Message
from the
Administration

We have successfully managed to implement our strategy of diversification. Our focus for 2013 is the member

In 2012, we came a long way in consolidating the three essential cornerstones in the Multiplus business: brand, personnel and technology. We are increasingly able to get people to understand what this points network model is and to recognize our brand as a pioneer in this model. We have enhanced our personnel management practices which, after all, are the fundamental means for us to achieve the results we want. And we have made significant investments in technology and in making our infrastructure robust and secure, which is essential at a virtual and connected company.

Based on these cornerstones, we are able to generate more and more value for our partners and members, expanding our network and our business. The results show that we are on the right path. We had annual growth of 16% in number of members, reaching the 10.9 million mark, with the number of partners up by 94%, totaling 369 by the year's end.

Revenue for 2012 reached BRL1.871 million and the company had net earnings of BRL224 million. We continued to maximize return for our shareholders, driven by the positive cash flow of operations. We distributed dividends and interest on shareholder capital of BRL222 million for the year, representing a payout of 99%.

We have successfully managed to implement our strategy of diversification in accrual and redemption of points. By offering a broad portfolio of rewards that can be claimed, we have raised members' perception of value. At the same time, diversifying the network of partners has facilitated inclusion of points accumulated as part of people's day to day. Non-airline redemptions reached 1.3 billion points, up by 141% for the year. As expected, the gradual drop in the breakage rate indicates greater member engagement in the network.

The perspectives for context in the coming years are quite rosy. The four main drivers of growth – consumption, penetration of credit card use, social mobility, and the airline industry – should continue to positively influence Multiplus. Furthermore, stimulation of the loyalty market should expand our opportunities for growth. From this aspect, major stimulus will come from Prismah, a joint venture we created in partnership with Canada-based Aimia, whose operations will start in 2013, offering idealization, development, management and consulting services for loyalty programs.

Our focus for 2013 is the member, with initiatives to understand buying behavior and directed communications, while at the same time planning to further strengthen the network's penetration and relationship with partners, making our impact on your business more tangible. Capturing the growth on the horizon depends solely on our ability to improve the member experience, generate value for partners and ensure the business's sustainability.