2014 08 20 investor presentation (en)
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Transcript of 2014 08 20 investor presentation (en)
Investor Presentation August 2014
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.
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 4
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
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 4
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
Brazilian loyalty industry is still in early stages
53,9%
25,3% 24,2% 20,9% 20,5%
14,4%
7,3% 6,3% 6,1% 4,8% 2,4%
Penetration of loyalty programs in total population (%)
Sources: loyalty programs websites and each country statistic data bureau (Updated in Jan/2014)
High growth potential
Average (ex-Multiplus): 18%
5
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 0.5 in
Brazil vs more than 3.0 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
Sources of profit: coalition
# of months ~10 0 24
3
2
points selling redemption
unit revenue less unit cost
spread 1
CASH IN CASH OUT ~10 months float
interest income
point expiration
breakage
THREE SOURCES OF PROFIT
7
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 4
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
9
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
four years of track record
Mar/2014 Multiplus mobile app for IOS and Android
10
Consistent network growth
9,4
10,9
12,2
11.6
12.9
2011 2012 2013 2Q13 2Q14
Partners
12.9 mn members can gather
points from several programs in
one single account
477 partners gain a powerful
support acquiring and retaining
clients
Members (mn)
190
369
472 446
477
2011 2012 2013 2Q13 2Q14
Note: based 2Q14
Strong partnership network
Accrual partners Coalition partners Redemption partners
11
12
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
13
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
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 4
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
1.119
1.525
1.871 2.009
501 472
2010 2011 2012 2013 2Q13 2Q14
15
Gross Billings (BRL mn) Points issued (bn)
53,2
76,2
85,2 83,7
21.0 19.8
2010 2011 2012 2013 2Q13 2Q14
Sales growth: consistent track record
16
Net Revenue (R$ mm) Net income (mm)
Financial Results
470
1.247
1.476
1.651
399 472
2010 2011 2012 2013 2Q13 2Q14
118,4
274,2
224,3 232,1
57.2 80.1
2010 2011 2012 2013 2Q13 2Q14
41.6% 32.5% 25.8% 25.7% 27.6% 31.2%
Gross margin Net margin
25.2% 22.0% 15.2% 14.1% 14.4% 19.2%
17
Cash generation and shareholders’ return
FCF* (BRL mn) Dividends and Interest
on own capital (BRL mn)
589,0
460,6 418,1
452,6
88.6 71.9
2010 2011 2012 2013 2Q13 2Q14
112,3
861,3
222,4 232,0
44.5 70,9
2010 2011 2012 2013 2Q13 2Q14
*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 1.4 billion already distributed since the IPO
*Including a BRL 600 million capital reduction
*
18
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 rights 2
Ordinary share only 3
30% of independent board members 4
Special Committee 5 Special Committee: Audit, Finance, Governance and Related Parties Committee
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 4
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
Long term strategy
20
Solid strategy in force to the
business growth
Network diversification
Better experience and
more engagement
with members
Anticipate members
behaviour (CRM, analysis of customer
profiles)
Focus on adding value to
comercial partners
Redemptions diversification,
leading to higher margins
Clear prioritization of
segments
21
Diversification goals
89% 11%
Current
Air Tickets Others
20%
4%
76%
Current
TAM Retail, Industry and Services Banks
Note: LTM based on 2Q14
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
Breakage rate (%)
22.6% 24.1%
21.0%
18.5% 19.6%
17.9%
2010 2011 2012 2013 2Q13 2Q14
Non-air redemptions (%)
Breakage rate: gradual decline as expected while
non-air redemptions becomes robust
0.4%
2.1%
5.4%
9.2%
7.0%
10.7%
2010 2011 2012 2013 2Q13 2Q14
