Multiplan Empreendimentos Imobiliarios SA · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios SA — Q3 2016 Earnings Presentation
23 slides from Multiplan Empreendimentos Imobiliarios SA's earnings presentation, November 2016
Slide 1: Multiplan's Conference Call Presentation 3Q16
3Q16 3Q16 Multiplan’s Conference Call Presentation ir.multiplan.com.br ri@multiplan.com.br
Slide 2: Disclaimer
3Q16 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations of the company’s management and on available information. The company is under no obligation to update these statements. The words "anticipate“, “wish“, "e
Slide 3: Managerial Report
3Q16 Managerial Report Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on operational data. Please refer to the company´s website ri.multiplan.com.br to access the Financial Statements in compliance with the Brazilian Accoun
Slide 4: Shopping Centers Sales
3Q16 Shopping Centers Sales Evolution of tenants’ sales (R$) Evolution of Same Area Sales¹- LTM (R$/m²) CAGR: +8.7% +2.9% +1,009 R$/m² 20,508 R$/m² +726 R$/m² 2.96 B 3.04 B 3.13 B 2.67 B +1,396 R$/m² 2.24 B 17,377 R$/m² +18.0% 3Q12 3Q13 3Q14 3Q15 3Q16 Sep-13 (LTM) Sep-14 Sep-15 Sep-16 Sep-16 (LTM) S
Slide 5: Selected Operating Data
3Q16 Selected Operating Data Evolution of occupancy cost Evolution of delinquency rate 13.1% 13.0% 13.1% 13.0% 13.5% 12.7% 13.1% 13.1% 13.0% 13.1% 13.0% 4.5% 4.0% 5.4% 5.3% 5.6%5.6%5.3% 5.6% 5.4% 5.7% 4.5% 3.1% 5.4% 5.6% 5.3% 2.4% 4.0% 1.9% 3.6% 2.4% 1.9% 3.6% 1.1% 7.6% 7.8% 7.7% 7.9% 1.5% 2.4% 7.5%
Slide 6: Gross Revenue Analysis
3Q16 Gross Revenue Analysis Gross revenue breakdown – 3Q16 Others 0.5% Parking 14.8% Key Money 0.9% Services 9.1% Straight Line 3.5% Rental 71.2% Gross revenue growth breakdown: 3Q16 (YoY) +7.0% +41.1% -7.2% -59.7% +7.5% -100.0% -42.0% 14.0 M 3.1 M 3.1 M 300.2 M (2.1 M) 291.7 M (4.1 M) (4.5 M) (1.0
Slide 7: Rental Revenue Analysis
3Q16 Rental Revenue Analysis Rental revenue growth breakdown (R$) Evolution of Morumbi Corporate rental revenue (R$) - LTM +7.2% -3.8% +9.6% +34.8% +12.9 M +1.3 M 213.7 M 199.8 M 81.1 M -0.3 M 72.5 M 76.8 M 65.7 M 60.2 M +7.0% 49.1 M 54.0 M 40.2 M 28.1 M Rental revenue Base rent Overage Merchand. Re
Slide 8: Expenses Analysis
3Q16 Expenses Analysis Evolution of G&A expenses (R$) Evolution of shopping center expenses (R$) and as a % of net revenue and as a % of shopping center revenues ¹ +31.8% 37.4 M 40.0 M +0.3% 35.0 M 26.8 M 26.9 M 28.4 M 32.6 M 32.7 M 30.0 M 25.0 M 29.2 M 29.5 M 14.3% 14.5% 20.0 M 27.8 M 12.4 M 12.1%
Slide 9: Evolution of Margins Since the IPO
3Q16 Evolution of Margins Since the IPO 100.0% 88.7% 87.4% 80.0% 78.1% 70.9% 72.1% 60.0% 57.6% 48.9% 46.8% 47.1% 40.0% 31.5% 32.6% 20.0% 1.1% 0.0% Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) (LTM) NOI Margin EBITDA Margi
Slide 10: Net Operating Income (NOI)
3Q16 Net Operating Income (NOI) Evolution of Net Operating Income (NOI) (R$) and margin (%) CAGR: +15.0% +4.4% 957.1 M +4.9% 916.4 M 786.1 M 219.0 M 229.7 M 693.6 M 570.3 M 475.6 M 88.7% 86.3% 87.4% 90.2% 86.2% 88.1% 85.5% 87.6% 3Q15 3Q16 6.00 Sep-11 Sep-12 Sep-13 5.15 Sep-145.03 Sep-15 CAGR: Sep-16
Slide 11: EBITDA
3Q16 EBITDA Consolidated EBITDA (R$) and margin (%) evolution +2.6% +2.6%+2.6% CAGR: CAGR: +13.3% CAGR: +13.3% +13.3% +2.6% CAGR: +13.3% 785.7 805.8 805.8M805.8 M 785.7M785.7 M M M 708.7 805.8 M 708.7M708.7 M M 785.7 M 643.3 M643.3 643.3 M M 708.7 M +1.2%+1.2% 578.1 578.1M578.1 M M 643.3 M +1.2% 578
Slide 12: Net Income and FFO
3Q16 Net Income and FFO Net Income (R$) and margin (%) evolution CAGR:CAGR: +6.8% CAGR: +6.8%+6.8% CAGR: +6.8% +4.5% +4.5% +4.5% +4.5% -0.9% -0.9% 367.7 M367.7 355.9 M M 364.5 M364.5 M 367.7 M 355.9 M 348.7 M 364.5 M -0.9% -0.9% 367.7 355.9 M M 355.9301.0 M M 348.7 348.7 M M 364.5 M 301.0 M 348.7 M
