Earnings Release 3Q12
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Earnings Release 3Q12



November 08, 2012

November 08, 2012



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Earnings Release 3Q12 Earnings Release 3Q12 Presentation Transcript

  • 3Q12Earnings Release November 8, 2012
  • Disclaimer• This notice may contain estimates for future events. These estimates merely reflect the expectations of the Company’s management, and involve risks and uncertainties. The Company is not responsible for investment operations or decisions taken based on information contained in this communication. These estimates are subject to changes without prior notice.• This material has been prepared by Multiplus S.A. (“Multiplus“ or the “Company”) includes certain forward-looking statements that are based principally on Multiplus’ current expectations and on projections of future events and financial trends that currently affect or might affect Multiplus’ business, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of each could cause actual financial condition and results of operations to differ materially from those set out in Multiplus’ forward-looking statements. Multiplus undertakes no obligation to publicly update or revise any forward looking statements.• This material is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. 2
  • 3Q12 Highlights 24% growth in Gross Billings vs 3Q11 R$ 131 mln in Cash Generation in 3Q12 225% growth in non-air redemptions vs 3Q11 10,5 million Members 18% growth vs 3Q11 3
  • Network GrowthMore than 10.5 million members We reached 230 partners (coalition, accrual and redemption) 10,5 230 Members, in mln 9,8 10,1 Number of partners 9,4 207 8,9 200 190 168 3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12 4
  • Member engagement throughout Multiplus’ networkMembers with one or more Number of redemptions peraccrual/redemption at retailers active member As % of active base Base: 2010 = 100 17% 143 121 12% 100 8% 2010 2011 2012e 2010 2011 2012e 5
  • Solid Gross Billings growthR$ 491.4 mln in Gross Billings R$ 378.4 mln in Net RevenueR$ mln R$ mln & bln points 491,4 398,3 378,4 457,1 433,6 430,4 347,1 397,3 321,5 319,5 17,4 16,7 15,2 14,5 12,5 3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12 Net Revenue Points Redeemed 6
  • Points sold to Banks and Retailers: Double digit growth besides Credit Card* decline Points sold to Banks and Retailers vs Credit Card market in USD YoY Growth, in % 60,2% 57,3% Growth of points sold to Banks and Retailers Credit Card market growth in USD 40,6% 29,4% 22,7% 19,1% 14,4% 15,7% -1,4% -4,9% 3Q11 4Q11 1Q12 2Q12 3Q12BRL/USD 1,67 1,79 1,76 1,98 2,04* Credit Card market in USD as Brazilian credit cards loyalty programs grants a certain number of points for each US Dollar spent (purchases made in any currency are converted to USD and than to points)Source: ABECS 7
  • Stable breakage ratebesides non-air redemptions ramp-upNon-air redemptions Breakage rate:surpassed 6% of total for the first time gradual decline as expected 12 months averagein 3Q12 24,0% 24,1% 23,4% 6,3% 22,5% 22,0% 4,3% 4,0% 2,9% 2,6% 1,5% 0,5% 0,5% 0,6% 0,2% 0,3% 3Q11 4Q11 1Q12 2Q12 3Q12 8
  • Delivering ResultsR$ 66.6 mln in Net Income R$ 130.5 mln in FCF* R$ mln RS mln 241,1 70,9 66,6 61,6 51,3 153,9 43,3 131,4 130,5 54,3 3Q11 4Q11 1Q12 2Q12 3Q12 3Q11 4Q11 1Q12 2Q12 3Q12 * Exclude prepayment effects, dividend payments, interest on equity and capital reduction 9
  • Maximizing Shareholders ReturnPre-purchase of air tickets DividendsR$ 325.8 mn pre-purchase of Dividends R$ 146.7 mnTAM Airline seats with additional Interest on capital R$ 8.5 mndiscount Total R$ 155.3 mn R$ 0,95926 per share Ex Date Nov 9 2012 Payment on Nov 19 2012 Better yields for cash investments 10
  • Investor Relations +55 11 5105 1847Thank you! invest@multiplusfidelidade.com.br www.multiplusfidelidade.com.br/ir