Investor Presentation
October 2013
2
Disclaimer
This notice may contain estimates for future events. These estimates merely reflect the expectations of the
C...
First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATA...
First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATA...
Brazilian loyalty industry is still in early stages
60,7%
43,8%
37,7%
28,9% 28,6%
24,1%
21,9%
19,5%
14,0% 12,9%
8,9%
5,2% ...
Multiple long term growth drivers
Credit Card usage
Expected double digit growth for next 3 years
Only 35% of customers un...
Coalition model: an evolution from traditional loyalty
scheme
7
Single Loyalty Scheme Traditional Coalition Loyalty Flexib...
Sources of profit: coalition
# of months ~100 24
3
2
points selling redemption
unit revenue less unit cost
spread1
CASH IN...
Sources of profit: analytics and proprietary loyalty
9
The consolidation of Prismah’s results is being done by the account...
First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATA...
11
1993
Creation of
TAM Fidelidade
2009
Spin-off from
TAM Fidelidade
Feb/2010
Multiplus’ IPO
Oct/2011
Multiplus
presents i...
12
Consistent network growth
8,0
9,4
10,9
11,6
2010 2011 2012 2013
Partners
Members, in R$ million11.6 mn members can gath...
13
Strong partnership network
Accrual partners Coalition partners Redemption partners
14
Strategic long-term agreement with TAM Airlines
15 years agreement
automatically renewable for additional 5-year period...
15
Solid relationship with banks
bonus points per each new credit card activated
Targeted redemption
offers
1 Activation
b...
First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATA...
17
Gross Billings (BRL mn) Points issued (bn)
1.119
1.525
1.871
1.976
2010 2011 2012 LTM Jun 13
53,2
76,2
85,2 85,9
2010 2...
18
Cash generation and shareholders’ return
FCF* (BRL mn) Dividends and Interest
on own capital (BRL mn)
589,0
460,6
489,4...
19
High corporate governance standards
If rejected
The proposal needs
unanimity Board approval
Special Committee
Independe...
First mover
We are pioneers in this
industry in Brazil and we
already have a strong
partnership network,
highlighting LATA...
21
Diversification goals
92%
8%
Current
Air Tickets Others
20%
3%
77%
Current
TAM Retail, Industry and Services Banks
Note...
22
Breakage rate: gradual decline as expected while
non-air redemptions becomes robust
0,03 0,06 0,07 0,09 0,10
0,25
0,43
...
23
Generate value to members and partners will sustain
growth
Branding, Innovation and Knowledge
Sustainable
Growth
Adding...
24
Adding value to partners: sales increase
25
Adding value to partners: vacancy management
26
Adding value to partners: vacancy management
27
Redemptions turn people more interested in
collecting points
Sample A members collect
about 60% more points
than Sample...
28
Creating a good member experience: fair pricing
Multiplus
69,400
Program B
75,647
Program C
81,800
Program D
98,400
Pro...
29
Segmented offers by a balance of points generates
attractiveness
sending offers increases in
approximately 30%the amoun...
30
Communication from the amount of points to expire
generates engagement
35% increase in the
number of members
who joined...
31
Branding the emotional concept
Using Multiplus you can accumulate
points from different loyalty programs
in a single ac...
32
Campaign: “Points you collect, moments you will
never forget”
Appendix
34
New air-ticket redemption model:
Member experience and business sustainability
4 Attractiveness of the redemption offer...
35
New pricing model methodologyUnitcost(R$)
Jun/2013 ~Aug/2014
Cap
Floor
Previous model Setup period New pricing model
To...
36
(R$ thousand)
Income Statement
Gross revenue 352,226 439,332 24.7% 411,951 6.6%
Sale of points 309,715 379,447 22.5% 36...
37
(R$ thousand)
Income Statement
Gross revenue 352,226 439,332 24.7% 411,951 6.6%
Sale of points 309,715 379,447 22.5% 36...
38
(R$ thousand)
Balance Sheet
Assets 1,324,453 1,529,342 15.5% 1,426,657 7.2%
Current assets 1,224,355 1,437,166 17.4% 1,...
39
Liabilities and shareholders' equity 1,324,453 1,529,342 15.5% 1,426,657 7.2%
Current liabilities 1,137,577 1,378,760 2...
Thank you!
