Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q4 2023 Earnings Presentation
27 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Feb 7, 2024
Slide 1: 4Q23 Results Conference Call
4Q23 Results Conference Call Contact the Investor Relations Team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5400
Slide 2: Disclaimer
Disclaimer This document may contain prospective commercial negotiations or other technical and and also published in English solely in order to statements and goals, which are subject to risks economic factors. These projects may be altered in comply with Brazilian regulations, notably the and unce
Slide 3: More than R$1 billion of net income for the 1st time
More than R$1 billion of BarraShopping net income for the 1 time st And a sequence of new records Net income FFO NOI R$1.0 bi R$1.2 bi R$1.8 bi Sales IoC + Buybacks NOI margin R$22 bi R$705 M 90.3% Turnover Net delinquency Malls’ events +80,000 sq.m 1.2% >1,000 Note: 2023 figures. IoC stands for Int
Slide 4: Sales: growth of 9.6% over 2022
Sales: growth of 9.6% over 2022 Sales in Jan-24¹ increased by 8.9% vs. Jan-23 Annual tenants’ sales (R$) Quarterly tenants’ sales (R$) +34.5% +33.8% +9.6% +9.6% 21.9 B 20.0 B 6.9 B 16.3 B 6.3 B 14.6 B 5.6 B 10.3 B 5.2 B 4.3 B 2019 2020 2021 2022 2023 4Q19 4Q20 4Q21 4Q22 4Q23 ¹ Preliminary sales figu
Slide 5: 2023: Experience enhancing sales
2023: Experience enhancing sales All segments growing over 2022, with emphasis to the Services and Food Court & Gourmet Area segments Same Store Sales (SSS) Same Store Sales (SSS) 2023 x 2022 4Q23 x 4Q22 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +10.5% +10.5% Food Cou
Slide 6: Events boosting record sales
Events boosting 1,071 events throughout the year record sales contributed to the sales rise and the occupancy cost decline Occupancy cost 13.6% 13.9% 13.5% 13.3% 12.6% 12.9% 7.6% 8.0% 9.3% 9.2% 8.8% 8.6% 5.0% 4.9% 4.3% 4.7% 4.7% 4.7% 2019 2020 2021 2022 2023 5 year average Rent as sales % Common exp
Slide 7: Record annual turnover
Record annual turnover 584 new stores added throughout the year Shopping center turnover in GLA (sq.m) 12 malls at over 97% occupancy rate and as a % total GLA 9.1% 584 stores Average occupancy rate 80,307 6.2% 501 stores +117 b.p. 49,173 96.3% 96.1% 95.2% 95.4% 94.7% 2022 2023 4Q22 1Q23 2Q23 3Q23 4
Slide 8: Real SSR growth of 3.9% in 2023
Real SSR growth of 3.9% in 2023 28.00% Indexes and SSR analysis1 23.00% 18.00% Real SSR2: +3.9% 13.00% 8.2% 8.00% 4.6% 4.1% 3.00% -2.00% -3.3% IPCA IGP-DI IGP-DI SSR ¹ (2023) (2023) adjustment effect (2023) (2023) ¹SSR refers to Same Store Rent. 2 Real SSR refers to the Same Store Rent net of the IG
Slide 9: Higher incomes, lower delinquency
Annual net delinquency rate Higher incomes, lower -43 b.p. delinquency 8.0% Net delinquency with the lowest annual 6.3% rate ever recorded 3.8% 1.2% 1.6% 2019 2020 2021 2022 2023 VillageMall Quarterly net delinquency rate -203 b.p. 5.8% 4.6% 3.1% 0.9% -1.1% 4Q19 4Q20 4Q21 4Q22 4Q23 9
Slide 10: Focusing on our assets
Focusing on our Renovations Modern architecture assets DiamondMall, New York City Center, PátioSavassi and ParkShopping were the malls most benefited by Throughout 2023 renovations Mall expansions 1,071 In response to high commercial demand events DiamondMall, ParkShoppingBarigüi and MorumbiShopping
Slide 11: Net income above R$1 billion for the 1st time
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Net income above R$1 billion for the 1 time st Greater efficiency leads to higher revenues and margins +32.6 % +20.4 % +18.0 % +12.7 % +12.2 % NET REVENUE NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 2.1 1.8 1.5 1.2 1.0 R$ B R$ B R$ B R
Slide 12: Growing and returning capital
Growing and returning capital Multiplan was the shopping center company¹ that returned the most capital to shareholders in 2023, while remained with its growth strategy and deleveraging Dividends and IoC + Share buyback (R$ M) = GROWTH 704.7 4 towers under development 575.2 123.7 2023 CAPEX 376.0 35
Slide 13: Share Buyback: 14th Program ongoing
MULT3 Share Buyback: 14th Program ongoing Share Buyback Program and Cap Investor base2 Rate1 evolution (Percentage of the free-float) 10.5% 9.1% 8.4% 32.1% 26.7% 37.4% 7.1 M 47.9% 50.7% 5.5% 5.9% 5.1 M 4.7 M 2.8 M 67.9% 73.3% 62.6% 52.1% 49.3% - 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Numb
Slide 14: Fair Value
