Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q3 2022 Earnings Presentation
20 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, Oct 26, 2022
Slide 1: Results Conference Call 3Q22
VillageMall RESULTS CONFERENCE CALL 3Q22
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
ESG A few of 3Q22 ESG initiatives Sustainability and education: RibeirãoShopping kicked off its Multi Sustentável (Sustainable Multi) project in the quarter, promoting an educational approach to sustainable development in the mall and preserving the environment. One of its efficiency gains can be il
Slide 4: Sales in 3Q22 growing 28.3% over 2021
Sales in 3Q22 growing 28.3% over 2021 Sales in October¹ up 26.2% vs. 2019, and 13.9% vs. 2021 Quarterly tenants’ sales (R$) October1 sales evolution (R$) +26.1% +26.2% +28.3% 4.8 B +13.9% 3.8 B 3.7 B 1.6 B 1.4 B 2.2 B 1.3 B 1.1 B 3Q19 3Q20 3Q21 3Q22 Oct-19 Oct-20 Oct-21 Oct-22 1 Preliminary sales fi
Slide 5: Double-digit Same Store Sales across the board
Double-digit Same Store Sales across the board All segments up double-digit vs. 2021. Highlight to Services segment, growing 49.8% year-over-year Same Store Sales (SSS) Same Store Sales (SSS) 3Q22 x 3Q21 3Q22 x 3Q19 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +32.1% +32
Slide 6: Strong rent and even stronger sales
Strong rent and even stronger sales Sales outpacing rent, driving lower delinquency Sales and rent growth Net Delinquency Rate (3Q22 vs. 3Q21) 4.6% 5.0% 3.9% 4.1% 2.8% 28.3% 25.6% 3Q21 4Q21 1Q22 2Q22 3Q22 Occupancy Rate 95.2% 95.3% 95.3% 95.3% Malls' Sales 94.8% rental revenue 3Q21 4Q21 1Q22 2Q22 3Q
Slide 7: Here we "grow" again
Here we “grow” again Real growth and single-digit inflation 2022 vs. 2021 2022 vs. 2019 57.8% 59.8% 57.1% Real SSR: 9.1% 50.3% 3Q22 vs. 3Q21 27.3% 25.6% 21.9% 16.6% 7.2% 7.9% Sep-22 Sep-22 IPCA IGP-DI IGP-DI SSR Malls' rental IPCA IGP-DI IGP-DI SSR Malls' rental (12M) (12M) adjustment (3Q22 vs. reve
Slide 8: Events further boosting sales
Events further boosting sales Investment in events and marketing boosted sales and impacted marketing fund contributions Occupancy cost breakdown 13.6% 14.0% 12.7% 12.9% 13.0% 11.8% 4.4% 4.9% 5.3% 5.2% 4.9% 4.6% 7.7% 9.3% 9.1% 8.1% 7.4% 7.2% 3Q18 3Q19 3Q20 3Q21 3Q22 Series Average Common expenses as
Slide 9: Financial results – 3Q22
Financial results – 3Q22 New records across the board NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 386 323 247 186 R$ M R$ M R$ M R$ M 88.0 % MARGIN 70.8 % MARGIN 54.2 % MARGIN 40.8 % MARGIN +34.5% vs. 3Q21 +49.3% vs. 3Q21 +39.6% vs. 3Q21 +87.2% vs. 3Q21 +29.8% vs. 3Q19 +
Slide 10: Tactical capital allocation
Tactical capital allocation Strong cash generation and value accretive allocation Figures as of Sep-22 (LTM) LTM figures considering three IoC deliberations: (i) R$295 M in Dec-21; 997.3 (ii) R$145 M in Jun-22 and; (iii) R$100 M in Sep-22 RECENT EVENT 540.0 In October 2022, the Company paid the R$29
Slide 11: Capital: raising and deleveraging
Capital: raising and deleveraging Net Debt/EBITDA at 1.72x (Sep-22) Cash (Sep-22) 1,158 M D EBT A M O R T I Z AT I O N FFO (LTM) 997 M SCHEDULE > Gross debt: R$3,210 M on September 30, 2022 4Q22 461 M > Average cost p.a.: 13.62% (R$) 2023 535 M > Net debt: R$2,052 M 2024 398 M > Net debt / EBITDA: 1
Slide 12: Capital structure
Capital structure Cost of debt below the Selic rate Cost of debt spread to Selic (b.p.) DEBT INDEXES (Sep-22) 119 85 48 18 2 3.6% -13 Dec-19 Dec-20 Dec-21 Mar-22 Jun-22 Sep-22 84.5% 11.8% Average cost of debt1 (p.a.) 14.25% 13.75% 13.75% 11.93% 13.27% TR CDI Others² 11.08% 11.75% 9.73% 9.08% 10.00%
Slide 13: Fair Value
Fair Value Enterprise value1 42.8% below fair value2 Multiplan’s value EV1 / Fair Value2 +42.8% 23.7 1.05 1.0 -3.5% 16.6 16.6 16.0 0.91 +27.0% 14.5 0.70 0.70 11.4 0.59 0.61 R$ billion Sep-21 Sep-22 EV¹ Fair Value EV¹ Replacement Cost³ Market value ¹ Enterprise Value (EV): Market Cap + Net debt at th
Slide 14: MULT3
MULT3 Foreign investors’ share on the free-float increased 1,720 b.p. throughout 2022 Investor base1 Share buyback program evolution (Percentage related to free-float) 33.10 20.1% 26.8% 23.53 37.4% 33.5% 24.17 47.9% 50.7% 7,308 M 23.63 24.31 18.72 5,061 M 5,858 M 79.9% 73.2% 62.6% 66.5% 2,800 M 52.1
Slide 15: Multi, the hyperlocal superapp
Multi, the hyperlocal superapp “Multi-plying” value to the customers Multi: ~3 million downloads $ Online parking payment Mall map Stores and restaurants “Lápis Vermelho” sale directory Increase in Multi’s usage Movie and theater tickets Direct Whatsapp contact availability STORE between customers a
Slide 16: OmniMIND
OmniMIND Leveraging data for value creation More engaged customers More offers Multi app and benefits navigation Demographic data Most Higher demand and suited flow Coupon coupon segmentation More engaged tenants Purchasing history Improved relevance in messaging using Push message with the the Omni
Slide 17: Golden Lake – Phase 1
Golden Lake – Phase 1 Main Lake at Golden Lake Golden Lake Project illustration Tennis courts at Golden Lake Launching: Oct-21 Delivery: Dec-24 Sales: 54.6% of private area¹ equivalent to R$290 M of the PSV2 1st phase : 4 towers 94 units 9M22 revenue: R$49.2 M 34,000 sq.m Golden Lake Project illustr
Slide 18: Approximately 200,000 sq.m in potential expansions
Illustration of expansion at DiamondMall Illustration of expansion at ParkShoppingBarigüi Approximately 200,000 sq.m in potential expansions Illustration of expansion at VillageMall 18
Slide 19: 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 19
Slide 20: ri@multiplan.com.br
+55 21 3031-5600 ri@multiplan.com.br 20
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