Slide 13: Debt and Cash
3Q16 Debt and Cash Cash generation and debt position (R$) Multiplan debt indices Debt breakdown on as of September 30, 2016 on September 30, 2016 September 30, 2016 2,612.5M IGP-M Others TJLP 0.3% 2.2% 3.0% Financial Position Analysis ¹ Sep. 30, 2016 1,932.7M Net Debt = 2.40x Net Debt/EBITDA 2.40x E
Slide 14: Debt Amortization Schedule and Covenants
3Q16 Debt Amortization Schedule and Covenants Evolution of Net Debt/EBITDA and its lowest covenant Covenants 4.00x 4.00x Debt Covenant ¹ Limit Sep-16 Status Volume 3.50x 3.25x 3.25x Net Debt/EBITDA <= 4.00x 2.40x 1,519.7 M Comply EBITDA/Net Financial Expenses >= 2.00x 4.09x 1,084.1 M Comply Total De
Slide 15: Growth Summary
3Q16 Growth Summary Greenfield Opening GLA % Multiplan CAPEX 1 ParkShoppingCanoas Sep-17 48,000 m² 80.0% R$359.3 M Expansions Opening GLA % Multiplan CAPEX 2 RibeirãoShopping Medical Center 2Q17 4,200 m² 80.0% R$23.6 M 3 Pátio Savassi Expansion II Nov-17 2,300 m² 96.5% R$34.9 M Acquisitions Conclusi
Slide 16: Stake Acquisitions in BarraShopping and MorumbiShopping
3Q16 Stake Acquisitions in BarraShopping and MorumbiShopping • 10.3% stake acquisition • 8.0% stake acquisition • LTM NOI(1): R$24.8 million • LTM NOI(1): R$15.5 million • Purchase price: R$311.2 million • Purchase price: R$184.7 million Total purchase price: R$495.9 million BarraShopping, Rio de Ja
Slide 17: Greenfield Under Construction
3Q16 Greenfield Under Construction • Construction Status: Structure assembly underway. • Total GLA: 48,000 m² • Multiplan’s stake: 80.0% • Leased area (GLA): 73.3% ParkShoppingCanoas construction works – September, 2016 • Expected opening: Sep-17 • CAPEX(1): R$359.3M Construction works in September,
Slide 18: RibeirãoShopping Medical Center Expansion
3Q16 RibeirãoShopping Medical Center Expansion 9th Expansion: Medical Center (Phase 1) • Status: Construction works began in July 2016. • Total GLA: 4,200 m² • Expected Opening: 2Q17 • Leased area (GLA): 89.0% • CAPEX(1):R$ 23.6 M (1) Considering 100% of the project. RibeirãoShopping Medical Center
Slide 19: Pátio Savassi Expansion II
3Q16 Pátio Savassi Expansion II Pátio Savassi Expansion II : (Phase 2) • Status: Construction works began in June 2016. • Total GLA: 2,300 m² • Leased area (GLA): 100.0% • Multiplan’s stake: 96.5% Pátio Savassi with expansion II – Artist’s rendering – project subject to modification • Expected openi
Slide 20: NOI and stock price evolution
3Q16 NOI and stock price evolution LTM NOI(1) and stock price evolution since IPO Oct 17th, 2012(2) Sep 30th, 2016 LTM NOI(3) of LTM NOI of R$570 mn R$957 mn R$63.18/share R$63.20/share NOI CAGR 2007/16: 18.7% (+367%) Share price CAGR 2007/16: 10.9% (+153%) 100 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul
Slide 21: MULT3 Performance
3Q16 MULT3 Performance Evolution of Average Daily Traded Volume Indexes 809,890 752,965 640,868 492,683 40.8 M 38.6 M 359,710 31.7 M 26.5 M 17.4 M 2012 2013 2014 2015 9M16 Average daily traded volume (R$) Average daily traded volume in number of shares 2016: MULT3, MULT3 Volume and Bovespa Index1 20
Slide 22: Fair Value Analysis
3Q16 Fair Value Analysis Evolution of Fair Value¹ (R$) Enterprise Value³ and Fair Value¹ (R$) Fair Future projects (not disclosed) Value Properties under development (disclosed) Properties in operation Fair Value Enterprise Value (EV) Fair Value / Enterprise Value (EV) 17.5 B 15.5 B 16.0 B 16.0 B 15
Slide 23: IR Contact
3Q16 IR Contact Armando d’Almeida 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 Tel.: +55 (21) 3031-5600 Fax: +55 (21) 3031-5322 E-mail: ri@multi
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