Good morning everyone, thank you for holding. Welcome to Iguatemi S.A. first quarter 23 results conference call. With us here today, we have Ms. Cristina Betts, the company's CEO, and Mr. Guido Oliveira, CFO and Investor Relations Officer. We would like to inform you that this event is being recorded and all participants will be in listen only mode during the company presentation. Following this, there will be the question and answer session, at which time further instructions will be given. Should any participant require assistance during this call, please press star zero to reach the operator. This event is also being broadcast live via webcast and may be accessed through Iguatemi's investor relations website at www.iguatemi.com.br/ir, where the slide presentation is also available for download. Participants may view the slides at their own convenience.
Before proceeding, please bear in mind that forward-looking statements are based on the beliefs and assumptions of Iguatemi's management and on information currently available to the company. They involve risks, uncertainties, and assumptions as they relate to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that general economic conditions, industry conditions, and other operational factors could also affect the future results of Iguatemi and lead to results that differ materially from those expressed in such forward-looking statements. We will now turn the floor over to Ms. Cristina Betts, who will begin the presentation. Ms. Betts.
I would like to refer to the sales period. In this first quarter, we had a total sales reaching BRL 3.9 million for the period, a growth of almost 17% versus the first quarter 2022.
We had also had excellent performance vis-a-vis 2019. This is very considerable growth. Once again, in April, we have continued to grow almost 9% vis-a-vis 2022. This shows the strong performance we have also in the second quarter. Because of this resiliency in terms of our sales. We have spoken about the mix renewal, the fact that we have new shopkeepers that are more active, and the change of the team due to this renewal. We were able to continue on with the withdrawal of discounts. At presently we are at the lowest level of discount since 2015. The real growth of same-store rent reached 19.7% and 17.3% for same-area rents. This is a significant real growth for this first quarter.
With the sales growing, we have maintained a reasonably stable situation, and we're going to refer to the figures very soon. We're in a very sound position, very much in line with what we had in the past. When it comes to delinquency rates, which is of course a very important indicator. With the rents growing, somebody has to pay for that rent. This is a figure that we follow up on very carefully. The first quarter typically is a quarter with a slightly higher delinquency rate vis-a-vis the rest of the year. We reach 4.4%, which is very much in line with our historical averages. We will speak about the highlights for the quarter. Everything has been quite calm, and we proudly announced our new project surrounding the Campinas mall, the Figueira House. Casa Figueira.
This is an entirely new neighborhood that will be developed with all of the attributes of a highly streamlined neighborhood with an architecture that stands out, fully integrated, of course, to the Campinas shopping mall. We will have 66 different areas with an estimated PSV of BRL 6 billion. We will be developing this project throughout the next 20 years. To give you an idea, it is somewhat larger than Vila Olímpia in São Paulo, which is a very large neighborhood for Campinas, and we should receive revenues of BRL 350 million or BRL 400 million throughout these years, and a CapEx for the infrastructure of the project of BRL 60 million-BRL 70 million. To also speak about other highlights for the quarter. We concluded, as we said in the 4Q22 call, the acquisition of JK Iguatemi.
We paid out the 36% that we had acquired from this partner. This enabled us to work with other real estate credit as we had already remarked. The same amount is the same amount made for the acquisition. This will help us in 3.3 percentage points CDI in our average debt and 3.0 points in our full debt. We're quite satisfied with this real estate loan due to a relative scarcity of debt in the market at present. In this first quarter, we carried out the second collection campaign. We would like to remind you that our Iguatemi collection is linked to the relationship program of Iguatemi ONE. We've held the first campaign last year between August and November, if I'm not mistaken. We have initiated our second collections campaign now in March.
In the first rounder up to present, we intend to end this campaign in June. It of course, will go through Mother's Day, Valentine's Day, we have already had an increase of 40% of sales identified up to present. We see that this is gaining adherence evermore, and we see that it is the best clients that are going through the shopping mall. We have a highly relevant registry, besides having in this campaign an increase of average ticket of 6%. We have identified sales, higher tickets per person, this of course, is very interesting for our program. We will be holding a third edition in the second semester of this year. Iguatemi 365 continues to be our focus. As I mentioned in previous quarters, we had a technical stop.
We were simply changing for a new system. This change of the system took place in the beginning of the second quarter. Everything is operating more expeditiously. We had several enhancements in navigation. We are about to conclude. We already observe a significant enhancement in the expediency of the site. We continue to enhance the sales through the site, looking at the capture of clients also in regions outside of where we are. Qualifying our selection with differentiation and great profitability in the site. Now in the last quarter, we had a great deal of events. We did mention that we had reactivated our shopping mall. We had Mad in Iguatemi, the celebration of 40 years of the Iguatemi Porto Alegre, which was very important. We had the client also roaming through JK Iguatemi with a great deal of activations.
We worked with Timo Gorner with a master class, VP of Disney, and we had an exhibit of Kandinsky in Ribeirão Preto. All of this is an agenda that will continue on throughout the year. These are very exclusive, unique, and they bring an extremely important flow to the shopping mall besides bringing in a great deal of quality. In part of ESG, we continue on with our ESG journey. We have enhanced our metrics, and we will refer to what we do in each of the pillars of ESG. We're working with diversity and inclusion. We have a sustainability committee. We also have an authoral series of content that we are disseminating internally to educate everybody working in the company. In the social area, for many years, we have been helping the Red Cross.
