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BM&FBOVESPA S.A. (ticker: BVMF3) today reported its first-quarter earnings for the period ending on March 31, 2015. The increase in revenues from derivatives and other business lines not connected to volumes, coupled with higher financial results supported the 4.2% year-over-year growth of adjusted net income.
BM&FBOVESPA reaffirms its previously announced budget ranges: (i) adjusted expenses2 (OPEX) of R$590 million to R$615 million for 2015; and (ii) capital expenditures (CAPEX) of R$200 million to R$230 million for 2015 and of R$165 million to R$195 million for 2016.
Highlights of the 1Q15 results:
- Net revenues grew 6.5% versus 1Q14, driven mainly by higher revenues in the BM&F segment and by other business lines not tied to volumes;
- Revenues from the BM&F segment grew 10.8% year-over-year. Although average daily volume (ADV) fell 3.1%, average revenue per contract (RPC) increased by 13.7% due partly to depreciation of the Brazilian Real versus the US Dollar;
- Revenues from the Bovespa segment were stable in comparison with previous year’s first quarter;
- Other revenues not tied to volumes grew 9.5% compared to 1Q14, reflecting: (i) 6.6% growth in securities lending revenues; (ii) 9.6% increase in revenues from depositary connected to the performance of the Tesouro Direto platform; and (iii) 10.1% growth in revenues from market data (vendors) that was positively impacted by currency depreciation;
- Adjusted expenses in 1Q15 reached R$138.6 million, a 1.6% increase over 1Q14;
- R$223.6 million in dividends, totaling 80% of 1Q15 GAAP net income;
- Share buyback reached R$63.7 million in 1Q15 and represented 11.3% of the current program.
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