Fair Value Enterprise Value (EV) 34% below Fair Value Governança corporativa Multiplan’s value EV¹/ Fair Value² +51.1% 29.0 1.02 1.0 19.2 19.2 -15.9% +29.8% 17.1 0.84 0.66 16.2 13.2 0.56 0.57 0.60 R$ billion Dec-22 Dec-23 EV¹ Fair EV¹ Replacement Value cost³ Market Cap ³Replacement cost calculated b
Slide 15: Capital: deleveraging and predictability
Capital: deleveraging and predictability Net Debt/EBITDA at 1.38x (Dec-23) DEBT Cash (Dec-23) 1,175 M AMORTIZATION Gross debt: R$3,261.0 M SCHEDULE on December 31, 2023 Average cost p.a.: 12.26% FFO (2023) 1,243 M (R$) 2024 532 M Net debt: R$2,085.6 M 2025 470 M Net debt / EBITDA: 1.38x 2026 550 M P
Slide 16: Capital structure
Capital structure Cost of debt close to the Selic rate Debt indexes Cost of debt spread to Selic (b.p.) (Dec-23) 119 2.9% 85 48 51 9.9% 6 87.2% Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 TR CDI IPCA Weighted average¹ cost of debt (% p.a.) 14.30% 13.80% 13.81% 12.26% 11.08% 11.80% 9.08% 10.00% 8.24% 9.73% 13
Slide 17: 7 expansions, 70,000 sq.m of GLA
7 expansions, 70,000 sq.m of GLA Mall GLA1,2 (sq.m) Opening² ParkShoppingBarigüi 14,314 2H24 DiamondMall 5,116 2H24 Parque Shopping Maceió 5,506 1H25 MorumbiShopping 13,141 1H26 ParkShopping 8,615 1H26 JundiaíShopping 7,850 1H27 ParkShoppingSãoCaetano 12,746 2H27 Total 67,288 1 Refers to 67,288 sq.m
Slide 18: Approximately 200,000 sq.m in potential expansions
Approximately 200,000 sq.m in potential expansions GLA: 14,314 sq.m | Opening: 2H24 Illustration of the expansion project at ParkShoppingBarigüi. GLA: 13,141 sq.m | Opening: 1H26 GLA: 5,116 sq.m | Opening: 2H24 Illustration of the expansion project at MorumbiShopping Illustration of the expansion pr
Slide 19: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Golden Lake, construction site in Dec-23 Launch: Oct-21 Sales: 59.4% of private area¹ 4Q23 revenue: R$28.2 million Delivery: Dec-24 Equivalent to R$323 M of PSV² 4Q23 gross margin: 31.1%³ 1st phase: 4 towers 94 units 34,000 sq.m ¹ Sales acco
Slide 20: 795,100 sq.m of total private area for sale
795,100 sq.m of total private area for sale Illustration of mixed use project at ParkShoppingBarigüi Illustration of mixed use project at RibeirãoShopping Illustration of mixed-use project at BarraShoppingSul 20
Slide 21: ESG: 2023 highlights
ESG: 2023 highlights New Internal Audit Area, promoting best practices in risk ParkJacarepaguá management and becomes the process control. Company's third project to receive LEED Certification New Ethics Channel, Compliance Training, MULT3 is once again enabling employees disseminating the selected
Slide 22: ESG – 2023 highlights
ESG – 2023 highlights Pink October façade - RibeirãoShopping 250 social actions with the “Multiplique o Bem” seal >186,000 items 110,0 tons >4,500 blood >500 collected, among of food donated bags adopted at clothes and others for helping to save Company’s malls donation tens of thousands of lives 22
Slide 23: ESG – 2023 highlights
ESG – 2023 highlights Several social initiatives carried out throughout the year Donations collected by the campaign "S.O.S. Pet adoption campaign – BarraShopping Employees learn about recycling – Rio de Janeiro Sensory room – Parque Shopping Maceió Chuvas” – MorumbiShopping Blood donation campaign
Slide 24: Awards and recognition 2023: a year of awards
Awards and 2023: a year of awards recognition In 2023, Multiplan had many of its initiatives and projects recognized through a series of awards. BarraShopping: 14th consecutive year as Rio’s favorite mall Abrasce Awards Exame Magazine ‘Marcas dos Cariocas’ survey, highest number of #1 among mall awa
Slide 25: Multi, the super app
Multi: various functionalities enhance relationships, engagement and data Multi, the super app Over 1 million unique users in December 23 $ Online parking Medical Center payment directory 5.5 million accumulated Stores and Shopping discount downloads restaurants directory coupons Movie and theater R
Slide 26: Acesso Multi: more efficiency and more convenience
Free flow system unprecedented 8 malls completely free of Acesso Multi: in Brazil, already launched in 18 malls parking barriers at entrance more efficiency and gates more convenience More data points on customer 300,000 registered customers behavior BH Shopping parking lot - 2021 Christmas season B
Slide 27: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
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