Professional Documents
Culture Documents
January 2014
1
HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE BRAZILIAN MARKET OPPORTUNITIES MAIN GROWTH INITIATIVES OPERATIONAL PERFORMANCE
FINANCIAL HIGHLIGHTS APPENDIX (includes results for 3Q13)
HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE Safety, resilience and transparency
History of BM&FBOVESPA
Important global exchange
1890: Foundation of Bolsa Livre (BOVESPA's predecessor) 1967: BOVESPAs Mutualization Aug 2007: BOVESPA Hld demutualization Oct 2007: BOVESPA Hld IPO (BOVH3)
May 2008: integration between BM&F and BOVESPA Hld and creation of BM&FBOVESPA (BVMF3)
26.3
25.7
19.5
HKEx
16.0
Deutsche Boerse
9.3
BVMF
7.8
JPX
7.7
LSE
6.7
Nasdaq
6.4
ASX
6.1
SGX
4.7
Moscow
Oper. Margin (2012)
3.2
BME
2.6
TMX
CME
ICE-NYSE
Integrated (Derivatives)
12M to Jun. 28, 2012; 12M to Mar 31, 2012 (Mar 31, 2013 for JPX); 9M to Sep. 30, 2012. Source: Bloomberg (Dec. 30 ,2013).
PRE-TRADING
Risk Analysis Access
TRADING
Risk Analysis (DMA) Trade Allocation Transfer
POST-TRADE
Clearing/risk analysis Position/ Auxiliary Settlement Collateral Depository Services
Vertically integrated
Trading Platform: equities, derivatives, government and
Trading DTCC
Brokers A and B Brokers A and B Broker A Broker B
Post trade
CCP SSS CSD
Investors Investors Investors Investors
Model 100% vertical: clearing, settlement and central depository at the final beneficial owner level Brokers settle positions and control their clients portfolios through BM&FBOVESPAs infrastructure (impact on post-trade fees)
Clearing, settlement and custody occur at the brokerage houses Each prime broker has its own structure to control its customers portfolios and settle positions (impact on the prime brokers costs)
7
Regulations prohibit internalization of orders, dark pools and ATS/MTFs and simultaneous exchange/OTC equities trading Settlement and clearing of equities trading must be done through a CCP Settlement and clearing at the final beneficial owner level make the Brazilian market safer and more resilient
Trading
Under the prevailing regulations, potential competitors must provide an integrated solution with the same status regarding rules and transparency In Brazil the final investor pays the exchange: compared to other markets we have a competitive all-in-cost, as BM&FBOVESPA provides more services than other exchanges Naked access is not allowed Naked short selling is not possible
8
Post-Trade
Corporate Governance
Multidisciplinary knowledge in conducting business
BOARD OF DIRECTORS
Pedro Parente (Chairman) Independent Director, CEO of Bunge Brasil Marcelo Trindade (Vice Chairman) Independent Director, lawyer Alfredo Antnio Lima de Menezes Non Executive Director, Executive Officer of Bradesco Andr Esteves Non Executive Director, CEO of BTG Pactual Candido Bracher Non Executive Director, CEO of Ita BBA Charles Carey Independent Director, Director of CME Group Claudio Haddad Independent Director, engineer and professor Jos Berenguer Neto Non Executive Director, CEO of JP Morgan Brazil
EXECUTIVE OFFICERS
Edemir Pinto CEO Eduardo Guardia Chief Product / IRO Ccero Vieira COO Daniel Sonder CFO Luis Furtado CIO
COMMITTEES
Audit Committee Nominations and Corporate Governance Committee Compensation Committee Risk Committee Advisory Committee For The Securities Intermediation Industry
Ownership structure
Widely-held shareholder base
4.4%
5.3% 8.4%
5.1% 6.6%
Funds managed by BlackRock, Inc. Funds managed by OppenheimerFunds, Inc. CMEG Brasil I Participaes Ltda.
