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    MULT3   BRMULTACNOR5

MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.

(MULT3)
  Report
Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-06-24 pm EDT
22.51 BRL   -2.47%
06/27MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A. : Ex-dividend day for
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06/21MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S A : Minutes of the Board of Directors' Meeting
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04/29TRANSCRIPT : Multiplan Empreendimentos Imobiliários S.A., Q1 2022 Earnings Call, Apr 29, 2022
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Multiplan Empreendimentos Imobiliarios S A : Earnings Release 1Q22

04/28/2022 | 05:03pm EDT

1Q22

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", "foresee", "intend", "plan", "predict", "forecast", "aim" and similar words are intended to identify these statements.

The Company clarifies that it does not disclose projections and/or estimates under the terms of article 20 of CVM Instruction 480/09 and, therefore, such forward-looking statements do not represent any guidance or promise of future performance.

Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive position may differ substantially from those expressed or suggested by these forward-looking statements. Many factors and values that may impact these results are beyond the Company's ability to control. The reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed on this presentation.

This document also contains information on future projects which could differ materially due to market conditions, changes in laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part or totally by the Company with no prior warning.

External auditors have not reviewed non-accounting information. In this presentation the Company has chosen to present the consolidated data from a managerial perspective, in line with the accounting practices excluding the CPC 19 (R2).

For more detailed information, please check our Financial Statements, Reference Form (Formulário de Referência) and other relevant information on our investor relations website ir.multiplan.com.br.

RECEIPT PROGRAMS

It has come to the attention of the Company that foreign banks have launched or intend to launch unsponsored depositary receipt programs, in the USA or in other countries, based on shares of the Company (the "Unsponsored Programs"), taking advantage of the fact that the Company's reports are usually published in English.

The Company, however, (i) is not involved in the Unsponsored Programs, (ii) ignores the terms and conditions of the Unsponsored Programs, (iii) has no relationship with potential investors in connection with the Unsponsored Programs, (iv) has not consented to the Unsponsored Programs in any way and assumes no responsibility in connection therewith. Moreover, the Company alerts that its financial statements are translated and also published in English solely in order to comply with Brazilian regulations, notably the requirement contained in item 6.2 of the Level 2 Corporate Governance Listing Rules of B3 S.A. - Brasil, Bolsa, Balcão, which is the market listing segment where the shares of the Company are listed and traded.

Although published in English, the Company's financial statements are prepared in accordance with Brazilian legislation, following Brazilian Generally Accepted Accounting Principles (BR GAAP), which may differ to the generally accepted accounting principles adopted in other countries.

Finally, the Company draws the attention of potential investors to article 51 of its bylaws, which expressly provides, in summary, that any dispute or controversy which may arise amongst the Company, its shareholders, board members, officers and members of the Fiscal Council (Conselho Fiscal) related to matters contemplated in such provision must be submitted to arbitration before the Câmara de Arbitragem do Mercado, in Brazil.

Therefore, in choosing to invest in any Unsponsored Program, the investor does so at its own risk and will also be subject to the provisions of article 51 of the Company's bylaws.

During fiscal year 2012, the Accounting Standards Committee (CPC) issued pronouncements that impacted the Company's activities and its subsidiaries including, among others, the CPC 19 (R2) - Joint business.

This pronouncement was implemented for fiscal years starting January 1, 2013. The pronouncement determines joint projects to be recorded on the financial statements via equity pick-up, among other issues. Therefore, the Company does not consolidate the 50% stake in Parque Shopping Maceió S.A., a company that has a 100% ownership interest in the shopping center of the same name.

This report adopted the managerial information format and, for this reason, does not consider the requirements of CPCs 19 (R2) to be applicable. Thus, the information and/or performance analysis presented herein include the proportional consolidation of Parque Shopping Maceió S.A. for additional information, please refer to note 8.4 of the Financial Report dated March 31, 2022.

Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on operational data. Please refer to the Company's financial statements on its website (ir.multiplan.com.br) to access the Financial Statements in compliance with the CPC.

Please see on page 55 in this report the changes according to the Technical Pronouncement CPC 19 (R2), and the reconciliation of the accounting and managerial numbers.

  • 01. Overview

    5

  • 02. Highlights 6

03. Digital Innovation 10

04. ESG 14

05. Consolidated Financial Statements 18

06. MULT3 in the Stock Market 19

07. Operational Indicators 21

08. Gross Revenue 30

09. Property Ownership Results 31

10. Portfolio Management Results 36

11. Real Estate for Sale Results 37

12. Case Study 38

13. Financial Results 39

14. CAPEX 44

15. Investment Properties Analysis 45

16. Portfolio of Assets 47

17. Ownership Structure 49

18. Operational and Financial Data 51

19. Reconciliation Between IFRS and 55

Managerial Report

20. Appendix 58

21. Glossary and Acronyms 64

ParkShoppingCampoGrande

1Q22

INDEX

Overview

Multiplan Empreendimentos Imobiliários S.A. is one of Brazil's leading shopping center operating companies, established as a full-service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country.

The Company also is strategically active in the residential and commercial real estate development sectors, generating synergies for shopping center-related operations by creating mixed-use projects in adjacent areas.

At the end of 1Q22, Multiplan owned 20 shopping centers comprising a total GLA of 875,958 sq.m - with an 80.6% average ownership interest - of which 19 shopping centers were managed by the Company, encompassing around 6,000 stores and estimated annual traffic of 190 million visitors (in 2019).

Moreover, Multiplan owns - with an average ownership interest of 92.1% - two corporate complexes with total GLA of 50,582 sq.m, leading to a total portfolio GLA of 926,540 sq.m.

LONG-TERM FINANCIAL EVOLUTION (R$ MILLION)

Gross Revenue

NOI

EBITDA

FFO

Net Income

1,260

2007

Mar-22 2007 (LTM)Mar-22 2007 (LTM)

Mar-22 (LTM)

2007

Mar-22 2007 (LTM)

Mar-22 (LTM)

R$ Million

2007 (IPO)¹

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Mar-22 (LTM)

Chg. '07- '21

CAGR '07- '21

¹ 2007 EBITDA adjusted for expenses related to the Company's IPO.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Multiplan Empreendimentos Imobiliários SA published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 21:02:09 UTC.


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Financials
Sales 2022 1 761 M 337 M 337 M
Net income 2022 636 M 122 M 122 M
Net Debt 2022 2 114 M 404 M 404 M
P/E ratio 2022 22,0x
Yield 2022 2,45%
Capitalization 13 236 M 2 532 M 2 532 M
EV / Sales 2022 8,71x
EV / Sales 2023 7,35x
Nbr of Employees 80 333
Free-Float 66,1%
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Mean consensus BUY
Number of Analysts 11
Last Close Price 22,51 BRL
Average target price 29,35 BRL
Spread / Average Target 30,4%
EPS Revisions
Managers and Directors
José Isaac Peres Chief Executive Officer & Director
Armando d'Almeida Neto Chief Financial Officer
José Paulo Ferraz do Amaral Chairman
Eduardo Kaminitz Peres Vice Chairman & Chief Operating Officer
Vander Aloisio Giordano Vice President-Compliance & Institution