Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q1 2023 Earnings Presentation
22 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, May 4, 2023
Slide 1: 1Q23 Results Conference Call
1Q23 Results Conference Call Contact the Investor Relations Team at: ri.multiplan.com.br ri@multiplan.com.br +55 21 3031-5600
Slide 2: Disclaimer
Disclaimer This document may contain prospective statements and goals, 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
Slide 3: ESG - a value accretive approach: Health Initiatives
ESG - a value accretive approach Health Initiatives The traditional POA Night Run took place in Porto Alegre in Mar-23, being sponsored for the second time by the Company on behalf of its residential project, Golden Lake. The event engaged about 2,000 participants. Since 2016, the Company is engaged
Slide 4: ESG - a value accretive approach: Cultural Initiatives
ESG - a value accretive approach Cultural Initiatives In Mar-23, RibeirãoShopping in partnership with one of its In Mar-23, the immersive art exhibition bookstores, embraced an initiative focused on “Imagine Picasso” took place at the mall encouraging reading, creating a book club. It will be an and
Slide 5: ESG - a value accretive approach: Social Responsibility
ESG - a value accretive approach Social Responsibility Multiplan’s malls in São Paulo created the “Campanha S.O.S. Chuvas”, a campaign designed to support people affected by the February floods. 35 tons of food were donated, benefiting more than 2,000 families and more than 6,000 persons. ParkShoppi
Slide 6: ESG - a value accretive approach: Social Responsibility
ESG - a value accretive approach Social Responsibility DiamondMall held in 1Q23 a pet adoption fair, the “AMIDOG”. The event was held in partnership with local NGOs for three days in February and helped pets to find a new home. During 1Q23, throughout the Company's portfolio, 118 pets were adopted.
Slide 7: ESG - a value accretive approach: Corporate Governance
ESG - a value accretive approach Corporate Governance Internal controls New CEO, same strategy Multiplan continuously seeks to improve its governance practices, and in 2023, an Multiplan believes in promoting good relations Internal Audit Department was set up. with stakeholders, including sharehold
Slide 8: Sales: double-digit growth, 16.0% over 1Q22
Sales: double-digit growth, 16.0% over 1Q22 Sales in Apr-23¹ up 6.1% vs. 2022 Quarterly tenants’ sales (R$) +16.0% +74.8% 4.6 B 4.0 B 3.5 B 3.1 B 2.3 B 1Q19 1Q20 1Q21 1Q22 1Q23 1 Preliminary sales figures until April 23rd. BarraShoppingSul 8
Slide 9: Delivering 3.5% real rent growth in 1Q23
Delivering 3.5% real rent growth in 1Q23 Lower delinquency rate with SSS outperforming SSR 1Q23 vs. 1Q22 Occupancy cost Net delinquency rate -56 b.p. Real SSR: +3.5% 15.6% 15.0% 15.3% -176 b.p. 13.2% 9.4% 10.2% 9.6% 5.0% 4.7% 3.2% 5.4% 5.4% Mar-23 -1.2% 1Q22 1Q23 1Q22 1Q23 IPCA IGP-DI IGP-DI SSR SSS
Slide 10: Financial results – 1Q23
Financial results – 1Q23 New records, once again, across the board NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 403 358 261 207 R$ M R$ M R$ M R$ M 89.8 % MARGIN 75.9 % MARGIN 55.4 % MARGIN 43.9 % MARGIN +17.6% vs. 1Q22 +21.1% vs. 1Q22 +23.9% vs. 1Q22 +20.8% vs. 1Q22 FIRS
Slide 11: Capital: fast deleveraging
Capital: fast deleveraging Net Debt/EBITDA at 1.54x (Mar-23) Cash (Mar-23) 1,143 M DEBT FFO Mar-23 (LTM) 1,083 M AMORTIZATION > Gross debt: R$3,213.3 M SCHEDULE Apr - Dec-23 671 M on March 31, 2023 > Average cost p.a.: 13.54% (R$) 2024 424 M > Net debt: R$2,069.9 M 2025 450 M > Net debt / EBITDA: 1.