70.3%
Treasury stock
GM of Apr. 15, 2013 Number of individual shareholders Number of institutional shareholders Total number of shareholders Free float (ON) 55,108 3,580 58,688 1,929,265,010 (97.4%) 10
11
12
DERIVATIVES MARKET
more credit and more in fixed-rate government debt => more demand for hedging from financial institutions
27.4%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source : Central Bank of Brazil. * For Brazil, considers only bank credit.
2007
2008
2009
2010
2011
2012
2013
13
Capital Market
Great opportunities in the equities and derivatives segments
NUMBER OF CUSTODY ACCOUNTS (thousand)
Number of retail investors represents only 0.3% of the population (lower than global average)
INVESTMENT FUNDS
Funds AUM evolution (in BRL billion). Global average of 40% for equities
2,189 2,344
Dec'13 617.6
Equities Fixed Income
Jan'05 128.6
657 11%
861 10%
899 11%
1,703 1,787 1,513 1,375 18% 18% 1,301 22% 1,070 15% 14% 11%
1,925 15%
14% 13%
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2Q13
LISTED COMPANIES
Lower number of listed companies in comparison with other countries
6,856 4,916 4,041 3,972 3,481 3,200 2,767 2,056 1,784 364
India USA China/HK Canada Japan Spain UK Australia Korea Brazil
PENSION FUNDS
Participation of equities in the portfolio of pension funds
Fixed Income and Others
Equity
168
28%
216
256
295
31%
352
436
419
492
33%
538
33%
574
30%
642
29%
630
29%
29% 30%
* 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
14
MAIN GROWTH INITIATIVES Investments, new products and focus on the customer
15
Clearinghouses integration
The integration of BM&FBOVESPAs clearinghouses will enhance the Companys competitive position Development of the new risk architecture (CloseOut Risk Evaluation - CORE)* will increase allocation efficiency for clients Tests for derivatives started in Jul/13, with conclusion scheduled for Mar/14
16
BM&FBOVESPA IT Developments
Building a world-class IT platform
Increasing competitive differentiation for derivative and cash equity markets
LATENCY
BM&F Segment (derivatives)
Core of the system (average latency milliseconds)
70
25
20
300
20 2008 2009
10-15 2010
10-15 2011
10-15 2012
<1 2013
2007
2008
2009
2010
2011
~200 s
~500 s ~1000 s
~300 s
Network Infra Networks built for the development and deployment of PUMA platform
Gateway + LiNe Pre-trade risk control (LiNe) represents about 60% of Gateway + LiNe latency
Matching Engines Meet all auction rules and bands/fluctuation limits set out in regulations (100% of orders)
17
Clearinghouses Integration
Further differentiation in BM&FBOVESPA post-trade
Equities and corporate debt (BRL 76.5 bn*)
Equities, ETFs and corporate fixed income cash market
Equity and indices derivatives (options and forward) Securities lending
INTEGRATED CLEARINGHOUSE**
=
Capital efficiency
* Aggregate of pledged collateral at our clearinghouses totaled BRL 201.4 billion in Sep 30, 2013. **IPN/CORE implementation requires the authorization of the regulators.
18
19
Securities Lending
(Open Interest - average for the period - in BRL billion)
+43.8%
CAGR(09-13): CAGR (09-13):
+141.5%
+33.8%
70.1 48.8
14.6 3.7
2011 2012 2013*
12.7
20.5
30.2
31.9
40.8
2009
2009
2010
2011
2012
2013*
ETFs
(ADTV in BRL million) CAGR (09-13):
+52.0%
+35.2%
99.3
9.7
52.0 3.6 20.0
18.6 2009
2013*
2009
2011
2012
2013**
2011
2012
Sep-13
20
21
BOVESPA Segment
Operational highlights
AVERAGE DAILY TRADING VOLUME ADTV (BRL billion)*
4.9 1.2
2004
5.5
2008
5.3
2009
6.5
6.5
7.3 7.4
7.9
7.3
7.8
7.4
8.2
7.7
8.9 6.0
8.5
7.2
6.6
7.0
6.2
1.6
2005
2.4
2006 2007 2010 2011 2012 2013* Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
38.7%42.3% 36.8%37.6%
29.4%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
*Updated to Dec 30, 2013. **Ratio of cash market trading volume to the market cap of the exchange.
