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B3 Announces Results For The Second Quarter Of 2018

  • Strong quarterly performance: all-time high volumes and revenues in the derivatives and equities segments;
  • Top line increased 28.4% driven by growth in all segments: BM&F +38.6%; Bovespa +47.7%; Cetip securities +8.8%; Cetip liens and loans +19.9%;
  • 2Q18 recurring net income1 reached R$857.8 million, while recurring EBITDA2 was R$971.2 million.

Brasil, Bolsa, Balcão (“B3” or “Company”; ticker: B3SA3) reported today its second-quarter earnings for the period ending on June 30, 2018 (2Q18). Total revenues reached R$1,386.2 million, a 28.4% increase year-over-year (2Q17), while recurring EBITDA grew 43.8%, which showed the Company’s operational leverage.

B3 reaffirms its previously announced 2018 guidances for adjusted expenses3 (OPEX), depreciation and amortization (D&A), revenue-linked expenses and expenses related to the combination with Cetip, as follows:

  • Adjusted OPEX: R$960 – R$1,000 million;
  • D&A: R$910 – 980 million;
  • Revenue-linked expenses: R$200 – R$220 million;
  • Expenses related to the combination with Cetip: R$55 – R$75 million.

Other B3’s guidances for 2018 can be found in the Material Fact disclosed on May 10, 2018.

Chief Executive Officer of B3, Gilson Finkelsztain, said: “In the second quarter of 2018, volumes reached all-time high levels in both equities and derivatives markets, mainly pushed by increased volatility. Such uncertainty also explains the recent recovery in volumes of OTC derivatives. These records led us to our best quarter ever in terms of revenues and EBITDA. While benefitting from this solid operating performance, we maintained our focus on our key priorities: expanding the portfolio of products, improving the quality of the services offered to the market, deepening our relationships with clients and financial intermediaries, as well as strengthening our corporate culture”.

Chief Financial and Investor Relations Officer, Daniel Sonder, added: “The strong operating performance in the second quarter of 2018 coupled with our discipline in expense management resulted in a significant margin expansion, showing the operational leverage offered by our business model. We are working towards deleveraging our balance sheet in the period 2018-2019 while at the same time maintaining a high ratio of cash distributions to our shareholders. In this regard, we have distributed R$652 million in interest on capital to our shareholders since the beginning of the year, and in parallel we have retained cash to pay R$1.5 billion in debt amortization schedule for December 2018”.

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