4Q14

4Q14 Conference Call

www.multiplan.com.br/ir
ir@multiplan.com.br

4Q14
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the companys management and on available information. The company is under no obligation to update these statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the companys ability to control. The reader/investor
should not make a 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, demands
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 prior warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31, 2012, as disclosed on 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.

4Q14
Managerial Report
Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete perspective
on operational data. Please refer to the companys financial statements on its website www.multiplan.com.br/ir to access the
Financial Statements in compliance with the Brazilian Accounting Standards Committee CPC.
Please see on page 34 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and the
reconciliation of the accounting and managerial numbers.
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 a 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

Financial Statements dated December 31 , 2014.

4Q14
Shopping Centers Sales
Multiplans shopping centers total sales (R$)
+4.6 x

+4.4 x

+2.0 x

+11.3%

3.7 B

1.2 B 1.4 B
0.9 B 1.0 B

1.7 B

2.0 B

2.4 B

2.8 B

+2.1 x

+12.1%

12.8 B
11.4 B

4.1 B

3.2 B

3.6 B 4.2 B
2.8 B 3.1 B

4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14

5.1 B

6.1 B

7.5 B

8.5 B

9.7 B

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Same Store and Same Area Sales growth (YoY)

Same Area Sales
Same Store Sales
Same Area Sales
Same Area Sales
Same Store Sales
12.0%
Same Store Sales
10.3%
12.0%
10.0% 9.7%
9.5%
9.4%
9.3%
8.8%
8.8%
10.3%
10.0% 9.7%
8.0%
7.7% 9.5%
7.7%
9.4%
9.3%
7.4%
9.0%
8.9% 8.9%
7.0%
8.8%
8.8%
6.7%
8.0%
7.7%
7.7%
7.5%
5.7%
7.4%
7.0%
6.7%
5.7%
9.4%
9.4%
8.5%
8.4%
8.3%
8.3%
8.2%
8.1%
8.1%
7.9%
7.6%
7.5%
6.8%
6.6%
6.1% 8.4%
5.8% 8.3%
9.4%
9.4%
8.5%
8.4%
8.3%
8.2%
8.1%
8.1%
7.9%
7.6%
7.6%
7.5%
7.4% 7.9%
6.8%
6.6%
6.1%
5.8%

1Q11

2Q11

Source: Multiplan

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

3Q14
2011

4Q14
2012

2013

2014

4Q14
Selected Operational Data
Historical turnover and
occupancy cost: 4Q10 4Q14
Occupancy Cost

Historical delinquency rate

and rent loss: 4Q10 4Q14

Turnover

Delinquency Rate
2.1%

11.9%

12.4%

12.4%

11.7%

11.7%

1.9%

1.6%

0.9%

1.4%

4Q10

4Q11

4Q12

1.8%

1.5%
1.1%

0.7%

Rent Loss

1.1%
0.6%

0.3%
0.7%
4Q13

1.7%

0.5%
4Q14

4Q10

4Q11

4Q12

4Q13

4Q14

Occupancy rate evolution

100.0%
99.0%

98.5%

98.1%

97.5%

97.8%

97.2%

97.6%

1Q

2Q

98.0%
97.0%

98.4%

98.4%

98.8%

99.0%

2014

98.5%

98.6%

2013

98.1%

98.1%

2012

98.1%

98.0%

2011

3Q

4Q

96.0%

Source: Multiplan

4Q14
Gross Revenue Analysis
Gross revenue breakdown: 2014

Morumbi Corporate rental revenue evolution (R$)

2014: 40.3 M

Straight line Others

effect
0.3%
0.7%
Key money
3.0%
Real estate for
sale revenue
9.4%

21.2%
13.4 M
Base rent
88.7%

Services
9.6%

10.1 M

Rental
revenue
64.4%

11.1 M

5.6 M

Parking
12.7%

1.3 M
Merchandising
7.4%

Overage
3.9%

4Q13

1Q14

2Q14

3Q14

4Q14

Gross revenue (R$) growth (YoY)

+18.0%

122.3 M

+78.2%

+13.2%

-30.3%

+19.7%

4.0 M

13.9 M

(16.0 M)

26.0 M

Source: Multiplan

+0.6%

20.2 M

0.0 M

1,245.0 M

Real estate for

sale revenue

Others

Gross Revenue
2014

15.9%

1,074.6 M

Gross Revenue
2013

+20.8%

Rental revenue

Straight line
effect

Services

Key money

Parking

4Q14
Rental Revenue Analysis
Rental revenue (R$)
+21.2%

Evolution of rental/m per month (R$)

