Cetip S.A. – Mercados Organizados Rio de Janeiro, April 15, 2016.

Transcrição

Cetip S.A. – Mercados Organizados
Rio de Janeiro, April 15, 2016.
1
INDEX
1. Introduction.......................................................................................................................3
2. Management Proposal......................................................................................................3
3. Waiver of the Public Offer for the Acquisition of Shares ...................................................4
4. Approval of the Merger Agreement ..................................................................................4
5. Approval of the Transaction .............................................................................................4
6. Approval of the Management Authorization ......................................................................5
7. Debenture Treatment .......................................................................................................5
8. Schedule I: Information related to Schedule 20-A of ICVM 481 ..........................................
9. Schedule II: Merger Agreement .........................................................................................
10. Schedule III: Copy of the Minutes of the Board of Directors Meeting ..................................
11. Schedule IV: Draft of BM&FBovespa’s By-laws .................................................................
12. Schedule V: Financial Statements used for Purposes of the Transaction ..........................
13. Schedule VI: Pro Forma Financial Statements prepared for purposes of the Transaction ..
2
Dear Shareholders,
The management of Cetip S.A. – Mercados Organizados (“Cetip” or ”Company”)
(BM&FBOVESPA: CTIP3) hereby, in accordance with Law 6.404, of December 15, 1976
(“Brazilian Corporations Law”), and Normative Ruling CVM 481, of December 17, 2009
(“ICVM 481”), presents the following Management Proposal (“Proposal”), which shall be
submitted to the Extraordinary General Shareholders’ Meeting of the Company, to be held on
May 20, 2016.
Cetip’s management informs that the subject matters of this Proposal are part of the proposal
of corporate reorganization negotiated by Cetip and by BM&FBovespa S.A. – Bolsa de
Valores, Mercadorias e Futuros (“BM&FBovespa”) in the “Merger and Justification
Agreement of Cetip’s Shares by Companhia São José Holding, followed by the Merger of
Companhia São José Holding by BM&FBovespa” (“Merger Agreement”), executed on the
date hereof between the managers of Cetip, BM&FBovespa and Companhia São José
Holding S.A. (“Holding” and, along with Cetip and BM&FBovespa, “Companies”) and by the
Companies (“Transaction”), that shall result (1) in the ownership by BM&FBovespa of all the
shares issued by CETIP; and (2) assuming that the totality of the corporate interest of CETIP
is represented, on the Date of Completion of the Transaction (as defined in the Merger
Agreement), by 264,883,610 common shares, ex-treasury shares, and subject to the
provisions of Section 2 of the Merger Agreement, on the receipt, by the shareholders of
CETIP, for each share of common share issued by CETIP that they own in such date, a cash
portion in local currency in the amount of R$30.75 and 0,8991 of a share of common stock
issued by BM&FBovespa.
The Transaction shall comprise the following steps, all interdependent, and whose
completion shall be subject to the applicable corporate approvals and observance of the
conditions precedent (condições suspensivas) set forth in the Merger Agreement, provided
that all the steps shall occur on the same date:
(a)
Capital increase of the Holding, upon the issuance of 794,650,830 new
common shares, nominative and with no par value, which shall be fully
subscribed and paid in by BM&FBovespa, in local currency, until the Date of
Completion of the Transaction (as defined in the Merger Agreement), at the
total issuance price of at least R$7,920,019,939.00, of which a portion, to be
defined in the general shareholders’ meeting, shall be assigned to the creation
of a capital reserve (“Capital Increase of the Holding”);
(b)
On the same date, as a subsequent and interdependent act of the Capital
Increase of the Holding, merger of the totality of the shares issued by Cetip by
the Holding, by its economic value, resulting in the issuance, by the Holding,
in favor of the shareholders of Cetip owners of the merged shares
(“Shareholders of Cetip”), of common and redeemable preferred shares
3
issued by the Holding, provided that each common share issued by Cetip
shall be exchanged for 1 common share and 3 redeemable preferred shares
issued by the Holding (considering the amount of shares of the capital stock of
Cetip and the adjustments mentioned in item 2.1 of the Merger Agreement)
(“Merger of Cetip’s Shares”). After the completion of the Transaction, Cetip
shall preserve its own legal identity and net worth, and no legal succession
shall exist;
(c)
On the same date, as a subsequent and interdependent act of the Merger of
Cetip’s Shares, redemption of the totality of the preferred shares issued by the
Holding, upon payment, for every 3 redeemed preferred shares issued by the
Holding, of the Redemption Value for Every Three Redeemable Preferred
Shares of the Holding (as defined in the Merger Agreement) (“Redemption”).
Once redeemed, the preferred shares of the Holding shall be cancelled
against the capital reserve; and
(d)
on the same date, as a subsequent and interdependent act of the
Redemption, merger of the Holding by BM&FBovespa, by the book value of
the Holding (already considered the effects of the Capital Increase of the
Holding, the Merger of Cetip’s Shares and the Redemption), with the
consequent extinction of the Holding and the succession, by BM&FBovespa,
of all of its assets, rights and obligations, with the consequent migration of the
Shareholders of Cetip to the capital stock of BM&FBovespa (“Merger of the
Holding”)
The information and documents required by Article 20-A of ICVM 481 may be found in
SCHEDULES I through VI of this Proposal.
The events described in items 1 through 5 below are interdependent legal transactions, with
the assumption that each of the steps will not be effective without the other steps also being
effective. Accordingly, in the event the General Shareholders’ Meeting rejects any of the
matters provided in items 1 through 5 or the corporate approvals provided in the Merger
Agreement are not obtained, the matters eventually approved in the General Shareholders’
Meeting shall not produce effects.
1.
Waiver of the Public Offer for the Acquisition of Shares
Proposal for approval of waiver of the public offer for the acquisition of shares issued by
Cetip, set forth in Article 88 of the Bylaws of the Company, with the installation quorum set
for in Article 135 of the Brazilian Corporations Law, within the scope of the Transaction.
4
2.
Approval of the Merger Agreement
Proposal for approval of the terms and conditions of the Merger Agreement, pursuant to
SCHEDULE II of this Proposal.
3.
Approval of the Transaction
Proposal for approval of the Transaction, pursuant to the terms and conditions of the Merger
Agreement.
It is highlighted that there will be no right of withdrawal of the shareholders that hold the
shares issued by Cetip that do not vote in favor of the Merger of Cetip’s Shares, that refrain
from voting or that do not attend the relevant extraordinary general shareholders’ meeting,
once Cetip does not fall within the requirements of Article 137, item II of the Brazilian
Corporations Law and Article 9 of the Normative Ruling CVM 565, of June 15, 2015.
4.
Approval of the Management Authorization
Proposal for authorizing the managers of the Company to (i) subscribe, on behalf of the
shareholders of Cetip, the new ordinary and preferred shares to be issued by the Holding, as
a result of the Merger of Cetip’s Shares, and (ii) take any and all additional actions that may
be necessary for the implementation and formalization of the Merger Agreement and of the
Transaction.
5.
Debentures Treatment
Proposal for approval, in case Cetip has not obtained the waiver by the debenture holders, to
ensure, in the terms set forth by the first paragraph of article 231 of the Brazilian
Corporations Law, to Cetip’s debenture holders that wish, during the six-month term counted
as of the date of publishing of the minutes of the shareholders general shareholders’
meetings related to the Transaction, the redemption of the debentures they own.
Copy of the documents to be resolved in the Extraordinary General Shareholders’ Meeting,
including those required by Normative Ruling CVM 481, are available to the shareholder in
the head offices of Cetip (Av. República do Chile, 230, 11th floor, Centro, Rio de Janeiro),
and in its branch (Alameda Xingu, nº 350, 2nd floor, Sítio Tamboré, Barueri/SP), on the
Investor Relations website of Cetip (www.cetip.com.br/ri), as well as on the websites of the
Brazilian Securities and Exchange Commission – CVM (www.cvm.gov.br) and of
BM&FBovespa (www.bmfbovespa.com.br).
Willy Otto Jordan Neto
CFO, Corporate and Investor Relations Officer
5
SCHEDULE I
INFORMATION RELATED TO SCHEDULE 20-A OF ICVM 481
1.
Merger and justification agreement of the transaction, in accordance with
articles 224 and 225 of Law No. 6.404, of 1976
See SCHEDULE II of this Proposal.
2.
Other agreements, contracts and pre-contracts regulating the exercise of
voting rights or the transfer of shares issued by the remaining companies or resulting
of the transaction, filed at the company's headquarters or of which the controlling
shareholder of the company is a party
Not applicable.
3.
Description of the transaction, including:
a.
Terms and conditions
The terms and conditions of the Transaction are provided in the Merger Agreement,
attached hereto as SCHEDULE II.
b.
Obligations to indemnify:
i. managers of any of the involved companies
None.
ii. if the transaction if not consummated
Cetip shall be entitled to receive the payment, from BM&FBovespa, as pre-fixed
losses and damages, in the amount of R$250,000,000.00 in the event the
Transaction is not consummated by any of the reasons set forth in Section 7.6 of the
Merger Agreement.
c.
Comparative table of the rights, advantages and restrictions of the
shares of the involved companies or resulting before and after the transaction
Before and after the reorganization only common shares issued by Cetip and
common shares issued by BM&FBovespa will exist, which shall maintain its current
rights and advantages, as below:
6
Cetip
Dividends rights:
Voting right:
Description of restrict vote:
Convertibility:
Condition of convertibility and
effects on capital stock:
Right to capital restitution:
Description of capital
restitution characteristics:
Circulation restriction:
Description of the circulation
restriction:
Conditions to amend the rights
assured by such securities:
Other relevant characteristics:
The Brazilian Corporations Law and the Company's Bylaws set forth the
payment of mandatory dividends to the shareholders, unless the distribution
of the mandatory dividend is suspended, in case the management informs
the General Shareholders’ Meeting that the distribution is not compatible with
the Company’s financial condition. The mandatory dividend is equivalent to a
minimum percentage of net income received in the previous fiscal year,
adjusted according to the Brazilian Corporations Law. The Company’s
Bylaws provides that the referred minimum percentage is 25% (twenty five
percent) of the net income verified in the individual financial statements,
adjusted in accordance with Article 202 of the Brazilian Corporations Law.
The mandatory dividend can be paid in the form of dividends or interest on
net equity, of which the net amount of the withheld income tax may be
included as part of the amount of the mandatory dividend
In full force, observed the restrict vote
Pursuant to Article 5 of the Company’s By-laws, although each common
share of the Company corresponds to the one vote in the General or Special
Shareholders’ Meetings resolutions, no shareholder or group of shareholders
may exercise votes in a number superior to 20% of the number of shares into
which the capital stock is divided, except as provided in Article 88 of the
Company’s By-laws
No
Not applicable
Yes
The shareholders have the right to capital restitution in case of withdrawal
rights, liquidation or redemption. The characteristics of the restitution for each
case are described in item 18.10 of the Company's Reference Form
No
Not applicable
If the acquiring shareholder does not comply with the imposed obligations
related to the Public Offer in case such shareholder acquires shares
representing 15% or more of the Company’s corporate capital, including with
respect to the deadlines (i) to request the prior authorization of the Brazilian
Securities Exchange Commission - CVM; or (ii) to meet the deadlines for the
completion of the Public Offer or to request its registration before the CVM,
as applicable, or to meet any possible requests or demands of CVM, the
Board of Directors shall call a general shareholder’s meeting, in which the
shareholder or group of shareholders in question shall be prevented from
voting, to decide upon the suspension of the exercise of its shareholder
rights, as provided in the Company's Bylaws, regardless of any liability of the
acquiring shareholder for damages caused to the other shareholders as a
result of the breach of the obligations imposed by the Company's Bylaws
The Company's shareholders have a preemptive rights for the subscription of
shares in the increases of corporate capital, in proportion to their participation
on the corporate capital at the time of such increase, except in cases of the
grant or exercise of any stock purchase or subscription options. They also
have preemptive rights in the subscription of convertible debentures or of
warrants issued by the Company. The Company grants a period of not less
than thirty days, counted from the publication of the notice regarding the
capital increase, for the exercise by the shareholder of its preemptive rights,
which can be assigned by the shareholder.
According to Article 172 of the Brazilian Corporations Law and the
Company's Bylaws, the Board of Directors may exclude the shareholder’s
preemptive rights or reduce the term for its exercise, in capital increases by
issuance of shares, convertible debentures and warrants and in a public offer
for the acquisition of control.
7
BM&FBovespa
Dividends rights:
Voting right:
Description of restrict vote:
Convertibility:
Condition of convertibility and
effects on capital stock:
Right to capital restitution:
Description of capital
restitution characteristics:
Circulation restriction:
Description of the circulation
restriction:
Conditions to amend the rights
assured by such securities:
Other relevant characteristics:
According to the Bylaws and the Brazilian Corporations Law, the
shareholders of BM&FBovespa have the right to receive dividends or other
distributions made by BM&FBovespa’s to its shareholders, in proportion to
their participation in the corporate capital. According to Article 55 of
BM&FBovespa’s Bylaws, after the creation of the legal and contingency
reserves and/or their respective reversal, at least 25% of the remaining net
income will be allocated to the payment of the mandatory dividend due to the
shareholders
In full force, observed the restrict vote
Pursuant to Article 7 of BM&FBovespa’s By-laws, although each common
share of BM&FBovespa corresponds to the one vote in the General or
Special Shareholders’ Meetings resolutions, no shareholder or group of
shareholders may exercise votes in a number superior to 7% of the number
of shares into which the capital stock is divided
No
Not applicable
Yes
Right of Withdrawal: The shareholders who dissent from certain resolutions
taken at the general shareholders’ meeting can exercise their right of
withdrawal from BM&FBovespa, upon restitution of the value of their shares
based on its book value, considered the terms and exceptions provided for in
the Brazilian Corporations Law
Redemption: according to the Brazilian Corporations Law, BM&FBovespa’s
shares can be redeemed by determination of the shareholders in a general
shareholders’ meeting that represent at least 50% of the corporate capital of
BM&FBovespa
Liquidation: in the case of liquidation of BM&FBovespa, after the payment of
all of the obligations of BM&FBovespa, the shareholders shall receive the
payments related to the refund of capital, in proportion to their capital interest
in the corporate capital of the company
No
Not applicable
According to the Brazilian Corporations Law, neither the Bylaws nor the
resolutions adopted by the company’s shareholders in a general
shareholders’ meeting may deprive the shareholders of the following rights:
(i) the right to participate in the distribution of profits; (ii) the right to
participate, in proportion to their interest in the corporate capital, in the
distribution of any remaining assets in case of liquidation of BM&FBovespa;
(iii) preemptive rights in the subscription of shares, convertible debentures or
warrants, except in certain circumstances provided for in the Brazilian
Corporations Law; (iv) the right to monitor the management of the business,
as provided for in the Brazilian Corporations Law; and (v) the right of
withdrawal from BM&FBovespa in the cases provided in the Brazilian
Corporations Law
According to the Brazilian Corporations Law, the New Market Regulations
(Regulamento do Novo Mercado), the current regulations and the Bylaws of
BM&FBovespa, a public offer is required in case of the cancellation of the
registration as a publicly held company, the exit of the New Market (Novo
Mercado) segment or if any shareholder or group of shareholders becomes
the owner of: (i) a direct or indirect interest equal greater than 30% of the
total shares issued by BM&FBovespa; or (ii) other shareholder rights,
including usufruct, when purchased in a costly manner, that give them the
right to vote, over shares representing more than 30 % of its corporate capital
8
With the Transaction, the shares issued by the Holding shall be canceled, being (i)
the preferred shares canceled after the Redemption and (ii) the common shares
canceled by the Merger of the Holding.
d.
