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1Q14
2
Disclaimer
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 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 Company’s 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 from 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 (Formulário de Referência) and other relevant
information on our investor relations website www.multiplan.com.br/ir.
Note: All financial figures presented are in Brazilian Reais (R$).
1Q14
3
Managerial Report
Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete operational data.
Please refer to the Company´s 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
company´s 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 Participações S.A., a company that owns a 75% interest in Shopping Santa Úrsula, and a 50% stake
in Parque Shopping Maceió 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 Participações S.A. and Parque Shopping Maceió S.A. For additional information, please refer to note 9.4 of the
Quarterly Financial Report dated March 31st, 2014.
1Q14
+7.4%+11.2%
+35.2%
National retailsales²
Multiplantenants' sales
Malls opened in4Q12³
17,916/m²
24,348/m²27,756/m²
Sales -(Anchors &Satellites)
Sales -stores under
1,000m²
Sales -stores under
200m²
16.5%
13.3%15.1%
13.8%
7.0%
10.3%7.7%
10.0% 9.7% 9.5% 9.4%7.4%
8.8%
5.7%7.7% 8.0%
9.3%
14.9%11.9% 13.7% 12.6%
6.6%9.4% 7.5% 8.3% 8.2% 8.1% 8.5% 6.8% 8.1%
5.8%8.4% 7.6%
8.3%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
SAS SSS
4
Same Store and Same Area Sales growth (YoY)
Shopping Center Sales
12.7%
12.1% 12.5%
8.4% 8.5% 9.4%
7.2%
12.9%
16.5%
13.3%15.1%
13.8%
7.0%
10.3%
7.7%
10.0% 9.7% 9.5% 9.4%
7.4%
14.0%11.4%
9.9%7.9%
5.1%
9.8%
5.6%
10.6%
14.9%11.9%
13.7% 12.6%
6.6%9.4%
7.5% 8.3% 8.2% 8.1% 8.5%6.8%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Same Area Sales (SAS) Same Store Sales (SSS)
¹ Considering 100% of shopping center sales.
² National retail sales: January and February 2014 compared to the same period in 2013. ³ Malls opened in 4Q12: ParkShoppingCampoGrande, JundiaíShopping and VillageMall.
Portfolio sales ¹
(Last twelve months) - 1Q14
Sales growth: Multiplan¹ vs.
National retail² (1Q14/1Q13)
13.7%
6.3%
6.8%
8.0%
5.8%6.1%5.4%
8.7%
7.2%
8.7%
1Q13 2Q13 3Q13 4Q13 1Q14
Anchor stores Satellite stores
Same Store Sales - Anchor and Satellite stores
Same Store Sales growth breakdown
1Q14
533551
592
699
757
97.9% 98.4% 97.2% 97.5%98.5%
60.0%
68.0%
76.0%
84.0%
92.0%
100.0%
450
500
550
600
650
700
750
800
850
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Total GLA ('000) Occupancy rate
3.2%
1.7%
2.1%1.8% 1.9%
0.6%0.4% 0.3% 0.2%
0.5%
1Q10 1Q11 1Q12 1Q13 1Q14
Delinquency rate Rent loss
13.5% 13.7% 14.0% 14.2% 13.7%
1.1% 0.8% 0.9% 1.1%0.7%
1Q10 1Q11 1Q12 1Q13 1Q14
Occupancy cost Turnover
Total GLA CAGR 1Q10-1Q14: 9.2%
Total shopping center GLA (‘000 m²) and occupancy rate evolution: 1Q10 – 1Q14
Historical delinquency rate
and rent loss: 1Q10-1Q14
Historical turnover
and occupancy cost: 1Q10-1Q14
Selected Operational Data
5
1Q14
Gross revenue growth breakdown (YoY)
Gross revenue breakdown – 1Q14
Gross Revenue Analysis
6
245.9 M
284.0 M
13.5 M 1.8 M 7.4 M (2.5 M) 5.2 M11.7 M
0.9 M
Gross Revenue1Q13
Rental revenue Straight lineeffect
Services Key money Parking revenue Real estate forsale
Other Gross Revenue1Q14
15.5%
+8.7% +19.3% +29.6% -19.9% +17.3% +83.2% N.A.
Straight line effect4.0%
Services11.3%
Key money3.6%
Parking12.5%
Real estate for sale9.1%
Rental Revenue59.1%
Base rent89.6%
Overage3.6%
Merchandising6.8%
1Q14
100/m²
70/m²
111/m²
Portfolio New ShoppingCenters¹
ConsolidatedShoppingCenters²
58.3%
Rental revenue growth breakdown (YoY)
Rental revenue per m²/month in 1Q14
Rental Revenue Analysis
¹Shopping centers in operation for 5 years or less.
² Shopping centers in operation over 5 years.
