4Q16 Presentation
4Q16 Presentation
4Q16 Presentation
4Q16
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
identify these 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 presentation.
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.
External auditors have not reviewed non-accounting information.
In this presentation 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 ir.multiplan.com.br.
2
4Q16
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 website ri.multiplan.com.br to access the Financial Statements in compliance
with the Brazilian Accounting Pronouncements Committee CPC.
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 8.4 of the
Financial Statements dated December 31, 2016.
3
4Q16
R$731 Million Invested in Stake Acquisitions
R$59 million in NOI
Portfolios
NOI (LTM):
R$59.0M
NOI
Stakes LTM NOI: R$24.8 M Stakes LTM NOI: R$15.5 M Stakes LTM NOI: R$11.5 M Stakes LTM NOI: R$7.2 M
Purchase price: R$311.2 M Purchase price: R$184.7 M Purchase price: R$143.9 M Purchase price: R$91.0 M
(1) Considering the NOI for the past 12-month period ended on Jun-16 for BarraShopping I and MorumbiShopping, and Sep-16 for BarraShopping II and ParkShoppingBarigi, weigthed by the acquired stakes
Source: Multiplan
4
4Q16
Shopping Centers Sales
Evolution of tenants sales (R$) Evolution of satellite stores
sales/sq.m. (R$)
17
. 0B
7.2B
16
. 0B
4.2B
23,938
12
. 0B +13.2%
3.2B
11
. 0B
2.2B 10
. 0B
Evolution of Same Area and Same Store Sales Breakdown of Same Store Sales per segment
growth (%)
5.0%
Same Store Sales 4Q16 x 4Q15 2016 x 2015
3.9% 4.2% 4.1%
2.5% 3.2% Anchor Satellite Total Anchor Satellite Total
2.7% 2.8%
2.1% 2.3% Food Court & Gourmet Area - +1.2% +1.2% - +1.7% +1.7%
5.0% 0.6% 4.1%
4.2% 1.6%
3.9% Apparel -1.0% -0.6% -0.8% +1.0% +0.1% +0.4%
0.0%
2.5% 3.2%
2.7% 2.1% 4.2%
0.6% 3.9% 4.1%
1.6% 2.5%2.3% 3.2%
3.3% 3.3% Home & Office -3.4% +16.8% +9.7% -3.8% +7.5% +3.5%
0.0% 2.8%
Miscellaneous +0.8% -0.9% -0.5% +3.9% +0.3% +1.4%
2.1% 1.6% 2.3% 2.8% 1.9%
-2.5%
-2.5% 1.5% 1.8% Services +1.6% +14.7% +11.2% +3.6% +10.8% +8.6%
3Q15 4Q15 1Q16 2Q16 3Q16 Total -0.5% +2.3% +1.5% +1.5% +2.1% +1.9%
4Q15 1Q16 2Q16 3Q16 4Q16 2015 2016
Same Area Sales Same Store Sales
Source: Multiplan 5
4Q16
Selected Operating Data
Evolution of occupancy cost Evolution of delinquency rate and rent loss
5.2% 5.2%
5.3%
5.2%
5.4% 4.9%5.6% 5.3%
5.3%
5.1% 3.5%
5.4% 5.6%
2.5%
1.8% 1.9% 1.9% 1.9%
1.5% 1.3%
7.8% 7.8% 7.8% 7.6% 7.8% 7.8% 0.7% 0.9%
7.3% 7.8% 7.6% 7.4% 7.5% 7.7% 0.7% 0.8%
1.3% 0.4%
2012 2013 2014 2015 2016 10-year 2011 2012 2013 2014 2015 2016 10-year
3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 average average
Rent as % of Sales Other as % of Sales Delinquency rate Rent loss
Outros como % das vendas Custos de Ocupao
98.6% 99.0%
98.1% 98.0% 98.1%
97.3%
98.8%
98.6%
98.5%
98.4%
98.4%
98.1%
98.1%
97.9%
97.6%
97.6%
97.5%
97.4%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 10-year
average
Source: Multiplan 6
4Q16
Gross Revenue Analysis
Gross revenue breakdown 2016
Key money
1.1% Others
Services 0.3%
9.5%
Parking 15.2%
Rent
73.9%
679.0 M 85.0%
700.0 M
561.9 M 80.0%
486.3 M
500.0 M 416.1 M 75.0%
360.2 M 89.7%
295.3 M 88.7% 88.9% 70.0%
300.0 M 239.4 M 88.6%
87.3% 65.0%
86.2%
85.8% 84.7%
83.2% 60.0%
100.0 M 84.2%
55.0%
(100.0 M) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 50.0%
Base Rent (and as % of total) Merchandising Overage Average Occupancy Rate (%)
Others include real estate for sale, straight-line effect and other revenues.