Eventual need for approval of debenture holders or other creditors
Proposal of approval by the General Shareholders’ Meeting of the Company to, in the
event the Company has not obtained the waiver by the debenture holders, ensure, in
the terms set forth by the first paragraph of article 231 of the Brazilian Corporations
Law, to CETIP’s debenture holders that wish, during the six-month term counted as of
the date of publishing of the minutes of the shareholders’ general meeting related to
the Transaction, the redemption of the debentures they own.
e.
Assets and liabilities that will form each portion of equity, in case of
spin-off
Not applicable.
f.
Intention of the remaining companies to obtain registration as securities
issuer
Not applicable.
4.
Plans for conducting the business, especially regarding corporate events
intended to be promoted
After the completion of the Transaction, the Companies shall continue to dedicate to its
activities, maintaining BM&FBovespa’s registry of publicly held company, and, considering
the necessary period to promote the integration of the businesses that the experience of
BM&FBovespa has demonstrated as essential, becoming Cetip a wholly-owned subsidiary of
BM&FBovespa. Cetip’s registry as a publicly held company shall be kept after the
Transaction until further deliberation by BM&FBovespa. The shares issued by Cetip shall no
longer be negotiated in the segment of the Novo Mercado of BM&FBovespa upon completion
of the Transaction.
5.
Analysis of the following aspects of the transaction:
a.
Description of the main expected benefits, including: (i) Synergies, (ii)
Tax benefits, and (iii) Strategic advantages
It is sought, with the Transaction, the creation of a world-class market infrastructure
company, of high systemic importance, prepared to compete in an increasingly
sophisticated and challenging global marketplace, enhancing the security, solidity and
efficiency of the Brazilian market.
9
The combination of the activities of the Companies shall strengthen significantly the
business model of the combined entity, to the extent that it shall broaden the level of
diversification of revenues, allowing the financial institutions custodians, indenture
agents, resource managers and brokers the consolidation of their processes and
back-office systems and treasury, with significant reduction of the costs and
operational risks for the whole financial system, as well as gaining efficiency in the
interaction with the financial and capital markets oversight bodies.
Considering the complementarity of the Companies, their combination will be positive
to clients, participants of the market, investors and companies that need resources to
invest or financial instruments to manage their risks. The combination shall also result
in greater capital efficiency for clients, given the possibility of using OTC or exchangetraded derivatives in a same central counterparty (CCP), together with other
securities and financial assets.
b.
Costs
The managements of BM&FBovespa and of the Holding estimate that the costs for
carrying out the Transaction shall be for those companies, jointly, of approximately,
R$50 million, including expenses with publications, auditors, appraisers, lawyers and
other professionals hired to advise with the Transaction.
The management of Cetip estimates that the costs for carrying out the Transaction, to
Cetip, shall be of approximately, R$50 million, including expenses with publications,
auditors, appraisers, lawyers and other professionals hired to advise with the
Transaction.
c.
Risk Factors
The market value of the common shares of BM&FBovespa at the time of the
consummation of the Transaction may vary significantly from their prices on the date
the Merger Agreement was executed. Although the Merger Agreement provides
certain mechanisms to address a certain level of price fluctuation of the
BM&FBovespa common shares, stock price changes may result from a variety of
factors that are beyond the control of the Companies, including changes in their
businesses, operations and prospects, regulatory timing and considerations, general
and industry specific market and economic conditions. Neither BM&FBovespa nor
Cetip is permitted to terminate the Merger Agreement because of changes in the
market price of either party’s common stock.
The success of the Transaction will depend, in part, on the ability of the Companies to
realize the anticipated growth opportunities and cost savings from combining the
businesses of BM&FBovespa and Cetip. There is no assurance, however, that these
10
opportunities and savings will be successful. If those objectives are not successfully
achieved, the anticipated benefits of the Transaction may not be realized fully or at all
or may take longer to realize than expected.
BM&FBovespa and Cetip have operated and, until the completion of the Transaction,
will continue to operate, independently. Both Companies will face significant
challenges in consolidating functions, integrating their organizations, procedures and
operations in an optimized and efficient manner and retaining key personnel. The
integration of the Companies will be complex and time consuming, and the
managements of both Companies will have to devote substantial resources and
efforts to its implementation. The integration process and other disruptions from the
Transaction could result in the disruption of each Company’s ongoing businesses that
may adversely affect their ability to maintain their relationships with customers,
suppliers, employees and others with whom the Companies have interactions or to
achieve the anticipated benefits of the Transaction.
d.
In the event of a transaction with a related party, any eventual
alternatives that could have been used to achieve the same purpose, indicating
the reasons why those alternatives were rejected
Not applicable.
e.
Exchange Ratio
Assuming that the totality of the corporate interest of Cetip is represented, on the
Date of Completion of the Transaction (as defined in the Merger Agreement), by
264,883,610 common shares, ex-treasury shares, and subject to the adjustments set
forth in Section 2 of the Merger Agreement, on the receipt, by the shareholders of
Cetip, for each common share issued by Cetip that they own in such date, a cash
portion in local currency in the amount of R$30.75 and 0,8991 of a share of common
stock issued by BM&FBovespa.
f.
In transactions involving controlling companies, controlled companies
or companies under common control:
i. Exchange ratio of shares calculated in accordance with article 264 of
the Brazilian Corporations Law
Notwithstanding that the exchange ratios have been negotiated between
BM&FBovespa and Cetip, independent parties, and that the right of withdrawal
is not applicable, BM&FBovespa, for informative purposes and considering
that, on the date of the Merger of the Holding, it will be the controlling
shareholder of the Holding, requested KPMG to prepare an appraisal report
pursuant to article 264 of the Brazilian Corporations Law, to appraise the net
11
worth of both companies in accordance with the same criteria and on the
same date, at market value.
ii. Detailed description of the negotiation process for the exchange ratio
and other terms and conditions of the transaction
The exchange ratio was negotiated between independent parties and the
managements of BM&FBovespa and Cetip, individually, engaged the advice
of investment banks of international recognition to assist the respective
Boards of Directors in the informed decision making process regarding the
financial parameters of the Transaction.
iii. If the transaction was preceded, in the last 12 months, by an
acquisition of control or by an acquisition of interest in a controlling
group: comparative analysis of the exchange ratio and of the price paid
in the acquisition of control and reasons that justify any differences in
assessment of the different transactions
Not applicable.
iv. Justification of why the exchange ratio is commutative, including the
description of the procedures and criteria adopted to ensure the
transaction is commutative, or if the exchange ratio is not commutative,
detailing the payment or equivalent measures taken to ensure adequate
compensation
The exchange ratio was negotiated between independent parties and the
managements of BM&FBovespa and Cetip, individually, engaged the advice
of investment banks of international recognition to assist the respective
Boards of Directors in the informed decision making process regarding the
financial parameters of the Transaction.
6.
Copy of the minutes of all meetings of the board of directors, fiscal committee
and special committees in which the transaction was discussed, including any
dissenting votes
Copy of the minutes of Cetip’s Board of Directors’ meeting that approved the Merger
Agreement is attached hereto as SCHEDULE III.
7.
Copy of the studies, presentations, reports, opinions or appraisal reports of the
companies involved in the transaction that were disclosed to the controlling
shareholder at any step of the transaction
The Company has a disperse ownership, not having a controlling shareholder.
12
7.1.
Identification of the potential conflicts of interest among the financial
institutions, companies and professionals that have prepared the documents
mentioned in item 7 and the companies involved in the transaction
Not applicable.
8.
Draft of bylaws or amendments to the bylaws of the companies resulting from
the transaction
SCHEDULE IV attached hereto presents a draft of BM&FBovespa’s By-laws. Cetip’s By-laws
will not be amended by virtue of the Transaction
9.
Financial statements used for purposes of the transaction, in accordance with
the specific rule
The financial statements of December 31, 2015 of BM&FBovespa, Cetip and the Holding are
attached hereto as SCHEDULE V.
10.
Pro forma financial statements for purposes of the transaction, in accordance
with the specific rule
The pro forma financial statements are attached hereto as SCHEDULE VI.
11.
Document containing information about the companies directly involved that
are not publicly-held
Not applicable, since the Holding does not have relevant assets or liabilities of any nature.
12.
Description of the capital and control structure after the transaction, in
accordance with item 15 of the reference form
As described above, the Transaction shall be carried out in steps, being the first one the
merger of Cetip’s shares by the Holding and, immediately after this first step, the merger of
the Holding by BM&FBovespa. Thus, the Shareholders of Cetip shall become shareholders
of BM&FBovespa at the end of the transaction. With the completion of the Transaction, the
Holding shall be extinguished and Cetip shall become a wholly-owned subsidiary of
BM&FBovespa, who shall hold 100% of the shares issued by Cetip.
13.
Number, class, nature and type of the securities of each company involved in
the transaction held by any other companies involved in the transaction, or by
persons related to such companies, as defined by the rules regarding public offers for
the acquisition of shares
13
BM&FBovespa holds, on this date, 1,200 common shares, nominative and with no par value
of the Holding, representing 100% of its capital stock.
14.
Exposure of any of the companies involved in the transaction, or of persons
related to such companies, as defined by the rules regarding public offers for the
acquisition of shares, to derivatives referable in securities issued by the other
companies involved in the transaction
None.
15.
Report comprising all transactions occurred in the last 6 months by the
companies involved in the transaction and related parties indicated with securities
issued by the companies involved in the transaction
a.
Companies involved in the transaction
i. Private purchase transactions
None.
ii. Private sale transactions
None.
iii. Purchase transactions in regulated markets
Average price
Amount of shares involved
Security involved
Percent in relation to the class
and type of the security
Other relevant conditions
Share
Repurchase
Program
34.10
160,500
Ordinary Shares
0.06%
-
iv. Sale transactions in regulated markets
None.
b.
Related parties to the companies involved in the transaction
14
i. Private purchase transactions
Average Price
Security involved
Board of
Directors
21.99
88,000
Ordinary Shares
Statutory Officers
n/a
n/a
n/a
Audit
Committee
n/a
n/a
n/a
Total
21.99
88,000
Ordinary Shares
0.03%
n/a
n/a
0.03%
Stock Option Plan
n/a
n/a
Stock Option Plan
ii. Private sale transactions
None.
iii. Purchase transactions in regulated markets
Average Price
Security involved
Board of
Directors
34.46
150
Ordinary Shares
Statutory Officers
n/a
n/a
n/a
Audit
Committee
n/a
n/a
n/a
Total
34.46
150
Ordinary Shares
0.0001%
n/a
n/a
0.0001%
-
n/a
n/a
-
iv. . Sale transactions in regulated markets
Average Price
Security involved
Average Price
Amount of options involved
Security involved
Board of
Directors
36.60
2,908,900
Ordinary Shares
Statutory Officers
n/a
n/a
n/a
Audit
Committee
n/a
n/a
n/a
Total
36.60
2,908,900
Ordinary Shares
1.11%
n/a
n/a
1.11%
-
n/a
n/a
-
Board of
Directors
0.75
1,000,000
Call Option
Statutory Officers
n/a
n/a
n/a
Audit
Committee
n/a
n/a
n/a
Total
0.75
1,000,000
Call Option
0.38%
n/a
n/a
0.38%
-
n/a
n/a
-
16.
Document by means of which the Special Independent Committee submitted its
advices to the Board of Directors, in case the transaction has been negotiated in
accordance with the Guidance Opinion (Parecer de Orientação) CVM No. 35, of 2008
Not applicable.
*
*
*
15
SCHEDULE II
MERGER AGREEMENT
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PROTOCOLO E JUSTIFICAÇÃO DE INCORPORAÇÃO DAS AÇÕES DE EMISSÃO DA CETIP PELA
COMPANHIA SÃO JOSÉ HOLDING, SEGUIDA DA INCORPORAÇÃO DA COMPANHIA SÃO JOSÉ
HOLDING PELA BM&FBOVESPA
Os administradores das sociedades abaixo qualificadas, assim como as respectivas sociedades abaixo
qualificadas:
(a)
BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS, companhia aberta
com sede na cidade de São Paulo, Estado de São Paulo, na Praça Antônio Prado, 48, 7º andar, CEP
01010-901, inscrita no CNPJ/MF sob o nº 09.346.601/0001-25 (“BM&FBOVESPA”);
(b)
CETIP S.A. – MERCADOS ORGANIZADOS, companhia aberta com sede na cidade do Rio de
Janeiro, Estado do Rio de Janeiro, na Av. República do Chile, 230, 11º andar, CEP 20031-919, inscrita
no CNPJ/MF sob o nº 09.358.105/0001-91 (“CETIP”); e
(c)
COMPANHIA SÃO JOSÉ HOLDING (atual denominação da NETANYA EMPREEENDIMENTOS E
PARTICIPAÇÕES S.A.), companhia fechada com sede na cidade de São Paulo, Estado de São Paulo, na
Praça Antônio Prado, 48, CEP 01010-901, inscrita no CNPJ/MF sob o nº 23.791.728/0001-84
(“Holding” e, em conjunto com BM&FBOVESPA e CETIP, as “Partes” ou “Companhias”),
Pelos motivos e visando aos fins detalhados mais adiante neste instrumento, resolvem firmar, na
forma dos artigos 224 e 225 da Lei nº 6.404/76, o presente protocolo e justificação (“Protocolo e
Justificação”) tendo por objeto (a) a incorporação das ações de emissão da CETIP pela Holding, cuja
totalidade das ações é na presente data (e será na data da aprovação da incorporação das ações de
emissão da CETIP) de propriedade da BM&FBOVESPA, e (b) a subsequente incorporação da Holding
pela BM&FBOVESPA, as quais serão submetidas à aprovação de seus respectivos acionistas, reunidos
em assembleia geral extraordinária, nos seguintes termos e condições:
1. Descrição da Operação, Motivos ou Fins e Interesse das Companhias
1.1. Pretende-se submeter aos acionistas das Companhias uma reorganização societária, cujos
passos são detalhados a seguir (“Operação”), e que resultará (a) na titularidade, pela
BM&FBOVESPA, da totalidade das ações de emissão da CETIP; e (b) assumindo que o capital total da
CETIP esteja representado, na Data da Consumação da Operação (conforme abaixo definido), por
264.883.6101 ações ordinárias, ex-tesouraria, e sujeito ao disposto na Seção 2, no recebimento, pelos
acionistas da CETIP, para cada ação ordinária de emissão da CETIP de que sejam proprietários na
referida data, de:
(a)
uma parcela em moeda corrente nacional de R$30,75 (“Valor Original de Referência da
Parcela em Dinheiro”), ajustada na forma prevista neste Protocolo e Justificação (após os
ajustes, o “Valor do Resgate para Cada Três Ações Preferenciais Resgatáveis da Holding”), a
ser paga à vista, em parcela única, em em até 40 dias contados da data em que se verificar o
cumprimento da última das condições listadas nos itens 3.1(a), (b) e (c) (“Data de Liquidação
Financeira”); e
1
Estimativa considerando que, na Data da Consumação da Operação, haverá 264.883.610 ações da CETIP (considera o total
de 262.978.823 ações, excluindo 3.513.011 ações em tesouraria e incluindo 5.417.798 ações decorrentes do vesting
antecipado de planos de opções). O número de ações em circulação da CETIP pode variar até a Data da Consumação da
Operação.
