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Operational
Expenses
Operational costs and expenses totaled BRL1,238.4 million, 32.2% higher than the previous year. This increase was mostly the result of the following factors:
- Cost of redeeming points, which rose by 29.7%, reaching BRL1,092.4 million, due mostly to a 32.3% increase in points redeemed by members. This increase was partially offset by a slight 2.0% drop in the average per unit cost.
- Costs of third-party services, which reached BRL48.8 million in 2012, up by 55.9% for the year, resulting mostly from greater expenditures on technology related to improving the company's website and to development of systems to launch new partners.
- Expenditures on sales and marketing, with growth of 42.1%, totaling BRL22.6 million for the year, due chiefly to greater publicity of the company, with new language used in these communications.
Operational expenses |
2012 |
% over net revenue |
2011 |
% over net revenue |
Variation |
|---|---|---|---|---|---|
Cost of redemption of points |
(1,092.4) |
(74.0) |
(842.1) |
(67.5) |
29.7 |
Personnel* |
(39.8) |
(2.7) |
(32.7) |
(2.6) |
21.7 |
Depreciation and amortization |
(5.8) |
(0.4) |
(5.0) |
(0.4) |
16.0 |
Third-party services |
(48.8) |
(3.3) |
(31.3) |
(2.5) |
55.9 |
Sales and marketing |
(22.6) |
(1.5) |
(15.9) |
(1.3) |
42.1 |
Others |
(28.9) |
(2.0) |
(9.5) |
(0.8) |
204.2 |
Total operational expenses |
(1,238.4) |
(83.9) |
(936.6) |
(75.1) |
32.2 |
* Includes Administrative fees. |
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