22
22.6% 53.5%
30.9%
Aug-13
Jul-13
Apr-13
May-13
Oct-13
Mar-13
Nov-13
Feb-13
Sep-13
Jan-13
Jun-13
Dec-13
Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )
1996
2001
2002
2003
2008
2009
2010
1997
1998
1999
2000
2004
2005
2006
2007
2011
2012
2001 14 14 -
2002 1 5 6 -
2003 8 8 -
2004 7 8 15 2
2005 9 10 19 1
2006 26 16 42 1
2007 64 12 76 -
2008 4 8 12 -
2009 6 18 24 1
2010 11 11 22 -
2011 11 11 22 -
2012 3 9 12 -
2013 10 7 17 -
BM&F Segment
Operational highlights
AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)
3,591
3,658 3,166
341 100 491 352 145 468
3,980
424 105 507
2,856
340 113 547
852
109 74 168 501 2005
1,167
124 68 266 711 2006
191 89 541
143 494
2,410
290 84 474
3,290
495 183 635
2,443
389 99 435 1,519
2,835
434 146 541 1,713
1,684
1,797
1,926
2,235
2,694
2,944 1,977
Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
FX (Thousands)
Index (Thousands)
Others (Thousands)
0.906 0.950 1.141 0.979 0.889 0.918 1.004 1.046 2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.535 1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.761 1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.231 4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.534 0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.119 1.571 2.111 2.355 1.655 1.610 1.635 1.769 1.409 1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.282
1.013 1.037 0.945 2.305 2.273 2.292 1.974 1.413 1.846 1.140 1.121 1.093 2.415 2.382 2.349 0.122 0.119 0.118 2.868 1.642 1.460 1.191 1.190 1.114
24
9% 35%
8%
40%
7%
44%
8% 40%
9%
41%
7%
9% 42%
7%
8%
6%
45%
9%
6%
46%
6% 44%
5%
7%
46%
35%
30% 23% 2007
43%
44%
44%
42%
47%
33%
32%
33%
35% 17%
33% 16%
32%
32% 15%
32% 16%
33% 13%
32% 16%
34%
32%
33% 15%
32% 15%
32% 13%
25%
2005
21%
2011
18%
2012
15%
2013
18%
14%
15%
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
Individuals
Institutional Investors
Foreign Investors
Financial Institutions
Companies
Others
7%
25%
9% 23% 17%
8% 23% 19%
8% 24% 20%
4% 30%
22%
4% 33%
5%
34%
3%
4% 38%
4%
37%
4%
32%
5%
36%
6% 37%
7%
5%
5% 35%
41%
34%
25%
12%
15%
23%
25% 34%
2012
25%
26% 31%
26%
26%
25%
32%
25% 30%
28% 30%
56%
51%
49%
48% 45%
42%
38%
2011
29%
32% 37%
33%
2005
2006
2007
2008
2009
2010
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
Individuals
Institutional Investors
Foreign Investors
Financial Institutions
Companies
Central Bank
25
26
Income Statement
History
SUMMARY OF INCOME STATEMENT (CONSOLIDATED)
2009
1,510,569 (569,832)
(446,677)
2010
1,898,742 (633,504)
(543,881)
2011
1,904,684 (816,664)
(584,521)
2012
2,064,750 (763,080)
(563,487)
Operating income Operating margin Equity method result Financial result Income before taxation of profit Income tax and social contribution Net income*
Adjusted net income
0.6104
0.7929
0.7932
0.8351
27
28
Considers the mid-point of 2013 and 2014 budgets; IPCA in 2014 based on market expectations released by the Central Bank in Dec. 13, 2013; Considers the mid-point of 2014 budget.
*
Adjusted to Company s depreciation, stock options plan, tax on dividends from the CME Group and provisions.