7
Same Store Rent (SSR) breakdown - Nominal and real growth
0.2% -0.3% 0.6%4.0%
7.3% 8.8% 9.6% 9.3% 7.7% 6.3% 5.7% 5.9% 6.8% 7.4% 7.6% 6.8% 5.9%3.7% 4.8%
6.0%
7.7%2.8%
4.9%5.8% 4.8%
3.9%3.9%
1.8% 2.6%4.3%
0.6%3.5%
1.1%0.9%3.9%
4.4%6.6%
12.0%10.3%
14.1%16.0%
14.5%
11.9%10.4%
7.7%8.6%
11.4%
8.0%
11.4%
8.0%6.8%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
IGP-DI Adjustment Effect Real SSR
164.0 M
179.3 M
+11.5 M+0.3 M
+1.7 M+1.9 M
Rental Revenue1Q13
Base rent Overage Merchand. Straight lineeffect
Rental Revenue1Q14
9.4%
+8.3% +4.7% +17.4% +19.3%
1Q14
24.9 M
34.4 M
26.8 M
38.4 M
25.5 M
12.4%16.8% 12.9% 14.2% 11.5%
1Q13 2Q13 3Q13 4Q13 1Q14
2.6%
Shopping center expenses evolution
and as % of shopping center net revenue ¹
NOI + Key money and margin
NOI + Key money per share² evolution
Net Operating Income (NOI)
¹ Excluding real estate for sale revenue and taxes, and straight-line effect ² Shares outstanding at the end of each period, adjusted by shares held in treasury 8
182.1 M196.0 M
88.0% 87.1%
1Q13 1Q14
7.7%
685.7 M754.6 M
89.4%85.1%
1Q13 (LTM) 1Q14 (LTM)
10.0%
0.54 0.62 0.70 0.79 1.02 1.05
2.21 2.34 2.66
3.18
3.85 4.03
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
NOI + Key money per share
NOI + Key money per share (LTM)
CAGR: 14.0%
CAGR: 12.7%
0.54 0.62 0.70 0.79 1.02 1.05
2.21 2.34 2.66
3.18
3.85 4.03
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
NOI + Key money per share
NOI + Key money per share (LTM)
CAGR: 14.0%
CAGR: 12.7%
1Q14
196.6 M182.7 M 189.0 M
76.4%
79.9%
82.6%
70.0%
72.0%
74.0%
76.0%
78.0%
80.0%
82.0%
84.0%
86.0%
88.0%
90.0%
ConsolidatedEBITDA
Shopping CenterEBITDA
Shopping CenterEBITDA before
New Projects forLease Expenses
19.9 M
32.1 M27.8 M 28.2 M 24.5 M
8.9%
13.5%11.2% 10.5% 9.5%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
-
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
1Q13 2Q13 3Q13 4Q13 1Q14
23.3%
¹ (1) Shopping Center Gross Revenue: does not consider real estate for sale revenues. (2) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, and new projects for sale
expenses from real estate activity. Excludes one-time corporate expenses related to Refis program and goodwill amortization tax assessments, in a total amount of R$26.6 million, classified as
other operating expenses in 1Q14 and 1Q14. (3) Shopping Center EBITDA before New Projects for Lease Expenses: the same methodology of Shopping Center EBITDA not considering new
projects for lease expenses, as the expenses refers to non-recurring expenses. 1Q14 Consolidated EBITDA
and Margins (%)
Consolidated EBITDA
Services revenue / G&A ratio
EBITDA Analysis G&A expenses and
G&A/Net revenues (%)
9
Shopping Center EBITDA
0.94 x0.84 x 0.83 x 0.78 x
0.93 x 0.98 x 0.97 x
1.31 x
1.00 x
-
0.20 x
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2007 2008 2009 2010 2011 2012 2013 1Q14
162.5 M182.7 M
77.1% 79.9%
1Q13 1Q14
12.4%
159.3 M
196.6 M
71.3%76.4%
1Q13 1Q14
23.4%
1Q14
253.8M
2,158.3M1,904.5M
648.0M452.7M
Cash GrossDebt
Net Debt EBITDA(LTM)
FFO(LTM)
Debt and Cash
Cash Generation and Debt Position ¹
Net Debt
EBITDA (LTM) = 2.94x
Multiplan Debt Indices ¹ Weighted Average Maturity (Months)
10
Ratings
(issued on December 10th, 1Q14)
Global Scale: BBB
National Scale: brAAA
Standard & Poor’s upgrades Multiplan’s
rating on the global scale
Stable
Outlook
TR42.2%
CDI42.4%
TJLP8.5%
IGP-M3.7%
Other3.2%
48
45
55 53
50
1Q13 2Q13 3Q13 4Q13 1Q14
Weighted Average Maturity
¹ As of March 31st, 2014
11.08%10.52%
9.98% 9.48% 9.08% 8.95% 9.20% 9.34%
9.87%
10.41%11.00%9.75%
8.50%7.50% 7.25% 7.25%
8.00%9.00%
10.00%10.75%
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Multiplan Cost of Funding Selic Rate
11.08%10.52%
9.98% 9.48% 9.08% 8.95% 9.20% 9.34%
9.87%
10.41%11.00%9.75%
8.50%7.50% 7.25% 7.25%
8.00%9.00%
10.00%10.75%
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Multiplan Cost of Funding Selic Rate
Weighted average cost of funding (% p.a.) vs. Selic Rate
1Q14
0.36 0.51 0.58
0.90
0.57 0.69
0.72 0.93
1.32
2.22 2.57 2.42
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14
FFO per share FFO per share (LTM)
CAGR: 27.4%
CAGR: 13.8%
Net income and margin FFO and margin
FFO per share evolution
Net Income and FFO per Share
11
70.4 M
82.3 M
31.5% 32.0%
1Q13 1Q14
16.8%
102.0 M
128.6 M
45.6%
50.0%
1Q13 1Q14
26.1%
1Q14
Multiplan’s Margin Evolution
12
76.3%78.0%
85.3% 86.6%89.8% 89.0%
84.7%86.5%
52.1%
60.1%63.0%
57.9%
67.3%64.0%
62.6%
76.4%66.7%59.3%
68.4%61.0%
74.3%71.7% 70.9%
79.9%
51.8%
57.7% 56.5%
60.9%
61.4% 53.6%
43.6%
50.0%
2007 2008 2009 2010 2011 2012 2013 1Q14
NOI Margin EBITDA Margin Shopping Center EBITDA Margin FFO Margin
1Q14
Construction site
(April 2014)
Illustration
14
Construction site
(April 2014)
Diamond Tower and Résidence du Lac
1Q14
IR Contact
Armando d’Almeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent
Franco Carrion
Investor Relations Analyst
Ricardo Gaspar
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
15
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