013 Consolidated

EBITDA
EBITDA
EBITDA
Excluding the Sale
of Morumbi
Business Center

70.4%

670.0 M

650.1 M

626.6 M
650.0 M
539.8 M

630.0 M

250.0%

626.6 M

200.0%
610.7 M

610.0 M

71.7%

150.0%
62.4%
590.0
M
70.4%
100.0%

570.0 M 50.0%
550.0 M 0.0%
2013 Consolidated
2012 Shopping 2013 Shopping
EBITDA
Center EBITDA Center EBITDA

73.0%
71.0%
69.0%
67.0%
65.0%
63.0%
61.0%
59.0%
57.0%
55.0%

Shopping Center
Shopping Center
EBITDA
EBITDA before New
Projects for Lease
Expenses

13

4Q13
Net Income and FFO per Share
FFO and margin (2013/2012)

Net income and margin (2013/2012)

7.3%

1.9%

26.7%

17.4%

388.1 M

515.6 M
434.6 M
54.1%

2012 Excluding
the Sale of
Morumbi Business
Center

426.2 M

307.0 M

43.6%

38.2%

40.3%

2012 Excluding
the Sale of
Morumbi Business
Center

2012

53.6%

2012

2013

FFO per share evolution

2.33
2.06
1.61
1.35

1.61
1.35
0.46

0.46
2007

2007

0.45

0.45
2008

2008

1.54

0.52
2009

2009

FFO per share (year)

29.1%

2013

2.89

2.89

2.33

2.27

2.27

2.06

1.54
0.52

284.6 M

0.59

0.59
2010

2010

0.74

0.74

0.89
0.47

0.89

0.47
2011

2011

2012

2012

2013

2013

FFO per share (4th quarter)

14

4Q13
Debt and Cash
Debt Position and Cash Generation (December 31st, 2013)
2,203.6M
1,852.0M

Standard & Poors upgrades Multiplans

rating on the global scale

Net Debt = 3.03x

EBITDA (LTM)

Ratings
(issued on December 10th, 2013)
610.7M

351.5M

Cash

426.2M

Global Scale: BBB

National Scale: brAAA

Gross
Debt

Net Debt

EBITDA
2013

Stable
Outlook

FFO
2013

Multiplan Debt Indices (December 31st, 2013)

Weighted Average Maturity (Months)

55
53
50

Others
IGP-M
3.1%
3.2%
TJLP
8.9%

48
TR
42.3%

45
CDI
42.5%

4Q12

1Q13

2Q13

3Q13

4Q13

Weighted Average Maturity (Months)

15

4Q13
Debt and Cash (Contd)
Weighted average cost of funding (% p.a.) vs. Selic Rate
12.00%
11.00%
11.18%

10.52%

9.98%

11.08%

9.48%

10.00%
9.08%

8.95%

9.20%

9.75%

4Q11

1Q12

2Q12

9.87%

9.00%

8.50%
3Q11

9.34%

7.50%

7.25%

7.25%

3Q12

4Q12

1Q13

Multiplan Cost of Funding

8.00%
2Q13

3Q13

4Q13

Selic Rate

Multiplan Main Debt Indices Evolution

65.0%

49.1%
40.0%

40.0%

38.0%

39.0%

37.0%

38.0%

38.5%

23.0%

24.0%

32.0%
34.0%

28.0%

1.0%
3Q11

4Q11

1Q12
CDI

2Q12

22.5%
3Q12

49.4%

42.5%

49.4%
42.3%

42.3%

42.0%

32.0%

31.8%

18.9%

18.8%

4Q12

1Q13

TR

30.9%
19.7%
15.7%
2Q13

3Q13

15.2%
4Q13

Other

16

4Q13
Another Growth Cycle Delivered
71% owned GLA growth in the last three years
Owned GLA growth (2010-2013) in thousand m

Portfolio breakdown
(as % of owned GLA)

+70.9%
+54.3%

+20.2%
+28.4%

528.1

635.0
106.9

Consolidated
GLA
48%

+10.7%
411.4
39.8

371.6

371.6

2010

2011

GLA with 5 years or less in operation

GLA with more than 5 years in operation

New GLA
52%

116.7
528.1
411.4

2012

2013

17

4Q13
Parque Shopping Macei

Day before opening (November 2013)

Illustration of potential mixed-use project

Day before opening (November 2013)

Day before opening (November 2013)

18

4Q13
Expansion VIII

Opening day (December 2013)

19

4Q13
Expansion VII

Construction site (February 2014)

Illustration

Construction site (February 2014)

20

4Q13
&

Illustration
Illustration

Construction site (January 2014)

Construction site (January 2014)

21

4Q13
Fair Value Analysis

Fair
Value

Properties in Operation

Properties Under Development (Announced)

Future Projects (Not Announced)

15.0 B
13.5 B
12.0 B
10.5 B
9.0 B
7.5 B

6.0 B
4.5 B
3.0 B
1.5 B
2009

2010

2011

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

2012

2013

22

4Q13
Fair Value Analysis (Contd)

Owned GLA (m)

Fair Value
14.7 B

14.6 B

521,439

535,313

2012

2013

13.0 B
12.3 B

8.5 B

347,985

371,640

2009

2010

411,423

2011

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

23

4Q13
Fair Value Analysis (Contd)

Spread Market Cap / Fair Value

Market Cap

Fair Value

14.7 B

14.6 B

13.0 B

12.3 B
10.8 B

9.5 B
8.5 B

6.6 B

6.9 B

53.8%

52.6%

2010

2011

5.8 B

67.5%

2009

73.4%

64.8%

2012

2013

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

24

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