Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q3 2020 Earnings Presentation
14 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Sep 30, 2020
Slide 1: Conference Call
CONFERENCE CALL BarraShopping, RJ
Slide 2: Disclaimer
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", "expect
Slide 3: Monthly operating hours, tenants' sales, and malls' rental revenue
Monthly operating hours¹, tenants’ sales¹, and malls’ rental revenue¹ (2020 as a % of 2019), with successive improvements 85.4% 80.8% % of tenants' sales 84.8% 74.6% 74.4% % of malls' rental revenue % of operating hours 73.9% 62.3% 63.2% 61.8% 54.9% 57.5% 59.9% 39.4% 28.5% 29.9% 30.9% 21.8% 21.9% 14
Slide 4: Operating hours, tenants' sales, and malls' rental revenue all above 80%
¹ Operating hours, tenants’ sales, and malls’ rental revenue (2020 as a % of 2019), all above 80% 3Q20 71.3% 63.2% Oct-20 53.0% 34.5% Car flow 84.8% 85.4% (2020 as a 80.8% % of 2019) 71.3% 62% 56% 53% 58.4% 55.5% 51.7% 49.8% 38% 44% 47% n/a Jul-20 Aug-20 Sep-20 Oct-20¹ % of operating % of car flow %
Slide 5: Lower occupancy cost and net delinquency rate
Higher sales, along with reduced condominium Lower occupancy cost reduces charges, lower the occupancy cost: the net delinquency rate: 13.5% 13.2% 12.9% 16.3% 12.7% 12.8% 11.8% 5.7% 5.5% 5.3% 5.2% 5.3% 4.6% 7.9% 7.7% 7.4% 7.7% 7.2% 7.6% 7.2% 0.9% 2.7% 0.6% 3Q16 3Q17 3Q18 3Q19 3Q20 Series' average 3Q
Slide 6: Lower property expenses and G&A expenses
Reduction of condominium costs leads Lower G&A expenses elevate to a decrease in property expenses: margins and results: Property expenses (R$) and as a % of property revenues Evolution of G&A expenses (R$) and as a % of net revenue -6.8% 45.4 M -48.5% 40.1 M 39.7 M 38.0 M 35.4 M 34.2 M 33.0 M 28.5
Slide 7: Diamond Tower Sale: IRR
DIAMOND TOWER SALE: Revenue: R$810.0 M Straight-line effect: -R$2.4 M Revenue taxes³: -R$29.6 M 810.0 M 22.5% unleveraged Net revenue: R$778.0 M IRR 29.6% leveraged Costs (depreciated): -R$208.9 M DIAMOND Expenses (GMI²): -R$22.0 M TOWER EBITDA: R$547.1 M 266.8 M 269.7 M Selling price over EBITDA ma
Slide 8: Record high financial results: NOI, EBITDA, FFO, Net Income (3Q20)
Revenues recovery, expenses reduction, and the Diamond Tower sale, led to record high financial results NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 204 704 589 569 R$ M R$ M R$ M R$ M 86.1 % MARGIN 68.9 % MARGIN 57.7 % MARGIN 55.7 % MARGIN -31.4% vs. 3Q19 +199.4% vs. 3Q1
Slide 9: NOI, EBITDA, FFO, Net Income (9M20)
NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 699 1,228 850 817 R$ M R$ M R$ M R$ M 86.7 % MARGIN 76.5 % MARGIN 53.0 % MARGIN 50.9 % MARGIN -19.4% vs. 9M19 +80.7% vs. 9M19 +80.0% vs. 9M19 +148.6% vs. 9M19 ADJUSTED¹ ADJUSTED¹ ADJUSTED¹ -19.4% +69.0% +63.7% +118.1% 811.2 868
Slide 10: Lowest net debt to EBITDA ratio in more than 8 years
R$ Lowest net debt to EBITDA Cash (Sep-20) 1,836 M ratio in more than 8 years FFO (12M) 1,081 M 4Q20 424 M 25 M 449 M > Gross debt: R$3,811 M 2021 D E BT 387 M 134 M 521 M A M O RT I Z AT I O N > Average cost p.a.: 3.13% 2022 641 M 94 M 735 M SCHEDULE > Net debt: R$1,974 M 2023 512 M 26 M 538 M on S
Slide 11: Liability management leads to lowest average cost of funding
Liability management leads to lowest average cost of funding DEBT AVERAGE INTEREST PER INDEX (p.a.) in Company’s history and saves Index Average Cost of Gross Performance Index Rate¹ Funding Debt (R$) R$23.6 M in NPV TR 0.00% 5.48% 5.48% 472.7 M CDI 2.00% 0.72% 2.72% 3,299.2 M Others² 5.66% 4.02% 9.
Slide 12: Number of individual investors and traded volume keeps increasing
Daily traded volume +69% 24,051 Number of individual AVERAGE DAILY Daily num. of trades 14,269 NUMBER OF TRADES 143.1 M investors and traded AND TRADED VOLUME (R$) 7,943 volume keeps increasing In three years, the average 4,406 4,357 79.9 M daily number of trades has 52.1 M 55.6 M increased by more
Slide 13: Fair Value and Enterprise Value in recent periods
Fair Value¹ and Enterprise Value² in recent periods Fair Value ¹ Enterprise Value (EV) ² Enterprise Value (EV) / Fair Value 22.4 B 22.2 B 22.4 B 22.0 B 21.9 B 20.8 B 19.6 B 21.7 B 16.8 B 19.5 B 18.9 B +44% 16.6 B 15.9 B 15.1 B 14.1 B 13.6 B 0.99x 1.02x 0.85x 0.87x 0.71x 0.64x 0.72x 0.70x Dec-18 Mar-
Slide 14: ir@multiplan.com.br
+55 21 3031-5600 ir@multiplan.com.br
Multiplan Empreendimentos Imobiliarios — Q3 2020 Earnings Presentation on 6ix