BTG Pactual Malls Day Presentation

7/28/2019 BTG Pactual Malls Day Presentation

1/12

1Q13

July 2013

| BTG Pactual Malls Day

www.multiplan.com.br/ri | [email protected]


2/12

1Q13

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 ourmanagements current intentions or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forward-

looking 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$).

Disclaimer

2
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir


3/12

1Q13

954

761

483

186147

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E

Historical Growth AnalysisA 10 Year Snapshot

(2001 = Base 100)

1Q10

1Q13

Weighted Sales (% Multiplan) Rental Revenues Average Owned GLA IGP-DI National Retail Sales

1,639

1,198

719883

235189

09 2010 2011 2012 2013E 2014E


4/12

1Q13

19

392

839

94,5% 99,1%

90,7%

97,4% 97,9%

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E

Strong Delivery Track Record

4

1979-2013E total GLA evolution (000 m2)1985-2012 Occupancy rate evolution

Number ofShoppingCenters:

5 81 17

IPO

5 10


5/12

1Q13

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

5

Same Store Sales and Rent

SSS SSR Real SSR

0%


6/12

1Q13

6

Same Store and Same Area Sales Growth (YoY)

Same Area Sales SAS Same Store Sales SSS

Same Store Rent Growth (YoY)

IGP-DI Adjustment Effect Real SSR

2.6% 3.6% 3.9%4.6% 5.6%

6.7%8.6%

10.7% 11.1% 10.0%7.3%

2.9%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%

6.5%6.6% 6.4% 4.2% 2.1%

2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%

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%

9.4%10.4%10.6%

9.0%7.7%

9.0%

11.6%

13.9%13.2%14.0%

8.1%6.5%

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%


19.2%

16.5% 17.4% 16.1%

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%

8.8%

13.8% 12.2% 14.4% 11.4% 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% 8.1%


Same Store Sales and Rent


7/12

1Q13

10% 11%13% 14%

16% 17% 18% 18% 18%19% 21%

23%28%

52% 53% 54%

62%

69%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 FR AU MX US SA CD

68 110180 220

360

900

1,350

2,200

BR MX DE FR SA DK CD US

Market Penetration

Source: Abrasce, International Council of Shopping Centers (ICSC), Brazilian Statistics Bureau (IBGE)

2011

Mall penetration in the world(m of GLA per 1,000 inhabitants ratio, 2011)

Share of malls in retail sales


8/12

1Q13

R$80/m

R$124/m

New Malls Por tfolio Exc lud ing New Malls

+55%

Consolidation Process Potential Upside

Rental Revenue/m: New Malls vs. Portfolio (1Q13)

8

New GLA( < 5 years)

47%

Consolidated GLA( > 5 years)

53%

Portfolio Profile (1Q13)

New Malls: Less than 5 years in operation New GLA: Malls and expansions with less than 5 years in operation


9/12

1Q13

121 129146 154

167182 192

9761,131 1,245

1,448 1,5751,697 1,794

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Rent/m Sales/mCAGR: 8.1%

CAGR: 10.7%

Sales and Rental Revenue Evolution

ParkShoppingBarigi

MorumbiShopping

9

Shopping Santa rsula

Shopping Vila Olmpia

44 45

55 53

71 7482

669759 791

890971

1,0841,206

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13


CAGR: 10.3%

- - -

7772

91 90

- - -

485724

820 828

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13


CAGR: 19.5%

- -

18

12

2527

31

- -

332 250418 471

596

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13


CAGR: 21.6%


10/12

1Q13

10

42 expansions delivered in 34 years

...and 631,035 m of land available for future growth

Number of expansions developed in a 5-year period

4

87

3

5

10

5

Location Land Area

Ptio Savassi 2,606 m

ParkShoppingBarigi 843 m

ParkShoppingBarigi 27,370 m

JundiaShopping 4,500 m

Parque Shopping Macei 140,000 m

BarraShoppingSul 4,396 m

RibeiroShopping 207,092 m

ParkShoppingCampoGrande 141,480 m

VillageMall 36,000 m

ParkShoppingSoCaetano 36,948 m

Shopping AnliaFranco 29,800 m

Total 631,035 m

Landbank

Track Record and Growth Opportunities

Multiplan also has land swap agreements and land purchase options which are not included in the landbank.


11/12

1Q13

7.25%

8.00%8.50%

9.00%9.50%

10.00%10.50%8.95%

9.33% 9.59%9.90% 10.15%

10.49% 10.74%

.M .M .M .M .M .M .M

Selic Interest Rates (Estimated)Weighted Average Cost of Funding (Estimated)

229.2M

1,872.9M1,643.6M

584.3M457.3M

Cash Gross Debt Net Debt EBITDA(LTM)

FFO (LTM)

CDI

49.4%TR31.8%

TJLP

11.6%

IGP-M

3.9%

IPCA

2.0%

10.52%

9.98%

9.48%9.08% 8.95%

1Q12 2Q12 3Q12 4Q12 1Q13

Net Debt

EBITDA (LTM)= 2.81x

Debt, Cash and DividendsAs of March 31st, 2013

Debt Position andCash Generation Debt Index Breakdown

Weighted AverageCost of Funding (p.a.)

11

Escala Global: BBB-

Escala Nacional: brAAA

Scenario Analysis:SELIC vs. Cost of Funding

Standard & Poor's Credit Ratings


12/12

BTG Pactual Malls Day Presentation

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