We had the strong rainfall in the north coast. We worked with collection. We're also continuing on with the hiring of refugee women. For the fourth consecutive year, we were certified as a great place to work. We are in the seventh place when it comes to the retailer category, which of course, is a reason of pride. We are attempting to better understand the demands of our in-house audience when it comes to health aspects as promised until the end of the first quarter. We are going to be releasing our sustainability report. We're going to refer to our carbon emissions. We have set forth goals going forward. We're going to speak more about the results. I would like to simply end these initial comments.
We're highly confident in the rest of the year, and we are sure that we will be able to face a year that began with greater difficulties that we had imagined. It's impressive, the sales that we have at the shopping mall, the EBITDA, and we continue to focus on a gain of efficiency of our assets so that we can fulfill the occupation of our shopping malls to make each square meter more profitable, thanks to the change of the mix that we're implementing. We do have a great deal of work ahead of us. We're confident but full of activities, and we trust that we will improve and enhance our results even more. If we go to the presentation and go straight to page number three, I would like to refer to the highlights.
As I mentioned in the opening, we reached a record of BRL 3.9 billion in sales, a growth of 16.8%. The sales of April, this hasn't been fully closed, but they will close with 8% above the year 2022. Same-store sales with an increase of 15%. Same area stores, same-store rent, excuse me, 19.7%. Same-area rent with a growth of 17.3% vis-à-vis 2022. This is very good given the scenario. Gross revenue reached BRL 326.3 million, an increase of 18.5%, and net revenue reached BRL 217 million, growing 17% versus the first quarter of 2022. Now, when we understand our cash reality more, 260...
86% without the strain lining event. We reach 18.9% increase in EBITDA, a growth of 31% compared to 2022, and adjusted net revenue reaching BRL 667 million with a net adjusted revenue. We reached BRL 210 million, much higher than in the first quarter of 2022, an adjusted margin of 22.7%. I mentioned in the highlights, we're going on to page 4. We have 2.3x net debt over EBITDA and somewhat lower because of the payment for the acquisition of JK that we did at the end of February. This is why we have this slight decrease.
The real estate loan that I have already mentioned, the approval of a new swap program to replace our previous things and also, I also refer to the 40 years of Porto Alegre. We're celebrating 40 years. This is very emotional. We have several companies that have been there since the beginning of the shopping, and we have had thematic dinners to celebrate the 40th anniversary. Many people have become very emotional because of the memories and the work that we begin now with the infrastructure of Casa Figueira. Let's go on to the chapter of Casa Figueira. This is a very quick rendering. You have seen this in other releases. We have the size of the neighborhood of 1 million square meters. It's very large, highly imposing. The location, of course, embraces the Iguatemi Campinas.
It has a population of more than 3.3 million inhabitants. It's the fifth richest metropolitan region in the country, it will have the more streamlined design in terms of urbanism that we would like to have for a neighborhood like this one. It is highly differentiated in terms of access, location, access, it makes the most of the region. I'm joking that this will be a present to the city. It will have incredible landscaping, we have master developers ourselves and the Fundação FEAC. Those responsible for the urbanism are an English company that have embraced several projects in Capco in England and other regions and in highly renowned areas. They're broadly familiar. We will have 66 urbanized lots divided between commercial and residential towers. As we had already mentioned, we have already initiated the infrastructure works.
In truth, we begin with the approval to begin now. We worked with a part that is being called a prototype that we have done in the lot of the Iguatemi Campinas, simply to show people physically the standard of this neighborhood. It will also be connected to Casa Figueira, aiding and abetting the urban development throughout the years. Now, the last plot was sold, the last plot in 2038. We will be working during this entire period of time. This, of course, will be a true gift, not only to the shopping mall, but also to the entire city. Very well. We'll speak about our main operational indicators. Good morning, everybody. Thank you for participating. I begin on Slide 10 to speak about the main operational indicators. We have a variation of GLA.
We speak about total GLA, we have the entry of Sky Gallery that came in in the fourrth quarter of last year with a variation of almost 20,000 meters of GLA, a variation of 2.4%. Our own GLA increases 4.4%, which is the sum of the tower of Galleria and the acquisition of 36% of JK Iguatemi. We have the average owned GLA and the total GLA, including the 36% acquired from JK Iguatemi. We have already spoken about the record of total sales that go beyond BRL 3.9 million, a growth of 16.8%. Same-store sales above 15%. Same area sales above same-store sales, showing you the work that we have done, beginning in the 1st quarter of 2022 in the mall.
The new stores that have come in beginning in the second quarter that have helped us to increase our average sales, which means that the new stores are enhancing the same-area sales average in the portfolio. Same-store rents reaching a record of 19.7% with a gain of 12.7%. Even if we consider rent above sales, we will see that our discount is truly very small. If we look at the portfolio before the pandemic, it was 12.8%. We are now at 3.2%, reflecting the work that we carried out in terms of the condominiums with a very small transfer of withdrawals in the condominium. All of this was done below the accumulated inflation in the last 5 years between 2017 and 2022.