29
Capex Budget
Investments phase
30
Growth Path
Growth in business and results
GROWTH IN ADJUSTED EARNINGS PER SHARE
(in BRL)
31
Financial Highlights
Focus on cash generation and total shareholder return
HISTORY OF PROCEEDS
(in BRL million)
705
274 432 2009
Dividends
ROIC
780 75 705
2009
435 1,145
2010
Total payout
1,091 16 1,074
2012
*Dividend Yield is the result of the sum of earnings per share distributed during the year divided by the average share price during the year. ROIC: Return on Invested Capital.
32
Financial Soundness
High liquidity and low indebtedness
Sound financial position - an important factor for the Company, given its role as CCP, guaranteeing the settlement of trades executed by global and Brazilian investors
SOUND FINANCIAL POSITION
R$ million Available funds Indebtedness Dec/10 1,677 1,043 Dec/11 1,582 1,172 Dec/12 1,964 1,279 Sep/13 1,960 1,375
CASH POSITION
R$ million
Standard & Poor s BBB+ (counterparty credit rating) A-2 (issuer) Moody s A3 (global scale issuer) A3 (Brazilian local currency issuer) Baa1 (global notes)
*Includes collateral pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collateral and restricted funds at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).
33
APPENDIX
34
Financial Highlights
P/E analysis
Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cash neutral), reducing the GAAP earnings
Tax Book in 2012 Current
R$ millions EBT (-) Goodwill amortization (-) Interest on capital (=) Taxable earnings Tax (34%)
GAAP Book in 2012 R$ millions EBT Deferred Tax Other taxes /credits Total taxes GAAP Net income
EPS 2012
P/E3
0.56 0.64
0.64 0.84
24.8 21.7
20.1 16.5
Stock price discounted by goodwill NPV (R$1.00 per share) / Earnings without goodwill
Adjusted Earnings
15-20% impact on P/E multiple Difference between GAAP EPS and the EPS adjusted to non existence of goodwill simulation
Different earnings impact the P/E calculation and distort comparisons and market consensus The reported adjusted net income reflects better the companys cash generation
1 Excludes
the investment in associate (CME Group) accounted under the equity-method. 2 Simulates the Interest on Capital amount that would be approved if there was no goodwill tax benefit; 3 Stock at R$13.79 (March 12th, 2013).
35
BOVESPA Segment
Raising Capital
PUBLIC OFFERINGS (BRL billion)
Updated to Dec. 30, 2013.
Follow-On
IPO
74.4
11.2
30.4 8.8
4.5 4.3
55.6
13.9
5.4 8.5
15.4 15.1
63.2
18.0
7.2 10.8
23.0
13.2
3.9 9.3 17.3 5.7
2004
2005
2006
2007
2008
2009
2010*
2011
2012
2013
PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET There are 3 offerings in the pipeline
IPOs (2): Ouro Verde Locao e Servio; Unidas; Follow-ons (1): Fras-le;
Additionally, there are 12 Real Estate Funds filed with CVM: estimated value of R$ 2.8 billion
* Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).
36
BOVESPA Segment
Foreign investment flow
MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billon)
Includes public offering (primary market) and regular trades (secondary market).
37
BOVESPA Segment
Potencial to increase the number of listed companies
MARKET CAPITALIZATION TO GDP (%)*
2009
177% 174% 151%
2010
2011
2012
Hong Kong :
158%
137% 126% 111% 121% 110% 136% 129% 107% 105% 100% 89% 85% 87% 96% 87%
438%
481%
365%
138% 129%
421%
129%
124%
100%
39%
Cingapura
Canad
Chile
EUA
Coria
Austrlia
Japo
Frana
ndia
Brasil
Inglaterra
Dec12
11.2% 26.8% 14.3%
11.5% 21.6%
2.5%
38
Regulatory Framework
STOCK EXCHANGE ACTIVITY
CVM Instruction 461 of Oct. 23, 2007
CLEARINGHOUSES ACTIVITIES
Law 10.214 of Mar. 27, 2001
Clearinghouses considered systemically important by the BCB should ensure settlement (i.e., act as CCPs)
Regulates the security markets and decides on the formation, organization, operation and dissolution of stock exchanges, futures and commodities exchanges and OTC markets Establishes the organization and minimal corporate governance structure of organized market management bodies Establishes self-regulation activities of the in the organized market management bodies
39
Organizational chart
Monitor 100% of the participants transactions Assess 100% of intermediaries Enforcement Education
Atribuies da BSM estabelecidas na BSM Instruo duties established in CVM Instruction CVM 461/2007:
461/2007
Monitor and supervise transactions in the organized markets Determine deficient compliance with the rules and norms Monitor the activities of the Stock Exchange Initiate and prosecute disciplinary administrative legal proceedings Apply penalities
Self regulation Officer
Strategic Committee
Audit
Market supervision
Legal dept.