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
More than 80% of the costumers prefer to shop in Loyalty Programs
Source: Research made by Technology Advice, in EUA
82.4%
17.6%
Don’t consider relevant
Adding value to partners: sales increase
25
Adding value to partners: vacancy management
26
Adding value to partners: vacancy management
27
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
28
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
29
Communication from the amount of points to expire
generates engagement
35% increase in the
number of members who joined the offers vs control group
1
30
Branding a new concept
Emotional as of Oct/2012
Functional Jan/2010 ~ Oct/2012
Strategy
You don't know what you're winning
Value to members
31
Simplified authentification process during redemption
“Resgates Incríveis”
Reminder of air tickets availability through social media
Improvement of costumer satisfaction in our Call Center
Points purchase
Points renewal
Points transfer
New products
Unforgettable Redemptions
Awards
32
First place as the most innovative company in the loyalty sector
First place as the biggest dividends payer in 2013 *
Total dividendo paid related to equity = 151% *
Second place as the best company of wealth creation per employee
Third place as the most profitable company (profitability over equity)
CardMonitor: Better coalition program in Brazil, from the cardholders
Appendix
34
Income statement (1/2)
(R$ thousand)
Income Statement 1H14 1H13 Var %
Gross revenue 460,464 486,698 -5.4% 439,332 4.8% 947,162 851,282 11.3%
Sale of points 384,678 426,042 -9.7% 379,447 1.4% 810,719 739,815 9.6%
TAM Airlines 33,707 36,906 -8.7% 40,838 -17.5% 70,613 81,646 -13.5%
Banks, Retail, Industry and Services 350,970 389,136 -9.8% 338,609 3.7% 740,106 658,170 12.4%
Breakage 80,159 70,333 14.0% 64,532 24.2% 150,493 119,515 25.9%
Hedge (4,373) (9,677) -54.8% (5,457) -19.9% (14,050) (9,668) 45.3%
Other revenues - - - 810 -100.0% - 1,620 -100.0%
Taxes on sales (43,068) (46,014) -6.4% (40,767) 5.6% (89,083) (79,305) 12.3%
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
Total Operating Expenses (42,213) (36,668) 15.1% (37,558) 12.4% (78,881) (71,910) 9.7%
Total Costs and Operating Expenses (329,219) (355,773) -7.5% (325,894) 1.0% (684,991) (637,297) 7.5%
Operating Income 88,177 84,911 3.8% 72,670 21.3% 173,087 134,681 28.5%
Operating Margin 21.1% 19.3% 1.9p.p. 18.2% 2.9p.p. 20.2% 17.4% 2.7p.p.
Financial Income/Expenses 32,773 32,130 2.0% 17,880 83.3% 64,903 29,668 118.8%
Hedge - (2,113) -100.0% (7,972) -100.0% (2,113) (10,912) -80.6%
Income before income tax and social
contribution120,950 114,928 5.2% 82,578 46.5% 235,878 153,436 53.7%
Income tax and social contribution (40,894) (40,326) 1.4% (25,342) 61.4% (81,220) (49,351) 64.6%
Net Income 80,055 74,602 7.3% 57,235 39.9% 154,658 104,085 48.6%
Net Margin 19.2% 16.9% 2.3p.p. 14.4% 4.8p.p. 18.0% 13.5% 4.5p.p.
2Q132Q14 Var %1Q14 Var %
35
Income statement (2/2)
(R$ thousand)
Income Statement 1H14 1H13 Var %
Gross revenue 460,464 486,698 -5.4% 439,332 4.8% 947,162 851,282 11.3%
Sale of points 384,678 426,042 -9.7% 379,447 1.4% 810,719 739,815 9.6%
TAM Airlines 33,707 36,906 -8.7% 40,838 -17.5% 70,613 81,646 -13.5%
Banks, Retail, Industry and Services 350,970 389,136 -9.8% 338,609 3.7% 740,106 658,170 12.4%
Breakage 80,159 70,333 14.0% 64,532 24.2% 150,493 119,515 25.9%
Hedge (4,373) (9,677) -54.8% (5,457) -19.9% (14,050) (9,668) 45.3%
Other revenues - - - 810 -100.0% - 1,620 -100.0%
Taxes on sales (43,068) (46,014) -6.4% (40,767) 5.6% (89,083) (79,305) 12.3%
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
Total Operating Expenses (42,213) (36,668) 15.1% (37,558) 12.4% (78,881) (71,910) 9.7%
Total Costs and Operating Expenses (329,219) (355,773) -7.5% (325,894) 1.0% (684,991) (637,297) 7.5%
Operating Income 88,177 84,911 3.8% 72,670 21.3% 173,087 134,681 28.5%
Operating Margin 21.1% 19.3% 1.9p.p. 18.2% 2.9p.p. 20.2% 17.4% 2.7p.p.