This is the work of efficiency in terms of our condominiums. Our occupancy rate remaining constant at 92.7, with a minor loss of 0.2 percentage points because of December. As we showed you in the release, we had a loss that was less than in previous quarters, and all of this is backed up by our portfolio. The portfolio is selling very well, and we see the sales continue very strongly. With this, we close with a net delinquency rate closing at 4.4%. It was a significant recovery because during the year 2022, we had BRL 70 million of recomposition of delinquent rents, of course, shopkeepers that were in default, but all of this has been recovered.
Now, the net delinquency rate would be 3.4 were it not for some events that took place. For example, Lojas Americanas representing 0.4% and other shopkeepers who are clients. All of this has been recovered in the month of April, as you will observe in the second quarter. We go on to Slide 11. Our consolidated financial results showing a growth of 18.6%. Here we have a drop in discounts, a drop of 8.7%, showing that we have withdrawn these discounts. We're dealing with discounts over the rent below the figures that we had pre-pandemic, which is truly excellent. We went through an incredible range, and this is very healthy for our portfolio and all of the segment costs and expenses in line between the shopping and the retail part.
EBITDA growing 20.8%, reaching BRL 178 million. Depreciation and amortization because of the acquisition of JK, an increase of 14%. BRL 47,000,814 for net income above the last year. These are non-recurring figures due to capital instruments for Infracommerce for a migration that we did in the third quarter last year to a different type of investment. This will no longer appear in our results. We go on to slide number 12 that shows our consolidated financial results without the Infracommerce effect and share swap results. We end with gross revenue of BRL 326 million and an EBITDA of BRL 178 million, with a margin of 69.5%. Net revenue of BRL 47 and FFO of BRL 92.110.
This was a non-recurring event, somewhat below what we had seen. Throughout the year is, ELICOT will be the average ELICOT compared to income after taxes, as we have mentioned at our meetings. We go on to Slide 13, where you see the improvement in the retail segment. It is important to show you the enhancement of efficiency. We went from 68% in to a margin of 32%, the EBITDA with an improvement and the costs and expenses dropping 5.5%, along with a net revenue that has had a growth of 15.5%. This is something that should be reiterated in this segment in the coming quarters. Of course, you will observe the efficiency, as you have seen in the release, with a focus on operational revenue that we will discuss further ahead.
Working with a more assertive marketing, a better logistics. All of this has brought about a better efficiency, along with the change of our platform, of course, that will enhance all of our efficiency indicators, especially those in the site and those referring to the commercial part. We will now go on to slide number 14. You will see our P&L consolidated. The margin is 78 points above 2022, in line with our historical margins. A growth revenue of 18.7% and costs and expenses. Costs growing 19.7%. Some of these costs come from the increase in costs in the shopping mall because of the acquisition of the 36% of JK. This will explain the increase in costs and expenses with a variation of 8.6%.
Once again, we have been working in operational efficiency that will begin to show significant results beginning in the second quarter. Vis-a-vis the quarters of the year 2022. We will still have additional enhancements to show you in terms of operational revenue and the EBITDA up to BRL 106.179 million and EBITDA margin of 78.1%. As you can see, all the margins are growing. We are able to show the strong sales of our portfolio. We have international brands that have proven to have a very good performance, reaching 356% growth over a base that in the past was already very strong. We go on to slide number 15, a breakdown of our revenues. A growth of 18.6% in gross revenue.
Management fees, thanks to the better results of our shopping mall, 7.4%. Parking growing 21.5%. Parking is due to a better flow vis-a-vis 2022 and 10% lower than we had in 2022, as we show in the release. In the second quarter, especially in April. We have a flow above what we have budgeted and above 2022. Of course, there's room to reprice our rates, reposition our rates for the period. We should have a substantial enhancement in these figures for parking that you will observe in the coming quarters, and an increase of 18.7% in total growth revenue. We go on to Slide number 15, the rental revenue malls. The growth of 56% in outrage and a growth of temporary rentals of approximately 20.4%. It's important to accompany this figure.
As Chris has shown us, we held a variety of events. We're continuing to seek out these events to bring in a better flow into our malls. We have the best event venues. If we add Iguatemi São Paulo, JK, Pátio Higienópolis, and others, of course, very important venues for events. All of our venues are absolutely crowded when we hold events. They will be like this in the coming quarters. We're going to explore this further. This line item will tend to grow significantly. A growth for the first quarter, very strong of 18.6% in terms of rental revenue. We go on to slide 17 to speak about costs and expenses. When we look at costs and expenses without the retail part, we see a growth of 15%.
A growth of personnel, partially explained by an increase in the cost, because of our new share in JK Iguatemi, and of course, expenses with personnel. We have already referred to the reinforcement of our commercial team and our team of brokers. This is no longer part of the third-party line item. It has become part of our own personnel costs. An increase of 33% in personnel, once again, due to our company reorganization and the change in teams. Those who are in our teams began to be, remunerated beginning in the last quarter of 2022. As Chris has already mentioned, we have been working in terms of operational efficiency with a consultancy, and all of this will have a improvement of efficiency and in costs, especially in expenses and in the cost of rent.
The variations will tend to be decreased in the coming quarters. In the graph below, despite the increase of 15.6% in our SCN A, there is a drop as a proportion of net revenues going to 9.4% in the first quarter 2023, a significant increase in efficiency and proportional to our net revenue. We go on to slide 18. Our net debt increased by 56% because of the payment to JK. We paid BRL 667 million in February, and we have carried out a funding through savings in a top-tier bank for a average of 19 years and 11 months at a TR rate of 9.48% per annum. All of this crisis crunch is due to the event caused by Lojas Americanas.
