Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q4 2022 Earnings Presentation
25 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Feb 8, 2023
Slide 1: BarraShopping Results Conference Call 4Q22
BarraShopping RESULTS CONFERENCE CALL 4Q22
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: Women in focus
ESG - a value accretive approach 4Q22 summary New York City Center – “Women’s space” Women in focus: ✓ In Oct-22, the “Pink Month”, Multiplan’s malls promoted various activities to raise breast cancer awareness, such as lectures, distribution of cards, social media engagement and a fashion show with
Slide 4: ESG - a value accretive approach: Children in focus
ESG - a value accretive approach 4Q22 summary Children in focus: ✓ To celebrate Children's Day, in Oct-22, Multiplan organized a “Children's Week” in several malls in its portfolio. The initiative was supported by many institutions and brought fun and joy to underprivileged children. ✓ In December,
Slide 5: ESG - Holocaust Victims Memorial and Code of Conduct
ESG - a value accretive approach 4Q22 summary Holocaust Victims Memorial: In December, Holocaust Victims Memorial was inaugurated in Rio de Janeiro, and had Multiplan as its leading supporter. It was built in memory of the holocaust victims and aims at promoting a reflection about the importance of
Slide 6: Leaders and gaining market share
Parque Shopping Maceió Leaders and gaining market share Multiplan’s share¹ in Brazil (Sales: Multiplan vs. Brazil’s average¹) 10.4% 9.2% 8.8% 9.0% 8.8% 8.7% 8.7% 8.7% R$20.0 B 8.5% 8.1% 8.0% 7.8% R$191.8 B 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Number of malls (Multiplan vs. Bra
Slide 7: Sales in 2022 growing 37.1% over 2021
Sales in 2022 growing 37.1% over 2021 Sales in Jan-23¹ up 28.6% vs. 2019, and 22.6% vs. 2021 Annual tenants’ sales (R$) Quarterly tenants’ sales (R$) January1 sales evolution (R$) +22.8% +37.1% 20.0 B 16.3 B +22.1% 14.6 B +28.6% +12.9% 10.3 B 5.6 B 6.3 B +22.6% 5.2 B 4.3 B 1.6 B 1.2 B 1.3 B 1.3 B 0.
Slide 8: Experience-oriented segments growing SSS
Experience-oriented segments growing SSS Experience-oriented tenants recorded the highest growth vs. 4Q21, highlight to the Services segment (+22.6%) Same Store Sales (SSS) Same Store Sales (SSS) 4Q22 x 4Q21 4Q22 x 4Q19 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +17.6%
Slide 9: Double-digit SSS growth vs. 2021 and 2019
Double-digit SSS growth vs. 2021 and 2019 Same Store Sales (SSS) Same Store Sales (SSS) 2022 x 2021 2022 x 2019 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +44.7% +44.7% Food Court & Gourmet Area - +22.5% +22.5% Apparel +33.9% +31.3% +32.2% Apparel +33.4% +32.3% +32.7%
Slide 10: Diversified revenues
Diversified revenues Geographic diversification, 20 assets, 5 segments, 69 activities, over 1,500 brands and 6,000 stores 81.8% of the GLA is occupied by tenants who own at least 2 stores in Multiplan's malls Diversification of rental revenue1 Diversification of rental revenue1 among assets among to
Slide 11: Last reminder: SSR 58.2% above 2019
Last reminder: SSR 58.2% above 2019 Delivering 20.1% real growth in 2022 2022 vs. 2021 2022 vs. 2019 57.7% 58.2% Real SSR: +20.1% 2022 vs. 2021 52.2% 50.8% 38.1% 35.8% 21.7% 15.0% 5.8% 5.0% Dec-22 Dec-22 IPCA IGP-DI IGP-DI SSR Malls' rental IPCA IGP-DI IGP-DI SSR Malls' rental (2022) (2022) adjustme
Slide 12: Events bringing sales and efficiencies bringing lower common expenses
Events bringing sales and efficiencies bringing lower common expenses ~700 events held in 2022 Occupancy cost breakdown 13.6% 13.9% 13.1% 12.7% 12.6% 12.9% 4.3% 4.7% 4.8% 5.1% 5.0% 4.9% 7.6% 7.6% 8.0% 9.3% 9.2% 8.3% 2018 2019 2020 2021 2022 Series Average Common expenses as sales % Rent as sales % I
Slide 13: Financial results – 4Q22
Financial results – 4Q22 New records across the board NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 464 375 343 239 R$ M R$ M R$ M R$ M 89.6 % MARGIN 73.1 % MARGIN 67.0 % MARGIN 46.7 % MARGIN +19.9% vs. 4Q21 +31.3% vs. 4Q21 +11.4% vs. 4Q21 +11.9% vs. 4Q21 +39.2% vs. 4Q19 +
Slide 14: Financial results – 2022
Financial results – 2022 New records across the board NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 1,561 1,280 1,032 769 R$ M R$ M R$ M R$ M 87.9 % MARGIN 70.2 %MARGIN 56.6 % MARGIN 42.2 % MARGIN +39.5% vs. 2021 +57.9% vs. 2021 +47.1% vs. 2021 +69.8% vs. 2021 +30.0% vs. 2
Slide 15: Tactical capital allocation
Tactical capital allocation Record IoC and share buyback 2022 FFO and tactical capital allocation in 2022 2022 figures considers three IoC deliberations: 1,032.5 (i) R$145 M in Jun-22; (ii) R$100 M in Sep-22; and (iii) R$175 M in Dec-22 420.0 194.8 155.2 (R$ million) FFO IoC Capex Share buyback IoC
Slide 16: Capital: fast deleveraging
Capital: fast deleveraging Net Debt/EBITDA at 1.63x (Dec-22) Cash (Dec-22) 1,028 M D EBT A M O R T I Z AT I O N > Gross debt: R$3,109.8 M FFO (2022) 1,032 M SCHEDULE on December 31, 2022 > Average cost p.a.: 13.81% 2023 595 M (R$) 2024 398 M > Net debt: R$2,081.6 M 2025 450 M > Net debt / EBITDA: 1.