Financial Income/Expenses 32,773 32,130 2.0% 17,880 83.3% 64,903 29,668 118.8%
Hedge - (2,113) -100.0% (7,972) -100.0% (2,113) (10,912) -80.6%
Income before income tax and social
contribution120,950 114,928 5.2% 82,578 46.5% 235,878 153,436 53.7%
Income tax and social contribution (40,894) (40,326) 1.4% (25,342) 61.4% (81,220) (49,351) 64.6%
Net Income 80,055 74,602 7.3% 57,235 39.9% 154,658 104,085 48.6%
Net Margin 19.2% 16.9% 2.3p.p. 14.4% 4.8p.p. 18.0% 13.5% 4.5p.p.
2Q132Q14 Var %1Q14 Var %
(R$ thousand)
Income Statement 1H14 1H13 Var %
Gross revenue 460,464 486,698 -5.4% 439,332 4.8% 947,162 851,282 11.3%
Sale of points 384,678 426,042 -9.7% 379,447 1.4% 810,719 739,815 9.6%
TAM Airlines 33,707 36,906 -8.7% 40,838 -17.5% 70,613 81,646 -13.5%
Banks, Retail, Industry and Services 350,970 389,136 -9.8% 338,609 3.7% 740,106 658,170 12.4%
Breakage 80,159 70,333 14.0% 64,532 24.2% 150,493 119,515 25.9%
Hedge (4,373) (9,677) -54.8% (5,457) -19.9% (14,050) (9,668) 45.3%
Other revenues - - - 810 -100.0% - 1,620 -100.0%
Taxes on sales (43,068) (46,014) -6.4% (40,767) 5.6% (89,083) (79,305) 12.3%
Net Revenue 417,395 440,684 -5.3% 398,565 4.7% 858,079 771,978 11.2%
Cost of the points redeemed (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Air tickets (258,364) (296,710) -12.9% (270,388) -4.4% (555,075) (534,464) 3.9%
Other products / services (27,197) (20,370) 33.5% (16,246) 67.4% (47,567) (26,789) 77.6%
Total cost of services rendered (285,562) (317,080) -9.9% (286,634) -0.4% (602,642) (561,253) 7.4%
Equity Share on Results from Investments (1,443) (2,025) -28.7% (1,703) -15.3% (3,468) (4,134) -16.1%
Gross Profit 130,390 121,578 7.2% 110,228 18.3% 251,969 206,591 22.0%
Gross Margin 31.2% 27.6% 3.7p.p. 27.7% 3.6p.p. 29.4% 26.8% 2.6p.p.
Shared services (779) (811) -3.9% (473) 64.5% (1,590) (2,380) -33.2%
Personnel expenses (12,333) (12,415) -0.7% (11,964) 3.1% (24,747) (22,770) 8.7%
Marketing (8,055) (5,172) 55.7% (6,404) 25.8% (13,227) (8,347) 58.5%
Depreciation (4,385) (3,416) 28.3% (1,978) 121.7% (7,801) (3,839) 103.2%
Other (16,662) (14,854) 12.2% (16,738) -0.5% (31,516) (34,574) -8.8%
Total Operating Expenses (42,213) (36,668) 15.1% (37,558) 12.4% (78,881) (71,910) 9.7%
Total Costs and Operating Expenses (329,219) (355,773) -7.5% (325,894) 1.0% (684,991) (637,297) 7.5%
Operating Income 88,177 84,911 3.8% 72,670 21.3% 173,087 134,681 28.5%
Operating Margin 21.1% 19.3% 1.9p.p. 18.2% 2.9p.p. 20.2% 17.4% 2.7p.p.
Financial Income/Expenses 32,773 32,130 2.0% 17,880 83.3% 64,903 29,668 118.8%
Hedge - (2,113) -100.0% (7,972) -100.0% (2,113) (10,912) -80.6%
Income before income tax and social
contribution120,950 114,928 5.2% 82,578 46.5% 235,878 153,436 53.7%
Income tax and social contribution (40,894) (40,326) 1.4% (25,342) 61.4% (81,220) (49,351) 64.6%
Net Income 80,055 74,602 7.3% 57,235 39.9% 154,658 104,085 48.6%
Net Margin 19.2% 16.9% 2.3p.p. 14.4% 4.8p.p. 18.0% 13.5% 4.5p.p.
