3Q12

Earnings Conference Call 3Q12

3Q12
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. This presentation includes
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 forwardlooking 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.

For more detailed information, please check our Financial Statements and other relevant information on our investor
relations website www.multiplan.com.br/ir.
Note: All figures presented are in Brazilian Reais (R$).
2

3Q12
51% Owned GLA Growth Over The Next 12 Months
Considering Announced Projects to Date

New Office Towers

New Shopping Centers

528,287 m
6,680 m
420,281 m

98,172 m

New Expansions

634,084 m

638,959 m

638,959 m

74,198 m
18,926 m

4,876 m

80,878 m

12,673 m

117,098 m
20,703 m

3,154 m

420,281 m

3Q12

In Operation

420,281 m

+25.7%

+50.9%

+52.0%

2012E

2013E

2014E

Total Announced
(3Q12 - 2014E)

3Q12
Growth Plan
Properties for Lease
Multiplans Interest (R$)

Projects for lease under construction

Key
Money

3rd year 3rd year

NOI NOI Yield

IRR

317.7 M

25.0 M

38.0 M

13.0%

16.4%

97.9%

100.0%

300.1 M

42.4 M

41.7 M

16.2%

21.8%

96.1%

25,529 m

90.0%

497.7 M

41.4 M

47.8 M

10.5%

13.0%

92.4%

37,851 m

50.0%

104.7 M

8.6 M

14.4 M

14.9%

17.4%

78.0%

5 RibeiroShopping Expanses VI, VII e VIII

Nov-13 20,303 m

76.0%

176.8 M

11.9 M

16.9 M

10.3%

14.3%

77.5%

6 BarraShopping Expanso VII

May-14

9,479 m

51.0%

101.7 M

32.2 M

14.2 M

20.5%

23.5%

11.8%

7 ParkShopping Corporate

Nov-12 13,360 m

50.0%

43.2 M

7.1 M

16.4%

20.8%

8 Morumbi Corporate

Sep-13 74,198 m

100.0%

465.6 M

92.1 M

19.8%

19.2%

83.8% 2,007.5 M

161.5 M

272.2 M

14.7%

17.3%

n/a

Opening

GLA
(100%)

1 JundiaShopping

17-Oct -12

34,535 m

100.0%

2 ParkShoppingCampoGrande

28-Nov-12

42,342 m

3-Dec-12
3Q13

Torres

Expanses

Shopping Centers

Project

3 VillageMall
4 Parque Shopping Macei

Total

257,597 m

% Mult. CAPEX

Leased
Stores

1) Considers only the first phase of the project (disregarding any future expansions).
2) Multiplan will invest 100% of the CAPEX
3) Refers to leased GLA

3Q12
everything Jundia expected, and much more
Opening: October 17th, 2012
Multiplans Interest: 100%
Gross Leasable Area: 34,535 m
Stores: 203
Occupancy Rate on Inauguration: 97.9%

FOTOS JUNDIA

Total CAPEX : R$317.7 M

Key Money: R$25.0 M
Net CAPEX: R$292.7 M
3rd Year NOI: R$38.0 M
3rd Year NOI Yield: 13.0%
Internal Rate of Return: 16.4%

1) Real and unleveraged.

3Q12

FOTOS JUNDIA

3Q12

3Q12

3Q12

3Q12
Parque Shopping Macei

10

3Q12
Expansions VI, VII and VIII

11

3Q12
Expansion VII

12

3Q12

13

3Q12

14

3Q12
Projects for Sale
Towers for Sale
Area

% Mult.

PSV (R$)

Avg. Selling
Price (R$/m)

Dec-12

12,563 m

100%

83.3 M

6,633

Condo Offices

2H14

13,800 m

100%

125.2 M

9,072

Residential

2H14

9,960 m

100%

107.1 M

10,750

36,323 m

100%

315.6 M

8,689

Project

Location

Type

Delivery

Centro Profissional RBS

RibeiroShopping

Condo Offices

Diamond Tower

BarraShoppingSul

Rsidence du Lac

BarraShoppingSul

Total
1

Potential Sales Value

BarraShoppingSul

Centro Profissional RibeiroShopping Construction works

Diamond Tower e Rsidence du Lac Illustration

15

3Q12

16

3Q12
&

17

3Q12
Debt and Cash
As of September 30th, 2012
Debt Position and Cash Generation

Debt Index Breakdown

Net Debt
= 2.0x
EBITDA (LTM)

