Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q3 2023 Earnings Presentation
25 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Oct 25, 2023
Slide 1: 3Q23 Results Conference Call
3Q23 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: ESG: 3Q23 highlights
ESG: 3Q23 highlights ParkJacarepaguá receives LEED certification ParkJacarepaguá received the LEED certificate, in the “Building Design and Construction” category, which seeks to evaluate the environmental performance of a building during its life cycle. This certification had already been granted t
Slide 4: ESG – highlights 3Q23
ESG – highlights 3Q23 Impacting people's lives far beyond malls The 1st “Festa Junina” event at ParkShopping Canoas The 4th edition of “Compliance Week” featured the brought together 2,400 people who were able to enjoy launch of the Company's new Ethics Channel, training for free attractions using c
Slide 5: ESG – highlights 3Q23
ESG – highlights 3Q23 Initiatives that bring value to the community Children's Day - DiamondMall Visitors at BarraShoppingSul and The warm clothing campaign Several Multiplan’s malls ParkShopping Canoas donated collected more than 48,600 welcomed children part of social 9,000 items to those affected
Slide 6: Awards and recognition
“Melhores e maiores” (Best and Awards and Biggest Award): the Company ranked second out of 70 in the Real recognition Estate and Civil Construction category at the Exame Magazine award, being the best positioned among mall companies listed on the stock exchange Experience Awards: four shopping malls
Slide 7: Multi, the super app
Multi: ~4.8 million accumulated downloads Multi, the super app Main digital customer relationship channel $ Online parking Medical Center payment directory “Acesso Multi” A more scalable New features Stores and with free flow loyalty program restaurants Shopping discount directory coupons Movie and
Slide 8: Free flow system in more and more malls
The company seeks, through Multi, to Free flow system in more and generate value for the customer and more malls, bringing learn more about the consumer journey. convenience to visitors Unprecedented system in Brazil Free flow system already launched in 16 malls 5 malls completely free of parking ba
Slide 9: Events part of the strategy
“Barra e Brasa” event1 - BarraShoppingSul Events part of Compared to the same period in 2022: the strategy Car flow: Total sales: 297 events in 3Q23 +34.6% +27.5% Number of events evolution 801 297 189 215 3Q19 3Q22 3Q23 9M23 ¹ The event was held on the 22nd, 23rd, 29th and 30th of July. 9
Slide 10: New commercial record
New commercial record Record of 192 new stores added to the portfolio in 3Q23 and 586 stores in the last twelve months Highest quarterly occupancy Shopping center turnover in GLA (sq.m) growth in 15 years: and as a % total GLA 3Q23 occupancy rate: 96.1% (+74 b.p. vs. 3Q22) 9.2% Average occupancy rat
Slide 11: Focusing on our assets
Focusing on our Renovations Modern architecture assets Mainly related to improvements in PatioSavassi, New York City Center, On several fronts ParkShopping and DiamondMall Mall expansions 297 In response to high demand events DiamondMall and ParkShoppingBarigüi represented 90% of the expansion capex
Slide 12: Sales: 8.1% growth over 3Q22 and 36.3% growth vs. 3Q19
Sales: 8.1% growth over 3Q22 and 36.3% growth vs. 3Q19 Sales in Oct-23¹ increased by 5.7% vs. Oct-22 Tenants’ quarterly sales (R$) Same Store Sales (SSS) 3Q23 x 3Q22 +36.3% +8.1% Anchor Satellite Total 5.2 B Food Court & Gourmet Area - +8.3% +8.3% 4.8 B Apparel +8.3% +8.6% +8.6% 3.8 B Home & Office
Slide 13: Real SSR growth of 4.3% in 3Q23