2Q132Q14 Var %1Q14 Var %
36
Balance sheet: assets
(R$ thousand)
Balance Sheet Var % Var %
Assets 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current assets 1,490,189 1,511,757 -1.4% 1,437,166 3.7%
Cash and cash equivalentes 3,127 3,112 0.5% 3,410 -8.3%
Financial assets at fair value through profit and loss 1,290,665 1,288,944 0.1% 747,623 72.6%
Financial assets held-to-maturity - - - 12,782 -100.0%
Accounts receivable 132,259 172,666 -23.4% 215,802 -38.7%
Deferred income tax and social contribution 9,488 10,612 -10.6% 5,269 80.1%
Related Parties 34,875 17,662 97.5% 429,630 -91.9%
Current account - 17,662 -100.0% 19,590 -100.0%
Prepaid expenses - - - 410,040 -100.0%
Derivative instruments - - - - -
Advances to suppliers 6,300 6,376 -1.2% - -
Other receivables 13,475 12,385 8.8% 22,650 -40.5%
Non-current assets 103,092 103,754 -0.6% 92,176 11.8%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current liabilities 1,382,854 1,418,313 -2.5% 1,378,760 0.3%
Suppliers 123,575 160,053 -22.8% 151,022 -18.2%
Salaries and payroll taxes 11,846 10,345 14.5% 9,509 24.6%
Tax, charges and contributions 2,466 5,423 -54.5% 3,963 -37.8%
Income and social contribution tax 7,583 14,848 -48.9% 12,523 -39.4%
Interest on own capital and dividends - - - - -
Derivative financial instruments - - - 34,870 -100.0%
Deferred revenue 1,066,245 1,072,284 -0.6% 1,022,699 4.3%
Breakage liabilities 165,100 152,329 8.4% 136,676 20.8%
Other liabilities 6,039 3,030 99.3% 7,498 -19.5%
Dividends payable - - - - -
Non-current liabilities 77 83 -7.2% 107 -28.0%
Related parties - - - - -
Derivative financial instruments - - - - -
Deferred revenue 77 83 -7.2% 107 -28.0%
Equity 210,350 197,115 6.7% 150,475 39.8%
Share capital 105,966 105,334 0.6% 102,886 3.0%
Capital reserve 2,350 1,948 20.6% (996) -335.9%
Earnings reserve 104,483 95,300 9.6% 20,577 407.8%
Carrying value adjustments (2,449) (5,467) -55.2% (31,570) -92.2%
Retained Earnings (loss) - - - 59,578 -100.0%
3/31/20136/30/2014 3/31/2014
37
Balance sheet: liabilities and shareholders' equity
(R$ thousand)
Balance Sheet Var % Var %
Assets 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current assets 1,490,189 1,511,757 -1.4% 1,437,166 3.7%
Cash and cash equivalentes 3,127 3,112 0.5% 3,410 -8.3%
Financial assets at fair value through profit and loss 1,290,665 1,288,944 0.1% 747,623 72.6%
Financial assets held-to-maturity - - - 12,782 -100.0%
Accounts receivable 132,259 172,666 -23.4% 215,802 -38.7%
Deferred income tax and social contribution 9,488 10,612 -10.6% 5,269 80.1%
Related Parties 34,875 17,662 97.5% 429,630 -91.9%
Current account - 17,662 -100.0% 19,590 -100.0%
Prepaid expenses - - - 410,040 -100.0%
Derivative instruments - - - - -
Advances to suppliers 6,300 6,376 -1.2% - -
Other receivables 13,475 12,385 8.8% 22,650 -40.5%
Non-current assets 103,092 103,754 -0.6% 92,176 11.8%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current liabilities 1,382,854 1,418,313 -2.5% 1,378,760 0.3%
Suppliers 123,575 160,053 -22.8% 151,022 -18.2%
Salaries and payroll taxes 11,846 10,345 14.5% 9,509 24.6%
Tax, charges and contributions 2,466 5,423 -54.5% 3,963 -37.8%
Income and social contribution tax 7,583 14,848 -48.9% 12,523 -39.4%
Interest on own capital and dividends - - - - -
