MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.

Income Statement Multiplan Empreendimentos Imobiliarios S.A.

Equities

MULT3

BRMULTACNOR5

Real Estate Development & Operations

Market Closed - Sao Paulo Other stock markets 21:07:45 15/01/2025 GMT			5-day change	1st Jan Change
20.91 ^BRL	+2.10%		+2.25%	-0.81%

01-05	Multiplan Empreendimentos Imobiliários S.A.(BOVESPA:MULT3) added to Brazil Small Cap Index	CI
01-02	Multiplan Empreendimentos Imobiliários S.A.(BOVESPA:MULT3) dropped from Brazil Mid-Large Cap Index	CI

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Published financial data: MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	1.31B	1.08B	1.29B	1.8B	2.03B
Other Revenues, Total	5.65M	-5.22M	-10.88M	16.55M	19.45M
Total Revenues	1.31B	1.08B	1.28B	1.81B	2.05B
Property Expenses	294M	291M	314M	366M	321M
Selling General & Admin Expenses, Total	230M	222M	250M	279M	333M
Depreciation & Amortization - (IS) - (Collected)	18.02M	22.31M	23.06M	22.53M	22.05M
Stock-Based Compensation (IS)	65.54M	6.6M	32.7M	38.48M	-
Other Operating Expenses	-1.1M	35.35M	26.73M	39.99M	14.08M
Total Operating Expenses	607M	577M	647M	746M	691M
Operating Income (REIT / Utility Template)	705M	500M	631M	1.07B	1.36B
Interest Expense, Total	-209M	-137M	-178M	-371M	-345M
Interest and Investment Income	56.45M	36.06M	54.37M	119M	111M
Net Interest Expenses	-152M	-101M	-123M	-252M	-234M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	6.62M	24.63M	9.11M	9.85M	6.21M
EBT, Excl. Unusual Items	559M	423M	516M	827M	1.13B
Impairment of Goodwill	-	-385K	-8.5M	-	-
Gain (Loss) on Sale of Investments	-	34.77M	-10.51M	-	-
Gain (Loss) on Sale of Assets	-	574M	-	-	-
Other Unusual Items	-	38.13M	-	-	-
EBT, Incl. Unusual Items	559M	1.07B	497M	827M	1.13B
Income Tax Expense	89.81M	106M	44.67M	57.31M	110M
Earnings From Continuing Operations	469M	964M	453M	769M	1.02B
Net Income to Company	469M	964M	453M	769M	1.02B
Minority Interest	1.8M	196K	401K	-133K	-164K
Net Income - (IS)	471M	964M	453M	769M	1.02B
Net Income to Common Incl Extra Items	471M	964M	453M	769M	1.02B
Net Income to Common Excl. Extra Items	471M	964M	453M	769M	1.02B
Per Share Items
Net EPS - Basic	0.79	1.62	0.76	1.31	1.74
Basic EPS - Continuing Operations	0.79	1.62	0.76	1.31	1.74
Basic Weighted Average Shares Outstanding	596M	597M	593M	587M	587M
Net EPS - Diluted	0.79	1.6	0.76	1.3	1.73
Diluted EPS - Continuing Operations	0.79	1.6	0.76	1.3	1.73
Diluted Weighted Average Shares Outstanding	600M	602M	599M	592M	592M
Normalized Basic EPS	0.59	0.44	0.55	0.88	1.2
Normalized Diluted EPS	0.59	0.44	0.54	0.87	1.19
Dividend Per Share	0.47	-	0.5	0.72	0.99
Payout Ratio	47.84	15.39	52.32	27.09	37.65
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	916M	714M	826M	1.27B	1.52B
EBITA	715M	513M	645M	1.08B	1.37B
EBIT	705M	500M	631M	1.07B	1.36B
EBITDAR	924M	723M	835M	1.28B	1.53B
Effective Tax Rate - (Ratio)	16.07	9.94	8.98	6.93	9.77