+18.0%
801.3 M

262.7 M

679.0 M

216.7 M

68.5%

113/m

127/m

76/m

4Q13

4Q14

2013

Portfolio

2014

New Shopping
Centers

Consolidated
Shopping
Centers

Evolution of Same Store Rent

IGP-DI Adjustment Effect
IGP-DI Adjustment Effect

16.0%

7.3%

14.5%
11.9%
10.4%
5.8%
10.3% 16.0%
4.8%
4.9% 14.5%
8.6%
14.1%
7.7%
3.9%
3.9%
2.8%
11.9%
11.4%
2.6%
1.8%
10.4%
5.8%
4.8%
4.9%
9.6%
9.3%
8.8%
8.0%
7.7%7.7%6.3%8.6% 5.7%
7.3%
3.9%
4.3% 5.9%
3.9%
0.6%
2.6%
1.8%
8.8%
1Q11 9.6%
2Q11 9.3%
3Q11 7.7%
4Q11 6.3%
1Q12
2Q12
3Q12
7.4%
6.8% 4Q12
5.9%
5.7%

1Q11

2Q11

14.1%

10.3%
2.8%

3Q11

4Q11

1Q12

Shopping centers in operation for 5 years or less.

Shopping centers in operation for over 5 years.
Source: Multiplan

2Q12

3Q12

4Q12

1Q13

2Q13

Real SSR
Real SSR

11.4%

11.4%

8.0%
4.3%
11.4% 0.6%

3.5%

8.0%
7.4%
1.2%

1Q13
7.6%

2Q13
6.7%

7.6%
6.8%
0.9%
3Q13
5.9%

3Q13

4Q13

1Q14

6.8%
3.5%

10.1%

8.0%
1.1%
10.1%
6.8%
4.1%

6.8%
0.9%
8.8%
5.9%
2.7%

4Q13
5.8%

1Q14
5.9%

4.1%
9.2%
5.8%
3.4%
2Q14
5.6%

2Q14

3Q14

4Q14

9.2%

8.8%
14.1%
2.7%
4.9%
5.9%

3.4%
10.4%

9.6%

8.8%

5.6%
3.7%

2.5%

2.8%

8.8%
3Q14

4Q14
6.4%

6.9%

5.8%

2011

2012

2013

2014

4Q14
G&A and Shopping Centers Expenses
Evolution of G&A expenses (R$) and as a % of net revenues
+8.3%

+11.1%
43.0%

117.0 M
93.1 M

31.6 M

28.2 M

29.5 M

88.4 M

99.9 M 108.0 M

38.0%

31.3 M

33.0%

28.0%

24.5 M

23.0%

15.4%
10.5%

9.5%

11.6%

10.6%

13.1%

9.7%

18.0%

10.4%

11.0%

10.3%

13.0%

8.0%

3.0%

4Q13

1Q14

2Q14

3Q14

4Q14

2010

2011

2012

2013

2014

Evolution of shopping center expenses (R$) and as a % of shopping center net revenues
-14.5%
124.6 M

-23.9%

106.6 M

38.4 M

65.9 M

75.1 M

25.5 M

24.8 M

26.9 M

29.3 M

14.2%

11.5%

10.4%

11.4%

9.7%

12.1%

9.2%

10.2%

4Q13

1Q14

2Q14

3Q14

4Q14

2010

2011

2012

Shopping center net revenues exclude real estate for sale revenue and taxes, and straight-line effect
Source: Multiplan

58.3 M

14.1%

10.9%

2013

2014

4Q14
Net Operating Income (NOI) and EBITDA
Net Operating Income (NOI) + Key Money (R$)
+26.7%

Evolution of NOI + Key Money per share (R$)

4.72

+18.7%

3.62
883.0 M

258.2 M

744.1 M

203.7 M

88.1%

84.1%

4Q13

4Q14

3.09

2.58

0.73

0.94

1.14

1.09

4Q10

4Q11

4Q12

4Q13

2013

4Q14

Consolidated EBITDA (R$)

+61.2%

+23.4%
752.4 M

+30.0%

223.8 M

609.8 M

793.7 M
610.7 M

138.8 M

137.6 M
76.1%

56.4%

4Q13

CAGR:
12.9%

NOI + Key Money per share (quarter)

NOI + Key Money per share (LTM)

2014

Shopping Center EBITDA (R$)

213.6 M

1.38

87.9%

85.7%

+55.2%

CAGR:
16.7%

3.97

68.6%

76.2%

69.4%
51.7%

4Q14

Shares outstanding adjusted for shares held in treasury

Source: Multiplan

2013

2014

4Q13

4Q14

62.4%

2013

70.2%

2014

4Q14
Results and Margins Evolution
Historical performance (R$ Million)
2007 (IPO)