Contact IR Team
+55 11 5105-1847
invest@pontosmultiplus.com.br
www.pontosmultiplus.com.br/ir
Ronald Domingues
I...
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Investor Presentation - October

  1. 1. Investor Presentation October 2013
  2. 2. 2 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.
  3. 3. First mover We are pioneers in this industry in Brazil and we already have a strong partnership network, highlighting LATAM Airlines, all local banks and the joint venture with our international peer, AIMIA Group. 2 3 Track record Multiplus has already 3 years of proven focus on shareholders return with high dividend payouts. Moreover, we are continuously improving our governance structure following the best market practices. Early stages Brazilian loyalty industry has very low penetration, and presents solid growth drivers 1 4 Solid strategy Our business sustainability is based on network diversification, member engagement and value delivery to partners Four main reasons to be confident in Multiplus case
  4. 4. First mover We are pioneers in this industry in Brazil and we already have a strong partnership network, highlighting LATAM Airlines, all local banks and the joint venture with our international peer, AIMIA Group. 2 3 Track record Multiplus has already 3 years of proven focus on shareholders return with high dividend payouts. Moreover, we are continuously improving our governance structure following the best market practices. Early stages Brazilian loyalty industry has very low penetration, and presents solid growth drivers 1 4 Solid strategy Our business sustainability is based on network diversification, member engagement and value delivery to partners Four main reasons to be confident in Multiplus case
  5. 5. Brazilian loyalty industry is still in early stages 60,7% 43,8% 37,7% 28,9% 28,6% 24,1% 21,9% 19,5% 14,0% 12,9% 8,9% 5,2% 4,1% 3,5% 2,5% Penetration of loyalty programs in total population (%) Sources: loyalty programs websites and each country statistic data bureau (Updated in Dec/2012) High growth potential Average (ex-Multiplus): 22.2% 5
  6. 6. Multiple long term growth drivers Credit Card usage Expected double digit growth for next 3 years Only 35% of customers understands that they have enrolled in a bank loyalty program (vs. 31% in 2011) Consumption Possible high single digit growth for next 3 years Loyalty culture still in the early stages Air transportation Latin America is the second fastest growing region in RPK Average trips per capita is only 0.5in Brazil vs more than 2.0 in mature markets Wealth distribution A/B classes expected to reach 15% in 2014 (vs 7% in 2003) Multiplus network focus on A, B and C+ 6
  7. 7. Coalition model: an evolution from traditional loyalty scheme 7 Single Loyalty Scheme Traditional Coalition Loyalty Flexible Coalition Loyalty Commercial partners • Limited number of partners Members • Low accumulation power • Redemption option limited to airline tickets Commercial partners • Access to a broader consumer base • Limited capacity to attract new partners (loyalty program managed by Coalition Co.) Members • Better accumulation power • More redemption options Commercial partners • Access to a broader consumer base • More flexible structure is more appealing for new partners (especially those who already have an own loyalty program) Members • Better accumulation power • More redemption options Loyalty program managed by Coalition Co Loyalty program managed by Coalition Co Loyalty program managed by Partner
  8. 8. Sources of profit: coalition # of months ~100 24 3 2 points selling redemption unit revenue less unit cost spread1 CASH IN CASH OUT ~10 months float interest income point expiration breakage THREE SOURCES OF PROFIT 8
  9. 9. Sources of profit: analytics and proprietary loyalty 9 The consolidation of Prismah’s results is being done by the accounting process called equity method 50%50% Design and develop loyalty scheme for third-party Manage and perform on data analytics services Create incentive campaigns for third-party
