OREANDA-NEWS. BM&FBOVESPA S.A. (ticker: BVMF3) today reported first quarter earnings ending March 31, 2014 (“1Q14”). Total revenue reached BRL 546.1 million, a 5.9% decrease compared with 1Q13 and a 4.2% climb in the quarter-over-quarter comparison.

BM&FBOVESPA is reaffirming its previously announced budget ranges: (i) adjusted expenses [1] of BRL 595 million to BRL 615 million for 2014; and (ii) capital expenditure (“Capex”) budget ranges of BRL 230 million to BRL 260 million for 2014 and BRL 190 million to BRL 220 million for 2015.

1Q14 Highlights:

In the BM&F Segment, the average rate per contract (“RPC”) grew 8.0% in 1Q14 compared to 1Q13, due to higher prices from FX (+13.4%) and USD-denominated interest rates (+28.4%) contracts.

Revenue from the BM&F segment rose by 2.1% year-over-year, partially offsetting a decline in the performance of the Bovespa segment and in revenue not related to volumes traded.

In the Bovespa segment, average daily trading value (“ADTV”) fell 14.1% compared to the previous year's first quarter, reflecting a combination of lower average market capitalization that fell 10.1% and decrease in the turnover velocity, which reached 69.3% in 1Q14.

Tesouro Direto maintained its growth trend, achieving a new all-time high in both average assets under custody (+9.0%) and the average number of investors (+20.1%).

The financial value of registered agribusiness credit bills (“LCAs”, or Letras de Credito do Agronegocio) reached BRL 94.0 billion in Mar-14, 124.4% growth compared to Mar-13.

Adjusted expenses reached BRL 136.5 million in 1Q14, up 10.1% compared to 1Q13.

Adjusted net income [2] reached BRL 375.3 million in 1Q14, a 4.9% decrease from 1Q13; while adjusted EPS was BRL 0.203 in 1Q14, a 0.7% decrease from 1Q13, since the share buyback partially offset the net income decrease.

BRL 204.9 million in dividends, totaling 80% of 1Q14 GAAP net income.

Chief Executive Officer of BM&FBOVESPA, Edemir Pinto, said: “2014 is going to be an important year in the execution of our strategic plan. It started with regulatory approval to launch the new iBalcao module for registration of financial securities, expanding the services we provide in the over the counter (“OTC”) market and the conclusion of the construction of the new data center. Now, we are focused on deploying the derivatives phase of our new integrated clearinghouse, which will deliver operational and capital efficiency to market participants and investors”. Mr. Pinto added: “These developments coupled with the implementation of the PUMA Trading System in 2013 are creating one of the most modern exchanges in the world, which strengthens our strategic position in the Brazilian market and fosters market innovation and development.”

Chief Product and Investor Relations Officer, Eduardo Refinetti Guardia, commented: “In this quarter we reaffirmed our commitment with our shareholders and intensified the execution of our share buyback program, what offset the decrease in results compared to the first quarter of 2013 and drove EPS to stability”.