7
Source: Multiplan
4Q16
Rental Revenue Analysis
Rental revenue growth breakdown (R$) Evolution of Morumbi Corporates rental revenue (R$) - LTM
+27.6%
+12.8% -15.5% +13.1%
92.4%
91.4% 91.4% 91.4%
Rental Base rent Overage Merchand. Rental Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
revenue 4Q15 revenue 4Q16
Rental revenue (LTM) Occupancy rate
2.6% 4.3% 0.6% 3.5% 1.2% 0.9% 4.1% 2.7% 3.4% 4.1% 2.4% 2.4% 0.3% -1.7% -3.3% -2.2% -2.4%
11.4% 11.4%
10.1% 8.8% 9.5%
8.6% 8.0% 8.0% 9.2% 10.8% 10.7%
6.8% 7.0% 6.8% 6.2% 9.3%
6.8% 7.4% 7.6% 7.5%
5.9% 6.7% 5.9% 5.9% 5.9% 8.4% 8.1%
5.8% 5.6% 5.2% 4.5% 4.4% 5.8% 6.0%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Source: Multiplan 8
4Q16
Expenses Analysis
4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016 4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016
Evolution of office towers expenses2 (R$) and Evolution of new projects for lease expenses (R$)
operating margin (%)
-25,0%
-1.7%
10.5 M -24.7%
13.7 M 14.8 M
7.8 M 12.8 M
2.4 M 2.4 M +95.1% 11.1 M
1.9 M 1.8 M 1.7 M 91.1%
5.6 M
87.9% 91.2% 91.0% 92.5% 89.7% 85.0% 2.9 M
1.9 M
4Q15 1Q16 2Q16 3Q16 4Q16 2015 2016 4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016
934.8 M 964.6 M
+2.8%
846.1 M
269.3 M 276.8 M 691.3 M
606.9 M
510.8 M
89.0% 89.3%
6.00 87.4% 5.11
89.8% 86.4%
90.0% 84.7% 4.69
86.1% 5.00
3.97
3.62
4.00 3.09
4Q15 4Q16 2011 2012 2013 2014 2015 2016
3.00
NOI NOI margin
2.00 1.37 1.46
NOI + Key Money per share (R$) 0.94 1.14 1.09
1.00
-
6.00 5.11 5.19 CAGR: dez-11 dez-12 dez-13 dez-14 dez-15 dez-16
4.69 +13.9%
5.00
3.97
3.62 NOI + Key Money per share (Year)
4.00 3.09
3.00 NOI + Key Money per share (Fourth Quarter)
-
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
35
0000
30
0000
+5.5%
615.8 M 610.7 M
239.8 M
25
0000
227.3 M
77.1% 455.3 M 72.7% 72.4%
20
0000 75.9% 70.2%
67.3%
64.0% 62.4%
15
0000
10
0000
812.3 M 830.7 M
782.5 M
32
0000
634.5 M
+3.9% 591.7 M
27
0000
241.3 M 487.4 M
232.1 M 78.6%
76.4% 76.0%
22
0000
73.5%
77.8% 77.2% 71.3%
76.2%
17
0000
12
0000
Property EBITDA considers Multiplans core business: leasing activities. The metric excludes real estate for sale activity and future developments expenses, and considers headquarters expenses, stock options
and taxes proportional to the property revenues as a percentage of gross revenue.
