1. 3Q13
Earnings Release
November 8, 2013

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 forwardlooking 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. 3Q13 Highlights
9.1% growth in Gross Billings
vs 3Q12
More than
R$
135 million in cash generetion
in 3Q13
13.9% growth in non-air redemptions
vs 2Q13
11.9 million members
13% growth vs 3Q12
3

4. Network growth
More than 11.9 million members
We reached 466
partners
(coalition, accrual and redemption)
Members, in mln
10.5
10.9
11.3
11.6
SMEs
11.9
500
450
450
Main partners
446
Total
400
369
466
400
383
350
350
300
300
250
250
230
200
200
150
150
100
100
50
0
50
3Q12
4Q12
1Q13
2Q13
3Q13
3Q12
4Q12
1Q13
NOTE: SMEs refers to small and medium sized enterprises
4
2Q13
3Q13

5. Solid relationship with banks: exclusive offers
Exclusive offer
promoted by Bank A
Volume of points redeemed
575%
Exclusive
offer by Bank
A
BB
Outros
Itaú
Others
Santander
Bank A
Bradesco
4-Sep
5-Sep
6-Sep
7-Sep
8-Sep
9-Sep
D+0
5
10-Sep
11-Sep
D+4
12-Sep
13-Sep
14-Sep
15-Sep

6. Restaurant Week and Children's Day: marketing as
an experimentation tool
1,000
LUNCH
Multiplus points
1,600
Multiplus points
6
DINNER

7. Marketing communication presents some
redemption offers to members
7

8. A new relationship tool between Multiplus
and members
8

9. Solid Gross Billings growth
R$ 536.1 mln in Gross Billings
R$ 470.9 mln in Net Revenue
R$ mln
R$ mln & bln points
536.1
491.4
492.0
492.1
470.9
500.9
430.9
378.4
373.4
398.6
20.5
19.4
16.7
3Q12
4Q12
1Q13
2Q13
3Q13
3Q12
15.9
4Q12
Net Revenue
9
16.4
1Q13
2Q13
Points Redeemed
3Q13

10. Gradual breakage decline besides non-air
redemptions increase
Non-air redemptions reached
Breakage rate:
a record level in 3Q13
gradual decline as expected
12 months average, in %
Non-air redemptions, in %
13.9%
22.0%
21.0%
19.9%
19.6%
19.1%
1Q13
2Q13
3Q13
7.0%
6.3% 6.4%
5.3%
4.0% 4.3%
2.6% 2.9%
1.5%
0.6%
1Q11
3Q11
10
1Q12
3Q12
1Q13
3Q13
3Q12
4Q12

11. Delivering Results
R$ 135.9 mln in FCF*
R$ 62.2 mln in Net Income
RS mln
RS mln
135.9
66.6
62.2
124.5
57.4
52.9
79.0
3Q12
4Q12
84.0
1Q13
46.8
88.9
2Q13
3Q13
*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)
11
3Q12
4Q12
1Q13
2Q13
3Q13

12. Maximizing Shareholders Return
Pre-purchase of air tickets
Dividends
861.3
Balance in Sep/2013
R$ 282.2 million
Multiplus’ board of directors approved
R$ 500 million fixed limit for prepurchase of air tickets until 2013
222.4
158,0
112.3
2010
2011
2012
*2011 includes a R$ 600 million capital reduction
12
2013 YTD

13. High corporate governance standards
1
2
Novo Mercado (New Market)
Related Parties Subjects
Special Committee
100% tag along rights
Independent members
3
Ordinary share only
4
30% of independent board
members
If rejected
The proposal needs
majority Board approval
5
If approved
The proposal needs
unanimity Board approval
Special Committee
Special Committee: Audit, Finance, Governance and Related Parties Committee
13

14. 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