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1Q14 1Q14 Conference Call www.multiplan.com.br/ir [email protected] 1

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1Q14

1Q14 Conference Call

www.multiplan.com.br/ir

[email protected] 1

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.

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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

Expansion VII

Illustration

Construction site (April 2014)

Construction site (April 2014)

13

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: [email protected]

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

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