Total Current Taxes	84.65M	-	-	81.09M	78.22M
Total Deferred Taxes	5.16M	-	-	-23.78M	32.26M
Normalized Net Income	351M	265M	323M	517M	707M
Interest Capitalized	9.11M	20.09M	17.02M	17.48M	26.01M
Interest on Long-Term Debt	-	-	-	391M	377M
Supplemental Operating Expense Items
Marketing Expenses	28.27M	17.74M	35.78M	34.93M	32.95M
General and Administrative Expenses	230M	222M	250M	279M	333M
Net Rental Expense, Total	7.99M	9.23M	8.49M	14.4M	9.1M
Imputed Operating Lease Interest Expense	4.67M	3.67M	4.24M	14.74M	8.69M
Imputed Operating Lease Depreciation	3.33M	5.56M	4.25M	-333K	410K
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	56.17M
Stock-Based Comp., Other (Total)	65.54M	24.24M	32.7M	38.48M	-
Total Stock-Based Compensation	65.54M	24.24M	32.7M	38.48M	56.17M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	184M	186M	194M	200M	202M
Accumulated Depreciation	-35.95M	-39.23M	-45.76M	-58.2M	-69.05M
Net Property Plant And Equipment	148M	147M	148M	142M	133M
Total Real Estate Assets	148M	147M	148M	142M	133M
Cash And Equivalents	36.46M	1.22B	554M	23.59M	157M
Accounts Receivable, Total	284M	521M	534M	465M	472M
Other Receivables	17.92M	13.58M	43.3M	47.71M	79.39M
Investment In Debt and Equity Securities	4.28M	4.91M	152K	152K	152K
Goodwill	319M	312M	303M	303M	303M
Other Intangibles, Total	58.05M	62.26M	65.5M	71.45M	76.4M
Notes Receivable (Collected)	4.4M	-	11.27M	10.26M	10.45M
Other Current Assets, Total	976M	79.72M	393M	1.23B	1.27B
Deferred Tax Assets Long-Term (Collected)	17.17M	18.42M	21.48M	30.99M	16.09M
Deferred Charges Long-Term	119M	87.99M	99.09M	94.47M	127M
Other Long-Term Assets, Total	7.59B	8.09B	8.49B	8.46B	8.89B
Total Assets	9.58B	10.56B	10.66B	10.88B	11.54B
Liabilities
Current Portion of Long-Term Debt	500M	397M	430M	461M	470M
Current Portion of Leases	8.07M	463K	57K	3.36M	47K
Long-Term Debt	2.6B	2.72B	2.59B	2.5B	2.7B
Long-Term Leases	38.68M	43.37M	45.69M	39.21M	36.54M
Accounts Payable, Total	185M	138M	137M	137M	223M
Accrued Expenses, Total	-	-	-	-	24.91M
Current Income Taxes Payable	26.02M	49.06M	15.33M	34.05M	11.22M
Unearned Revenue, Current	18.44M	17.32M	21.49M	64.89M	62.77M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	191M	397M	454M	594M	609M
Unearned Revenue Non Current	55.62M	57.79M	59.58M	52.24M	45.18M
Deferred Tax Liability Non-Current	209M	277M	283M	269M	286M
Other Non Current Liabilities	150M	230M	259M	137M	137M
Total Liabilities	3.99B	4.33B	4.3B	4.29B	4.6B
Common Stock, Total	2.99B	2.99B	2.99B	2.99B	2.99B
Additional Paid In Capital	708M	710M	711M	714M	721M
Retained Earnings	1.8B	2.5B	2.66B	3.01B	3.45B
Treasury Stock	-89.16M	-153M	-195M	-328M	-418M
Comprehensive Income and Other	176M	185M	198M	200M	197M
Total Common Equity	5.59B	6.23B	6.36B	6.58B	6.93B
Minority Interest	3.33M	3.3M	2.81M	203K	82K
Total Equity	5.59B	6.23B	6.36B	6.58B	6.93B
Total Liabilities And Equity	9.58B	10.56B	10.66B	10.88B	11.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	596M	593M	591M	585M	582M