Now, this new rate will give us tranquility to continue paying all of our amortizations in 2023, 2024 in a moment of high stress in the market. We will now go on to slide number 19. We show you our debt profile. 89% of our debt is pegged to the CDI, 10% to TR. We have 55.8% in debentures, 29.9% in CRIs, and 14.3% in lows. What is important to show you is the evolution of the average term that goes from 2.8 to 4.2. Thanks to the fundraising with this real estate loan, with the drop of the interest rate. We do hope there will be a drop in the interest rate in the second semester. There will be a significant improvement in these expenses.
We now go on to the last Slide number 21, where we refer to our guidance. We are above our guidance in all of the line items in terms of net revenue growth. It is from 13%-18%. We grew 23.7%. Net revenue growth for retail, 3%-6%. The growth was 15.5%. EBITDA margin, 78%-81%. Our total EBITDA was 78.1%. Investment, BRL 140 million-BRL 180 million. In the first quarter, our investment was at 37.6%. With this, we fully comply with our guidance in terms of all of our goal. With this, I would like to end the presentation, and we are now open for questions and answers. Very well.
We will now begin the question and answer session only for investors and analysts. Should you have a question, please press star one on your touchtone phone. If your question has been answered, you may withdraw from the queue by pressing star two. Questions will be taken in the order they are received. We ask that when you pose your question, you pick up your handset to provide optimum sound quality. Please hold while we poll for questions. Our first question is from Taina Costa from UBS.
Good morning, everybody. Good morning, Guido and Chris. Could you speak about your strategy for vacancy and occupancy during the year? You have a very healthy situation. Which is the company's strategy to enhance the occupancy rate? Will we see a greater focus on an improvement in the occupancy rate? What would be the best for the company?
Good morning, Tainan. Well, the occupancy rate in the third quarter is always somewhat higher. Typically, this is a quarter that is weaker, although it doesn't seem to be compared with other quarters. The 13% you see here is very much in line with what we had before the pandemic. We would always remain at the high 12% before the pandemic. Throughout the year, you will see this dropping, obviously, because it is seasonal. Once again, we will drop to 12% as an average for the year, with fluctuations downwards in the coming quarters. It is important to mention that the occupancy stands where it is because we continue to seek a better resiliency in our mix. As you know, we're working towards this. We don't have a guidance, but this is a goal to reach an occupancy of 95%, approximately, of course.
We perhaps do have this lag because we truly believe in this, in the qualification of mix and rent. It's useless to bring somebody in who will not contribute to making square meters ever more profitable. With these two measures, we have carried out truly exceptional work. Since the end of the pandemic, we have seen very good results with our new leases. I think we're in a very good wave of occupation with quality, and this will maintain the cost of occupation at the level it is. We charge for the lease, but we also believe in higher sales, and both together will bring about greater profitability, and we will continue to improve the delinquency rate. By qualifying the mix, we should see a more controlled delinquency rate, which is already under control. We had some months with a negative delinquency rate.
The first quarter tends to be somewhat higher, but we're quite confident that we have everything we need to attain that figure. At the end of the year, quite honestly, the figure should be better than when we entered the pandemic. It was already better when the pandemic came.
Well, thank you. Thank you very much.
Our next question is from Igor Altero from XP.
Thank you for the presentation. We do have some questions. First of all, Casa Figueira, very large project that you are beginning now. Do you already have a granularity for the PSV? You mentioned that you're working on a full neighborhood, a very large neighborhood. If you could comment more on this, I will then go back to my second question. Thank you.
Hello, Ygor. Yes, Casa Figueira will have some stages.
Our release, I believe, shows you the map of how the buildings and the towers will be. We tend to joke that it's like the Spanish stairway that we have from the Campinas shopping that will go into the neighborhood. It unfolds, first of all, closer to the shopping mall and will grow until the park. In the last lot that will be sold in 2038, that will be left for the end. We're going to work with what is in front of the shopping and on the sides of the shopping initially. Of course, this is all in accordance to the proximity of the shopping in quotations. It's represents BRL 9 billion. This will be a very long stairway that because we have to have the ability to absorb the market, we can't do everything at a single time.
We're going to begin selling the areas that are closer to the mall, and as we receive approval for construction, we will continue on in different stages. There are several lots, four or five lots per year, which is what we will be working on. This is approximately the plan. In four years, if I'm not mistaken, we will have the first tower already built. Now, on the other side of the highway, in truth, we have two towers that have already been commercialized, and they will come out before the first tower. They're on the side of the shopping on the other side of the highway. Along with everything we will develop, we do have some towers that are on the other side of the highway.
We tested on the other side of the highway because there are approval documents to be able to work with the bidding process and much more. Because our partner, the Fundação FEAC, has to approve all of this with its curatorship. We began with a pilot phase to be able to expedite the rest of the process. In the second quarter, we will already be speaking about how we're going to begin the commercialization of these towers. Does that answer your question?
Yes, that was excellent. The second question, thinking about a more normalized growth going forward and sales throughout the year.