* 9 independent
41
OPERATIONAL HIGHLIGHTS
BOVESPA segment: ADTV: R$7.2 billion, +0.8% Margin: 5.361 bps, -6.4% BM&F segment:
Changes in options fee policy: volume discounts for all day trade transactions in the options on single stock market, in line with the change announced for cash equity in Mar/13
Fixed income fee policy: changes regarding new issuances analysis, custody, account maintenance and trading SMEs: proposals for developing the access market
42
adjusted to Companys depreciation, stock options plan, tax on dividends from the CME Group and provisions. 2Net income adjusted by: i) the effect of deferred liability recognition in connection with temporary differences from amortization of goodwill for tax purposes; ii) the impact of the stock options plan; iii) investment in affiliates (CME Group) accounted for under the equity method, net of taxes; and iv) taxes paid overseas to be compensated.
7.2
3Q12
7.0
4Q12
7.5
1Q13
8.3
7.2
3Q13
2Q13
Margin (bps)
43
*Average FX
rate (R$/US$) in the quarter, considering the closing price for each month.
44
6.2% 20.2%
37.6%: Financial/Commodity Derivatives2 18.1%: Brazilian Real interest rate contracts 14.4%: FX Contracts 2.3%: USD interest rate contracts 2.8%: Other Financial/Commodity Derivatives 20.2%: Other Revenues 4.3%: Securities Lending 5.1%: Depository, Custody and Back-Office 3.0%: Vendors 1.9%: Trading Access 2.0%: Listing 45
4.6% 18.1%
Revenue breakdown for the cash market (trading + post-trade) reflects the pricing policy changes which came into force in Apr/13. i) Reduction of trading fee to 0.5 bps from 0.7 bps for all investors ii) Post-trade increase to 2.0 bps from 1.8 bps for institutional investors and day trades 2Trading and Post-trade
Revenues have been supported by a higher turnover velocity CAGR 2009-13 8.7% - HFTs - Options on single stocks - Securities lending activity - Strategies
BM&F Segment credit expansion, volatility, FX rate changes and market sophistication
Revenues in R$ millions
Revenues from the two most significant groups of contracts are growing consistently - Market sophistication, volatility and the recent currency depreciation
Revenues from selected products growing consistently CAGR 2009-13 9.6% - Sec. lending also complements cash, option and future markets - Tesouro Direto and LCAs as part of the Companys strategy in the fixed income market 46
3Q13 Expenses
Continuous focus on cost control and operational efficiency
TOTAL EXPENSE BREAKDOWN ADJUSTED EXPENSE
(in R$ millions)
ADJUSTED EXPENSE INCREASED 10.4% OVER 3Q12 IN LINE WITH THE 2013 BUDGET (R$560-580 MILLION)
Adjusted Personnel: +16.9%, basically due to the effects of annual union bargain in Aug/13 and decrease in capitalized personnel costs related to ongoing projects. Data processing: +31.8%, due to higher expenses for services and maintenance of software and hardware that support IT platforms recently deployed. Third Party: -34.8%, due to lower costs with consulting and legal advisors.
*Includes expenses with maintenance in general, marketing, communication, taxes adjusted by the dividends from CME Group, board and committee members compensation and others (excluding provisions).