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(b)
0,8991 ação ordinária de emissão da BM&FBOVESPA (“Relação de Troca de Referência”),
ajustada na forma prevista neste Protocolo e Justificação (após os ajustes, a “Quantidade
Final de Ações BM&FBOVESPA por Ação Ordinária da Holding”).
1.2. A Operação compreenderá as seguintes etapas, todas interdependentes, cuja consumação
estará sujeita às aprovações societárias aplicáveis e à verificação das condições suspensivas referidas
no item 3.1 abaixo, sendo que todas as etapas deverão ocorrer na mesma data:
(a)
aumento de capital da Holding, mediante a emissão de 794.650.830 novas ações ordinárias,
nominativas e sem valor nominal, as quais serão totalmente subscritas e integralizadas pela
BM&FBOVESPA, em moeda corrente nacional, até a Data da Consumação da Operação, pelo
preço de emissão total de ao menos R$7.920.019.939,00, dos quais uma parcela, a ser
definida na assembleia geral, será alocada à constituição de reserva de capital (“Aumento de
Capital da Holding”);
(b)
na mesma data, como ato subsequente e interdependente do Aumento de Capital da
Holding, incorporação da totalidade das ações de emissão da CETIP pela Holding, por seu
valor econômico, resultando na emissão, pela Holding, em favor dos acionistas da CETIP
proprietários das ações incorporadas (“Acionistas da CETIP”), de ações ordinárias e
preferenciais resgatáveis de emissão da Holding, sendo que para cada ação ordinária de
emissão da CETIP serão entregues 1 ação ordinária e 3 ações preferenciais resgatáveis de
emissão da Holding (considerando os ajustes mencionados no item 2.1), conforme disposto
no item 4.1 (“Incorporação das Ações da CETIP”). Após consumada a Operação, a CETIP
preservará personalidade jurídica e patrimônio próprios, inexistindo sucessão legal;
(c)
na mesma data, como ato subsequente e interdependente da Incorporação das Ações da
CETIP, resgate da totalidade das ações preferenciais de emissão da Holding, com o
pagamento, para cada 3 ações preferenciais de emissão da Holding resgatadas, do Valor do
Resgate para Cada Três Ações Preferenciais Resgatáveis da Holding (“Resgate”). Uma vez
resgatadas, as ações preferenciais da Holding serão canceladas contra reserva de capital; e
(d)
na mesma data, como ato subsequente e interdependente do Resgate, incorporação da
Holding pela BM&FBOVESPA, pelo valor patrimonial contábil da Holding (já considerados os
efeitos do Aumento de Capital da Holding, da Incorporação das Ações da CETIP e do
Resgate), com a consequente extinção da Holding e sucessão, pela BM&FBOVESPA, de todos
os seus bens, direitos e obrigações, com a consequente migração dos Acionistas da CETIP
para o quadro acionário da BM&FBOVESPA (“Incorporação da Holding”).
1.2.1. Embora as etapas previstas no item 1.2 ocorram de forma subsequente, uma à outra, todas
fazem parte de um negócio jurídico único, sendo premissa que cada uma das etapas não tenha
eficácia, individualmente, sem que as demais também a tenham e sejam, em sua integralidade,
implementadas, ou seja, a Operação não poderá ser parcialmente aprovada em assembleia geral das
Companhias ou parcialmente implementada.
1.3. Busca-se, com a Operação, a criação de uma empresa de infraestrutura de mercado de classe
mundial, com grande importância sistêmica, preparada para competir em um mercado global cada
vez mais sofisticado e desafiador, aumentando a segurança, a solidez e a eficiência do mercado
brasileiro.
1.3.1. A integração das atividades das Companhias reforçará significativamente o modelo de negócio
da entidade combinada, na medida em que ampliará o grau de diversificação de receitas,
proporcionará às instituições financeiras, custodiantes, agentes de escrituração, gestores de recursos
e corretoras a consolidação de seus processos e sistemas de back-office e tesouraria, com
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significativa redução de custos e de riscos operacionais para todo o sistema financeiro, além do
ganho de eficiência na interação com os órgãos de supervisão dos mercados financeiro e de capitais.
1.3.2. Tendo em vista a complementariedade das Companhias, a sua combinação trará ganhos a
clientes, participantes de mercado, investidores e empresas que precisam de recursos para investir
ou de instrumentos financeiros para administrar seus riscos. A combinação trará, ainda, maior
eficiência de capital para os clientes, dada a possibilidade de se utilizar derivativos de balcão e de
bolsa em uma mesma contraparte central, juntamente com outros valores mobiliários e ativos
financeiros.
1.3.3. Em decorrência da Operação aqui descrita, o número de ações em circulação da
BM&FBOVESPA será acrescido do número de ações emitidas em favor dos acionistas da CETIP após
incorporação da Holding (a ser determinada na Data de Liquidação Financeira pela formula descrita
no Anexo 2.2). Tendo em vista a natureza de controle difuso da BM&FBOVESPA e CETIP, essa nova
emissão deveria manter a liquidez das ações da BM&FBOVESPA dentre as ações mais líquidas do
mercado brasileiro. Após a conclusão da Operação, a CETIP deixará de ser negociada e seus
acionistas passarão a ser titulares de ações da BM&FBOVESPA, seguindo a relação de substituição
estabelecida neste Protocolo e Justificação.
1.3.4. As informações financeiras pro forma preparadas em cumprimento ao disposto no parágrafo
terceiro do artigo 10 da Instrução CVM 565 já refletem as alterações relevantes na situação
financeira da BM&FBOVESPA e da CETIP ocorridas desde a apresentação dos demonstrativos
financeiros mais recentes das Companhias até esta data.
1.4. Após a consumação da Operação, as Companhias continuarão a se dedicar às suas atividades,
mantendo-se o registro de companhia aberta da BM&FBOVESPA e, tendo em vista o período
necessário para promover a integração dos negócios que a experiência da BM&FBOVESPA tem
demonstrado essencial, tornando-se a CETIP uma subsidiária integral da BM&FBOVESPA. O registro
de companhia aberta da CETIP será mantido após a Operação até ulterior deliberação pela
BM&FBOVESPA. As ações de emissão da CETIP deixarão de ser negociadas no segmento do Novo
Mercado da BM&FBOVESPA com a consumação da Operação.
2. Cálculo e Ajustes da Relação de Substituição da CETIP-Holding, do Valor do Resgate para Cada Três
Ações Preferenciais Resgatáveis da Holding e da Quantidade Final de Ações BM&FBOVESPA por Ação
Ordinária da Holding
2.1. A relação de substituição das ações de emissão da CETIP por ações ordinárias e preferenciais de
emissão da Holding, em decorrência da Incorporação das Ações da CETIP deverá ser ajustada
proporcionalmente por todos e quaisquer desdobramentos, grupamentos e bonificações das ações
da CETIP ocorridos a partir de 30 de setembro de 2015. Quaisquer desdobramentos das ações da
Holding não impactarão a relação de substituição determinada neste Protocolo e Justificação.
2.2. Já (i) o Valor do Resgate para Cada Três Ações Preferenciais Resgatáveis da Holding (a ser pago
para cada 3 ações da Holding resgatadas por meio do Resgate) e (ii) a Quantidade Final de Ações
BM&FBOVESPA por Ação Ordinária da Holding (a serem entregues para cada ação ordinária de
emissão da Holding em decorrência da Incorporação da Holding) serão objetivamente determinados
pela aplicação das fórmulas previstas no Anexo 2.2.
2.3. Sem prejuízo do disposto acima e para fins de referência apenas, os ajustes previstos no item 2.1
e as fórmulas previstas no Anexo 2.2 refletem as premissas listadas abaixo, observado que, caso haja
qualquer divergência entre (i) determinada interpretação da descrição abaixo e (ii) o resultado
objetivo das fórmulas prevista no Anexo 2.2 e/ou os ajustes previstos no item 2.1 acima, a descrição
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prevista abaixo deverá ser desconsiderada, aplicando-se tão somente os ajustes previstos no item
2.1 e as fórmulas previstas no Anexo 2.2:
(a)
O Valor Original de Referência da Parcela em Dinheiro estará sujeito à correção pela taxa de
CDI verificada entre 8 de abril de 2016 e a Data de Liquidação Financeira, inclusive. Para fins
deste Protocolo e Justificação taxa de CDI significa a taxa de juros do certificado de
depósito interbancário calculada pela taxa média diária de depósitos interbancários
designada “Taxa DI – Operações Extra Grupo” expressa em porcentagem anual com base
em ano de 252 dias publicada diariamente pela CETIP.
(b)
O Valor Original de Referência da Parcela em Dinheiro será (i) reduzido no montante de
quaisquer dividendos, juros sobre o capital próprio e outros proventos declarados e pagos
pela CETIP a partir de 4 de novembro de 2015 e com data de apuração da base acionária
(data ex) até a Data de Liquidação Financeira, inclusive; e (ii) deduzido, quando for o caso,
de eventuais impostos retidos na fonte que sejam devidos exclusivamente em decorrência
do Resgate.
(c)
A Relação de Troca de Referência será ajustada para refletir quaisquer dividendos, juros
sobre capital próprio e outros proventos declarados e pagos pela BM&FBOVESPA, também
a partir de 4 de novembro de 2015, e com data de apuração da base acionária (data ex) até
a Data de Liquidação Financeira, inclusive, (“Proventos da BM&FBOVESPA”), de forma que
o produto de: (i) uma nova relação de troca (a “Relação de Troca Ajustada por
Proventos”); e (ii) o resultado da subtração de (x) R$ 11,40 menos (y) os Proventos da
BM&FBOVESPA, seja sempre mantido constante em R$ 10,25.
(d)
Observado o disposto no item 2.1, a Relação de Troca de Referência, a Relação de Troca
Ajustada por Proventos e o Valor Original de Referência da Parcela em Dinheiro serão
igualmente ajustados por todos e quaisquer desdobramentos, grupamentos, conversões,
recompra, bonificações e emissões de ações eventualmente ocorridos, com qualquer das
Companhias, a partir de 8 de abril de 2016.
(e)
Para efeito da redução do Valor Original de Referência da Parcela em Dinheiro e da
determinação da Relação de Troca Ajustada por Proventos previstos nos itens (b), (c) e (d)
acima, serão observadas as seguintes regras: (a) os dividendos, juros sobre o capital próprio
e outros proventos declarados e pagos a partir de 4 de novembro de 2015 até 8 de abril de
2016 serão corrigidos pelo CDI da data do respectivo pagamento até 8 de abril de 2016,
inclusive; e (b) os dividendos, juros sobre o capital próprio e outros proventos declarados
ou pagos a partir de 8 de abril de 2016 até a Data de Liquidação Financeira serão trazidos a
valor presente pelo CDI da data do respectivo pagamento para 8 de abril de 2016.
(f)
A BM&FBOVESPA declarou proventos de R$ 0,1765 por ação em 13 de novembro de 2015 e
de R$ 0,2525 por ação em 10 de dezembro de 2015. A CETIP declarou proventos de R$
0,3326 por ação em 4 de novembro de 2015, de R$ 0,0994 por ação em 18 de dezembro de
2015, de R$ 0,3194 por ação em 2 de março 2016 e de R$ 0,0843 por ação em 15 de março
de 2016.
(g)
Considerando que parte do pagamento previsto na Operação será realizado em ações da
BM&FBOVESPA, os itens (h) a (l) abaixo descrevem mecanismos adicionais de ajuste da
Relação de Troca Ajustada por Proventos e do Valor Original de Referência da Parcela em
Dinheiro, que buscam mitigar a incerteza sobre o valor da Operação.
(h)
Estabeleceu-se que, em nenhum caso, o valor a ser recebido pelos Acionistas da CETIP, em
adição ao Valor Original de Referência da Parcela em Dinheiro, deverá ser menor do que
R$ 11,25 (“Valor Unitário Mínimo”) ou maior do que R$ 17,76 (“Valor Unitário Máximo”).
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(i)
Para fins dos mecanismos de ajuste previstos nos itens (j) a (l) abaixo, o valor da ação
ordinária de emissão da BM&FBOVESPA será apurado com base na média dos preços de
fechamento observados nos 30 pregões que antecederem a data da obtenção da última
das aprovações da Operação listadas nos itens 3.1(a), (b) e (c) (“Preço Médio de
Fechamento”).
(j)
Caso o produto da Relação de Troca Ajustada por Proventos e o Preço Médio de
Fechamento por ação da BM&FBOVESPA seja superior ao Valor Unitário Máximo, o Valor
Original de Referência da Parcela em Dinheiro será mantido e a Relação de Troca Ajustada
por Proventos será reduzida proporcionalmente (“Relação de Troca Reduzida”), de forma
que o produto da Relação de Troca Reduzida multiplicado pelo Preço Médio de
Fechamento seja sempre o Valor Unitário Máximo.
(k)
Caso o produto da Relação de Troca Ajustada por Proventos pelo Preço Médio de
Fechamento seja inferior ao Valor Unitário Mínimo, o Valor Original de Referência da
Parcela em Dinheiro será acrescido de valor adicional em dinheiro (“Valor Adicional em
Dinheiro”), a ser calculado da seguinte forma, e sujeito ao disposto no item (l) a seguir: o
Valor Adicional em Dinheiro corresponderá ao montante necessário para que o Valor
Unitário Mínimo seja obtido pela soma dos seguintes valores: (x) Relação de Troca Ajustada
por Proventos, multiplicada pelo Preço Médio de Fechamento; e (y) Valor Adicional em
Dinheiro.