Hello, Igor. The sales of April, I remind you that we refer to estimated sales of 8.3%. They might increase until the close.
In the second quarter last year already, our sales were very strong. In the last year in May, our sales were 35% above 2019. This is a period of strong sales. Based on April and May that has just begun, we do think the flow will be maintained and sales will be significant. When we look at our work commercially, this is what we have shown you. We have a great deal of spread in the first quarter. We have, we're coming from Christmas. These are the three months with the lowest sales during the year. If we look at the annual sales evolution in the shopping mall, we do have a spread in our sales. The real percentage would be 3.5%.
We're going to continue working with this, we will show you sales growing way above the inflation. With the cost of occupancy, as Chris mentioned, dropping somewhat, especially because if you increase sales for the retail market, these are sales we will have in the second quarter. We have Valentine's Day, Mother's Day, and then we have Father's Day, and then we go on to Black Friday and Christmas. All of this will be a boost for sales, of course. We will be able to maintain a same-store sales that is very positive vis-à-vis inflation in the coming quarters.
Thank you very much. Thank you, Guido. Thank you, Chris.
Thank you. Our next question is from Pedro Lobato from Bradesco BBI.
Good morning, everybody. Thank you for taking my questions. I would like to understand the dynamic of your parking revenues.
You have been extremely active in your events. I would like to know if this is due to the stronger flow that you had, or is this due to another reason? Year-over-year, of course, what is it that had a greater impact on you this quarter? Was it the acquisition of JK or otherwise? Thank you.
Yes, Pedro, it was. Parking. Every quarter we improve our flow. We haven't fully resumed the flow that we had pre-pandemic overall, but there have been improvements and an improvement vis-à-vis 2022. We also had an increase in ticket. Well, parking price increases are always rather peculiar. The amount is relatively low, and we can't work with broken numbers. We tend to round up numbers. This, of course, gives us a relevant increase in the parking revenue.
We do have two things. Yes, we have had an increase in flow, although we haven't fully resumed vis-à-vis the pandemic and the price of the ticket. We struggle a great deal to create events that will have the capacity to attract people to the shopping mall. When we speak about events like ET or Collection, all of this brings more people to the shopping mall. Because of this, we have additional maintenance and an improvement in what we see in our figures. Now, to complement this, we have made a strategic choice this year. As part of the resources that we have for marketing, we're going to gear a higher amount to events that of course generate flow. This will increase the flow, the sale, a full resumption post-pandemic.
Perhaps investing less in functional things and investing in the activation of the shopping mall as a whole. This is what is happening at all of our units. We have a very busy calendar, and as we mentioned, we're quite focused on events. Events that don't have a huge return, but in terms of parking, they do have an impact. When we hold an event, for example, gate at JK or something relating to wellness in JK, or when we hold an event in a specific store, it's natural to park in the shopping mall. Nobody will park on the streets for this. Two things therefore, the events are helping and the events for flow in the shopping mall with an impact as well.
To speak about taxes, we had a drop of 9 percentage points vis-à-vis 2022, with an aliquote of 19.8%, I believe. Obviously, as part of this work, there is the work we have been doing in JK in the last quarters, which has also brought us an improvement in our fiscal planning. Improving the tax credits that we referred to in the fourth quarter, representing BRL 60 million. This brings us greater efficiency in absorbing the taxes that we have to pay when you credit those taxes that we activated in the last quarter. In this quarter, our aliquote would be somewhat lower because of non-recurring events. We of course worked with our swap. What we had previously was now put in Iguatemi S.A. Not with a high cost to pay, but it did generate a deferred tax.
During the year, all of this will be recovered. We did this to enhance our planning during the year and to recover a full alíquota of 15% for the entire year.
That was very clear. Thank you very much.
Thank you. Our next question is from Andre from Itaú BBA.
Good morning, Chris and Guido. Thank you for the presentation, and thank you for taking my question. A question referring to your leverage. It has reached a figure. Do you deem this figure to be sound? In the last quarter, if I'm not mistaken, it was lower and the expectation was to maintain your leverage. Is there anything you can tell us about this? If you have any opportunities for M&A and if you're willing to increase your leverage because of this. The second question is a follow-up in terms of your sales.
We have seen a very strong performance in the first quarter. A strong performance compared to your peers in April, but a trajectory for a slowdown because of the increase of sales in May that grew 33% last year. You have a very strong comparison base. Have you thought about a negative same-store sales in the second semester because of this trajectory? What is your view of the trajectory going forward? Thank you.
Andre, to speak about leverage, we have a leverage of 2.47, and when we look at our cash generation and what you have projected, if we don't do any M&As, we will drop our leverage to below two. We should end the year with 2.0 times net debt EBITDA. This is the leverage that our balance allows us only because of the cash cow of the company.
I'm going to let Chris answer the part about M&As, and then I will speak about the sales trajectory.
Andre, in terms of M&A, we always have time for that, but we observe a greater lack of stability economically and a rather cool environment in terms of M&As. It's become more difficult to price them, to find opportunities. I would say that we continue to look around, but there's nothing specific. We're thinking more about the medium term. The outlook for this year is to continue with a focus on efficiency, operations, leverage, cash. We will of course, look at offers, but with less impetus that we had before. Once again, because of the scenario. The outlook is not very evident for the coming quarters in terms of M&A. To speak about sales. Negative, don't even consider it negative. Absolutely not.
