Multiplan Empreendimentos Imobiliarios Sa · BMFBOVESPA:MULT3
Multiplan Empreendimentos Imobiliarios Sa — Q1 2022 Earnings Presentation
20 slides from Multiplan Empreendimentos Imobiliarios Sa's earnings presentation, May 5, 2022
Slide 1: Results Conference Call 1Q22
RESULTS CONFERENCE CALL 1Q22 VillageMall
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: ESG: Intensifying social initiatives focused on quality of life
ESG Intensifying social initiatives focused on people's quality of life Cultural exhibitions: Beyond Van Gogh had its premiere in Brazil at MorumbiShopping (link), the exhibition promotes an immersion into Van Gogh’s artwork. Showcased in more than 120 cities around the world, it set POA Night Run i
Slide 4: Sales ramping up over the months
Sales ramping up over the months Sales in Apr-22¹ up 32.3% vs. 2019 and 160.4% vs. 2021 Quarterly tenants’ sales (R$) Monthly tenants’ sales (as a % of 2019) 132.3% +13.5% 4.5 B 120.8% +26.4% 115.3% 4.0 B 4.0 B 3.5 B 104.9% +74.8% 3.5 B 3.1 B 3.0 B 2.5 B 2.3 B 2.0 B 1Q19 1Q20 1Q21 1Q22 Jan-22 Feb-22
Slide 5: Car flow also continuously growing
Car flow also continuously growing April reaches 95.8% of 2019 Monthly car flow (as a % of 2019) 95.8% 91.5% 87.8% 81.6% Jan-22 Feb-22 Mar-22 Apr-22 (as a % (as a % (as a % (as a % BarraShopping of Jan-19) of Feb-19) of Mar-19) of Apr-19)¹ 1 Preliminary car flow figures until April 25, 2022, excludi
Slide 6: Double-digit Same Store Sales increase vs. 2019
Double-digit Same Store Sales increase vs. 2019 Mar-22’s SSS up 19.9% vs. 2019. Apparel segment (+37.4%) was the highlight. Same Store Sales (SSS) Same Store Sales (SSS) 1Q22 x 1Q19 Mar-22 x Mar-19 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +9.1% +9.1% Food Court & Gou
Slide 7: Same Store Sales up triple-digits vs. Mar-21
Same Store Sales up triple-digits vs. Mar-21 All segments more than doubled when compared to Mar-21 Same Store Sales (SSS) Same Store Sales (SSS) 1Q22 x 1Q21 Mar-22 x Mar-21 Anchor Satellite Total Anchor Satellite Total Food Court & Gourmet Area - +83.6% +83.6% Food Court & Gourmet Area - +223.3% +2
Slide 8: A sustainable partnership
A sustainable partnership After supporting tenants, by granting over R$1.3 billion in concessions, SSR¹ is back to real growth levels Real growth evolution (Real SSR¹) Net delinquency rate and malls rental revenue 150.7% 2.4% 135.4% 1.8% 119.7% 0.6% 2.6% 102.0% -2.4% 97.0% 77.2% -7.4% -12.4% -13.0%
Slide 9: Golden Lake – Phase 1
Golden Lake – Phase 1 Tower 1 penthouse Tower 1 – Lake Victoria Tower 2 – Lake Victoria Launching: Oct-21 Main Lake Delivery: Dec-24 1st phase : 4 towers 94 units Sales: 43% of private area¹ 34,000 sq.m equivalent to R$213.1 M of the PSV2 R$530 million PSV2 1Q22 revenue: R$26.6 M 1Q22 gross margin:
Slide 10: Financial results – 1Q22
Financial results – 1Q22 Results surpassing records NOI EBITDA FFO NET INCOME (Net Operating Income) (Funds From Operations) 342 295 211 172 R$ M R$ M R$ M R$ M 87.6 % MARGIN 70.3 % MARGIN 50.2 % MARGIN 40.8 % MARGIN +23.4% vs. 1Q19 +28.2% vs. 1Q19 +51.4% vs. 1Q19 +86.6% vs. 1Q19 +70.3% vs. 1Q21 +12