Real SSR growth of 4.3% in 3Q23 28.00% Indexes and SSR analysis1 23.00% 18.00% Real SSR2 : +4.3% 13.00% 8.00% 7.0% 5.2% 3.00% 2.6% Set-23 -2.00% -5,3% IPCA IGP-DI IGP-DI SSR ¹ (LTM) (LTM) adjustment effect (3Q23 (3Q23 vs. 3Q22) vs. 3Q22) ParkJacarepaguá JundiaíShopping ¹SSR refers to Same Store Rent
Slide 14: Higher sales and greater rent recovery
Higher sales and greater rent recovery Occupancy cost drops to 13.6% and rent recovery leads to negative net delinquency rate for the first time Net delinquency rate Occupancy cost breakdown 7.2% 12.9% 13.6% 14.0% 13.6% 13.2% 3.9% 11.8% -300 b.p. 2.8% 7.7% 7.2% 9.3% 9.1% 8.7% 8.4% 5.2% 4.6% 4.4% 4.9
Slide 15: Higher revenues and higher margins
vs. 2T22 vs. 2T22 vs. 2T22 vs. 2T22 Higher revenues and higher margins Growth on top of growth +41.5 % +26.5 % +21.1 % +12.3 % +13.4 % NET NOI EBITDA FFO NET REVENUE (Net Operating Income) (Funds From Operations) INCOME 512 438 391 312 263 R$ M R$ M R$ M R$ M R$ M 92.9 +491 % b.p. MARGIN 76.4 +556 %
Slide 16: Capital allocation
R$635.0 M Capital allocation Share 120.0 buyback R$1.1 billion allocated in the last 12 months R$413.9 M Acquisitions Interest on 515.0 capital R$170.0 million invested in R$76.0 million invested in the purchase of 24.95% stake the purchase of 4.1% stake in in DiamondMall (Mar-23) RibeirãoShopping (
Slide 17: Dividends and IoC evolution
Dividends and IoC evolution R$515.0 million distributed in the last 12 months Shareholder remuneration distribution (R$ M) 64.7% 68.3% 62.6% 68.5% 57.5% 50.0% 47.5% 50.0% 50.0% 50.0% 57.8% 49.9% 56.7% 32.1% 29.4% 36.0% 25.0% 515.0 420.0 340.0 270.0 295.0 260.0 280.0 183,7 225.0 240.0 149,0 174,9 135
Slide 18: MULT3 Share Buyback Program and Investor base
MULT3 In Jun-23, the Company's Board of Directors approved a new buyback program of up to 14th Share Buyback Program 14,000,000 shares, until Jun-24. ongoing Share Buyback Program and Investor base2 Cap Rate1 evolution (Percentage of the free-float) 10.5% 10.3% 10.3% 8.4% 26.8% 25.6% 37.4% 32.0% 5.9
Slide 19: Fair Value
Fair Value Enterprise Value (EV) 69.6% below Fair Value Governança corporativa Multiplan’s value EV¹/ Fair Value² +69.6% 28.4 1.02 1.0 -4.0% +1.7% 16.7 16.7 16.0 0.84 14.5 14.8 0.59 0.56 0.57 0.60 R$ billion Sep-22 Sep-23 EV¹ Fair EV¹ Replacement Value cost³ Market Cap ³Replacement cost calculated b
Slide 20: Capital: lowest leverage in 11 years
Capital: lowest leverage in 11 years Net Debt/EBITDA at 1.32x (Sep-23) DEBT Cash (Sep-23) 737 M AMORTIZATION Gross debt: R$2,702.7 M SCHEDULE FFO (Sep-23 LTM) 1,203 M on September 30, 2023 Average cost p.a.: 13.25% (R$) 4Q23 140 M Net debt: R$1,965.2 M 2024 440 M In Oct/23, the Company's Net debt /
Slide 21: Capital structure
Capital structure Cost of debt close to the Selic rate Debt indexes Cost of debt spread to Selic (b.p.) (Sep-23) 119 2.5% 85 48 50 6 25 12.4% 85.1% -21 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23 Jun-23 Sep-23 TR CDI IPCA Weighted average¹ cost of debt (% p.a.) 14.30% 13.80% 13.81% 14.00% 13.25% 11.08% 11.80
Slide 22: Approximately 200,000 sq.m in potential expansions
Approximately 200,000 sq.m in potential expansions GLA: 14,000 sq.m | Opening: 2H24 Illustration of the expansion project at ParkShoppingBarigüi. GLA: 4,393 sq.m | Opening: 2H24 Illustration of the expansion project at MorumbiShopping Illustration of the expansion project at DiamondMall 22
Slide 23: Golden Lake – Phase 1
Golden Lake – Phase 1 Construction continues at full steam Golden Lake, construction site in Oct-23 Launch: Oct-21 Sales: 54.3% of private area¹ 3Q23 revenue: R$22.6 million Delivery: Dec-24 Equivalent to R$297 M of PSV² 3Q23 gross margin: 36.0%³ 1st phase: 4 towers 94 units 34,000 sq.m ¹Sales accou
Slide 24: 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 24
Slide 25: Investor Relations
Investor Relations ri@multiplan.com.br +55 21 3031-5400
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