It's obvious that we cannot grow 33% infinitely. We're thinking of a normalization of our growth until 2014, 2015, we would speak of increase of 3%-5%, which of course is not something real anymore. To return to that kind of growth, a more controlled growth makes sense, a negative growth, absolutely not. That's the beauty of always looking at our shop owners, our opportunities, our lease of spaces, because this is our business. We're always looking for this positive exchange that will generate positive results, of course. To reinforce this, Chris, we showed in the release that during the years of exception between 2015, 2017, where the GDP dropped almost 8%, in none of the quarters did we have a negative same-store sales or negative figures.
That has never happened in our history. Of course, taking away the pandemic when the shopping was closed down. We will have growth. We're considering significant growth of 8.5% of April vis-à-vis 2022, and we're quite confident that we will have a growth above 5% in May and June, which already represents a gain on the total sales of last year. We remind you, as Chris mentioned, the change in mixes, especially in Pátio Higienópolis. Imagine the sales this will bring about. We have several new brands entering the mall that don't exist now. In Galleria, for example, we have a sushi in Galleria Campinas. Several new stores that will become part of our family. For those who do not know the marketplace, go visit it. I recommend this. It's a true success. Very, very, very interesting.
Thank you, Chris and Guido, and have a good day.
Our next question is from Andre Mazini from Citi.
Good morning, Chris and Guido. My question is the economics of your stake in Casa Figueira. This is a relevant project. You're referring to a CapEx of BRL 50 million for Iguatemi. This would represent BRL 105 million. If we can say that your stake in the project is 30%, if this makes sense, and a PSV of BRL 10 billion, BRL 400 billion of revenues for the shopping mall. Of course, you will have residential and commercial towers. The second is the breakeven of Iguatemi 365. You did not refer to this very broadly. Will there be the breakeven for Iguatemi 365? And what will happen with the retail part in general?
If it takes longer to come, perhaps you will continue working more on downsizing. Thank you.
Good morning, Mazini. The neighborhood Casa Figueira, when we speak about our stake at BRL 70 million, 30%, that will represent our cost in infrastructure. The infrastructure of the neighborhood will be carried out in phases. We can't do everything in three years. You have to work with the streets, sanitation, the cabling that will be fully underground, which means that all of this will be done in phases, and then you will sell out the lots, as Chris mentioned. The lots will be sold as of the Iguatemi Campinas. We will make the most of the downward slope of the land, and we're going to be selling, as mentioned, four to five lots every year.
This is the cost that will be disbursed during the coming 3-4 years of infrastructure. Of course, the PSV, the BRL 10 billion, the total amount will impact the entire neighborhood. BRL 350 million-BRL 400 million, that would be our part, is what we can work with. It's the percentage of our 30% on the swap, the swap of an average of 15% that we have, based on the sale of the lots. 60% are for the Fundação FEAC. The rest is for Iguatemi. We are a master developer along with Fundação FEAC. We are not the developers. We're speaking about holding a bid, calling in developers to build these towers and going forward. This is not our plan. If we want to participate more, we can do so. We're simply working with a swap of land here.
These are the general figures for the project. We have several years ahead of us to discuss this, but these are the basics for the time being. Through time, there shouldn't be that many changes. Unless we decide to have a share in the square meters that are built going forward. In Galleria, we kept 50% of the share in the tower, and the other partner had 50%. There was a tower that was returned in Porto Alegre, and we worked with leasing. Everything will depend on how we sell the lots in a swap system. To respond to your second question regarding the Iguatemi 365. Here we have spoken a great deal about the break even. We also mentioned that we would not be reaching the break even this year because this is a process.
We have just made a change to FedTech that will help us in conversion. It was very important. We also carried out a change in the payment part, which brings about greater efficiency and better fraud control, which is important. We're now in the phase of beginning to think about the lease vis-à-vis the profitability that we have with the seller. This year we have decided not to grow. Basically, we will have a flat GMV forecast for this year and perhaps a slightly dropping GMV. As I have mentioned in other calls, it doesn't make sense to us when it comes to the sellers. We're going to work with a second round in the second semester. We also carried out a reduction of headcount at the beginning of the year, and obviously the run rate is somewhat better, but this quarter it has been somewhat worse.
We're paying for the 1st quarter. There's still a great deal of things happening at Iguatemi 365 to eliminate everything in the 1st quarter. This isn't possible, but we are on our way to work with the efficiency leverages on our path to the breakeven. If growth is somewhat lower. Fine. We are looking towards the breakeven that will not materialize this year.
Thank you, Guido and Chris.
Our next question is Pedro from Credit Suisse.
Good morning, Chris and Guido. Thank you for taking my questions. The question refers to the guidance. I would like to gain a better understanding of the inflation that you had considered when coming up with this guidance. Our inflation is somewhat negative. Is this expected by the company? What can you do to go around this inflation below what you had planned?
The second question, the GLA 16% that needs to be renewed this year, which is the expectation for growth for leases in the shoppings that are now celebrating their anniversary.
Thank you. Good morning, Pedro. Thank you for the questions. When we speak about the guidance for revenue, when we worked with the guidance and when we closed our budget, we had an IGPM curve above what it is performing at present. Focus itself yesterday put down the IGPM 3.8%-4.2% until the end of the year. Only yesterday, Focus made this increase of 1.2%, and there will be an increase in IGPM, and this year it should close at 2.8% with a lower curve in terms of the inflation.
