On February 24, Multiplan announces its fourth quarter and fiscal year 2013 results. Shopping centers posted total sales of R$ 3.7 billion in the fourth quarter of 2012, 14.0% higher than the same period in 2012. In 2013, total sales reached R$ 11.4 billion, up 16.3% from 2012.
The same store sales (SSS) increased 7.6% in the fourth quarter, reaching R$ 1,894 per m² per month. During the year, the same index increased 7.4%. Both anchors and satellites showed a consistent performance: anchors increased 8.0% in the quarter and 7.7% in 2013, while satellites grew 7.2% in last quarter and 7.0% in 2013. Sales per m² from stores under 1,000 m² amounted to R$ 2,546/m² per month, while from stores under 200m² totaled R$ 2,950/m² per month.
All Multiplan’s shopping centers had growth in sales in the year, highlighting RibeirãoShopping with 17.4% and Shopping Santa Ursula with 13.4%, both in the city of Ribeirão Preto, and ParkShopping São Caetano, in its second year of operation, with an increase of 14.4% in 2013. The three new shopping centers opened in 2012, as Parque Shopping Maceio, in partnership with Aliansce, contributed R$ 1 billion in sales in 2013.
The Same Store Rent (SSR) increased 8.0% in fourth quarter and 9.6% in 2013, above both the IGP-DI adjustment effect of 6.9% and IPCA of 5.9%. Together with the new area opened in the last twelve months, rental revenue saw an increase of 18.7% reaching R$ 684.2 million in 2013.
In consequence of the result, there was strong growth in gross revenue which increased by 10.6% in the fourth quarter of 2013 versus the same period in 2012, reaching R$ 295 million. For the year, gross revenue was R$ 1.1 billion, an increase of 21.7% compared to 2012, excluding the non-recurring impact of the sale of MorumbiBusinessCenter in 2012.
There was also an increase of 15.4% in Net Operating Income (NOI) + Key Money (KM) to R$ 744.1 million in 2013. NOI + KM per share1 was of R$ 3.97, implying a five-year CAGR of 14.0%. Consolidated EBITDA was R$ 610.7 million in 2013, 12.7% higher than in 2012, if the one-time selling of MorumbiBusinessCenter is excluded. Fourth quarter EBITDA of R$ 138.8 million was impacted by a one-time non-recurring operational expense with legal advisory and payments to implement the fiscal incentive program REFIS, and was 19.0% lower than in last quarter of 2012.
Net income and FFO achieved R$ 57.1 million and R$ 88.7 million in fourth quarter or R$284.6 million and in R$426.2 million in 2013, respectively. These results were impacted by the mentioned one-time non-recurring legal expense as well as higher net financial expenses and depreciation.
With three new shopping centers, it was expected that operating expenses had a big growth in 2013. The company chose to invest in promotion, advertising, providing better services to accelerate the development and protect its new ventures of competition.
On December 17th, 2013, Multiplan announced the payment of interest on shareholders’ equity of R$ 45.0 million before taxes, based on the financial statements ended on November 30th, 2013. In 2013, Multiplan has announced R$ 135.0 million of
interest on shareholders’ equity.
Multiplan invested, in 2013, R$ 775 million and, currently, has a land bank with 631,000 m² and several projects nearing approval.