(l)
A parcela paga em moeda corrente nacional não será, em qualquer caso, superior a 85% do
valor total das parcelas em dinheiro e em ações da BM&FBOVESPA a que farão jus os
acionistas da CETIP na Data de Liquidação Financeira. Portanto, caso, ao se apurar o Valor
em Dinheiro Adicional e somá-lo ao Valor Original de Referência da Parcela em Dinheiro,
ajustado pelos proventos e corrigido pela variação do CDI nos termos dos itens (a), (b), (d) e
(e), atinja-se um resultado no qual a parcela em dinheiro seja superior a 85% do total por
ação da CETIP, então o Valor em Dinheiro Adicional será limitado ao valor que leve a
parcela em dinheiro a ficar no limite de 85% do total por ação da CETIP. Neste caso, a
Relação de Troca Ajustada por Proventos será aumentada de forma que, com base na nova
relação de troca (“Relação de Troca Aumentada”), o resultado de R$ 11,25 por ação seja
obtido pela soma dos seguintes valores: (x) Relação de Troca Aumentada, multiplicada pelo
Preço Médio de Fechamento; e (y) Valor Adicional em Dinheiro.
3. Condições Suspensivas e Consumação da Operação
3.1. Observado o disposto no item 3.2 abaixo, a consumação da Operação, estará, nos termos do
artigo 125 do Código Civil, subordinada (“Condições Suspensivas”):
(a)
à aprovação da Operação pelo Conselho Administrativo de Defesa Econômica – CADE;
(b)
à aprovação da Operação pela Comissão de Valores Mobiliários – CVM, nos termos da
regulamentação aplicável; e
(c)
à submissão e apreciação da Operação pelo Banco Central do Brasil, nos termos e limites da
regulamentação aplicável.
3.2. Uma vez implementadas as Condições Suspensivas, qualquer das Companhias poderá comunicar
as demais sobre o implemento das Condições Suspensivas e as Companhias divulgarão um aviso ao
mercado indicando, pelo menos, a data em que a Operação será consumada, incluindo a data na
qual as ações de emissão da CETIP deixarão de ser negociadas. Essa data, que corresponderá ao 5º
dia útil contado da implementação da última das Condições Suspensivas, será a data de referência
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para definição dos acionistas da CETIP que receberão as ações de emissão da BM&FBOVESPA (“Data
da Consumação da Operação”).
3.3. No dia útil imediatamente anterior à Data da Consumação da Operação, o conselho de
administração da BM&FBOVESPA se reunirá para (i) atestar, conforme objetivamente determinado
pela aplicação das fórmulas previstas no Anexo 2.2, a Quantidade Final de Ações BM&FBOVESPA por
Ação Ordinária da Holding, ações estas que serão emitidas em decorrência da Incorporação da
Holding; e (ii) registrar que a Operação será consumada na Data da Consumação da Operação.
4. Relações de Substituição, Data-Base, Avaliação, Aumento de Capital e Direito de Retirada
4.1. Propõe-se que, como resultado da Incorporação das Ações da CETIP, sejam emitidas, em favor
dos acionistas da CETIP, novas ações ordinárias e novas ações preferenciais resgatáveis de emissão
da Holding (considerando os ajustes mencionados no item 2.1), todas nominativas e sem valor
nominal, em substituição às ações ordinárias da CETIP de sua titularidade, na proporção de 1 ação
ordinária e 3 ações preferenciais resgatáveis de emissão da Holding para cada ação ordinária de
emissão da CETIP (considerando os ajustes mencionados no item 2.1). Não há, portanto, que se falar
em fração de ações nesse passo da Operação.
4.1.1. As novas ações ordinárias de emissão da Holding farão jus aos mesmos direitos e vantagens
atribuídos às ações ordinárias de emissão da Holding ora existentes e de propriedade da
BM&FBOVESPA e participarão dos resultados do exercício social em curso na data de sua emissão. As
novas ações preferenciais de emissão da Holding não terão direito a voto, terão prioridade no
reembolso de capital em caso de liquidação, sem prêmio, e serão automaticamente resgatadas na
Data da Consumação da Operação, sem a necessidade, portanto, de assembleia especial, devendo
ser pago, para cada 3 ações preferenciais de emissão da Holding resgatadas, o Valor do Resgate para
Cada Três Ações Preferenciais Resgatáveis da Holding (objetivamente determinado pela aplicação
das fórmulas previstas no Anexo 2.2).
4.1.2. Não há que se falar em direito de retirada dos acionistas proprietários de ações de emissão da
CETIP que não votarem favoravelmente à Incorporação das Ações da CETIP, que se abstiverem de
votar ou que não comparecerem à assembleia geral extraordinária pertinente, por se enquadrar, a
CETIP, no disposto no artigo 137, II da Lei nº 6.404/76 e no artigo 9º da Instrução CVM 565. Como, na
data da assembleia geral extraordinária da Holding que deliberar sobre a Incorporação das Ações da
CETIP, a BM&FBOVESPA será a única acionista da Holding, também não há que se falar em acionistas
dissidentes ou em direito de retirada dos acionistas da Holding em decorrência desta etapa da
Operação.
4.2. Ato contínuo, propõe-se que, como resultado da Incorporação da Holding, sejam emitidas, em
favor dos antigos acionistas da CETIP (naquele momento já acionistas da Holding), novas ações
ordinárias de emissão da BM&FBOVESPA, todas nominativas e sem valor nominal, em substituição às
ações ordinárias de emissão da Holding de sua titularidade. Será então emitida, para cada ação
ordinária de emissão da Holding, a Quantidade Final de Ações BM&FBOVESPA por Ação Ordinária da
Holding (objetivamente determinada pela aplicação das fórmulas previstas no Anexo 2.2), cabendo
ao conselho de administração da BM&FBOVESPA reconhecer e divulgar, conforme previsto no item
3.3 e regulado neste Protocolo e Justificação, o número exato de ações efetivamente emitidas.
4.2.1. As eventuais frações de ações de emissão da BM&FBOVESPA decorrentes da Incorporação da
Holding serão agrupadas em números inteiros para, em seguida, serem alienadas no mercado à vista
administrado pela BM&FBOVESPA após a consumação da Operação, nos termos de aviso aos
acionistas a ser oportunamente divulgado. Os valores auferidos na referida venda serão
disponibilizados líquidos de taxas aos antigos acionistas da CETIP titulares das respectivas frações,
proporcionalmente à sua participação em cada ação alienada.
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4.2.2. As novas ações de emissão da BM&FBOVESPA farão jus aos mesmos direitos e vantagens
atribuídos às ações ordinárias de emissão da BM&FBOVESPA e participarão dos resultados do
exercício social em curso a partir da data de sua emissão.
4.2.3. Como, na data da assembleia geral extraordinária da Holding que deliberar sobre a sua
incorporação pela BM&FBOVESPA, esta será a única acionista da Holding, não há que se falar em
acionistas dissidentes ou em direito de retirada em decorrência desta etapa da Operação.
4.3. A data base para a Operação será o dia 31 de dezembro de 2015 (“Data Base”).
4.4. A administração da BM&FBOVESPA, em nome da BM&FBOVESPA e da Holding, contratou (a) a
KPMG Corporate Finance Ltda. (“KPMG”) para proceder à avaliação e determinar o valor econômico
das ações de emissão da CETIP a serem incorporadas pela Holding, já considerando os efeitos do
Aumento de Capital da Holding (“Laudo de Avaliação das Ações da CETIP”); e (b) a Apsis Consultoria
e Avaliações Ltda. (“APSIS”) para proceder à avaliação e determinar o valor contábil do patrimônio
líquido da Holding a ser transferido para BM&FBOVESPA em virtude da Incorporação da Holding, já
considerando os efeitos do Aumento de Capital da Holding, da Incorporação das Ações da CETIP e do
Resgate (“Laudo de Avaliação da Holding”). O Laudo de Avaliação das Ações da CETIP e o Laudo de
Avaliação da Holding constituem o Anexo 4.4 ao presente Protocolo e Justificação.
4.5. A Incorporação das Ações da CETIP resultará em aumento do patrimônio líquido da Holding em
valor suportado pelo Laudo de Avaliação das Ações da CETIP, parte do qual será, conforme definido
pela assembleia geral, destinado à formação de reserva de capital e o saldo será destinado ao seu
capital social.
4.6. A Incorporação da Holding resultará, por sua vez, em aumento do patrimônio líquido da
BM&FBOVESPA em montante equivalente à parcela do patrimônio líquido da Holding
correspondente ao investimento dos acionistas da CETIP na Holding, após o Resgate, do qual parte
será destinada ao capital social da BM&FBOVESPA e parte será destinada à formação de reserva de
capital a ser determinada na assembleia geral. As ações de emissão da Holding de titularidade da
BM&FBOVESPA no momento da Incorporação da Holding serão extintas. As variações patrimoniais
apuradas a partir da Data Base e até a data em que a Incorporação da Holding vier a se consumar
serão apropriadas pela BM&FBOVESPA.
4.7. Não obstante terem as relações de substituição sido negociadas entre BM&FBOVESPA e CETIP,
partes independentes, e não haver direito de recesso, conforme mencionado no item 4.2.3, a
BM&FBOVESPA, para fins informativos e em razão de, na data da Incorporação da Holding, figurar
como controladora da Holding, também solicitou à KPMG a elaboração do laudo de avaliação
previsto no artigo 264 da Lei nº 6.404/76, avaliando os dois patrimônios segundo os mesmos
critérios e na mesma data, a preços de mercado (“Laudo do Patrimônio Líquido a Preços de
Mercado”). O Laudo do Patrimônio Líquido a Preços de Mercado constitui o Anexo 4.7 ao presente
Protocolo e Justificação.
4.8. Nos termos do artigo 227, § 1º da Lei nº 6.404/76, (i) a indicação da KPMG será submetida à
ratificação pela Assembleia Geral de Acionistas da Holding que deliberar acerca da Incorporação das
Ações da CETIP, e (ii) a indicação da APSIS será submetida à ratificação pela Assembleia Geral de
Acionistas da BM&FBOVESPA que deliberar acerca da Incorporação da Holding.
4.9. A KPMG e a APSIS declararam (i) não existir qualquer conflito ou comunhão de interesses, atual
ou potencial, com os acionistas das Companhias, ou, ainda, no tocante à Incorporação das Ações da
CETIP ou à Incorporação da Holding, conforme o caso; e (ii) não terem os acionistas ou os
administradores das Companhias direcionado, limitado, dificultado ou praticado quaisquer atos que
tenham ou possam ter comprometido o acesso, a utilização ou o conhecimento de informações,
bens, documentos ou metodologias de trabalho relevantes para a qualidade das suas conclusões.
23
KPMG e APSIS foram selecionadas para os trabalhos aqui descritos considerando a ampla e notória
experiência que ambas as empresas especializadas têm na preparação de laudos e avaliações dessa
natureza.
4.10. A BM&FBOVESPA e a Holding, conforme o caso, arcarão com todos os custos relacionados à
contratação da KPMG e da APSIS para a preparação do Laudo de Avaliação das Ações da CETIP, do
Laudo de Avaliação da Holding e do Laudo do Patrimônio Líquido a Preços de Mercado, conforme o
caso.
4.11. As administrações da BM&FBOVESPA e da CETIP, individualmente, contrataram assessoria de
bancos de investimento de reputação internacional para auxiliar os respectivos Conselhos de
Administração no processo de tomada de decisão informada no que diz respeito aos parâmetros
financeiros da Operação. Tais instituições financeiras não indicaram qualquer impedimento ou
conflito para emitir os relatórios de suporte ou carta opinião (fairness opinion).
4.12. As administrações de BM&FBOVESPA e CETIP também prepararam informações financeiras pro
forma das sociedades que subsistirem, como se estas já existissem, tendo como referência a Data
Base, elaboradas de acordo com a Lei nº 6.404/76, e com as normas da Comissão de Valores
Mobiliários e submetidas à asseguração razoável por auditor independente registrado na Comissão
de Valores Mobiliários.
5. Aprovações Societárias
5.1. A efetivação da Incorporação das Ações da CETIP, do Resgate e da Incorporação da Holding
dependerá da realização dos seguintes atos, todos interdependentes e com efeitos sujeitos ao
advento das Condições Suspensivas, os quais deverão tentativamente ocorrer na mesma data:
(a)
assembleia geral extraordinária da CETIP para, nessa ordem, (i) aprovar a dispensa da
realização da oferta pública de aquisição de ações de emissão da CETIP prevista no Art. 88 do
Estatuto Social da CETIP no âmbito da Operação; (ii) aprovar o Protocolo e Justificação;
(iii) aprovar a Operação; (iv) autorizar a subscrição, por seus administradores, das novas
ações a serem emitidas pela Holding; e (v) caso a CETIP não tenha obtido a dispensa dos
debenturistas e sempre respeitado o disposto no item 7.1.2(g), assegurar, nos termos do
parágrafo primeiro do artigo 231 da Lei 6.404/76, aos debenturistas da CETIP que desejarem,
durante o prazo de seis meses a contar da data da publicação das atas das assembleias gerais
relativas à Operação, o resgate das debêntures de que forem titulares;
(b)
assembleia geral extraordinária da Holding para, nessa ordem, (i) aprovar o Aumento de
Capital da Holding; (ii) aprovar o Protocolo e Justificação; (iii) ratificar a nomeação da KPMG;
(iv) aprovar o Laudo de Avaliação das Ações da CETIP; (v) aprovar a criação de uma nova
classe de ações preferenciais, conforme item 4.1.1 acima; (vi) aprovar a Incorporação das
Ações da CETIP; (vii) aprovar o aumento do capital social a ser subscrito e integralizado pelos
administradores da CETIP, com a consequente alteração do seu estatuto social; (viii) aprovar
o Resgate, com a consequente alteração do seu estatuto social; (ix) aprovar a Incorporação
da Holding pela BM&FBOVESPA; e (x) autorizar a subscrição, por seus administradores, das
novas ações a serem emitidas pela BM&FBOVESPA; e
(c)
assembleia geral extraordinária da BM&FBOVESPA para, nessa ordem, (i) aprovar o
investimento, pela BM&FBOVESPA, no valor de ao menos R$7.920.019.939,00, mediante a
subscrição de novas ações na Holding; (ii) aprovar o Protocolo e Justificação; (iii) ratificar a
nomeação da APSIS; (iv) aprovar o Laudo de Avaliação da Holding; (v) aprovar a Operação;
(vi) autorizar o aumento do capital social a ser subscrito e integralizado pelos
administradores da Holding, com a posterior alteração do seu estatuto social (uma vez
24
definida a Quantidade Final de Ações BM&FBOVESPA por Ação Ordinária da Holding,
conforme objetivamente determinado pela aplicação da fórmula prevista no Anexo 2.2, e,
portanto, o número final de ações de BM&FBOVESPA a ser emitido em decorrência da
Incorporação da Holding); e (vii) aprovar a alteração do seu estatuto social, substancialmente
nos termos do Anexo 5.1(c), para, dentre outros ajustes, (1) incluir artigo prevendo a
existência de indenização estatutária (de forma complementar a qualquer cobertura de
seguro D&O), nos termos usualmente adotados por companhias abertas de grande porte,
aplicável aos administradores e aos funcionários que exerçam cargo de gestão, visando a
oferecer completa proteção contra prejuízos diretos que possam ser incorridos, no exercício
de suas funções, pelos administradores atuais e futuros da BM&FBOVESPA e de suas
controladas, inclusive a CETIP, com as ressalvas usuais, e (2) ampliar o número máximo de
membros do conselho de administração da BM&FBOVESPA, de 11 para 13 membros,
excepcionalmente até a data da assembleia geral que deliberar sobre as demonstrações
financeiras do exercício social encerrado em 31 de dezembro de 2018. Os dois novos
Conselheiros só serão eleitos após a obtenção das aprovações regulatórias da Operação
junto aos órgãos competentes, sendo indicados pelo conselho de administração da CETIP
dentre seus atuais conselheiros independentes e/ou diretores estatutários, e aprovados pelo
Comitê de Governança e Indicação e pelo conselho de administração da BM&FBOVESPA (o
qual poderá solicitar a substituição de até um dos indicados por outro conselheiro
independente ou diretor estatutário da CETIP), e submetidos à eleição pela Assembleia Geral
de Acionistas da BM&FBOVESPA.
