Beruflich Dokumente
Kultur Dokumente
May 2015
1
Public
Public
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA
services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive
industries BM&FBOVESPA operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b)
government policies related to the financial and securities markets; (iv) increasing competition from new entrants
to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the
implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an
ongoing process for introducing competitive new products and services, while maintaining the competitiveness of
existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the
offer of BM&FBOVESPA products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the date they
were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or future
development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification
under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of
the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
OPERATIONAL HIGHLIGHTS
BM&F segment:
Bovespa segment:
Expenses adjusted to Companys (i) depreciation and amortization; (ii) stock grant plan principal and payroll taxes - and stock options plan; (iii) tax on dividends from the CME Group; and (iv) provision
and transfer of fines. According to CVM Rule 527/12 that does not exclude equity method of accounting. Excludes deferred taxes recognized in relation with temporary differences from amortization
of goodwill for tax purposes; costs from stock options and stock grant plans, net of tax deductibility; investment in affiliate (CME Group) accounted under the equity method of accounting, net of taxes
related to dividends received from CME Group; and taxes paid overseas to be compensated.
MINI CONTRACTS
(in thousands of contracts)
8.8%
11.3%
11.9%
16.4%
16.0%
% of total ADV
Includes FX, Int. Rate in USD, Mini FX and Commodities contracts. Calculated as the average fluctuation of the end-of-month PTAX exchange rate (compiled by the Central Bank) as at the end of each
month in the period from December 2013 through February 2014, and then in the period from December 2014 through February 2015, as these rates provide the basis on which we calculate average
RPC for 1Q14 and 1Q15, respectively.
1Q15
4.986
14.202
14.698
12.999
5.292
1Q14
5.068
13.737
14.121
12.998
5.389
(in R$ trillions)
Total Revenues
R$577.3 million
5.2%: Trading
28.7%: Post-Trade
20.2%: Others not tied to volumes
P
Influenced by:
P Enhancements in prices and incentives (implemented in 1Q15)
$ FX rate
1Trading/post-trading.
$
P
WHAT EXPECT
FOR FY15
Expenses adjusted to Companys (i) depreciation and amortization; (ii) stock grant plan principal and payroll - taxes and stock options plan; (iii) tax on dividends from the CME
Group; and (iv) provisions and transfer of fines. IPCA last 12 months until March 2015 (Source IBGE). Excluding the impact of stock grant/option expenses. 4Include expenses with
maintenance, board and committee members compensation and others.
Principal amount
Payroll taxes
# of shares granted
No
Yes
Form of payment
Shares
Cash
Time of payment
Yes
Yes
Tax deductible
in R$ millions
Net revenues
Expenses
(18.3)
Personnel
(18.3)
(9.9)
(8.4)
Operating income
(18.3)
Financial results
(18.3)
6.2
(12.1)
Taxes
Operating income
Equity in income of investees
Financial Results
Earnings before taxes
Financial Highlights
Consistently returning capital to shareholders
CASH AND FINANCIAL INVESTMENTS
(in R$ millions)
Payout
R$223.6 million in dividends (80% of the 1Q15 GAAP net
income): payment on May 29th (shareholders position of
May 18th)
Share Buyback
FINANCIAL RESULT
Financial result of R$ 61.6 million, up 28.9% from 1Q14,
mainly due to higher average interest rates and higher
average cash and financial investment positions
CAPEX
10
One-Stop-Shop
Customer service
Quality
Simplified fee structure
Customized solutions
Capital efficiency
ROADMAP
Financial Letters
Variable Yield CDB
Bank instruments
Agribusiness
Credit Bills
(LCA)
2011
OTC Derivatives
COEs with
Physical
Delivery
2013
NDF
without
CCP
2014
Feb15
NDF
with CCP
Repos
Abr15 May15
Swap
(new platform)
Swap
(cash flow)
Flex
Options
11
Products/markets development
and revenue diversification
BM&FBOVESPA Clearinghouse
12
APPENDIX
13
(in R$ billions)
14
Growth Products
Increasing revenues diversification
REVENUES GROWTH OF SELECTED PRODUCTS
Products well accepted by clients, with continuous developments to maintain growth trend
Securities Lending
Tesouro Direto
Market maker for options on single stocks
Exchange traded funds (ETF)
Agribusiness credit bills (LCA)
Real estate investment funds (FII)
Non sponsored Brazilian Depositary Receipts (BDRs N1 NP)
CAGR
(2011-15):
+16.3%
(In R$ millions)
15
Stock Grants
Years
Progr. 1
Progr. 2
Progr. 3
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
Progr. 4
Vco
Years
Progr. 1
0.25Vco
Progr. 5
Impact on
expenses
Vco
Progr. 2
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
Progr. 3
Progr. 4
0.25Vca
Progr. 5
Impact on
expenses
0.25Vca 0.50Vca
+E
+E
0.75Vca
+E
Vca
+E
Vca
+E
16
Stock Grants
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
0.25Vco
Progr. 4
0.25Vco
0.25Vco
0.25Vco
-
Vco
Years
Progr. 1
Progr. 5
Impact on
expenses
Expenses
deductibility
Vco
Progr. 2
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
0.25Vca
Progr. 3
Progr. 4
0.25Vca
Progr. 5
Impact on
expenses
Expenses
deductibility
0.25Vca 0.50Vca
+E
+E
0.75Vca
+E
Vca
+E
Vca
+E
17
8
1,000
100
10
10
1,000
603
1,603
545
1,043
9
1,000
100
10
10
1,000
603
1,603
545
1,058
9
1,000
71
14
15
1,000
729
1,729
588
1,141
9
1,000
167
6
5
1,000
411
1,411
480
931
Company after a transition period with four open stock grant programs.
