apresentao1q11eng
TRANSCRIPT
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8/6/2019 Apresentao1Q11ENG
1/12
1Q11
1Q11 Earnings Release
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8/6/2019 Apresentao1Q11ENG
2/12
1Q11
7.0%
6.6%
6.1%
SAS SSS IPCA
8.2%
12.7%
NationalRetail Sales
(IBGE)
Total Sales
R$1,046 M
R$1,261 M
R$1,586 M
R$1,786 M
1Q08 1Q09 1Q10 1Q11
Shopping Center Sales*
2*Considering 100% of shopping center sales.** Data of Jan and Feb 2011.
Multiplan Shopping Center Sales vs.National Retail and Inflation (1Q11/1Q10) 1Q Total Sales Evolution
+12.7
%10 yearsCAGR: +17.4%
**
Multiplan Shopping Center Highlights(1Q11/1Q10)
48.9%
41.2%
12.9%
26.4%23.3%
14.1%
Organic Growth GLA Expansion
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1Q11
90.0 M
105.5 M12.8 M
1.2 M1.5 M
Rent 1Q10 Base Overage Merchand. Rent 1Q11
+16.4% +34.9% +17.2%
3
Rental Revenue Analysis
Same Store Rent Real Growth (YoY) Rental Revenue Growth Analysis (1Q11/1Q10)
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%
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%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%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Real SSR IGP-DI Adjustment Effect
Rental Revenue Growth Breakdown (YoY)1Q11 Gross Revenue Breakdown (%)
Key money5.3%
Parking10.7%
Real estate7.8%
Services11.0%
Base86.1%
Overage4.3%Merchandising
9.7%
Straight line eff ect4.0%
RentalRevenue60.9%
+17.2%
7.3%
+9.8% +10.3%
+17.2%
IGP-DI
AdjustmentEffect
Same Area
Rent
Same Store
Rent
Rental Revenue
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1Q11
86.4 M
105.0 M
67.4%
72.2%
1Q10 1Q11
EBITDA Analysis
5
Shopping Center Adjusted EBITDAand Margin (1Q11/1Q10)
Shopping Center EBITDAand Margin (1Q11/1Q10)
Consolidated EBITDAand Margin (1Q11/1Q10)
85.3 M
102.8 M
62.5%
65.2%
1Q10 1Q11
+20.6%
G&A Expenses Evolutionand as a % of Net Revenue
+21.6%+16.9%
+7.8%
20.1 M
25.3 M24.7 M
23.0 M
21.6 M
14.7%
17.7%16.9%
12.9% 13.7%
1Q10 2Q10 3Q10 4Q10 1Q11
92.8 M
108.5 M
72.4%
74.6%
1Q10 1Q11
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1Q11
47.5 M
63.7 M
34.8%
40.4%
1Q10 1Q11
Adjusted Net Income andAdjusted Net Margin (1Q11/1Q10)
Net Income and Net Margin(1Q11/1Q10)
Adjusted FFO and Margin(1Q11/1Q10)
6
Financial Results
+34.2%
+11.3%
90.3 M
103.1 M
66.2%
65.3%
1Q10 1Q11
+14.2%
79.7 M
88.7 M
58.5%
56.2%
1Q10 1Q11
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1Q11
8
Key Money and New Projects for Lease Expenses
Projects Signed Key Money and NewProjects for Lease Expenses in 1Q11 (R$)
Leasing Evolution
Deferred Income Evolution (R$)
Leasing Status(April, 2011)
15.8 M
3.4 M
Projects Signed Key Money New Projects for LeaseExpenses
86.2%
81.7%
71.5%
54.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
LeasedStores
ParkShoppingSoCaetano
VillageMall
ShoppingJundia
ParkShoppingCampoGrande
LeasedStores71.3%
To beLeased28.7%
Number ofStores: 806
81.2M
96.4M110.2M110.5M
121.5M126.3M
138.8M141.2M
137.1M
132.M136.7M
150.M158.5M
183.7M
189.6MDelivery ofprojects
Newprojectslaunched
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1Q11
9
New Project Development
Commercial Towers for Lease
Shopping Centers Under Development
1 Multiplan will own 90% of the Net Operating Income after opening.
Shopping Centers Multiplans Interest (R$000)
Project Opening Status GLA 100% % Mult. CAPEX Key Money NOI 3rd year
ParkShoppingSoCaetano Nov-11 Under Construction 38,661 m 100.0% 250,033 36,022 48,000
JundiaShopping Oct-12 Under Construction 35,655 m 100.0% 270,180 24,873 35,112
VillageMall Nov-12 Under Construction 25,580 m 100.0% 410,000 39,618 45,744
ParkShoppingCampoGrande1 Nov-12 Under Construction 41,878 m 100.0% 215,431 42,785 31,422
Shopping Macei Dec-12 Under Approval 36,405 m 50.0% 91,387 8,445 11,181
Total 178,179 m 89.8% 1,237,031 151,743 171,459
Office Towers for Lease R$ (000)
Project Opening Status GLA 100% % Mult. CAPEX NOI 3rd year
Morumbi Business Center Jan-12 Under Construction 10,635 m 100.0% 73,822 12,762
ParkShopping Corporate Nov-12 Under Construction 13,360 m 50.0% 38,438 7,152
Morumbi Corporate Sep-13 Under Construction 74,198 m 100.0% 445,583 83,701
Total 98,193 m2 93.2% 557,843 103,615
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1Q11
10
New Project Development
Commercial Towers for Sale
Centro Profissional RBS (SP)Construction site 1Q11
Centro Profissional RBS (SP)Project Illustration
Cristal Tower (RS)
Construction site 1Q11
*Potential Sales Value
Office Towers for Sale R$ (000)Project Opening Area % Mult. PSV*
Cristal Tower Jun-11 11,915 m 100,0% 70.000
Centro Profissional Ribeiro Shopping Dec-12 12,563 m 100,0% 75.040
Total 24,478 m2 100,0% 145.040
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1Q11
8.2%
16.7%
Multiplan s Cap Rate New Projects Cap Rate
11
New Project Development
Expected Additional NOI from 8 Projects Under Development... ...Value Creation for Shareholder
* **
* (NOI LTM + Key Money LTM) / (Multiplan s Market Cap on March 31st, 2011 + Multiplan Net Cash Position on March 31st, 2011)** New Projects for Lease 3rd Year NOI / (New Projects for Lease CAPEX New Projects for Lease Key Money)
Projects for Lease
+63.3 M
+118.5 M
+79.6 M
5.8 M
69.1 M
187.4 M
265.4 M
2011E 2012E 2013E 2014E
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