IPCA
IGP-M 3.3%
5.8%

1,476.1M

689 M

CDI
39.0%

477 M 442 M

437 M

488.6M

324.2M

Cash

1,026 M

664 M

TJLP
12.3%

1,151.8M

578.1M

CAPEX Evolution and Breakdown

TR
38.5%

2007

Gross Net Debt EBITDA FFO

Debt
(LTM) (LTM)

2008

2009

2010

2011

9M12

Debt Amortization Schedule

Debentures

Obligations from acquisition of goods (land and minority interest)

Loans and financing (banks)

388 M
318 M
150 M

36 M
16 M
20 M
2012

140 M
2M
47 M
91 M
2013

184 M

150 M

29 M

19 M

2M
126 M

114 M

236 M
156 M
2014

148 M
2015

71 M
126 M

2016

2017

114 M
2018

41 M

58 M

71 M

41 M

58 M

2019

2020

>=2021

18

3Q12
Shopping Center Sales
Multiplan Shopping Center Sales vs.
National Retail (3Q12/3Q11)

19.2%

16.5%

Same Store Sales Growth (YoY)

Anchors and Satellites Stores

17.4%

16.5%
Anchors

14.9%
16.1%

15.1%

Satellites

10.5%

12.7%

12.9%
9.0%

9.4% 12.5%
12.1%
8.5%

8.7%

8.4%
13.8%

14.4%
14.0%
12.2%
11.4%
11.4%
9.9%
Retail Sales Total Sales Same Area Same Store
7.9%
Sales
Sales
(IBGE)

2Q07

3Q07

4Q07

1Q08

2Q08

4Q08

9.2%

9.3%

10.3%

8.5%

7.2%

11.9%

10.6%

9.8%

1Q09

2Q09

13.7%
5.2%
12.6%

6.1%

9.4%

3.8%

3Q09

4Q09

4Q11

1Q10

1Q12

2Q10

7.5

6.6%

2.4%

5.6%

5.1%

7.7%

7.0%

6.3%
14.9%

3Q11

3Q08

9.0%

9.4%

Multiplan

1Q07

13.8%

13.3%

2Q12

3Q10

3Q12

4Q10

1Q11

2Q11

3Q1

Same Store and Same Area Sales Growth (YoY)

SAS
17.4%

SSS

16.5%

16.1%

15.1%
12.7% 12.1% 12.5%

12.9%
8.4%

14.4%
11.4%

14.0%

8.5%

13.3%

10.3%

9.4%
7.2%

9.9%

10.6%

9.8%

7.9%
5.1%

5.6%

11.9%

10.0% 9.7%

9.5%

9.4%

7.7%

7.0%

14.9%
11.4%

13.8%

13.7% 12.6%
9.4%
6.6%

7.5%

8.3%

8.2%

8.1%

8.5%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
1) Considering 100% of shopping center sales.
2) Combined sales growth for July and August 2012 compared to the same period in 2011.

19

3Q12
Selected Operational Data
Turnover and Occupancy Cost Evolution
Turnover
13.8%
12.2%

13.5%

Delinquency and Rent Loss Evolution

Deliquency rate

Occupancy cost
12.7%

13.1%

13.1%

4.5%

Rent Loss

4.5%
3.7%
3.2%
2.4%
1.4%

1.9%

3Q07

2.2%

3Q08

2.7%

3Q09

1.6%

1.2%

0.6%

3Q10

3Q11

3Q12

0.9%

1.1%

0.5%

3Q07

3Q08

0.9%

1.3%
0.1%

3Q09

3Q10

3Q11

3Q12

Total GLA (000 m) and Occupancy Rate Evolution

95.5%

94.2%

95.4%

96.0%

96.1%

97.4%

96.6%

2002

98.2%

97.3%

97.8%

98.5%

713

484
299

98.1%
96.5%

341

345

351

359

378

2003

2004

2005

2006

2007

2008

534

552

2009

2010

592

592

592

592

2011

1Q12

2Q12

3Q12

4Q12E

20

3Q12
Rental Revenue Analysis
Rental Revenue Growth Analysis (3Q12/3Q11)

Same Store Rent, IGP-DI Adjustment Effect and IPCA

14.1%

11.6%

10.6%

9.6%

9.4%

7.7%

7.1%

7.9%

9.8%

5.9%
5.9%

3.7%

SAR

SSR

6.6%

7.8%

4.5%

IGP-DI
Adjustment
effect

8.8%

6.9%

5.7%

1.1%

6.5%

2010

2011

3.8%

4.3%

Rental
Revenue
2007

2008

SSR

2009

9M12

IGP-DI Adjustment Effect

IPCA

Same Store Rent Growth (YoY)

