Multiplan Empreendimentos Imobiliários announced on Thursday (February 10) its results for the fourth quarter (4Q21) and year 2021, with positive advances in its financial and operational performance.
4Q21 was the first quarter of the year in which the Company's shopping centers operated during 100% of their regular opening hours. In the period, Multiplan's malls not only reached 2019’s levels, but also surpassed them, with new records in tenant sales and lease revenue, in addition to growth in net income compared to 4Q20 (+45.5%) and 4Q19 (+50.1%).
Store sales at Multiplan's malls exceeded 2019’s levels for the first time in the last two years, reaching R$ 5.6 billion, 8.1% higher than in 4Q19. In the Christmas week alone (December 17 -24), total sales reached almost R$ 1 billion (+16.2% vs. 2019).
In 2021, the shopping centers recorded sales of R$ 14.6 billion, equivalent to 89.5% of 2019’s levels, even though they operated for 83.6% of regular hours and with a number of restrictions that impacted occupancy capacity and the holding of events, for example.
Same-store sales (SSS) grew 10.3% in 4Q21 compared to 4Q19, an improvement when compared to 3Q21’s results (+1.5% 3Q21 vs. 3Q19). The Apparel segment posted a 19% increase over 4Q19, the largest SSS increase in the quarter. The Food & Gourmet Areas
and Services segments were also highlights, regaining sales in 4Q21 vs. 3Q21.
Following the growth trend, in January 2022, the shopping centers managed by Multiplan recorded sales of R$ 1.2 billion, up 42.6% over January 2021 and 4.4% compared to January 2019.
The occupancy rate reached 95.3% in 4Q21, an increase of 8 b.p. over the previous quarter. The highlight was MorumbiShopping, with 98.9% occupancy, surpassing 2019’s levels.
Rental revenue, EBITDA and net income advance compared to 4Q19
Driven by the increase in sales and the reduction in shared charges, shopping center rental revenue reached R$ 430.5 million in 4Q21, the highest ever recorded, resulting in a 35.4% increase over 4Q19. Seventeen malls reported rental revenues above 4Q19’s levels.
In 2021, with the continued removal of restrictions on operations, total annual rental revenue reached a record R$ 1.189 billion, 5.8% higher than in 2019, with shopping center rental revenue particularly notable, totaling R$ 1.141 billion (+11.1% compared to 2019), which was partially offset by the sale of Diamond Tower in July 2020.
EBITDA reached R$ 285.2 million in 4Q21, up 13% compared to 4Q19, mainly due to the 21.3% increase in net revenue in the quarter, partially offset by non-recurring costs.
Net income totaled R$ 213.6 million in 4Q21, an increase of 50.1% compared to 4Q19, benefiting from the revenue growth in the quarter and lower tax burden, partially offset by higher financial expenses. Excluding the sale of Diamond Tower in 3Q20, the Operating Cash Flow (OFC) in 4Q21 was the highest recorded by Multiplan, totaling R$ 308.3 million. The result represents an increase of 33.5% compared to 4Q19. In 2021, FFO reached R$ 702 million, in line with 2019.
Inauguration, opening and innovation in 2021
The year was marked by the launch of Multiplan's 20th shopping center, ParkJacarepaguá, built in the West Zone of Rio de Janeiro. Inaugurated on November 19, 2021, Multiplan's most modern shopping center has recorded strong sales and people flow since opening its doors to the public. By the end of 4Q21, sales reached R$ 80.6 million.
The Company also launched the first phase of the Golden Lake residential real estate development, Lake Victoria in Porto Alegre, in October 2021,. With a potential GSV of R$ 530 million, Lake Victoria has already sold 42% of its 34,000 m² of private area, equivalent to R$ 207 million.
In line with its strategy of value generation and quality of the experience provided, the Multi superapp reached nearly 2 million downloads and was among the 10 most-searched shopping apps in Apple's app store in Brazil in December, when it reached a record 700,000 active users. Over the sales promotions period in the last quarter of 2021 (Black Friday week and December), the Company's customers registered around 3 million sales slips on the app, the equivalent of 34% of the Company's mall sales.