  10. 10. First mover We are pioneers in this industry in Brazil and we already have a strong partnership network, highlighting LATAM Airlines, all local banks and the joint venture with our international peer, AIMIA Group. 2 3 Track record Multiplus has already 3 years of proven focus on shareholders return with high dividend payouts. Moreover, we are continuously improving our governance structure following the best market practices. Early stages Brazilian loyalty industry has very low penetration, and presents solid growth drivers 1 4 Solid strategy Our business sustainability is based on network diversification, member engagement and value delivery to partners Four main reasons to be confident in Multiplus case
  11. 11. 11 1993 Creation of TAM Fidelidade 2009 Spin-off from TAM Fidelidade Feb/2010 Multiplus’ IPO Oct/2011 Multiplus presents its new brand Nov/2011 Announcement of JV with AIMIA Dez/2012 Multiplus becomes one of TOP 100 most liquid stocks in Bovespa Aug/2010 New headquarters and IT loyalty platform Mar/2012 Multiplus reaches 200 partners Apr/2012 Multiplus reaches 10 mn members Mai/2013 launched the new‖ campaign on several media vehicles Jun/2013 Non-air redemptions reached 8% for the first time in a quarter Oct/2013 Improved corporate governance structure* Created from TAM Fidelidade, Multiplus has already three years of track record * To be voted in EGM
  12. 12. 12 Consistent network growth 8,0 9,4 10,9 11,6 2010 2011 2012 2013 Partners Members, in R$ million11.6 mn members can gather points from several programs in one single account 446 partners gain a powerful support acquiring and retaining clients Members (mn) 151 190 369 446 0 50 100 150 200 250 300 350 400 450 2010 2011 2012 2013 SMEs Main partners Total
  13. 13. 13 Strong partnership network Accrual partners Coalition partners Redemption partners
  14. 14. 14 Strategic long-term agreement with TAM Airlines 15 years agreement automatically renewable for additional 5-year periods Exclusive relationship Points per seat vary according to flight fare with 100% availability, improving Multiplus competitive advantage up to 360 days before flight date fee exemptions, lowered points requirement, complimentary upgrades and up to 100% bonus points High recognition to premium clients High flexibility Superior frequent flyer program lower earn-to-burn ratios redemptions via TAM, LAN and their airline partners Wide redemption window
  15. 15. 15 Solid relationship with banks bonus points per each new credit card activated Targeted redemption offers 1 Activation bonus points according to the volume of points transferred segmented offers to engage an specific member group 2 Spending 3 Targeting
  16. 16. First mover We are pioneers in this industry in Brazil and we already have a strong partnership network, highlighting LATAM Airlines, all local banks and the joint venture with our international peer, AIMIA Group. 2 3 Track record Multiplus has already 3 years of proven focus on shareholders return with high dividend payouts. Moreover, we are continuously improving our governance structure following the best market practices. Early stages Brazilian loyalty industry has very low penetration, and presents solid growth drivers 1 4 Solid strategy Our business sustainability is based on network diversification, member engagement and value delivery to partners Four main reasons to be confident in Multiplus case
  17. 17. 17 Gross Billings (BRL mn) Points issued (bn) 1.119 1.525 1.871 1.976 2010 2011 2012 LTM Jun 13 53,2 76,2 85,2 85,9 2010 2011 2012 LTM Jun 13 Sales growth: consistent track record
  18. 18. 18 Cash generation and shareholders’ return FCF* (BRL mn) Dividends and Interest on own capital (BRL mn) 589,0 460,6 489,4 376,3 2010 2011 2012 LTM Jun 13 112,3 861,3 222,4 166,2 2010 2011 2012 LTM Jun 13 *Excluding Dividends, Interest on Capital and variations of Prepaid Expenses and Capital (2012 and 2013 are adjusted with R$ 71.3 of anticipated settlement in Accounts Payable) More than BRL 1 billion already distributed since the IPO *Including a BRL 600 million capital reduction *
