Q3 2024 SYN prop e tech SA Earnings Call (English, Portuguese) Transcript

Nov 18, 2024 / 02:00PM GMT

Release Date Price: R$8.13 (-4.13%)

Transcript

Key Points

Positve

SYN Prop E Tech SA (SYYNY) successfully prepaid 13 debentures, reducing leverage with cash from a partial sale of shopping malls.
The company distributed BRL440 million in dividends and approved a capital reduction, returning a total of BRL1 billion to shareholders.
Operationally, the company achieved a high occupancy rate of 93.4% in its malls, with expectations to improve further.
The company reported a strong return on equity (ROE) of nearly 30% over the last 12 months.
SYN Prop E Tech SA (SYYNY) has a comfortable cash situation and a well-managed debt profile, with plans to potentially distribute more dividends or reinvest cash.

Negative

The company experienced a significant drop in adjusted EBITDA by 58% due to portfolio adjustments and accounting effects.
There was a notable vacancy impact in the Grand Plaza mall, affecting overall occupancy rates.
The financial occupancy rate was slightly lower at 95%, with expectations to improve in the next quarter.
The company faced a higher penalty in the quarter related to PDD, which is expected to revert in the next quarter.
Despite operational improvements, the company's net profit was affected by adjustments related to previous sales transactions.

Operator

[interpreted] Good morning, ladies and gentlemen. Welcome to SYN conference to discuss the results for the third quarter of 2024. This video conference is being recorded, and the replay can be accessed on the company's website, ri.syn.com.br. The presentation will be also available for download. (Operator Instructions)

These statements may involve risks and uncertainties as they relate to the future events and therefore, depend on circumstances that may or may not occur. Investors, analysts and journalists should be aware of events related to the macroeconomic environment, the industry and other factors that could result to differ materially from those expressed in the respective forward-looking statements.

Presenting this video conference are Mr. Thiago Muramatsu, CEO of SYN; and Mr. Hector Leitao, CFO and IRO of the company.

Now I'd like to give the floor to Mr. Thiago Muramatsu, who will start the presentation. Please, Thiago, you can proceed.

Thiago Muramatsu

SYN prop e tech SA - Chief Executive Officer

(interpreted) Good

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