5.1.1. As administrações das Companhias envidarão seus melhores esforços para que sejam
realizadas as assembleias gerais acima referidas no menor prazo possível, de tal forma que as
assembleias gerais ocorram no prazo máximo de 90 dias contados a partir da presente data.
6. Submissão às Autoridades Governamentais
6.1. A BM&FBOVESPA deverá submeter a Operação à Comissão de Valores Mobiliários, ao Banco
Central do Brasil e ao CADE (“Autoridades Governamentais”), preferencialmente até o dia 2 de maio
de 2016, submissão esta que será conduzida, ativa e diligentemente, pelos assessores legais
nomeados pela BM&FBOVESPA.
6.1.1. No que diz respeito à submissão ao CADE, o prazo previsto no item 6.1 acima considerar-se-á
atendido com a apresentação de minuta da notificação ao CADE (com as respostas aos itens do
Anexo I da Resolução CADE nº 2/2012) para avaliação preliminar da Superintendência-Geral do
CADE.
6.2. Para este fim, a CETIP obriga-se a fornecer à BM&FBOVESPA todas as informações
razoavelmente necessárias para tal submissão, conforme solicitadas pela BM&FBOVESPA. Dentre as
informações necessárias, informações confidenciais e/ou informações concorrencialmente sensíveis
serão claramente indicadas pela CETIP como tal para que sejam trocadas exclusivamente entre
advogados externos.
6.3. Todas as custas e despesas relacionadas ao procedimento para aprovação da Operação pelas
Autoridades Governamentais, serão assumidas pela BM&FBOVESPA, à exceção de despesas com
seus respectivos advogados, que serão arcadas pela Parte que os contratar, de acordo com o item
6.4 abaixo.
6.4. A seu critério, a CETIP poderá ser representada por advogados externos nos autos da notificação
da Operação ao CADE ou no âmbito do processo de notificação da Operação às demais Autoridades
Governamentais, sendo que os representantes da CETIP serão sempre convidados para participar de
todas e quaisquer interações da BM&FBOVESPA relativas ao processo de obtenção de aprovação
25
para a Operação junto às Autoridades Governamentais com a antecedência adequada para viabilizar
referida participação. Contudo, ao liderar a notificação, a BM&FBOVESPA não precisará de aprovação
da CETIP para a apresentação de quaisquer manifestações ou informações às Autoridades
Governamentais. A BM&FBOVESPA compromete-se, no entanto, a compartilhar com a CETIP
previamente os documentos a serem apresentados às Autoridades Governamentais para ciência e
para a confirmação da exatidão das informações apresentadas. Nessa última hipótese, a CETIP
obriga-se a confirmar ou corrigir quaisquer informações, bem como a apresentar eventuais
comentários que entenda pertinentes para melhor defesa dos interesses das companhias perante as
Autoridades Governamentais de maneira suficientemente rápida para permitir o cumprimento de
prazos eventualmente estabelecidos pela autoridade.
6.5. Sem o consentimento prévio da BM&FBOVESPA, a CETIP não fará quaisquer contatos com o
CADE relacionados à Operação. Caso tais contatos eventualmente se façam necessários, a
BM&FBOVESPA terá a oportunidade de acompanhar e participar de tais contatos.
6.6. Caso qualquer das Autoridades Governamentais imponha restrições à Operação contemplada
neste Protocolo e Justificação ou exija a alteração de qualquer de seus termos ou condições, a
BM&FBOVESPA, caso entenda que estas restrições ou alterações não estão em conformidade com
seus melhores interesses, poderá optar por não concluir a Operação, hipótese em que, observado o
disposto no caput do item 7.6, aplicar-se-á o pagamento relativo ao item 7.6(a).
6.6.1. A BM&FBOVESPA será responsável pela negociação de eventuais remédios/compromissos e
pela preparação de quaisquer propostas de acordos com qualquer Autoridade Governamental no
contexto da notificação da Operação. Caso, a qualquer momento durante a análise da Operação por
qualquer das Autoridades Governamentais, seja proposta a negociação de remédios/compromissos,
a BM&FBOVESPA obriga-se a prontamente reportar os termos da proposta apresentada à CETIP. A
seu critério, a BM&FBOVESPA poderá aceitar ou rejeitar os termos propostos pelas Autoridades
Governamentais. Na hipótese de rejeição pela BM&FBOVESPA, aplicar-se-á o pagamento relativo ao
item 7.6(a), observado o disposto no caput do item 7.6.
6.6.2. Em nenhuma hipótese os remédios/compromissos negociados ou impostos pelas Autoridades
Governamentais modificarão o resultado da relação de substituição calculado na forma disposta
neste Protocolo e Justificação, ou significarão renúncia a qualquer direito nele previsto, nem
alterarão as obrigações nele assumidas pelas partes.
7. Outras Avenças
7.1. Até a data da consumação da Operação e exceto se de outra forma previsto neste Protocolo e
Justificação ou se necessário à consumação da Operação, as Companhias deverão manter o curso
normal de seus negócios e se abster de praticar atos que, de alguma forma, possam afetar de
maneira relevante os seus negócios ou operações e, consequentemente, alterar, também de
maneira relevante, o equilíbrio das relações de substituição ora definidas ou, ainda, impedir ou
dificultar a consumação da Operação, ficando desde já acordado que a partir de maio de 2016 a
Unidade de Títulos e Valores Mobiliários da CETIP passará a prestar seus serviços na Alameda Xingu,
350, no munícipio de Barueri, Estado de São Paulo.
7.1.1. Sem prejuízo do disposto no caput deste item 7.1, cada Companhia se compromete a, até a
data em que se consumar a Operação:
(a)
não aprovar a propositura, propor ou tomar qualquer medida visando ao pedido de
recuperação judicial ou extrajudicial, a declaração de autofalência, a dissolução ou a
liquidação da respectiva Companhia e/ou de suas controladas; e
26
(b)
manter vigentes as autorizações concedidas pelo Banco Central do Brasil e pela Comissão de
Valores Mobiliários.
7.1.2. Adicionalmente, e sem prejuízo do disposto no caput deste item 7.1, a CETIP se compromete
a:
(a)
até a Data da Consumação da Operação, manter o seu Endividamento Bruto inferior ao
equivalente à soma de R$650.000.000,00 e US$300.000.000,00, sendo que "Endividamento
Bruto" significa, com base nas demonstrações financeiras trimestrais consolidadas da CETIP,
o somatório dos saldos das dívidas consolidadas da CETIP, incluindo dívidas perante pessoas
físicas e/ou jurídicas, tais como mútuos, empréstimos, financiamentos, arrendamentos
mercantis, emissão de títulos de renda fixa, conversíveis ou não, nos mercados local e/ou
internacional, coobrigações, avais ou fianças;
(b)
até a Data da Consumação da Operação, não alienar bens do ativo imobilizado cujo valor
agregado seja igual ou superior a R$ 50.000.000,00;
(c)
até a Data da Consumação da Operação, não alienar ou adquirir participação societária ou
celebrar acordo de investimentos, contrato de consórcio ou joint venture que implique
investimentos no agregado iguais ou superiores a R$ 50.000.000,00, exceto por eventuais
aumentos de capital envolvendo as subsidiárias existentes nesta data;
(d)
não ultrapassar, durante o exercício de 2016, em mais do que 10% os valores constantes do
orçamento aprovado pelo conselho de administração da CETIP em 2 de março de 2016
destinados à folha de salários e aos benefícios a empregados;
(e)
não conceder novas outorgas dentro de plano de opção de compra de ações da CETIP,
exceto para dar cumprimento a obrigações já previstas em contratos;
(f)
não efetuar investimentos de capital, durante o exercício de 2016, excluindo alocação de
horas dos empregados, que superem em 20% os valores constantes do orçamento para o
ano de 2016 aprovado pelo conselho de administração da CETIP em 2 de março de 2016;
(g)
na Data da Consumação da Operação, ter recursos suficientes em caixa para manter o curso
normal de seus negócios, bem como saldar as obrigações financeiras que venham a ser
devidas em decorrência da consumação da Operação.
7.1.3. Adicionalmente, e sem prejuízo do disposto no caput deste item 7.1, a BM&FBOVESPA se
compromete a manter a companhia listada no segmento de listagem do Novo Mercado e cumprir a
todo o tempo a obrigação de manter o percentual mínimo de ações em circulação de 25% de seu
capital social.
7.2. O direito de exercício das opções outorgadas no âmbito dos Planos de Opção de Ações da CETIP
de 2009, 2010 e 2012 deverá ser antecipado a partir da Data da Consumação da Operação, sendo
que a BM&FBOVESPA desde já concorda que o saldo de opções não exercidas pelo respectivo
beneficiário da CETIP antes da Data da Consumação da Operação deverá, até a Data de Liquidação
Financeira, ser cancelado pela BM&FBOVESPA mediante o pagamento, pela BM&FBOVESPA ao
respectivo beneficiário da CETIP, do correspondente valor em moeda corrente nacional, sendo que
os valores conferidos em dinheiro serão apurados, para essa finalidade especial, com base no valor
justo das opções na Data da Consumação da Operação. Para a determinação do valor justo das
opções, será utilizada a metodologia adotada pela BM&FBOVESPA no cancelamento do saldo das
opções outorgadas no âmbito do seu plano de opções de compra de ações, que foi objeto de
comunicado ao mercado divulgado em 4 de fevereiro de 2015. A BM&FBOVESPA deverá propor aos
respectivos beneficiários que seja firmado compromisso com a finalidade de mantê-los indenes com
relação a eventuais passivos potenciais relativos aos pagamentos objeto deste item.
27
7.3. A BM&FBOVESPA, considerando a opinião de seus consultores tributários externos, já adotada
em caso precedente, segundo a qual inexiste ganho de capital tributável em operações de
incorporação de ações, não realizará a retenção de suposto imposto de renda sobre a parcela de
ações ordinárias da Holding a ser entregue aos acionistas não-residentes da CETIP no contexto da
Operação. Não obstante, a BM&FBOVESPA declara, para todos os fins de direito, ser a única
responsável por eventual questionamento (que a BM&FBOVESPA entende ser improcedente) sobre a
incidência de imposto de renda sobre suposto ganho de capital na operação de incorporação de
ações de não-residentes na Incorporação de Ações da CETIP, e, assim sendo, obriga-se a manter os
administradores da CETIP, bem como seus acionistas e respectivas instituições financeiras que atuam
na qualidade de seus representantes tributários no Brasil (custodiantes), completamente indenes de
qualquer tipo de perda nesse sentido relacionada a questão tributária aqui apresentada
exclusivamente no que se refere à presente Operação.
7.4. Os eventos descritos no presente Protocolo e Justificação, bem como as demais matérias
submetidas aos acionistas das Companhias nas Assembleias Gerais de acionistas que deliberarem
sobre o Protocolo e Justificação, são negócios jurídicos reciprocamente dependentes, sendo
premissa que um negócio não tenha eficácia sem que os demais também a tenham.
7.5. A BM&FBOVESPA, por este Protocolo e Justificação, é coobrigada com a Holding em todas as
obrigações envolvendo a Holding na Operação e/ou previstas neste Protocolo e Justificação, sendo,
uma vez obtidas as aprovações societárias para a Operação conforme previstas no item 5.1,
devedora solidária da Holding no que diz respeito a todos os pagamentos eventualmente devidos
pela Holding nos termos deste Protocolo e Justificação, mas especialmente com relação ao Valor do
Resgate para Cada Três Ações Preferenciais Resgatáveis da Holding.
7.6. Uma vez obtidas as aprovações societárias para a Operação previstas no item 5.1, não havendo
a conclusão da Operação:
(a)
em decorrência da não satisfação de quaisquer das Condições Suspensivas previstas nos
itens 3.1(a), 3.1(b) e 3.1(c) (exceto se por motivos de inadimplemento de obrigações
previstas no Protocolo e Justificação por parte da CETIP, e desde que tal inadimplemento não
tenha sido curado ou sanado pela CETIP dentro do prazo de 60 dias contados da data de
notificação de inadimplemento enviada pela BM&FBOVESPA à CETIP para tal fim); ou
(b)
em até 18 meses contados a partir da data da última assembleia geral das Companhias que
aprovar a Operação sem que a mesma tenha sido concluída (exceto se por motivos de
inadimplemento de obrigações previstas no Protocolo e Justificação por parte da CETIP, e
desde que tal inadimplemento não tenha sido curado ou sanado pela CETIP dentro do prazo
de 60 dias contados da data de notificação de inadimplemento enviada pela BM&FBOVESPA
à CETIP para tal fim); ou
(c)
em decorrência do inadimplemento das obrigações previstas neste Protocolo e Justificação
pela BM&FBOVESPA (e desde que tal inadimplemento não tenha sido curado ou sanado pela
BM&FBOVESPA dentro do prazo de 60 dias contados da data de notificação de
inadimplemento enviada pela CETIP à BM&FBOVESPA para tal fim),
a CETIP poderá dar a Operação por resolvida e fará jus ao pagamento, pela BM&BOVESPA, a título de
pré-fixação de perdas e danos, do montante de R$ 250.000.000,00, pagáveis em moeda corrente
nacional à vista e em parcela única, em até 30 dias contados da notificação da CETIP à
BM&FBOVESPA nesse sentido, não podendo a CETIP exigir qualquer valor suplementar em
decorrência da não consumação da Operação, conforme previsto no parágrafo único do artigo 416
do Código Civil. O pagamento do montante acima referido em nenhuma hipótese será cumulativo.