  19. 19. 19 High corporate governance standards If rejected The proposal needs unanimity Board approval Special Committee Independent members Related Parties Subjects If approved The proposal needs majority Board approval Novo Mercado (New Market)1 100% tag along rights2 Ordinary share only3 30% of independent board members4 Special Committee*5 Special Committee: Audit, Finance, Governance and Related Parties Committee * To be voted in EGM
  20. 20. First mover We are pioneers in this industry in Brazil and we already have a strong partnership network, highlighting LATAM Airlines, all local banks and the joint venture with our international peer, AIMIA Group. 2 3 Track record Multiplus has already 3 years of proven focus on shareholders return with high dividend payouts. Moreover, we are continuously improving our governance structure following the best market practices. Early stages Brazilian loyalty industry has very low penetration, and presents solid growth drivers 1 4 Solid strategy Our business sustainability is based on network diversification, member engagement and value delivery to partners Four main reasons to be confident in Multiplus case
  21. 21. 21 Diversification goals 92% 8% Current Air Tickets Others 20% 3% 77% Current TAM Retail, Industry and Services Banks Note: based 2Q13 Long term target Long term target 10 to 15% 20 to 25% Points redeemed Points sold Increased retail share will help to sustain margins and improve members engagement Non-air redemptions growth supports unit cost control and member experience improvement
  22. 22. 22 Breakage rate: gradual decline as expected while non-air redemptions becomes robust 0,03 0,06 0,07 0,09 0,10 0,25 0,43 0,56 0,61 0,62 1,06 1,25 0,84 1,15 22,6% 23,0% 22,6% 22,6% 23,0% 23,3% 24,0% 24,1% 23,4% 22,5% 22,0% 21,3% 19,9% 19,6% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Non-air redemptions x breakage rate (bn points & %)
  23. 23. 23 Generate value to members and partners will sustain growth Branding, Innovation and Knowledge Sustainable Growth Adding value to partners • sales increase • lower retention costs • vacancy management • new business insights based on client data and behavior • develop loyalty schemes • data analytics services • Incentive campaigns Creating a good member experience • broad network • targeted offers • fair pricing • recognition • user friendly e-commerce platform • mobile applications
  24. 24. 24 Adding value to partners: sales increase
  25. 25. 25 Adding value to partners: vacancy management
  26. 26. 26 Adding value to partners: vacancy management
  27. 27. 27 Redemptions turn people more interested in collecting points Sample A members collect about 60% more points than Sample B members during 12 months following redemption date Sample A Sample B redemption no redemption Sample A and B members with same accrual behavior Measuring accrual gap after redemption date Note: CRM analysis based on Multiplus‘ 2011-2012 data
  28. 28. 28 Creating a good member experience: fair pricing Multiplus 69,400 Program B 75,647 Program C 81,800 Program D 98,400 Program E 115,800 32-Inch LED TV Dec/2012 Program C 71,700 Program B 48,600 Multiplus 35,900 Wine cellar Dec/2012
  29. 29. 29 Segmented offers by a balance of points generates attractiveness sending offers increases in approximately 30%the amount of points redeemed within 3 days following the sending (vs. average) And contributes to the activation rate of members
  30. 30. 30 Communication from the amount of points to expire generates engagement 35% increase in the number of members who joined the offers vs control group
  31. 31. 31 Branding the emotional concept Using Multiplus you can accumulate points from different loyalty programs in a single account Redeem your points to have moments you would never put on sale Emotional as of Oct/2012 Functional Jan/2010 ~ Oct/2012 Online media Channels Strategy Radio spots Partner channelsPress media