Source: Multiplan
11
4Q16
Net Income, FFO and Dividends
Net Income (R$) and margin (%) evolution Dividend distribution (R$) and payout (%)
CAGR: +0.9%
64.7%
-13.9%
388.1 M 52.8% 50.0% 50.0% 50.0%
368.1 M 362.2 M
298.2 M 311.9 M 225.0 M
-38.2% 284.6 M
137.7 M 183.7 M 174.9 M
44.1% 149.0 M 32.1%
40.3% 135.0 M
85.2 M
46.0% 32.6% 33.4% 95.0 M
29.1% 27.6%
27.4%
4Q15 4Q16 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016
CAGR: +3.1%
-8.8%
552.9 M
515.6 M 530.7 M
484.2 M
415.4 M 426.2 M
-24.0%
175.2 M
61.4% 53.6%
133.2 M 48.9% 48.9%
58.5%
43.6% 42.9%
42.8%
Others Others
3.03x 3.04x 8.1% 4.3%
1,344.4 M Financial Position Analysis Dec. 31, 2016
2.36x 2.44x Net Debt/EBITDA 3.04x TR
TR 33.0%
2.44x 952.1 M Gross Debt/EBITDA 3.62x 40.4%
775.0 M EBITDA/ Net Financial Expenses 3.82x
Net Debt/Fair Value 15.0%
CDI
Total Debt/Shareholders Equity 0.67x CDI
301.7 M 297.2 M 62.7%
Net Debt/Market Cap 22.0% 51.5%
dez/13 mar/14 jun/14 set/14 dez/14 mar/15 Jun-15 set/15 dez/15 mar/16 jun/16 set/16 dez/16
Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Evolution of MULT3 since inception in Bovespa Index1 Evolution of MULT3 since inception in IBrX 50 Index2
115
100
100
80
85
70 60
Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Apr-15 Aug-15 Nov-15 Feb-16 Jun-16 Sep-16 Dec-16
Source: Bloomberg
17
4Q16
MULT3 Performance - 2016
120 40.0 M
30,0 M
120
30.0 M
100
20,0 M
100
20.0 M
80 10,0 M
mar/16 jun/16 Dec-15 set/16 Mar-16 dez/16 Jun-16 Sep-16
80 10.0 M
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
Fair Value1 per share (R$) Market Cap3 vs. Enterprise Value2 (EV) vs. Growth of Fair Value1, NOI and owned GLA
Fair Value1 - December 31, 2016 (Base 100: 2010)
Fair Value - properties in operation
NOI - properties in operation
224
Owned GLA - properties in operation 217
197
87.80 +20.3% 16.6 B
84.99 85.30
82.45 168
169
78.06 13.8 B 163 166
73.21 11.3 B
143 160 166
68.87 162 160
120 145
140
138
111
100 111
2010 2011 2012 2013 2014 2015 2016 Market Value Enterprise Fair Value 2010 2011 2012 2013 2014 2015 2016
Value (EV)
1 Calculated according to CPC 28. Details are available in the, 2016 Financial Statements and 4Q16 Earnings Report.
2 The sum of Market Cap and Net Debt.
3 Based on stock price on December 31, 2016.
19
Source: Multiplan
4Q16
IR Contact
Armando dAlmeida Neto
CFO and IRO
Hans Melchers
Investor Relations and Planning Director
Franco Carrion
Investor Relations Manager
Leandro Vignero
Investor Relations Analyst
Daniela Mostaert
Investor Relations Analyst
ir.multiplan.com.br