There is a deflation as of April. We should be coming out only in October from this deflation. It's six or seven months of zero correction of leases because of this event. Obviously, all of this had an impact on part of our projections. We had thought we would have a higher IGP. We have already worked on our action plans, and we're quite satisfied with our guidance. This impact of 100% on our P&L will bring about relevant figures, and we have replaced that with action plans that will, of course, take into account the difference that we will not have in the IGPM. When we look at our retail guidance, we have a loss that had already been scheduled, which is the exit of Balenciaga beginning on June first.
Our work will be to bring down brands that want to come to Brazil, brands that don't have knowledge of Brazil in terms of logistics and taxes. We're going to begin to operate the store. Net revenue, considering the growth will be between 3.3 and 6%. In terms of overage, you can see our percentage of overage growing almost 60% in the first quarter. We also have the growth of events representing more than 20%. We have several triggers that have been put in place to cover up for this difference in the IGPM. Your second question refers to the spread. In the first quarter, we achieved a positive spread. In terms of the 16% that we're renewing, we're also going to work with a positive spread.
In April, we signed a record contract in the company. 68 contracts were signed, all with a positive spread. You will see that the spread curve will be positive throughout the year. Pedro, when you have a gigantic overage, this is an excellent indicator. What happens when we get to a contract renewal, and our contracts always have a percentage on sales and a minimum stipulated value that should of course allow for the break-even of this percentage. When the overage is much higher than the minimum rent, what we try to do is to bring that minimum to the percentage break-even. Initially, you might not have an incredible increase in the total rent lease, but you do have the overage and the minimum.
There is a correction because of inflation. This will protect the figures when they're down and when they're high, you capture these anyway. When we measure the leasing spread, we do it based on the minimum rent. We do expect that all of this will increase. As we have a very high overage, we have had very positive spreads. We mentioned regarding JK Iguatemi last year, we had a significant percentage of contracts that were renewed at JK Iguatemi last year because of their anniversary, and we were able to capture that overage in the minimum rent. It was gigantic. Especially, the luxury stores and top-end stores gave us a great deal of overage, and we are going to continue capturing all of this year as well.
Thank you, Chris and Guido.
Our next question is from Fanny Oreng from Santander.
Good morning, Chris. Good morning, Guido. Congratulations for the results. I do have two questions. The first, if you could refer to the evolution of vacancy per asset, what is happening to that? I would like to understand the demand regarding the assets. Is there a concentrated demand in some of the assets, for example, Galleria Shopping? What is your outlook for this? If Galleria had a great deal of vacant spots. The second question, which is very simple, going back to speaking about the movie theaters once again. Which would be the flow trend in that movie theater area? Thank you very much.
Thank you, Fanny. Our occupancy is not the same in all the assets evidently.
We have some assets where we already have a problem with space, for example, in Iguatemi and JK, and assets at the other end where the situation is somewhat more difficult. The asset where we have a greater concern at present and where we would have to better re-qualify the asset. Well, Galleria is doing very well. As Guido mentioned, we have just inaugurated a restaurant that is doing very well. The tower has good occupation. We're going to begin working on the second tower, which is for residential leasing. I think Galleria has found its own path, and everything we're doing there works well. In Campinas shopping mall, there are some areas that are very large that will be leased now and will be inaugurated during the year. Gyms, for example. No, Campinas is not a reason of concern.
It's an enormous shopping mall. We're planning on beginning a second tower side by side. Campinas is a very strong mall. It does not constitute a problem, although temporarily, there are some stores that have been unoccupied. Marketplace is a place where we need to re-qualify the asset. We should have some news throughout the year. We're quite confident in the occupation during the year of all of our assets. One thing is having a contract that is signed. Another thing is having a contract that is in effect. We already have a significant entry pipeline during the year. We can trust that we're going to get to the end of the year with the figures that we have mentioned. As Guido mentioned, we had a record of signatures in April. That was very important for us. We have important dynamic.
We're gaining speed in terms of our commercialization in this process. We have new leadership, and all of this have enabled us to be more assertive and faster in terms of the closing of contracts. We want to have occupancy, of course, but occupancy with quality, with shopkeepers that are appropriate for the place and that are paying for their rent. We're quite confident in this realm. Now, regarding the movie theater cinema, while the results have been much better vis-a-vis last year, they haven't fully resumed what happened before the pandemic. We're quite confident that the new harvest of films will be very helpful. We carried out activities jointly with the movies, for occupation, for launches, and we have reached significant figures.
This month, the figures were much better than in 2022 and much better than in 2019. We're quite enthusiastic with the resumption of movie theaters. I wouldn't say that they're out of the radar yet. We have had a gain, but you're right, the new films should allow for a significant boost. Many of the movie theaters postponed the launch of movies because of the pandemic and because of other factors, and they truly hampered the movie theaters. When they were open, there was no appropriate content. Now that they have been opened, there's no need to worry about shutdowns. That is over with. It's very important for us. Another question that we had in terms of flow, I think it was Pedro from the BBI that spoke about parking.