ECS Total Common Shares Outstanding	596M	593M	591M	585M	582M
Book Value / Share	9.37	10.5	10.76	11.25	11.91
Tangible Book Value	5.21B	5.86B	5.99B	6.21B	6.55B
Tangible Book Value Per Share	8.74	9.87	10.13	10.61	11.26
Total Debt	3.15B	3.17B	3.07B	3.01B	3.2B
Net Debt	3.11B	1.94B	2.52B	2.98B	3.05B
Debt Equivalent Oper. Leases	63.95M	73.82M	67.9M	115M	72.77M
Minority Interest, Total (Incl. Fin. Div)	3.33M	3.3M	2.81M	203K	82K
Equity Method Investments, Total	156M	137M	139M	135M	2.04M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Work In Process, Total	-	-	55.17M	94.52M	130M
Inventories - Finished Goods, Total	25.74M	16.33M	11.27M	11.87M	12.49M
Land - (BS)	6.19M	6.24M	6.24M	6.24M	6.24M
Buildings, Total	18.81M	23.65M	23.65M	24.22M	24.22M
Machinery, Total	75.17M	75.56M	76.49M	78.32M	80.21M
Full Time Employees	8.86K	8.79K	80.33K	80.37K	70.42K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	471M	964M	453M	769M	1.02B
Depreciation, Depletion & Amortization	209M	208M	186M	190M	154M
Amortization of Goodwill and Intangible Assets - (CF)	10.72M	13.56M	14.96M	16.37M	15.98M
Total Depreciation, Depletion & Amortization	220M	221M	201M	207M	170M
Amortization of Deferred Charges, Total	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-	-574M	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-4.18M	-	10.51M	-	135K
Total Asset Writedown	1.16M	385K	-	-	-
(Income) Loss On Equity Investments - (CF)	-5.65M	5.22M	10.88M	-16.55M	-19.45M
Stock-Based Compensation (CF)	65.54M	6.6M	32.7M	38.48M	42.49M
Provision and Write-off of Bad Debts	36.12M	57.46M	97.69M	114M	13.69M
Minority Interest in Earnings - (CF)	-	-	-	-	-
Change in Accounts Receivable	-12.45M	-38.02M	-128M	-37.93M	-35.54M
Change In Inventories	-10.55M	-7.74M	-56.45M	-34.71M	-161M
Change in Accounts Payable	56.7M	-61.95M	-9.1M	-18.65M	71.45M
Change in Unearned Revenues	40.28M	22.91M	27.86M	17.17M	15.19M
Change In Income Taxes	-118M	-43.2M	-142M	-123M	-186M
Change in Other Net Operating Assets (Collected)	-27.35M	-23.12M	-34.7M	-55.15M	-122M
Other Operating Activities	249M	-20.9M	238M	344M	378M
Cash from Operations	961M	509M	702M	1.2B	1.19B
Acquisition of Real Estate Assets, Total	-746M	-551M	-546M	-244M	-481M
Sale of Real Estate Assets, Total	-	810M	-	-	-
Net Sale / Acquisition of Real Estate Assets	-746M	259M	-546M	-244M	-481M
Cash Acquisitions	-	-21.34M	-5.01M	-2.44M	-
Purchase / Sale of Intangible Assets	-16.11M	-17.13M	-18.21M	-22.31M	-23.16M
Investment in Marketable and Equity Securities, Total	-91.82M	847M	-243M	-685M	84.81M
Other Investing Activities, Total	-748K	-36.11M	22.19M	24.02M	43.46M
Cash from Investing	-855M	1.03B	-791M	-930M	-376M
Long-Term Debt Issued, Total	669M	863M	662M	298M	584M
Total Debt Issued	669M	863M	662M	298M	584M
Long-Term Debt Repaid, Total	-387M	-860M	-794M	-400M	-402M
Total Debt Repaid	-387M	-860M	-794M	-400M	-402M