28
7.7. Uma vez obtidas as aprovações societárias para a Operação previstas no item 5.1, não havendo a
conclusão da Operação em decorrência de inadimplemento das obrigações previstas neste Protocolo
e Justificação pela CETIP (e desde que tal inadimplemento não tenha sido curado ou sanado pela
CETIP dentro do prazo de 60 dias contados da data de notificação de inadimplemento enviada pela
BM&FBOVESPA à CETIP para tal fim), a BM&FBOVESPA poderá dar a Operação por resolvida e
pleitear perdas e danos da CETIP a serem apurados por meio da arbitragem prevista na Seção 9.
7.8. Além das disposições estabelecidas nas Cláusulas 7.6 e 7.7, não caberá qualquer outra demanda
indenizatória de Parte a Parte em relação ao disposto neste Protocolo e Justificação.
7.9. A BM&FBOVESPA, em relação a si própria e a Holding, e a CETIP, em relação a si própria,
declaram e garantem reciprocamente o que segue:
(a)
As CETIP e a BM&FBOVESPA são companhias abertas, devidamente constituídas e
validamente existentes conforme as Leis da República Federativa do Brasil. A Holding é uma
sociedade por ações, devidamente constituída e validamente existente conforme as Leis da
República Federativa do Brasil, sem qualquer operação ou passivo.
(b)
No seu melhor conhecimento, não há nesta data qualquer impedimento para a consumação
da Operação e cumprimento das obrigações previstas neste Protocolo e Justificação, exceto
se de outra forma já regulado neste Protocolo e Justificação.
(c)
Na presente data:
(d)
(i)
O capital social da BM&FBOVESPA é representado exclusivamente por 1.815.000.000
ações ordinárias, todas integralizadas, não havendo contrato ou valor mobiliário de
sua emissão que dê direito à sua subscrição, exceto pelas obrigações decorrentes do
plano de ações restritas divulgado no Formulário de Referência da BM&FBOVESPA.
(ii)
O capital social da CETIP é representado exclusivamente por 262.978.823 ações
ordinárias, todas integralizadas, não havendo contrato ou valor mobiliário de sua
emissão que dê direito à sua subscrição, exceto pelas obrigações decorrentes do plano
de ações divulgado no Formulário de Referência da CETIP.
(iii)
O capital social da Holding é representado exclusivamente por 1.200 ações ordinárias,
todas integralizadas, não havendo contrato ou valor mobiliário de sua emissão que dê
direito à sua subscrição por qualquer outra pessoa que não a BM&FBOVESPA.
As suas respectivas demonstrações financeiras auditadas com data-base de 31 de dezembro
de 2015 e, com relação a BM&FBOVESPA e CETIP, seu Formulário de Referência mais
recente, conforme arquivados e disponibilizados no website da Comissão de Valores
Mobiliários, refletem adequadamente, nesta data, em seus aspectos relevantes, o melhor
entendimento da administração da Companhia em questão sobre seus negócios, conforme
exigido pela legislação aplicável.
7.10. As Companhias e suas respectivas administrações obrigam-se a cumprir todos os termos
previstos neste Protocolo e Justificação, ficando autorizadas suas respectivas diretorias a tomar
todas e quaisquer medidas necessárias para a implementação da Operação.
29
8. Disposições Gerais
8.1. Uma vez aprovada a Operação, competirá aos administradores da BM&FBOVESPA praticar todos
os atos necessários à implementação da Incorporação da Holding, incluindo a baixa da inscrição da
Holding nas repartições federais, estaduais e municipais competentes, bem como a manutenção dos
livros contábeis da Holding pelo prazo legal.
8.2. A documentação aplicável estará à disposição dos acionistas das Companhias nas respectivas
sedes sociais a partir da data de convocação das Assembleias Gerais Extraordinárias das Companhias,
e/ou, conforme o caso, no site de Relações com Investidores da CETIP (www.cetip.com.br/ri) e da
BM&FBOVESPA (www.bmfbovespa.com.br/ri) e nos websites da Comissão de Valores Mobiliários e
da BM&FBOVESPA – Bolsa de Valores, Mercadorias e Futuros.
8.3. Exceto se de outra forma previsto neste Protocolo e Justificação, os custos e despesas incorridas
com a Operação deverão ser arcados pela Parte que neles incorrer (observado que a BM&FBOVESPA
poderá arcar com os custos e despesas incorridas pela Holding), incluindo as despesas relativas aos
honorários dos seus respectivos assessores, auditores, avaliadores e advogados.
8.4. Este Protocolo e Justificação somente poderá ser alterado por meio de instrumento escrito
assinado pelas Partes.
8.5. A eventual declaração por qualquer tribunal de nulidade ou a ineficácia de qualquer das avenças
contidas neste Protocolo e Justificação não prejudicará a validade e eficácia das demais, que serão
integralmente cumpridas, obrigando-se as Companhias a envidar seus melhores esforços de modo a
ajustar-se validamente para obter os mesmos efeitos da avença que tiver sido anulada ou tiver se
tornado ineficaz.
8.6. A falta ou o atraso de qualquer das Companhias em exercer qualquer de seus direitos neste
Protocolo e Justificação não deverá ser considerado como renúncia ou novação e não deverá afetar o
subsequente exercício de tal direito. Qualquer renúncia produzirá efeitos somente se for
especificamente outorgada e por escrito.
8.7. O presente Protocolo e Justificação é irrevogável e irretratável, sendo que as obrigações ora
assumidas pelas Companhias obrigam também seus sucessores a qualquer título.
8.8. É vedada a cessão de quaisquer dos direitos e obrigações pactuados no presente Protocolo e
Justificação sem o prévio e expresso consentimento, por escrito, das Companhias.
8.9. Serve este Protocolo e Justificação assinado na presença de 2 testemunhas como título
executivo extrajudicial na forma da legislação processual civil, para todos os efeitos legais. As
Companhias reconhecem desde já que (i) este Protocolo e Justificação constitui título executivo
extrajudicial para todos os fins e efeitos do Código de Processo Civil; e (ii) está sujeito a execução
específica na forma da legislação em vigor.
9. Lei Aplicável e Solução de Disputas
9.1. Este Protocolo e Justificação será interpretado e regido pelas leis da República Federativa do
Brasil.
9.2. Fica expressamente convencionado que todas as disputas, controvérsias e/ou reclamações
decorrentes do presente Protocolo e Justificação ou de qualquer modo a ele relacionado, inclusive
quanto à sua implementação, negociação, interpretação, existência, validade, eficácia, execução,
violação ou extinção entre as Partes e/ou suas sucessoras a qualquer título (“Disputas”) deverão ser
submetidas à arbitragem, a ser administrada pela Câmara de Arbitragem do Mercado da
30
BM&FBOVESPA (“CAM”), salvo se a CETIP exercer a opção de submeter a arbitragem à administração
da Câmara de Comércio Brasil Canadá (“CCBC”).
9.2.1. A CETIP deverá exercer a opção de submeter a arbitragem à administração da CCBC por meio
do protocolo de requerimento de arbitragem perante a CCBC para dirimir quaisquer Disputas. Se a
BM&FBOVESPA der início a um procedimento arbitral perante a CAM antes de a CETIP ter efetuado o
protocolo do requerimento de arbitragem perante a CCBC, caso a CETIP queira exercer sua opção de
submeter a arbitragem à administração da CCBC, a CETIP deverá efetuar o protocolo do
requerimento de arbitragem perante a CCBC antes do vencimento do prazo para apresentar resposta
ao requerimento de arbitragem da BM&FBOVESPA perante a CAM. Caso a CETIP não exerça sua
opção dentro do prazo, as Partes acordam que a arbitragem iniciada pela BM&FBOVESPA deverá
prosseguir perante a CAM. Caso a CETIP exerça sua opção dentro do prazo, a BM&FBOVESPA deverá
cancelar seu requerimento de arbitragem perante a CAM e submeter suas pretensões perante a
CCBC no âmbito do procedimento arbitral iniciado pela CETIP. Nessa última hipótese, as Partes
deverão dividir em partes iguais todos os custos e despesas incorridos pela BM&FBOVESPA perante a
CAM.
9.2.2. A BM&FBOVESPA concorda que, caso a CETIP exerça a opção de submeter a arbitragem à
administração da CCBC, em substituição à CAM, a CCBC será para todos os fins de direito a câmara
de arbitragem eleita e escolhida pelas Partes para dirimir quaisquer Disputas.
9.2.3. Em qualquer caso, a arbitragem será conduzida de acordo com as regras previstas no
regulamento de arbitragem da CAM ou da CCBC conforme aplicável (“Regulamento”), em vigor na
data do pedido de instauração da arbitragem, com exceção das alterações aqui previstas, e em
conformidade com a legislação vigente, em especial a Lei nº 9.307 de 23 de setembro de 1996 (“Lei
de Arbitragem”).
9.2.4. A arbitragem será conduzida por três árbitros (“Tribunal Arbitral”) a serem nomeados nos
termos do Regulamento. Caso qualquer dos três árbitros não seja nomeado no prazo previsto no
Regulamento, caberá à CAM, ou à CCBC, conforme aplicável, nomeá-lo(s), de acordo com o previsto
no Regulamento. Toda e qualquer controvérsia relativa à indicação dos árbitros pelas Partes, bem
como à escolha do terceiro árbitro, será dirimida pela CAM, ou pela CCBC, conforme aplicável. As
Partes, de comum acordo, afastam a aplicação de dispositivo do Regulamento que limita a escolha
do coárbitro ou do presidente do tribunal arbitral à lista de árbitros da CAM, ou da CCBC, conforme
aplicável.
9.2.5. A arbitragem terá sede na cidade de São Paulo, Estado de São Paulo, Brasil, local em que será
proferida a sentença arbitral, e será conduzida em idioma português. O Tribunal Arbitral deverá
julgar o mérito da Disputa de acordo com a legislação brasileira aplicável, sendo expressamente
vedado o julgamento por equidade.
9.2.6. Antes da constituição do Tribunal Arbitral, as Partes poderão pleitear tutelas cautelares e de
urgência ao Poder Judiciário. Após a sua constituição, o Tribunal Arbitral poderá conceder as tutelas
urgentes, provisórias e definitivas que entender apropriadas, inclusive as voltadas ao cumprimento
específico das obrigações previstas neste Protocolo e Justificação, bem como manter, modificar e/ou
revogar as tutelas anteriormente concedidas pelo Poder Judiciário. Qualquer ordem, decisão,
determinação ou sentença proferida pelo Tribunal Arbitral será final e vinculante sobre as Partes e
seus sucessores, que renunciam expressamente a qualquer recurso. A sentença arbitral poderá ser
executada perante qualquer autoridade judiciária que tenha jurisdição sobre as Partes e/ou seus
ativos.
9.2.7. Tutelas de urgência, bem como ações de execução e de cumprimento de sentença, quando
aplicáveis, poderão ser pleiteadas, à escolha do interessado, (i) na comarca onde estejam o domicílio
31
ou os bens de qualquer das Partes; ou (ii) na comarca de São Paulo, Estado de São Paulo, Brasil. Para
quaisquer outras medidas judiciais permitidas pela Lei 9.307/96, fica desde já eleito exclusivamente
o foro da comarca de São Paulo, Estado de São Paulo, Brasil. O requerimento de quaisquer medidas
judiciais permitidas pela Lei 9.307/96 não será considerado uma renúncia aos direitos previstos nesta
cláusula ou à arbitragem como o único método de solução de Disputas entre as Partes.
9.2.8. Caso duas ou mais Disputas surjam e sejam oriundas ou relacionadas a este Protocolo e
Justificação e/ou outros instrumentos firmados entre as Partes, sua resolução poderá ocorrer por
meio de um único procedimento arbitral nos termos do Regulamento. Antes da assinatura do Termo
de Arbitragem, caberá à CAM, ou à CCBC, conforme aplicável, consolidar, de acordo com o
Regulamento, o procedimento arbitral com qualquer outro procedimento arbitral pendente que
envolva a resolução de Disputas oriundas ou relacionadas a este Protocolo e Justificação e/ou outros
instrumentos firmados entre as Partes. Após a assinatura do Termo de Arbitragem, o Tribunal
Arbitral poderá consolidar procedimentos arbitrais simultâneos fundados em Disputas oriundas ou
relacionadas a este Protocolo e Justificação e/ou a outros instrumentos firmados pelas Partes, desde
que (i) tais procedimentos digam respeito à mesma relação jurídica; (ii) as cláusulas compromissórias
sejam compatíveis; e (iii) a consolidação não resulte em prejuízos à uma das Partes. A competência
para consolidação será do primeiro tribunal arbitral constituído. A decisão de consolidação será final
e vinculante sobre todas as Partes envolvidas nas Disputas e procedimentos arbitrais objeto da
ordem de consolidação.
9.2.9. Cada Parte arcará com os custos e as despesas a que der causa no decorrer da arbitragem, aí
incluídos honorários de seus advogados e assistentes técnicos e as Partes ratearão em partes iguais
os custos e as despesas adiantadas à CAM, ou à CCBC, conforme aplicável, ou cuja causa não puder
ser atribuída a uma delas, na forma do Regulamento. O Tribunal Arbitral, na sentença arbitral
atribuirá à Parte vencida, ou a ambas as Partes na proporção em que suas pretensões não forem
acolhidas, a responsabilidade final pelo custo do processo, incluindo honorários advocatícios de
sucumbência a serem arbitrados pelo Tribunal Arbitral.
9.3. As Partes comprometem-se a não divulgar (e a não permitir a divulgação) da existência e do
conteúdo da arbitragem, incluindo quaisquer informações de que tomem conhecimento e quaisquer
documentos apresentados na arbitragem, que não sejam, de outra forma, de domínio público,
quaisquer provas e materiais produzidos na arbitragem e quaisquer decisões proferidas na
arbitragem, salvo se e na medida em que (i) o dever de divulgar essas informações decorrer da lei;
(ii) a revelação dessas informações for requerida por uma autoridade governamental ou
determinada pelo Poder Judiciário; (iii) essas informações tornarem-se públicas por qualquer outro
meio não relacionado à revelação pelas Partes ou por suas afiliadas; ou (iv) a divulgação dessas
informações resulte do recurso ao Poder Judiciário nas hipóteses previstas na Lei de Arbitragem.
Toda e qualquer controvérsia relacionada à obrigação de confidencialidade será dirimida pelo
Tribunal Arbitral de forma final e vinculante.
9.4. A Holding se vincula expressamente a esta cláusula compromissória para todos os fins de direito.
(remanescente desta página intencionalmente em branco)
32
(página de assinatura do Protocolo e Justificação)
E, por estarem justos e contratados, assinam os administradores das Companhias este Protocolo e
Justificação em 4 vias de igual teor e forma e para um só efeito, juntamente com as testemunhas
abaixo.