Of course, movie theaters help a great deal with the parking because they bring in that night audience who come for dinner to movie theaters. It's not the same flow of people that we have during the day. Besides helping the movie theaters, we have an important impact on parking. Take your children to see The Little Mermaid. Very important film.
Our next question is from Goldman Sachs.
Good morning, everybody. You have a debt that you mentioned for this year. I would like to know your vision for the debt going forward. How are you going to pay off these debts? Which is the type of interest rate that you're thinking of here? The second question refers to Iguatemi 365. I understand that you're opting for lower growth this year in terms of Iguatemi 365.
How should we look upon this business? Will it stabilize further? Are you going to leverage this more for the fourth quarter?
Speaking about liability management, we worked with a real estate credit just recently. This is a highly important operation that has increased our average term. We have a tower under construction at present, especially with a view towards the second semester. We have a debenture issuance that we carried out during the pandemic, we're changing BRL 300 million of maturity of that debenture for the BRL 667 million that we got at BRL 99 million and a half. This will mature in May, we will gain 4.4 percentage points nominally based on this operation. This quarter, we do have some CRIs that are old and that mature in the second quarter.
We will be accessing the market beginning in the second semester to work with cash recomposition in a scenario where we will be much better. There will be a clear reduction of interest rates, better interest rates internationally, and the situation should be calmer. We should have absorbed all of the impacts that we had in the credit market, especially due to Lojas Americanas. We're moving towards a better scenario. The CRI market and the debenture market has become better in terms of cost and average terms. Allow me to complement this. Even though the market is not marvelous in the second half, we will not have to do this. We can wait for the year to finish and do this in 2024, then access the market after this real estate loan that we have just done. We're being somewhat opportunistic.
We're of course, waiting to change for a lower cost loan. If the market is not good, we will simply wait. Referring to your question on Iguatemi 365 and the seasonality, it accompanies what we call the brick-and-mortar retail. There's the peak in Mother's Day. Although it seems incredible, last year we had a better Christmas than Black Friday, which is not the case of the digital stores. Maybe because we're Iguatemi and we have a different quality of products. We had better figures at Christmas vis-a-vis Black Friday, which was not the case of previous years. It does have the same peaks of the retail that we have offline. As we are fixing up the house, putting the house in order, in quotation marks, we have had less push in terms of sales overall.
There's a part for Mother's Day, nothing too significant. We have restructured our marketing plans because we're putting the house in order, that's why I refer to a flat GMV. We're not working on too much while we're making these necessary arrangements. Of course, we were used to different results in past years. Perhaps it will be somewhat better thanks to Mother's Day. We're very calm in terms of GMV, we do think it will be reasonably flat.
Thank you. Thank you very much.
Our next question is from Marcelo Motta from JPMorgan.
Good morning. Allow me to explore some additional questions in this call, especially referring to growth and M&As. You said that in Galleria there could be a second tower for multifamily, you're thinking of selling some plots, expansion perhaps is the most obvious method of growth.
In JK, there truly is nothing additional to do. If you would be subject to an expansion in Iguatemi, what are you going to do with your expansion projects? Are you going to put them into practice?
Yes, we do have plans. The main plan is for Brasília. Brasília is a shopping where space has run out. Everybody wants to go to Brasília, and we have no more stores to lease. It's the best possible moment to think about an expansion. Last year, from among all of the shopping malls in the city, we had the lowest potential per square meter of land, and we ended up being equivalent to others. This enables us now to increase the shopping by 50% approximately. We're working on the design for this.
We should be able to receive approval for that still this year, but it is a lengthy process. In terms of CapEx, we're referring to CapEx in 2024, 25. It's a time it will take us to work with the project, the project approval and much more. There's still some time before this can happen, but we're very enthusiastic because Brasília truly deserves an expansion. It's the first shopping mall in that first group that we worked with after the IPO. 2010, I believe. I think it's at the best point for an expansion. The second shopping mall is Alphaville. It comes after Brasília, doubtlessly. When we began these new shopping malls, we came up with space that would make sense for that time, but it has already become small, and it's difficult to work with a good mix there.
We have a land behind the shopping to expand the Alphaville shopping with a partner that will work on some towers. Once again, this will come only after Brasília. Finally, a small potential for Iguatemi São Paulo, something we would like to do that we're drawing up as well. This is more complex because everything in Iguatemi São Paulo tends to be more complex. Throughout many years, we had to reinforce the foundations in Iguatemi São Paulo to be able to grow upwards, and we have done this 1,000 times. For 15 years, we have been reinforcing the structure and we're getting ready for this. Once again, the trajectory for this will be even longer than that of Brasília and Alphaville. We have to come up with the designs and the approval and much more.
CapEx for the year 2023, in the guidance that we showed you, shows you the beginning of infrastructure in Casa Figueira. That's about it. We don't foresee much greater amounts.
Thank you. Thank you very much.
Thank you, Mota.
Thank you. Ladies and gentlemen, as we have no further questions, we will return the floor to Ms. Cristina Betts for her closing remarks. You may proceed, Ms. Betts.
Well, thank you very much for your participation in the call. You know that we're always available should you have any doubt. Your comments are always welcome. We're quite happy with the results of the first quarter, and we hope to meet again in the next quarter. Thank you very much.
We thus conclude the Iguatemi conference call. Thank you for your attendance, and you can disconnect your lines now. Thank you very much.