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Multiplus apresentacao 2_t13_eng


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Multiplus apresentacao 2_t13_eng

  1. 1. 2Q13 Earnings Release August 9, 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. 2
  3. 3. 3 R$ growth in non-air redemptions vs 2Q12 growth in Gross Billings vs 2Q12 R$57.4 9.6% million in net income 33% growth vs 2Q12 million members 15% growth vs 2Q12 11.6 2Q13 Highlights 3 84.4%
  4. 4. 4 We reached 446 partners (coalition, accrual and redemption) More than 11.6 million members 207 230 369 383 446 0 50 100 150 200 250 300 350 400 450 2Q12 3Q12 4Q12 1Q13 2Q13 SMEs Main partners Total 10,1 10,5 10,9 11,3 11,6 2Q12 3Q12 4Q12 1Q13 2Q13 Number of partners Members, in mln Network growth 4 NOTE: SMEs refers to small and medium sized enterprises
  5. 5. 5 5 4 Attractiveness of the redemption offers 360 days window and more promotional offers 1 Stability of unit cost The cap and floor ensure a maximum variation of 5% in unit cost 3 Natural hedge The international airline tickets are denominated in U.S. dollars 2 Alignment of interests with the airline Number of points per seat based on classes New model: member experience and business sustainability
  6. 6. 6 6 40 days earlier vs 28 days in old model Bra 80 days earlier vs 45 days in old model S. Am 100 days earlier vs 60 days in old model Int. New model: positive member reaction *Data from may 2103 vs jun 2013
  7. 7. 7 7 Domestic flights jun/2012 jun/2013 ~10% International flights jun/2012 jun/2013 ~20% New model: positive member reaction Number of redemptions
  8. 8. 8 319,5 378,4 430,9 373,4 398,6 14,5 16,7 19,4 15,9 16,4 2Q12 3Q12 4Q12 1Q13 2Q13 Net Revenue Points Redeemed R$ 398.6 mln in Net RevenueR$ 500.9 mln in Gross Billings 457,1 491,4 492,0 492,1 500,9 2Q12 3Q12 4Q12 1Q13 2Q13 R$ mln & bln pointsR$ mln Solid Gross Billings growth 8
  9. 9. 9 Breakage rate: gradual decline as expected 12 months average, in % 22,5% 22,0% 21,0% 19,9% 19,6% 2Q12 3Q12 4Q12 1Q13 2Q13 Non-air redemptions reached a record level in 2Q13 0,6% 1,5% 2,6% 2,9% 4,0% 4,3% 6,3% 6,4% 5,3% 7,0% 1Q11 4Q11 3Q12 2Q13 Non-air redemptions, in % Gradual breakage decline besides non-air redemptions increase 9
  10. 10. 10 R$ 91.6 mln in FCF* R$ 57.4 mln in Net Income 129,8 124,5 79,0 100,8 91,6 2Q12 3Q12 4Q12 1Q13 2Q13 43,3 66,6 52,9 46,8 57,4 2Q12 3Q12 4Q12 1Q13 2Q13 RS mln R$ mln *Excluding Dividends, Interest on Capital and variations of Prepaid Expenses and Capital (4Q12 and 1Q13 are adjusted with R$ 71.3 of anticipated settlement in Accounts Payable) Delivering Results 10
  11. 11. 11 DividendsPre-purchase of air tickets Maximizing Shareholders Return 11 112,3 861,3 222,4 99,1 2010 2011 2012 1H13 *2011 includes a R$ 600 million capital reduction R$ 408.9 million Balance in Jun/2013 Multiplus’ board of directors approved a R$ 500 million fixed limit for pre-purchase of air tickets until 2013
  12. 12. Thank you! Contact IR Team +55 11 5105 1847