São Paulo, 15 de abril de 2016.
Administração da
BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS
CONSELHEIROS
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
33
Administração da
DIRETORES
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
34
Administração da
CETIP S.A. – MERCADOS ORGANIZADOS
CONSELHEIROS
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
35
Administração da
DIRETORES
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
_____________________________________
Nome:
36
Administração da
COMPANHIA SÃO JOSÉ HOLDING
DIRETORIA
_____________________________________
Nome:
_____________________________________
Nome:
37
_____________________________________
Nome:
Cargo:
_____________________________________
Nome:
Cargo:
38
_____________________________________
Nome:
Cargo:
_____________________________________
Nome:
Cargo:
39
COMPANHIA SÃO JOSÉ HOLDING
_____________________________________
Nome:
Cargo:
_____________________________________
Nome:
Cargo:
Testemunhas:
1. ___________________________________
Nome:
RG:
CPF:
2. ___________________________________
Nome:
RG:
CPF:
40
ANEXO 2.2
Cálculo do Valor do Resgate para Cada Três Ações Preferenciais Resgatáveis da Holding e da
Quantidade Final de Ações BM&FBOVESPA por Ação Holding
1.
DEFINIÇÃO DE VARIÁVEIS
R$30,75
=
D1
=
D2
=
D3
=
0,8991
=
R$11,40
=
Q1
=
Q2
=
Q3
=
Q4
=
R$10,25
R$11,25
=
=
VALOR ORIGINAL DE REFERENCIA DA PARCELA EM DINHEIRO PARA
CADA TRÊS AÇÕES PREFERENCIAIS RESGATAVÉIS DA HOLDING
VALOR ORIGINAL DE REFERENCIA DA PARCELA EM DINHEIRO
AJUSTADA POR PROVENTOS E IMPOSTOS RETIDOS NA FONTE NA DATA
DA LIQUIDAÇÃO
VALOR ORIGINAL DE REFERENCIA DA PARCELA EM DINHEIRO
AJUSTADA POR PROVENTOS, IMPOSTOS RETIDOS NA FONTE NA DATA
DA LIQUIDAÇÃO, RECOMPRAS E EMISSÕES PARA CADA TRÊS AÇÕES
PREFERENCIAIS RESGATAVÉIS DA HOLDING
VALOR ADICIONAL EM DINHEIRO EM PROTEÇÃO DA QUEDA DE PREÇO
BVMF3 PARA CADA TRÊS AÇÕES PREFERENCIAIS RESGATAVÉIS DA
HOLDING
RELAÇÃO DE TROCA DE REFERÊNCIA (AÇÕES BVMF3 POR AÇÃO
ORDINÁRIA DA HOLDING)
PREÇO BVMF3 DE REFERÊNCIA PARA O CÁLCULO DA RELAÇÃO DE
TROCA DE REFERÊNCIA
RELAÇÃO DE TROCA AJUSTADA POR PROVENTOS (AÇÕES BVMF3 POR
AÇÃO ORDINÁRIA DA HOLDING)
RELAÇÃO DE TROCA AJUSTADA POR PROVENTOS, RECOMPRAS E
EMISSÕES (AÇÕES BVMF3 POR AÇÃO ORDINÁRIA DA HOLDING)
RELAÇÃO DE TROCA REDUZIDA (AÇÕES BVMF3 POR AÇÃO ORDINÁRIA
DA HOLDING)
RELAÇÃO DE TROCA AUMENTADA (AÇÕES BVMF3 POR AÇÃO
ORDINÁRIA DA HOLDING)
VALOR DE REFERÊNCIA DA AÇÃO ORDINÁRIA DA HOLDING
VALOR UNITÁRIO MÍNIMO POR AÇÃO ORDINÁRIA DA HOLDING
R$17,76
=
VALOR UNITÁRIO MÁXIMO POR AÇÃO ORDINÁRIA DA HOLDING
CDITt0,T
=
t0 = 08/04/2016
=
T
=
PROVBVMF,04/11,t0
=
PROVBVMF,t0,T
=
PROVCETIP,04/11,t0
=
PROVCETIP,t0,T
=
IMPT
PM
=
=
TAXA DO CDI ACUMULADA ENTRE AS DATAS t0 E T
DATA DA APROVAÇÃO DA OPERAÇÃO PELOS CONSELHOS DE
ADMINISTRAÇÃO
DATA DA LIQUIDAÇÃO FINANCEIRA DA OPERAÇÃO
VALOR PRESENTE NA DATA t0 DOS PROVENTOS POR AÇÃO
DECLARADOS E PAGOS PELA BM&FBOVESPA ENTRE 04/11/15 E t0
ATUALIZADOS À TAXA CDI ACUMULADA ENTRE A DATA DO
PAGAMENTO E t0
DECLARADOS OU PAGOS PELA BM&FBOVESPA ENTRE t0 E T
DESCONTADOS À TAXA CDI ACUMULADA ENTRE t0 E A DATA DO
PAGAMENTO
DECLARADOS E PAGOS PELA CETIP ENTRE 04/11/15 E t0 ATUALIZADOS
À TAXA CDI ACUMULADA ENTRE A DATA DO PAGAMENTO E t0
DECLARADOS OU PAGOS PELA CETIP ENTRE t0 E T DESCONTADOS À
TAXA CDI ACUMULADA ENTRE t0 E A DATA DO PAGAMENTO
IMPOSTOS RETIDOS NA FONTE NA DATA DA LIQUIDAÇÃO
PREÇO MÉDIO DE FECHAMENTO DE BVMF3 APURADO NOS 30 (TRINTA)
41
264.883.610
1.782.094.906
NUMRCETIP
NUMRBVMF
=
=
=
=
NUMECETIP
=
NUMEBVMF
=
RECOMPCETIP,30/09,t0
=
RECOMPCETIP,t0,T
=
RECOMPBVMF,30/09,t0
=
RECOMPBVMF,t0,T
=
EMISCETIP,30/09,t0
=
EMISCETIP,t0,T
=
EMISBVMF,30/09,t0
=
EMISBVMF,t0,T
=
DL1
=
QL1
=
PREGÕES ANTERIORES À DATA DA OBTENÇÃO DA ÚLTIMA
APROVAÇÃO DA OPERAÇÃO JUNTO AOS ORGÃO COMPETENTES SENDO
QUE OS PREÇOS DE BVMF3 DEVERÃO SER AJUSTADOS PARA BAIXO
CASO A AÇÃO DA BVMF3 PASSE A SER NEGOCIADA EX-DIVIDENDOS
DENTRO DE REFERIDO PERÍODO DE MEDIÇÃO. OS AJUSTES REFERIDOS
ACIMA SERÃO FEITOS APENAS NOS PREÇOS DOS PREGÕES
ANTERIORES À DATA EM QUE BVMF3 PASSE A SER NEGOCIADA EXDIVIDENDOS, DE FORMA QUE A MÉDIA DOS PREÇOS OBSERVADOS NOS
30 (TRINTA) PREGÕES SEJA REPRESENTATIVA DE UM PREÇO POR AÇÃO
EX-DIVIDENDO.
NÚMERO DE AÇÕES CETIP DE REFERÊNCIA
NÚMERO DE AÇÕES BVMF3 DE REFERÊNCIA
NÚMERO DE AÇÕES CETIP RECOMPRADAS ENTRE 30/09/2015 E T
NÚMERO DE AÇÕES BVMF RECOMPRADAS ENTRE 30/09/2015 E T
NÚMERO DE AÇÕES CETIP EMITIDAS ENTRE 30/09/2015 E T, EXCLUINDO
AS AÇÕES CETIP EMITIDAS EM FUNÇÃO DOS PROGRAMAS DE OPÇÕES
DE AÇÕES EXISTENTES EM 30/09/2015
NÚMERO DE AÇÕES BVMF EMITIDAS ENTRE 30/09/2015 E T
VALOR PRESENTE NA DATA t0 DAS RECOMPRAS DE AÇÕES CETIP
(PREÇO DA RECOMPRA MULTIPLICADO POR NÚMERO DE AÇÕES
RECOMPRADAS)REALIZADAS ENTRE 30/09/2015 E t0 ATUALIZADOS À
TAXA CDI ACUMULADA ENTRE A DATA DA RECOMPRA E t0
VALOR PRESENTE NA DATA t0 DAS RECOMPRAS DE AÇÕES CETIP
RECOMPRADAS) REALIZADAS ENTRE t0 E T DESCONTADAS À TAXA CDI
ACUMULADA ENTRE t0 E A DATA DA RECOMPRA
VALOR PRESENTE NA DATA t0 DAS RECOMPRAS DE AÇÕES BVMF3
RECOMPRADAS) REALIZADAS ENTRE 30/09/2015 E t0 ATUALIZADOS À
TAXA CDI ACUMULADA ENTRE A DATA DA RECOMPRA E t0
VALOR PRESENTE NA DATA t0 DAS RECOMPRAS DE AÇÕES BVMF3
RECOMPRADAS) REALIZADAS ENTRE t0 E T DESCONTADAS À TAXA CDI
ACUMULADA ENTRE t0 E A DATA DA RECOMPRA
VALOR PRESENTE NA DATA t0 DAS EMISSÕES DE AÇÕES CETIP (PREÇO
DA EMISSÃO MULTIPLICADO POR NÚMERO DE AÇÕES EMITIDAS)
REALIZADAS ENTRE 30/09/2015 E t0 ATUALIZADOS À TAXA CDI
ACUMULADA ENTRE A DATA DA EMISSÃO E t0, EXCLUINDO AS AÇÕES
CETIP EMITIDAS EM FUNÇÃO DOS PROGRAMAS DE OPÇÕES DE AÇÕES
EXISTENTES EM 30/09/2015
VALOR PRESENTE NA DATA t0 DAS EMISSÕES DE AÇÕES CETIP (PREÇO
REALIZADAS ENTRE t0 E T DESCONTADAS À TAXA CDI ACUMULADA
ENTRE t0 E A DATA DA EMISSÃO, EXCLUINDO AS AÇÕES CETIP
EMITIDAS EM FUNÇÃO DOS PROGRAMAS DE OPÇÕES DE AÇÕES
EXISTENTES EM 30/09/2015
VALOR PRESENTE NA DATA t0 DAS EMISSÕES DE AÇÕES BVMF (PREÇO
REALIZADAS ENTRE 30/09/2015 E t0 ATUALIZADOS À TAXA CDI
ACUMULADA ENTRE A DATA DA EMISSÃO E t0
VALOR PRESENTE NA DATA t0 DAS EMISSÕES DE AÇÕES BVMF (PREÇO
REALIZADAS ENTRE t0 E T DESCONTADAS À TAXA CDI ACUMULADA
ENTRE t0 E A DATA DA EMISSÃO
VALOR DO RESGATE PARA CADA TRÊS AÇÕES PREFERENCIAIS
RESGATAVÉIS DA HOLDING
QUANTIDADE FINAL DE AÇÕES BM&FBOVESPA POR AÇÃO ORDINÁRIA
42
DA HOLDING
2.
2.1.
APURAÇÃO DOS AJUSTES POR PROVENTOS
PAGAMENTOS DE PROVENTOS PELA CETIP:
D1 = R$30,75 - PROVCETIP,04/11,t0 - PROVCETIP,t0,T - IMPT
2.2.
PAGAMENTO DE PROVENTOS PELA BM&FBOVESPA:
Q1 = R$10,25 / (R$11,40 – PROVBVMF,04/11,t0 - PROVBVMF,t0,T)
3.
3.1.
APURAÇÃO DOS AJUSTES POR RECOMPRAS E EMISSÕES DE AÇÕES
RECOMPRAS E EMISSÕES DE AÇÕES BM&FBOVESPA:
Q2 = [(1.782.094.906 - NUMRBVMF + NUMEBVMF) x PM + RECOMPBVMF,30/09,t0 + RECOMPBVMF,t0,T EMISBVMF,30/09,t0 - EMISBVMF,t0,T] / 1.782.094.906 x Q1 / PM
3.2.
RECOMPRAS E EMISSÕES DE AÇÕES CETIP:
SE: (I) Q2 x PM > R$11,25 E (II) Q2 x PM < R$17,76 (AS DUAS CONDIÇÕES (I) E (II) VERIFICADAS
JUNTAS)
ENTÃO:
D2 = D1 + [(D1 + Q2 x PM) x 264.883.610 - RECOMPCETIP,30/09,t0 - RECOMPCETIP,t0,T + EMISCETIP,30/09,t0 +
EMISCETIP,t0,T] / [264.883.610 - NUMRCETIP + NUMECETIP] - (D1 + Q2 x PM)
SE: Q2 x PM > R$17,76
ENTÃO:
D2 = D1 + [(D1 + R$17,76) x 264.883.610 - RECOMPCETIP,30/09,t0 - RECOMPCETIP,t0,T + EMISCETIP,30/09,t0 +
EMISCETIP,t0,T] / [264.883.610 - NUMRCETIP + NUMECETIP] -(D1 + R$17,76)
SE: Q2 x PM < R$11,25
ENTÃO:
D2 = D1 + [(D1 + R$11,25) x 264.883.610 - RECOMPCETIP,30/09,t0 - RECOMPCETIP,t0,T + EMISCETIP,30/09,t0 +
EMISCETIP,t0,T] / [264.883.610 - NUMRCETIP + NUMECETIP] -(D1 + R$11,25)
4.
4.1.
APURAÇÃO DOS VALORES NA DATA DE LIQUIDAÇÃO
HIPÓTESE NA QUAL OS MECANISMOS DE PROTEÇÃO NÃO SÃO ACIONADOS:
SE: (I) Q2 x PM > R$11,25 E (II) Q2 x PM < R$17,76 (AS DUAS CONDIÇÕES (I) E (II) VERIFICADAS
JUNTAS)
ENTÃO:
DL1 = D2 x (1+ CDITt0,T)
QL1 = Q2
4.2.
HIPÓTESE NA QUAL A PROTEÇÃO CONTRA ALTA DE PREÇO É ACIONADA
SE: Q2 x PM > R$17,76
ENTÃO:
DL1 = D2 x (1+ CDITt0,T)
QL1 = Q3 = R$17,76 / PM
43
4.3.