Slide 12: Capital structure
Capital structure Cost of debt below the Selic rate Cost of debt spread to Selic (b.p.) 119 Debt indexes Others² 85 48 (Mar-23) 6 +305 b.p. 6.8% -21 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23 3.7% 6.8% Dec-22 Mar-23 82.1% 11.1% Average cost of debt1 (p.a.) 14.30% 13.80% 13.81% 13.75% 11.08% 11.80% 9.73% 9.0
Slide 13: Fair Value
Fair Value Enterprise Value 57.7% below Fair Value Multiplan’s value EV1 / Fair Value2 +57.7% 26.6 1.02 1.0 +0.7% -5.0% 16.9 16.9 16.0 0.84 14.7 14.8 0.63 0.56 0.57 0.60 R$ billion Mar-22 Mar-23 EV¹ Fair Value EV¹ Replacement Cost³ Market value ¹Enterprise Value (EV): Market Cap + Net debt at the en
Slide 14: MULT3
MULT3 Foreign investors’ share on the free-float surpasses ¾ Investor base1 (Percentage of the free-float) 26.8% 32.0% 24.4% 37.4% 47.9% 50.7% 73.2% 68.0% 75.6% 62.6% 52.1% 49.3% 2018 2019 2020 2021 2022 Mar-23 International investors Domestic investors ¹ Source: B3 - Brazilian stock exchange. Data
Slide 15: Multi, the hyperlocal superapp
Multi, the hyperlocal superapp More innovation and convenience for customers Multi: ~4.0 million accumulated downloads $ Online parking payment Mall map “Acesso Multi” Stores and restaurants “Lápis Vermelho” sale directory LPR (license plate Movie and theater tickets Direct Whatsapp contact availabi
Slide 16: Keeping the customer engaged with the app
Keeping the customer engaged with the app Multi superapp integrates the customer journey even more Ayrton Senna exhibition - BarraShoppingSul Number of uses - Multi app Multi: 1Q23 figures Growth of almost 50% in +75.9% unique users over 1Q22. 2.9 M 1.7 M MultiVocê loyalty program: Receipts uploads
Slide 17: Investing in our assets
Investing in our assets Proactive management bringing value to tenants Renovations: modern architecture Mainly related to improvements at New York City 257 Center, Pátio Savassi, MorumbiShopping an events¹ DiamondMall Mall expansions: increasing attraction power Growing and DiamondMall and ParkShopp
Slide 18: DiamondMall: expanding stake and GLA
DiamondMall: expanding stake and GLA Acquisition leading to growth opportunities Acquisition conditions Satellization & mix change Conclusion: March 03, 2023 1 anchor store 7 satellite stores Acquisition stake: 24.95% Final stake: 75.05% Price: R$170 million 1 store 7 stores Conditions: R$68 million
Slide 19: Approximately 200,000 sq.m in potential expansions
Illustration of expansion at ParkShoppingBarigüi GLA: 14,000 sq.m | Over 61% leased1 | Opening: 2H24 Illustration of expansion at JundiaíShopping Approximately 200,000 sq.m in potential expansions Illustration of expansion at MorumbiShopping ¹In March 2023. 19
Slide 20: Golden Lake – Phase 1
Golden Lake – Phase 1 Launching: Oct-21 Delivery: Dec-24 Sales: 50.5% of private area¹ equivalent to R$268 M of the PSV2 Main Lake at Golden Lake – March 2023 Golden Lake construction site – March 2023 1Q23 revenue: R$10.4 M 1Q23 gross margin: 30.9%³ 1st phase : 4 towers 94 units 34,000 sq.m R$560 m
Slide 21: 802,000 sq.m of total private area for sale
802,000 sq.m of total private area for sale Illustration of mixed-use project in RibeirãoShopping Illustration of mixed-use project in ParkShoppingBarigüi Illustration of mixed-use project in BarraShoppingSul 21
Slide 22: Investor Relations
- Investor Relations +55 21 3031-5600 ri@multiplan.com.br 22
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