18
Balance Sheet
Assets
Current / Non-current
Cash and financial
investments
Long-term receivables
Non-current
Investments
Shareholders equity
Capital reserve
Intangible assets
Treasure shares
Total assets
Operating income
Equity in Income of Investees
Financial result
Earnings before taxes
Income tax and social contribution
Net income
19
Financial Statements
Summary of balance sheet (consolidated)
ASSETS
Current assets
03/31/2015 12/31/2014
(in R$ millions)
Current liabilities
3,118.1
2,785.2
323.1
500.5
2,536.8
1,962.2
258.2
322.5
23,379.6
22,478.2
1,608.2
1,522.5
1,474.8
1,392.8
133.4
129.8
4,564.7
3,761.3
426.5
421.2
16,780.2
16,773.2
Others
Goodwill
16,064.3
16,064.3
Minority shareholdings
Total Assets
26,497.7
Financial investments
Others
Investments
Property and equipment
Intangible assets
03/31/2015 12/31/2014
2,215.3
1,891.8
1,454.7
1,321.9
760.6
569.9
Non-current liabilities
4,744.1
4,383.2
1,957.1
1,619.1
2,588.6
2,584.5
198.4
179.6
19,538.3
18,988.4
2,540.2
2,540.2
14,270.1
15,220.4
2,718.7
1,218.9
9.2
8.9
26,497.7
25,263.5
Others
Shareholders equity
Capital stock
Capital reserve
20
Financial Statements
Net income and adjusted expenses reconciliations
ADJUSTED NET INCOME RECONCILIATION (in R$ millions)
1Q15
1Q14
279.5
12.1
137.5
(37.8)
391.3
256.3
6.9
138.6
(44.6)
18.2
375.4
Change
1Q15/1Q14
9.1%
76.7%
-0.8%
-15.3%
4.2%
4Q14
232.4
7.0
138.6
(34.7)
29.8
373.2
Change
1Q15/4Q14
20.2%
72.9%
-0,8%
9,1%
4.8%
Total Expenses
Depreciation
Stock grant/option plan
Tax on dividends from the CME Group
Provisions
BBM impact
Adjusted Expenses
1Q15
1Q14
221.4
(30.6)
(43.4)
(8.8)
138.6
184.7
(29.5)
(6.9)
(5.5)
(7.8)
1.4
136.5
Change
1Q15/1Q14
19.9%
3.6%
532.3%
14.1%
1.6%
4Q14
250.4
(32.1)
(7.0)
(32.8)
(4.4)
0.9
174.9
Change
1Q15/4Q14
-11.6%
-4.8%
518.7%
101.8%
-20.7%
21
Financial Statements
Summary of income statement (consolidated)
SUMMARY OF INCOME STATEMENT (in R$ millions)
Change
Change
4Q14
1Q15/1Q14
1Q15/4Q14
1Q15
1Q14
Net revenues
520.4
488.6
6.5%
533.4
-2.4%
Expenses
(221.4)
(184.7)
19.9%
(250.4)
-11.6%
Operating income
299.0
303.8
-1.6%
283.1
5.6%
57.5%
62.2%
-473 bps
53.1%
439 bps
Equity in income of
investees
46.9
50.2
-6.5%
67.5
-30.5%
Financial result
61.6
47.8
28.9%
54.1
13.9%
Net income*
279.5
256.3
9.1%
232.4
20.2%
391.3
375.4
4.2%
373.2
4.8%
0.217
0.203
7.1%
0.204
6.4%
Adjusted expenses
(138.6)
(136.5)
1.6%
(174.9)
-20.7%
Operating margin
22
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