Derivative financial instruments - - - 34,870 -100.0%
Deferred revenue 1,066,245 1,072,284 -0.6% 1,022,699 4.3%
Breakage liabilities 165,100 152,329 8.4% 136,676 20.8%
Other liabilities 6,039 3,030 99.3% 7,498 -19.5%
Dividends payable - - - - -
Non-current liabilities 77 83 -7.2% 107 -28.0%
Related parties - - - - -
Derivative financial instruments - - - - -
Deferred revenue 77 83 -7.2% 107 -28.0%
Equity 210,350 197,115 6.7% 150,475 39.8%
Share capital 105,966 105,334 0.6% 102,886 3.0%
Capital reserve 2,350 1,948 20.6% (996) -335.9%
Earnings reserve 104,483 95,300 9.6% 20,577 407.8%
Carrying value adjustments (2,449) (5,467) -55.2% (31,570) -92.2%
Retained Earnings (loss) - - - 59,578 -100.0%
3/31/20136/30/2014 3/31/2014
(R$ thousand)
Balance Sheet Var % Var %
Assets 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current assets 1,490,189 1,511,757 -1.4% 1,437,166 3.7%
Cash and cash equivalentes 3,127 3,112 0.5% 3,410 -8.3%
Financial assets at fair value through profit and loss 1,290,665 1,288,944 0.1% 747,623 72.6%
Financial assets held-to-maturity - - - 12,782 -100.0%
Accounts receivable 132,259 172,666 -23.4% 215,802 -38.7%
Deferred income tax and social contribution 9,488 10,612 -10.6% 5,269 80.1%
Related Parties 34,875 17,662 97.5% 429,630 -91.9%
Current account - 17,662 -100.0% 19,590 -100.0%
Prepaid expenses - - - 410,040 -100.0%
Derivative instruments - - - - -
Advances to suppliers 6,300 6,376 -1.2% - -
Other receivables 13,475 12,385 8.8% 22,650 -40.5%
Non-current assets 103,092 103,754 -0.6% 92,176 11.8%
Financial assets - bank deposits - - - - -
Financial assets held-to-maturity - - - - -
Deferred income tax 829 1,852 -55.2% 16,008 -94.8%
Derivative financial instruments - - - - -
Other accounts receivable 27 24 12.5% 5,293 -99.5%
Investments 3,615 5,058 -28.5% 11,263 -67.9%
Property, plant and equipment 14,795 9,231 60.3% 3,951 274.4%
Intangible assets 83,826 87,589 -4.3% 55,661 50.6%
Related Parties - - - - -
Liabilities and shareholders' equity 1,593,281 1,615,511 -1.4% 1,529,342 4.2%
Current liabilities 1,382,854 1,418,313 -2.5% 1,378,760 0.3%
Suppliers 123,575 160,053 -22.8% 151,022 -18.2%
Salaries and payroll taxes 11,846 10,345 14.5% 9,509 24.6%
Tax, charges and contributions 2,466 5,423 -54.5% 3,963 -37.8%
Income and social contribution tax 7,583 14,848 -48.9% 12,523 -39.4%
Interest on own capital and dividends - - - - -
Derivative financial instruments - - - 34,870 -100.0%
Deferred revenue 1,066,245 1,072,284 -0.6% 1,022,699 4.3%
Breakage liabilities 165,100 152,329 8.4% 136,676 20.8%
Other liabilities 6,039 3,030 99.3% 7,498 -19.5%
Dividends payable - - - - -
Non-current liabilities 77 83 -7.2% 107 -28.0%
Related parties - - - - -
Derivative financial instruments - - - - -
Deferred revenue 77 83 -7.2% 107 -28.0%
Equity 210,350 197,115 6.7% 150,475 39.8%
Share capital 105,966 105,334 0.6% 102,886 3.0%
Capital reserve 2,350 1,948 20.6% (996) -335.9%
Earnings reserve 104,483 95,300 9.6% 20,577 407.8%
Carrying value adjustments (2,449) (5,467) -55.2% (31,570) -92.2%
Retained Earnings (loss) - - - 59,578 -100.0%
3/31/20136/30/2014 3/31/2014
Thank you! Contact IR Team +55 11 5105-1847 [email protected] www.pontosmultiplus.com.br/ir
Ronald Domingues Katarzyna Doho
Filipe Scalco