2014

Gross Revenue

368.8

3.4x

1,245.0

Net Operating Income

212.1

4.0x

846.1

EBITDA

212.2

3.7x

793.7

FFO

200.2

2.8x

552.9

Net Income

21.2

17.4x

368.1

Margins evolution
NOI Margin

EBITDA Margin

85.3%
76.3%

66.7%
52.1%

86.6%

78.0%
60.1%
59.3%
57.7%

2007

2008

89.8%

75.3%
68.8%

51.8%

Source: Multiplan

Shopping Center EBITDA Margin

63.0%
56.5%

2009

62.6%
60.9%

67.3%
61.4%

89.0%

84.7%

74.1%
64.0%

87.4%
76.2%

68.6%

70.2%

62.4%

53.6%
48.9%

57.9%

2010

FFO Margin

43.6%

2011

2012

2013

2014

10

4Q14
Debt and Cash
Cash generation and debt position (R$)
as of December 31, 2014

Weighted average maturity

(months)

Multiplan debt indices on

December 31, 2014

Net Debt
= 2.36x
EBITDA (LTM)

2,214.5M

Other
IGP-M
2.9%
2.3%
TJLP
6.7%

1,876.2M

54

53
793.7M

50

552.9M

Cash

CDI
45.4%

48

338.3M

46
Gross Debt

Net Debt

EBITDA
(LTM)

4Q13

FFO (LTM)

1Q14

2Q14

3Q14

TR
42.7%

4Q14

Weighted Average Maturity

Weighted average cost of funding (% p.a.) vs. Selic rate

11.08%

10.52%

9.98%

11.00%

9.48%

9.08%

8.95%

9.20%

9.34%

9.75%

Mar12

11.00%

10.41%

10.50%

10.54%

Mar14

Jun14

11.75%

10.00%
10.96%

9.00%

Jun12

7.50%

7.25%

7.25%

Sep12

Dec12

Mar13

Multiplan Cost of Funding (gross debt)

Source: Multiplan

11.00%

9.87%
8.50%

Dec11

10.75%

8.00%
Jun13

Sep13

Dec13

Sep14

Dec14

Selic Rate

11

4Q14
Investment, Growth and Dividend Payout
Owned GLA (000 m)

InvestedSrie1
CAPEX (R$)
Total: R$3,552M

+71.5%

1,344 M
628
521

775 M

689 M

638

372

442 M

411

302 M

2010

Net
2011

debt
/ EBITDA
2012
2013

2014

Dividend distribution - including Interest on

Shareholders' Equity
as2012
a % of net income
legal
2010 Total payment
2011
2013 after2014
reserve

Financial leverage

Dividend distribution
Total: R$745.6M
50%

2.44 x

3.03 x

53%

2.36 x

50%
183.7 M

149.0 M

0.95 x

50%

50%
174.9 M

135.0 M

102.9 M

-0.70 x

2010

2011

2012

2013

Net debt / EBITDA

Source: Multiplan

2014

2010

2011

2012

2013

2014

Dividend distribution - including interest on Shareholders' Equity (R$)

Total payout as a % of net income after legal reserve
12

4Q14
Fair Value Analysis
Evolution of Fair Value (R$)
Fair
Value

Growth of Fair Value, NOI and owned GLA

(Base 100: 2010)

Future projects (not disclosed)

Properties under development (disclosed)
Properties in operation

17.5 B

16.0 B

15.0 B

Fair Value - properties in operation

NOI - properties in operation
Owned GLA - properties in operation

12.5 B

143

197
163
160

166
162

10.0 B

120

7.5 B

111

5.0 B

145

138

111

100

2.5 B

140

2010

2011

2012

2013

2014

Fair Value per share (R$)

84.99

82.45
73.21
68.87

82.45

78.06

2010

2011

2012

2013

2014

Market Cap vs. Enterprise Value (EV) vs. Fair Value

On December 31, 2014

84.99

47%

16.0 B

78.06

73.21

10.9 B
9.0 B

68.87

2010

2011

2012

2013

2014

2010

2011

2012

2013

2014

Calculated according to CPC 28. Details are available in the December 31, 2014 Financial Statements and 4Q14 Earnings Report.
Based on stock price in December 31, 2014.
The sum of Market Cap and Net Debt.
Source: Multiplan

Market Cap

Enterprise Fair Value

Value (EV)

13

4Q14
ParkShoppingCanoas

Multiplans nineteenth shopping center;

48,000 m of Gross Leasable Area (GLA);
Multiplan will hold an 80% interest in the shopping
center;
258 stores;
2,500 parking spots;
Modern mix that reflects the current needs.

Source: Multiplan

14

4Q14

IR Contact
Armando dAlmeida Neto
CFO and IRO
Hans Melchers
Investor Relations and Planning Director
Franco Carrion
Investor Relations Manager
Carolina Weil
Investor Relations Analyst
Ricardo Gaspar
Planning Manager
Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br
http://www.multiplan.com.br/ri