Slide 17: Capital structure
Capital structure Cost of debt in line with the Selic rate Cost of debt spread to Selic (b.p.) Debt indexes (Dec-22) 119 85 48 6 3.7% Dec-19 Dec-20 Dec-21 Dec-22 84.4% 11.9% Average cost of debt1 (p.a.) 14.30% 13.80% 13.81% TR CDI Others² 11.08% 11.80% 9.73% 9.08% 10.00% 8.24% 13.75% 13.09% 13.18% 7
Slide 18: Fair Value
Fair Value Lowest EV/Fair Value since 2015 Multiplan’s value EV1 / Fair Value2 +68.9% 25.7 1.02 1.0 +4.6% 15.2 15.2 15.9 0.84 +17.0% 0.59 13.2 11.2 0.56 0.57 0.60 R$ billion Dec-21 Dec-22 EV¹ Fair Value EV¹ Replacement 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Cost³ Market value ¹
Slide 19: MULT3
MULT3 Foreign investors’ share on the free-float increased 1,860 b.p. throughout 2022 Investor base1 Share buyback program evolution2 (Percentage related to free-float) 33.10 23.53 21.90 20.1% 26.8% 37.4% 32.0% 23.63 24.31 18.72 47.9% 50.7% 7,088 M 5,061 M 79.9% 73.2% 3,660 M 62.6% 68.0% 2,718 M 2,8
Slide 20: Multi, the hyperlocal superapp
Multi, the hyperlocal superapp “Multi-plying” value to the customers Multi: ~3.6 million downloads Multi’s number of visits $ Online parking payment Mall map +95.5% Stores and restaurants “Lápis Vermelho” sale 12.7 M directory 6.5 M Movie and theater tickets Direct Whatsapp contact between customers
Slide 21: Multi ratings reflect customer satisfaction
Multi ratings reflect Strategy proven customer satisfaction (i) operational gains, (ii) improved customer experience and (iii) increased sales 4.9 rating out of 5.0 score in app stores Multi AppStore rating 1 Rating in app stores 2 Stores 2.9 Increased More 4.9 4.2 3.7 4.1 purchases offers Peer 1 Pe
Slide 22: Golden Lake – Phase 1
Main Lake inauguration at Golden Lake, Nov-22 Golden Lake – Phase 1 Golden Lake Project illustration 1st phase : 4 towers Launching: Oct-21 94 units Delivery: Dec-24 34,000 sq.m R$560 million PSV2 Sales: 52.4% of private area¹ equivalent to R$278 M of the PSV2 2022 revenue: R$61.4 M Golden Lake Proj
Slide 23: Approximately 200,000 sq.m in potential expansions
GLA: 4,000 sq.m GLA: 14,000 sq.m Opening: 1H24 Over 50% leased1 Opening: 2H24 Illustration of expansion at DiamondMall Illustration of expansion at ParkShoppingBarigüi Approximately 200,000 sq.m in potential expansions Illustration of expansion at VillageMall 1 In December 2022. 23
Slide 24: 694,000 sq.m of landbank for future potential mixed-use projects
694,000 sq.m of landbank for future potential mixed-use projects Illustration of mixed-use project in RibeirãoShopping Illustration of mixed-use project in ParkShoppingBarigüi Illustration of mixed-use project in BarraShoppingSul 24
Slide 25: Investor Relations
- Investor Relations +55 21 3031-5600 ri@multiplan.com.br 25
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