Slide 11: Fair Value
Fair Value Enterprise value1 30% below fair value2 Multiplan’s value EV1 / Fair Value2 +30.2% 22.2 1.05 -0.04% 1.0 17.1 17.1 -6.5% 0.91 0.77 16.0 14.7 14.7 0.70 0.59 0.61 R$ billion Mar-21 Mar-22 EV¹ Fair Value EV¹ Replacement Cost³ Market Value ¹ Enterprise Value (EV): Market Cap + Net debt at the
Slide 12: Share buyback program
Share buyback program Record-high buyback and shares held in Treasury in 1Q22 Shares held in Treasury evolution Share buyback program evolution Current share buyback program balance 5.7 M 12.8 M 26.50 5.1 M Balance 22.89 22.03 21.81 9.5 M 21.18 20.78 1.4 M 18% 23.88 3.3 M 7.3 M 2.8 M 6.4 M 4.3 M 2.2
Slide 13: Capital structure
Capital structure Net Debt/EBITDA below 2.5x Cash (Mar-22) 897 M D EBT A M O R T I Z AT I O N (Mar-22) SCHEDULE FFO (LTM) 850 M on March 31, 2022 Apr-Dec 2022 534 M > Gross debt: R$3,268 M 2023 523 M > Average cost p.a.: 11.93% 2024 398 M > Net debt: R$2,372 M 2025 449 M > Net debt / EBITDA: 2.43x 2
Slide 14: Capital structure
Capital structure Lowest cost of debt spread to Selic since Sep-17 Cost of debt spread to Selic (b.p.) DEBT INDEXES (Mar-22) 112 119 85 48 18 3.6% Dec-18 Dec-19 Dec-20 Dec-21 Mar-22 84.2% 12.2% Average cost of debt (p.a.) 14.25% 13.75% 11.93% TR CDI Others 11.08% 11.75% 9.73% 9.08% 10.00% 8.24% 13.0
Slide 15: MULT3
MULT3 990 b.p. increase in foreign investors’ share of the free-float since Dec-21 153.4 141.6 142.6 Free-float equivalent to 44.6% AVERAGE DAILY 79.9 TRADED VOLUME (R$M)) 52.1 55.6 of the shareholder base, 39.5 In the last five years, the average of which 59.2% are daily number of trades has increa
Slide 16: Multiplan's digital strategy
Multiplan’s digital strategy Expand knowledge about customers, develop new features that generate recurrence and apply intelligence to generate results Establish a direct & other functionality for recurrence and Data to generate channel with the results data customer 16
Slide 17: Multi, the hyperlocal superapp
Multi, the hyperlocal superapp MultiVocê loyalty program in 100% of Multiplan malls Multi: 2.2 million downloads $ Online parking payment Mall map Stores and restaurants “Lápis Vermelho” sale directory > Two categories: Green and Gold Movie and theater tickets Direct Whatsapp contact > Purchases: R$
Slide 18: Approximately 200,000 sq.m in potential expansions
Approximately 200,000 sq.m in potential expansions Illustration of expansion at VillageMall Illustration of expansion at ParkShopping São Caetano Illustration of expansion at JundiaíShopping Illustration of expansion at MorumbiShopping 18
Slide 19: 716,000 sq.m of landbank for future mixed-use projects
716,000 sq.m of landbank for future potential mixed-use projects Illustration of mixed-use project in ParkShoppingBarigüi Illustration of mixed-use project in BarraShoppingSul Illustration of mixed-use project in VillageMall Illustration of mixed-use project in RibeirãoShopping 19
Slide 20: ri@multiplan.com.br
+55 21 3031-5600 ri@multiplan.com.br 20
Multiplan Empreendimentos Imobiliarios — Q1 2022 Earnings Presentation on 6ix