  32. 32. 32 Campaign: “Points you collect, moments you will never forget”
  33. 33. Appendix
  34. 34. 34 New air-ticket redemption model: Member experience and business sustainability 4 Attractiveness of the redemption offers 360 days window and more promotional offers 1 Stability of unit cost The cap and floor ensure a maximum variation of 5% in unit cost 3 Natural hedge The international airline tickets are denominated in U.S. dollars 2 Alignment of interests with the airline Number of points per seat based on classes Effective since June 2013
  35. 35. 35 New pricing model methodologyUnitcost(R$) Jun/2013 ~Aug/2014 Cap Floor Previous model Setup period New pricing model Today • Multiplus pays discounted market price per seat • 5% cap and floor protect margin and guarantee business sustainability • Data gathering of fares available at redemption moment • Discount measurement • Unit cost set according to a combination of TAM’s marginal cost and revenue displacement • Short term fluctuations due to TAM’s promotional activity Average Air tickets market price Discounted market price Long haul and South America flights priced in USD 12 months data gathering Multiplus` implicit discount ILLUSTRATIVE
  36. 36. 36 (R$ thousand) Income Statement Gross revenue 352,226 439,332 24.7% 411,951 6.6% Sale of points 309,715 379,447 22.5% 360,369 5.3% TAM Airlines 47,138 40,838 -13.4% 40,808 0.1% Banks, Retail, Industry and Services 262,577 338,609 29.0% 319,561 6.0% Breakage 42,664 64,532 51.3% 54,983 17.4% Hedge (963) (5,457) 466.6% (4,211) 29.6% Other revenues 810 810 0.0% 810 0.0% Taxes on sales (32,710) (40,767) 24.6% (38,538) 5.8% Net Revenue 319,515 398,565 24.7% 373,413 6.7% Cost of the points redeemed (236,592) (286,634) 21.2% (274,619) 4.4% Air tickets (228,154) (270,388) 18.5% (264,076) 2.4% Other products / services (8,438) (16,246) 92.5% (10,544) 54.1% Total cost of services rendered (236,592) (286,634) 21.2% (274,619) 4.4% Equity Share on Results from Investments in JV - (1,703) N.A. (2,431) -29.9% Gross Profit 82,923 110,228 32.9% 96,363 14.4% Gross Margin 26.0% 27.7% 1.7p.p. 25.8% 1.9p.p. 2Q12 2Q13 2Q13 vs 2Q12 1Q13 2Q13 vs 1Q13 Income statement (1/2)
  37. 37. 37 (R$ thousand) Income Statement Gross revenue 352,226 439,332 24.7% 411,951 6.6% Sale of points 309,715 379,447 22.5% 360,369 5.3% TAM Airlines 47,138 40,838 -13.4% 40,808 0.1% Banks, Retail, Industry and Services 262,577 338,609 29.0% 319,561 6.0% Breakage 42,664 64,532 51.3% 54,983 17.4% Hedge (963) (5,457) 466.6% (4,211) 29.6% Other revenues 810 810 0.0% 810 0.0% Taxes on sales (32,710) (40,767) 24.6% (38,538) 5.8% Net Revenue 319,515 398,565 24.7% 373,413 6.7% Cost of the points redeemed (236,592) (286,634) 21.2% (274,619) 4.4% Air tickets (228,154) (270,388) 18.5% (264,076) 2.4% Other products / services (8,438) (16,246) 92.5% (10,544) 54.1% Total cost of services rendered (236,592) (286,634) 21.2% (274,619) 4.4% Equity Share on Results from Investments in JV - (1,703) N.A. (2,431) -29.9% Gross Profit 82,923 110,228 32.9% 96,363 14.4% Gross Margin 26.0% 27.7% 1.7p.p. 25.8% 1.9p.p. 2Q12 2Q13 2Q13 vs 2Q12 1Q13 2Q13 vs 1Q13 Shared services (1,907) (473) -75.2% (1,907) -75.2% Personnel expenses (11,467) (11,964) 4.3% (10,806) 10.7% Marketing (3,406) (6,404) 88.0% (1,943) 229.6% Depreciation (2,203) (1,978) -10.2% (1,861) 6.3% Other (17,089) (16,539) -3.2% (17,836) -7.3% Total Operating Expenses (36,071) (37,359) 3.6% (34,353) 8.8% Total Costs and Operating Expenses (272,663) (325,695) 19.4% (311,403) 4.6% Operating Income 46,852 72,869 55.5% 62,010 17.5% Operating Margin 14.7% 18.3% 3.6p.p. 16.6% 1.7p.p. Financial Income/Expenses 21,032 17,880 -15.0% 11,788 51.7% Hedge (1,004) (7,972) 694.4% (2,939) 171.2% Income before income tax and social contribution 66,881 82,777 23.8% 70,859 16.8% Income tax and social contribution (23,614) (25,342) 7.3% (24,009) 5.6% Net Income 43,267 57,434 32.7% 46,850 22.6% Net Margin 13.5% 14.4% 0.9p.p. 12.5% 1.9p.p. Income statement (2/2)