Issuance of Common Stock	44.27M	32.4M	-	-	-
Repurchase of Common Stock	-	-106M	-55.78M	-155M	-124M
Common Dividends Paid	-225M	-148M	-237M	-208M	-384M
Common & Preferred Stock Dividends Paid	-225M	-148M	-237M	-208M	-384M
Other Financing Activities, Total	-210M	-135M	-156M	-339M	-351M
Cash from Financing	-109M	-354M	-581M	-804M	-677M
Miscellaneous Cash Flow Adjustments	-	-	-	1K	-500K
Net Change in Cash	-2.4M	1.19B	-670M	-530M	134M
Supplemental Items
Cash Interest Paid	119M	83.96M	74.24M	139M	146M
Cash Income Tax Paid (Refund)	-	61.76M	72.66M	-	-
Net Debt Issued / Repaid	282M	3.54M	-132M	-102M	182M
Levered Free Cash Flow	635M	1.3B	158M	83.97M	863M
Unlevered Free Cash Flow	765M	1.39B	269M	316M	1.08B
Change In Net Working Capital	-55.56M	-849M	339M	573M	-28.55M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.77	3.1	3.71	6.2	7.58
Return on Total Capital	5.21	3.44	4.19	7.02	8.61
Return On Equity %	8.58	16.31	7.19	11.89	15.1
Return on Common Equity	8.62	16.32	7.2	11.89	15.1
Margin Analysis
Gross Profit Margin %	77.58	72.98	75.38	79.82	84.32
SG&A Margin	17.56	20.59	19.57	15.36	16.26
EBITDA Margin %	69.87	66.3	64.68	69.97	74.3
EBITA Margin %	54.55	47.68	50.53	59.8	67.07
EBIT Margin %	53.73	46.42	49.36	58.9	66.29
Income From Continuing Operations Margin %	35.78	89.56	35.44	42.41	49.81
Net Income Margin %	35.92	89.58	35.47	42.4	49.8
Net Avail. For Common Margin %	35.92	89.58	35.47	42.4	49.8
Normalized Net Income Margin	26.78	24.61	25.29	28.47	34.49
Levered Free Cash Flow Margin	48.39	121.18	12.39	4.63	42.1
Unlevered Free Cash Flow Margin	58.34	129.12	21.08	17.41	52.61
Asset Turnover
Asset Turnover	0.14	0.11	0.12	0.17	0.18
Fixed Assets Turnover	11.46	7.29	8.67	12.59	14.9
Receivables Turnover (Average Receivables)	4.59	2.69	2.49	3.6	4.33
Inventory Turnover (Average Inventory)	9.46	13.83	7.6	4.24	2.58
Short Term Liquidity
Current Ratio	1.42	1.84	1.45	1.37	1.42
Quick Ratio	0.36	1.76	1.07	0.41	0.51
Operating Cash Flow to Current Liabilities	1.04	0.51	0.66	0.93	0.85
Days Sales Outstanding (Average Receivables)	79.46	136.29	146.69	101.4	84.22
Days Outstanding Inventory (Average Inventory)	38.59	26.47	48.04	86.16	141.27
Average Days Payable Outstanding	160.25	210.38	138.07	123.42	184.13
Cash Conversion Cycle (Average Days)	-42.21	-47.62	56.65	64.15	41.37
Long Term Solvency
Total Debt/Equity	56.34	50.78	48.24	45.67	46.19
Total Debt / Total Capital	36.04	33.68	32.54	31.35	31.6
LT Debt/Equity	47.25	44.41	41.49	38.61	39.4
Long-Term Debt / Total Capital	30.22	29.45	27.99	26.5	26.95
Total Liabilities / Total Assets	41.62	41	40.32	39.48	39.9
EBIT / Interest Expense	3.38	3.65	3.55	2.88	3.94
EBITDA / Interest Expense	4.43	5.27	4.68	3.44	4.44
(EBITDA - Capex) / Interest Expense	4.43	5.27	4.68	3.43	4.43
Total Debt / EBITDA	3.41	4.39	3.69	2.36	2.1
Net Debt / EBITDA	3.37	2.69	3.03	2.34	1.99
Total Debt / (EBITDA - Capex)	3.41	4.39	3.7	2.36	2.1
Net Debt / (EBITDA - Capex)