IGP-DI Adjustment Effect

Real SSR
16.0%

9.4%

6.5%
2.6%

11.6%

10.4% 10.6%
9.0%
6.6%

3.6%

6.4%

3.9%

4.2%
4.6%

7.7%
2.1%
5.6%

9.0%

2.9%

1.9%

12.0%
3.6%

2.8%

6.7%

8.6%

10.3% 4.9%
8.1%
0.8%

2.2%

14.5%

14.1%

13.9% 13.2% 14.0%

10.7% 11.1% 10.0%

7.3%

6.6%

6.5%
3.4%

3.9%

2.9%

3.7%
0.2%

4.4%
4.8%
-0.3%

7.7%

11.9%
10.4%

4.8%
3.9%

2.8%

7.3%

6.0%

5.8%

3.9%
8.8%

9.6%

9.3%

7.7%

6.3%

7.7%
1.8%
5.7%

4.0%
0.6%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

21

3Q12
Same Store Sales vs. Rent

SSS
SSS

SSR
SSR

16.5%
16.5%
14.5%
14.5%
12.5%
12.5%
10.5%
10.5%
8.5%
8.5%
6.5%
6.5%
4.5%
4.5%

2.5%
2.5%
1Q07 3Q07
3Q07 1Q08
1Q08 3Q08
3Q08 1Q09
1Q09 3Q09
3Q09 1Q10
1Q10 3Q10
3Q10 1Q11
1Q11 3Q11
3Q11 1Q12
1Q12 3Q12
3Q12
1Q07
SSS
> SSR
SSS
> SSR
6 consecutive
6 consecutive
quarters
quarters

SSR
SSS
SSR
>>
SSS
5 consecutive
5 consecutive
quarters
quarters

SSS
> SSR
SSS
> SSR

SSR
SSS
SSR
>>
SSS

5 consecutive
5 consecutive
quarters
quarters

6 consecutive
6 consecutive
quarters
quarters

22

3Q12
Net Operating Income (NOI)
3Q Shopping Center Expenses and
as a % of Shopping Center Net Revenue

NOI + Key Money Growth and Margin

-19.2%

+15.8%

152.3 M

17.0 M
15.4 M

15.0 M

13.6 M

12.4 M

11.1 M

131.6 M

15.0%

17.6%

11.2%

92.5%

11.2%
9.9%
89.5%

7.2%

3Q07

3Q08

3Q09

3Q10

3Q11

3Q11

3Q12

3Q12

NOI + Key Money per Share 3Q Evolution

R$ 3.41

R$ 2.41

R$ 2.59

R$ 2.89
CAGR:
+17.7%

R$ 1.88

R$ 1.51
R$ 0.59

R$ 0.63

R$ 0.85

R$ 0.48

R$ 0.74

R$ 0.35

3Q07

3Q08

3Q09

3Q10

3Q11

3Q12

NOI + KM per share (quarter)

NOI + KM per share (LTM)

23

3Q12
EBITDA Analysis

EBITDA and Margin Analysis 3Q12

3Q Headquarter Expenses and

as a % of Net Revenue

100

+39.2%

150.0 M

29.2 M

13.1 M

19.9%

130.2 M

90.

123.2 M

130.0 M

24.7 M
20.1 M

95.

133.2 M

85.

21.0 M

18.7 M
16.0%

110.0 M

80.

75.4%
71.3%

16.9%

75.

90.0 M

12.6%

70.

64.9%

14.2%

65.

70.0 M

15.4%

60.

50.0 M

3Q07

3Q08

3Q09

3Q10

3Q11

3Q12

55.
3Q12 Consolidated
EBITDA

Shopping Center
EBITDA

1) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, equity pickup, and new projects for sale expenses from real estate activity.

Shopping Center
EBITDA bef ore New
Projects f or Lease
Expenses

24

3Q12
Net Income and FFO
Net Income Growth and Margin

+10.3%

FFO per Share Evolution

72.0 M

65.3 M
CAGR:
+17.3%

39.4%

35.1%

R$ 2.74
R$ 1.98

R$ 2.19

R$ 1.62

R$ 1.68

R$ 0.31

R$ 0.37

R$ 0.49

R$ 0.47

R$ 0.56

R$ 0.58

3Q07

3Q08

3Q09

3Q10

3Q11

3Q12

R$ 1.23

3Q11

3Q12

+36.6%

259.6 M

190.1 M
39.4%

9M11

FFO per share (quarter)

FFO per share (LTM)

36.0%

9M12

25

3Q12
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
Diana Litewski
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