47
Financial Highlights
Returning cash to shareholders
CASH AND FINANCIAL INVESTMENTS
(In R$ millions)
PAYOUT
Payment of R$225.3 million in dividends, equivalent to R$0.118 per share and 80% of GAAP net income
Payment on Nov. 27, 2013 based on shareholders position dated Nov. 11, 2013
FINANCIAL RESULTS
Financial result of R$49.6 million, up 8.9% YoY
CAPEX
In 3Q13, investments amounted to R$82.1 million, totaling R$202.5 million in 9M13 CAPEX budget ranges: 2013: between R$260 290 million 2014: between R$170 200 million (under review)
*Includes collateral pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collateral and restricted funds at BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA).
48
REVENUE
CAGR: +39%
CAGR: +56%
CAGR: +35%
CAGR: +280%
CAGR: +37%
Strong revenue growth of selected products In 9M13, representing 7.6% of total revenue, or R$141.4 million Products well received by clients Continuous developments to maintain strong growth trend
49
(in R$ millions)
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments Others Investments Property and equipment, net Intangible assets Goodwill Total Assets
9/30/2013 3,940.9 754.7 2,978.6 207.6 21,351.2 1,040.3 764.5 275.8 3,270.0 391.8 16,649.1 16,064.3 25,292.1
12/31/2012 3,536.3 43.6 3,233.4 259.3 20,610.8 808.9 573.6 235.2 2,928.8 361.0 16,512.2 16,064.3 24,147.1
(in R$ millions)
Current liabilities Collateral for transactions Others Non-current liabilities Debt issued abroad Deferred inc. tax and social contrib. Others Shareholders' equity Capital Capital reserve Others Non-controlling interests Liabilities and Shareholders' Equity
9/30/2013 2,287.1 1,617.9 669.2 3,667.3 1,357.0 2,156.6 153.7 19,337.6 2,540.2 16,051.5 730.1 15.8 25,292.1
12/31/2012 1,660.6 1,134.2 526.4 3,072.6 1,242.2 1,739.6 90.7 19,413.9 2,540.2 16,037.4 820.3 16.0 24,147.1
50
Reconciliation 3Q13
ADJUSTED NET INCOME RECONCILIATION
(in R$ millions, unless otherwise indicated) GAAP net income* Stock options plan Deferred tax liabilities Equity in income of investees (net of taxes) Recoverable taxes paid overseas Adjusted net income
* Attributable to BM&FBOVESPA shareholders.
(in R$ millions, unless otherwise indicated) Total Expenses Depreciation Stock options plan Tax on dividends from the CME Group Provisions Adjusted Expenses
51
3Q12 521.6
Change Change 2Q13 3Q13/3Q12 3Q13/2Q13 2.6% 599.8 -10.7% 9.8% 11.1% (176.8)
(194.1) (174.8)
Operating Income
Operating margin Equity in Income of Investees Financial Result EBT
341.3
63.7% 43.3 49.6 434.2
346.8
66.5% 37.2 45.5 429.6
-1.6%
-275 bps 16.4% 8.9% 1.1%
423.0
70.5% 51.4 43.1 517.5
-19.3%
-678 bps -15.7% 15.1% -16.1%
Net Income*
Adjusted Net Income Adjusted EPS (in R$) Adjusted Expenses
281.6
403.7 0.211
276.5
400.6 0.208
1.8%
0.8% 1.7%
350.8
469.6 0.244
-19.7%
-14.0% -13.5% 12.8%
(150.2) (136.0)
10.4% (133.2)
52
Final Remarks
REVENUES AND RESULTS Resilient revenues and results in a challenging market environment Growing diversification of products and revenues INVESTMENTS Commitment with the maintenance of market integrity Strengthening the competitive edge by delivering efficiency to the market FOSTERING CLIENTS AND MARKET Strengthening ties with market participants and clients Becoming a one-stop-shop by increasing the diversity of products for clients
COMMITMENT TO CAPITAL RETURN FOR SHAREHOLDERS Maintained focus on cost control High payout ratio combined with share buyback
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ir.bmfbovespa.com.br
54