  38. 38. 38 (R$ thousand) Balance Sheet Assets 1,324,453 1,529,342 15.5% 1,426,657 7.2% Current assets 1,224,355 1,437,166 17.4% 1,349,757 6.5% Cash and cash equivalentes 1,188 3,410 187.0% 3,492 -2.4% Financial assets at fair value through profit and loss 876,811 747,623 -14.7% 709,964 5.3% Financial assets held-to-maturity 161,364 12,782 -92.1% - N.A. Accounts receivable 144,308 215,802 49.5% 170,073 26.9% Deferred income tax and social contribution 3,388 5,269 55.5% - N.A. Related Parties 21,928 429,630 1859.3% 433,071 -0.8% Derivative instruments - - N.A. - N.A. Prepaid expenses 4,311 - -100.0% - N.A. Other receivables 11,057 22,650 104.8% 33,156 -31.7% Non-current assets 100,098 92,176 -7.9% 76,900 19.9% Financial assets - bank deposits - - N.A. - N.A. Financial assets held-to-maturity 11,866 - -100.0% - N.A. Deferred income tax 25,958 16,008 -38.3% 8,625 85.6% Derivative financial instruments 66 - -100.0% 550 -100.0% Other accounts receivable 14,256 5,293 -62.9% 6,821 -22.4% Investments - 11,263 N.A. 1,937 481.3% Property, plant and equipment 2,312 3,951 70.9% 3,208 23.2% Intangible assets 45,640 55,661 22.0% 55,758 -0.2% Related Parties - - N.A. - N.A. 2Q12 2Q13 2Q13 vs 2Q12 1Q13 2Q13 vs 1Q13 Balance sheet: assets
  39. 39. 39 Liabilities and shareholders' equity 1,324,453 1,529,342 15.5% 1,426,657 7.2% Current liabilities 1,137,577 1,378,760 21.2% 1,282,334 7.5% Suppliers 116,956 151,022 29.1% 122,751 23.0% Salaries and payroll taxes 5,281 9,509 80.1% 7,979 19.2% Tax, charges and contributions 4,760 3,963 -16.7% 610 549.9% Income and social contribution tax 13,393 12,523 -6.5% 23,921 -47.6% Interest on own capital and dividends - - N.A. - N.A. Derivative financial instruments 38,498 34,870 -9.4% 14,823 135.2% Deferred revenue 813,535 1,022,699 25.7% 964,864 6.0% Breakage liabilities 134,073 136,676 1.9% 137,748 -0.8% Other liabilities 11,081 7,498 -32.3% 9,639 -22.2% Dividends payable - - N.A. - N.A. Non-current liabilities 26,091 107 -99.6% - N.A. Related parties - - N.A. - N.A. Derivative financial instruments 26,091 - -100.0% - N.A. Deferred revenue - 107 N.A. - N.A. Equity 160,785 150,475 -6.4% 144,323 4.3% Share capital 93,722 102,886 9.8% 102,887 0.0% Capital reserve (6,631) (996) -85.0% (2,520) -60.5% Earnings reserve 18,744 20,577 9.8% 20,577 0.0% Carrying value adjustments (49,903) (31,570) -36.7% (23,472) 34.5% Retained Earnings (loss) 104,853 59,578 -43.2% 46,850 27.2% (R$ thousand) Balance Sheet Assets 1,324,453 1,529,342 15.5% 1,426,657 7.2% Current assets 1,224,355 1,437,166 17.4% 1,349,757 6.5% Cash and cash equivalentes 1,188 3,410 187.0% 3,492 -2.4% Financial assets at fair value through profit and loss 876,811 747,623 -14.7% 709,964 5.3% Financial assets held-to-maturity 161,364 12,782 -92.1% - N.A. Accounts receivable 144,308 215,802 49.5% 170,073 26.9% Deferred income tax and social contribution 3,388 5,269 55.5% - N.A. Related Parties 21,928 429,630 1859.3% 433,071 -0.8% Derivative instruments - - N.A. - N.A. Prepaid expenses 4,311 - -100.0% - N.A. Other receivables 11,057 22,650 104.8% 33,156 -31.7% Non-current assets 100,098 92,176 -7.9% 76,900 19.9% Financial assets - bank deposits - - N.A. - N.A. Financial assets held-to-maturity 11,866 - -100.0% - N.A. Deferred income tax 25,958 16,008 -38.3% 8,625 85.6% Derivative financial instruments 66 - -100.0% 550 -100.0% Other accounts receivable 14,256 5,293 -62.9% 6,821 -22.4% Investments - 11,263 N.A. 1,937 481.3% Property, plant and equipment 2,312 3,951 70.9% 3,208 23.2% Intangible assets 45,640 55,661 22.0% 55,758 -0.2% Related Parties - - N.A. - N.A. 2Q12 2Q13 2Q13 vs 2Q12 1Q13 2Q13 vs 1Q13 Balance sheet: liabilities and shareholders' equity
  40. 40. Thank you! Contact IR Team +55 11 5105-1847 invest@pontosmultiplus.com.br www.pontosmultiplus.com.br/ir Ronald Domingues Ivan Bonfanti Filipe Scalco Fernanda Camiña

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