HIPÓTESE NA QUAL A PROTEÇÃO CONTRA QUEDA DE PREÇO É ACIONADA
SE: (I) Q2 x PM < R$11,25 E (II) [D2 x (1+ CDITt0,T) + (R$11,25 – Q2 x PM)] <= 0,85 x [D2 x (1+ CDITt0,T) +
R$11,25] (AS DUAS CONDIÇÕES (I) E (II) VERIFICADAS JUNTAS)
ENTÃO:
D3 = R$11,25 – Q2 x PM
DL1 = D2 x (1+ CDITt0,T) + D3
QL1 = Q2
SE: (I) Q2 x PM < R$11,25 E (II) [D2 x (1+ CDITt0,T) + [(R$11,25 – Q2 x PM)] > 0,85 x [D2 x (1+ CDITt0,T) +
R$11,25] (AS DUAS CONDIÇÕES (I) E (II) VERIFICADAS JUNTAS)
ENTÃO:
D3 = 0,85 x [D2 x (1+ CDITt0,T) + R$11,25] – D2 x (1+ CDITt0,T)
DL1 = D2 x (1+ CDITt0,T) + D3
QL1 = Q4 = [R$11,25 – D3] / PM
** ** **
44
SCHEDULE III
COPY OF THE MINUTES OF THE BOARD OF DIRECTORS MEETING
45
Ata da Reunião Extraordinária do Conselho de Administração nº 6/A/2016, de 15 de abril de 2016.
CNPJ nº 09.358.105/0001-91
NIRE 33.300.285.601
ATA DE REUNIÃO EXTRAORDINÁRIA DO
CONSELHO DE ADMINISTRAÇÃO
Nº 6/A/2016
Realizada em 15 de abril de 2016
No dia 15 de abril de 2016, às 14:30 horas, reuniu-se extraordinariamente o Conselho de
Administração da CETIP S.A. – MERCADOS ORGANIZADOS (“Companhia” ou “Cetip”),
sob a Presidência do Sr. Edgar da Silva Ramos, assistido pelo Sr. Gilson Finkelsztain, na
qualidade de secretário, com a participação dos Srs. Alexsandro Broedel, Alkimar Ribeiro
Moura, Cassio Casseb Lima, David Scott Goone, José Lucas Ferreira de Melo, José
Roberto Machado Filho, Pedro Paulo Mollo Netto, Robert Taitt Slaymaker e Roberto de
Jesus Paris.
Convocação: Convocação realizada por meio eletrônico, na forma prevista no parágrafo
quarto do Artigo 25 do Estatuto Social da Companhia.
Deliberações: Após análise e discussão da documentação de suporte, que se encontra
arquivada na sede da Companhia, os membros do Conselho de Administração
deliberaram, por unanimidade de votos dos participantes, tendo o Sr. Roberto de Jesus
Paris decidido não intervir e não participar da deliberação por ter identificado um
potencial conflito de interesses, e sem quaisquer outras ressalvas, o quanto segue:
1. Aprovação do “Protocolo e Justificação da Incorporação de Ações de Emissão
da Cetip pela Companhia São José Holding, seguida da Incorporação da
Companhia São José Holding pela BM&FBovespa” e da Operação
Aprovar os termos e condições do “Protocolo e Justificação de Incorporação de Ações de
Emissão da Cetip pela Companhia São José Holding, seguida da Incorporação da
Companhia São José Holding pela BM&FBOVESPA S.A. – BOLSA DE VALORES,
MERCADORIAS E FUTUROS” (“Protocolo e Justificação”), sujeito à aprovação da
Assembleia Geral da Companhia, às aprovações societárias aplicáveis às companhias
envolvidas, bem como às aprovações regulatórias necessárias, tudo nos termos descritos
no Protocolo e Justificação. Foi também aprovada e autorizada a assinatura do Protocolo
e Justificação pela Companhia, assim como pelos seus administradores.
2. Aprovação da convocação de Assembleia Geral Extraordinária da Companhia
46
Aprovar a convocação de Assembleia Geral Extraordinária da Companhia para deliberar
sobre (i) aprovação da dispensa da realização da oferta pública de aquisição de ações de
emissão da CETIP prevista no Art. 88 do Estatuto Social da Cetip no âmbito da operação;
(ii) aprovar o Protocolo e Justificação; (iii) aprovar a operação; (iv) autorizar a
subscrição, por seus administradores, das novas ações a serem emitidas pela Companhia
São José Holding; e (v) caso a Cetip não tenha obtido a dispensa dos debenturistas,
assegurar, nos termos do parágrafo primeiro do artigo 231 da Lei 6.404/76, aos
debenturistas da Cetip que desejarem, durante o prazo de seis meses a contar da data
da publicação das atas das assembleias gerais relativas à Operação, o resgate das
debêntures de que forem titulares.
3. Aprovar a antecipação do direito de exercício das opções outorgadas no
âmbito dos Planos de Opção de Ações da Companhia de 2009, 2010 e 2012, bem
como o tratamento do saldo de opções não exercidas nos termos do Protocolo e
Justificação, condicionada à consumação da Operação
Aprovar, nos termos do Protocolo e Justificação, a antecipação do direito de exercício das
opções outorgadas no âmbito dos Planos de Opção de Ações da Cetip de 2009, 2010 e
2012, conforme os termos descritos no Protocolo e Justificação, condicionada à
consumação da Operação, sendo que a BM&FBOVESPA S.A. – BOLSA DE VALORES,
MERCADORIAS E FUTUROS (“BM&FBOVESPA”) concordou que o saldo de opções não
exercidas pelo respectivo beneficiário da Companhia deverá ser cancelado pela
BM&FBOVESPA mediante o pagamento, pela BM&FBOVESPA ao respectivo beneficiário da
Companhia, do correspondente valor em moeda corrente nacional. Adicionalmente, a
BM&FBOVESPA
deverá
propor
aos
respectivos
beneficiários
que
seja
firmado
compromisso com a finalidade de mantê-los indenes com relação a eventuais passivos
potenciais relativos aos pagamentos objeto deste item.
Encerramento, Lavratura, Aprovação e Assinatura da Ata
Por unanimidade de votos dos participantes, foi autorizada a lavratura desta ata em
forma de sumário.
Nada mais havendo a tratar, foi encerrada a reunião, lavrando-se esta ata, a qual foi
lida, aprovada e assinada pelos Conselheiros participantes.
Original assinado pelos Conselheiros: Edgar da Silva Ramos, Alexsandro Broedel, Alkimar
Ribeiro Moura, Cassio Casseb Lima, David Scott Goone, José Lucas Ferreira de Melo, José
Roberto Machado Filho, Pedro Paulo Mollo Netto, Robert Taitt Slaymaker e Roberto de
Jesus Paris.
47
Certifico que a presente é cópia fiel da ata lavrada em livro próprio.
_____________________________________
Gilson Finkelsztain
Secretário
48
SCHEDULE IV
DRAFT OF BM&FBOVESPA’S BY-LAWS
49
ESTATUTO SOCIAL DA BM&FBOVESPA S.A. – BOLSA DE VALORES,
MERCADORIAS E FUTUROS
CAPÍTULO I
DENOMINAÇÃO, SEDE, FORO, OBJETO E DURAÇÃO
Artigo 1º. A BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E
FUTUROS (“Companhia”) é uma companhia que se rege pelo presente Estatuto e
pela legislação e regulamentação aplicável.
§1º. Com a admissão da Companhia no segmento especial de listagem denominado
Novo Mercado da BM&FBOVESPA (“Novo Mercado”), sujeitam-se a Companhia,
seus acionistas, Administradores e membros do Conselho Fiscal, quando instalado,
às disposições do Regulamento de Listagem do Novo Mercado da BM&FBOVESPA
(“Regulamento do Novo Mercado”).
§2º. A Companhia, seus administradores e acionistas deverão observar o disposto
no Regulamento para Listagem de Emissores e Admissão à Negociação de Valores
Mobiliários, incluindo as regras referentes à retirada e exclusão de negociação de
valores mobiliários admitidos à negociação nos mercados organizados
administrados pela BM&FBOVESPA.
Artigo 2º. A Companhia tem sede e foro na cidade de São Paulo, Estado de São
Paulo, podendo, por deliberação da Diretoria, abrir e encerrar filiais, escritórios ou
outros estabelecimentos e dependências em qualquer praça do País ou do exterior.
Artigo 3º. A Companhia tem por objeto social exercer ou participar em sociedades
que exerçam as seguintes atividades:
I – Administração de mercados organizados de títulos e valores mobiliários, zelando
pela organização, funcionamento e desenvolvimento de mercados livres e abertos
para a negociação de quaisquer espécies de títulos ou contratos que possuam como
referência ou tenham por objeto ativos financeiros, índices, indicadores, taxas,
mercadorias, moedas, energias, transportes, commodities e outros bens ou direitos
direta ou indiretamente relacionados a tais ativos, nas modalidades à vista ou de
liquidação futura;
II – Manutenção de ambientes ou sistemas adequados à realização de negócios de
compras e vendas, leilões e operações especiais envolvendo valores mobiliários,
títulos, direitos e ativos, no mercado de bolsa e no mercado de balcão organizado;
50
III – Prestação de serviços de registro, compensação e liquidação, física e
financeira, por meio de órgão interno ou sociedade especialmente constituída para
esse fim, assumindo ou não a posição de contraparte central e garantidora da
liquidação definitiva, nos termos da legislação vigente e de seus próprios
regulamentos:
(a) das operações realizadas e/ou registradas em quaisquer dos ambientes ou
sistemas relacionados nos itens “I” e “II” acima; ou
(b) das operações realizadas e/ou registradas em outras bolsas, mercados ou
sistemas de negociação,
IV – Prestação de serviços de depositária central e de custódia fungível e infungível
de mercadorias, de títulos e valores mobiliários e de quaisquer outros ativos físicos e
financeiros;
V – Prestação de serviços de padronização, classificação, análises, cotações,
estatísticas, formação profissional, realização de estudos, publicações, informações,
biblioteca e software sobre assuntos que interessem à Companhia e aos
participantes dos mercados por ela direta ou indiretamente administrados;
VI – Prestação de suporte técnico, administrativo e gerencial para fins de
desenvolvimento de mercado, bem como exercício de atividades educacionais,
promocionais e editoriais relacionadas ao seu objeto social e aos mercados por ela
administrados;
VII – Exercício de outras atividades autorizadas pela Comissão de Valores
Mobiliários ou pelo Banco Central do Brasil, que, na visão do Conselho de
Administração da Companhia, sejam do interesse de participantes dos mercados
administrados pela Companhia e contribuam para o seu desenvolvimento e sua
higidez; e
VIII – Participação no capital de outras sociedades ou associações, sediadas no
País ou no exterior, seja na qualidade de sócia, acionista ou associada, na posição
de acionista controladora ou não, e que tenham como foco principal de suas
atividades as expressamente mencionadas neste Estatuto Social, ou que, na visão
do Conselho de Administração da Companhia, sejam do interesse de participantes
dos mercados administrados pela Companhia e contribuam para o seu
desenvolvimento e sua higidez.
Parágrafo Único. No âmbito dos poderes que lhe são conferidos pela Lei nº
51
6.385/1976 e pela regulamentação vigente, a Companhia deverá:
(a) regulamentar a concessão de autorizações de acesso aos distintos sistemas de
negociação, de registro e de liquidação de operações administrados pela
Companhia ou por sociedades por ela controladas (“Autorizações de Acesso”),
estabelecendo os termos, condições e procedimentos para a concessão de tais
autorizações em regulamento de acesso aos referidos mercados (“Regulamento de
Acesso”);
(b) estabelecer normas visando à preservação de princípios equitativos de comércio
e de negociação e de elevados padrões éticos para as pessoas que atuem nos
mercados por ela administrados, direta ou indiretamente, bem como regulamentar as
negociações e dirimir questões operacionais envolvendo os detentores das
Autorizações de Acesso aos mesmos mercados;
(c) regulamentar as atividades dos detentores das Autorizações de Acesso nos
sistemas e nos mercados administrados pela Companhia;
(d) estabelecer mecanismos e normas que permitam mitigar o risco de
inadimplemento dos detentores de Autorização de Acesso a seus mercados das
obrigações assumidas, em face das operações realizadas e/ou registradas em
quaisquer de seus ambientes ou sistemas de negociação, registro, compensação e
liquidação;
(e) fiscalizar as operações realizadas e/ou registradas em quaisquer de seus
ambientes ou sistemas de negociação, registro, compensação e liquidação, bem
como todas aquelas por ela regulamentadas;
(f) fiscalizar a atuação dos detentores de Autorizações de Acesso, como comitentes
e/ou intermediários das operações realizadas e/ou registradas em quaisquer de seus
ambientes ou sistemas de negociação, registro, compensação e liquidação, bem
como de todas aquelas por ela regulamentadas; e
(g) aplicar penalidades aos infratores das normas legais, regulamentares e
operacionais cujo cumprimento incumbe à Companhia fiscalizar.
Artigo 4º. O prazo de duração da Companhia é indeterminado.
CAPÍTULO II
CAPITAL SOCIAL, AÇÕES E ACIONISTAS
52
Artigo 5º. O capital social da Companhia é de R$2.540.239.563,88, integralizado e
dividido em 1.815.000.000 ações ordinárias, todas nominativas e sem valor nominal,
sendo vedada a emissão de ações preferenciais e de partes beneficiárias.
Artigo 6º. Todas as ações de emissão da Companhia são escriturais e mantidas em
conta de depósito, junto a instituição financeira autorizada pela Comissão de Valores
Mobiliários – CVM (“CVM”), em nome de seus titulares.
Parágrafo único. O custo de transferência e averbação, assim como o custo do
serviço relativo às ações escriturais, poderão ser cobrados diretamente do acionista
pela instituição escrituradora, conforme venha a ser definido no contrato de
escrituração de ações.
Artigo 7º. A cada ação ordinária corresponde o direito a um voto nas deliberações
da Assembleia Geral ou Especial, sendo certo, no entanto, que nenhum acionista ou
Grupo de Acionistas (“Grupo de Acionistas”, conforme termo definido no Artigo 75)
poderá exercer votos em número superior a 7% do número de ações em que se
dividir o capital social, observado o previsto na alínea (d) do Parágrafo 5º do Artigo
72.
§1º. No caso de acordos de acionistas que tratem do exercício do direito de voto,
observado o disposto no Parágrafo 2º, todos os seus signatários serão considerados
como integrantes de um Grupo de Acionistas, para fins da aplicação da limitação ao
número de votos de que trata o caput deste Artigo.
§2º. É vedada a pré-constituição de maioria de acionistas em Assembleia Geral
mediante acordo de acionistas sobre exercício do direito de voto, arquivados ou não
na sede da Companhia, que forme bloco com número de votos superior ao limite
individual fixado no caput deste Artigo.
§3º. Caberá ao Presidente da Assembleia Geral zelar pela aplicação das regras
previstas neste artigo e informar o número de votos que poderão ser exercidos por
cada acionista ou Grupo de Acionistas presente.
§4º. Não serão computados em Assembleia os votos que excederem os limites
fixados neste Artigo.
Artigo 8º. A Companhia está autorizada a aumentar o seu capital social até o limite
de 2.500.000.000 (dois bilhões e quinhentos milhões) de ações ordinárias, por
deliberação do Conselho de Administração, independentemente de reforma
estatutária.
53
§1º. Na hipótese prevista no caput deste Artigo, competirá ao Conselho de
Administração fixar o preço de emissão e o número de ações a ser emitido, bem
como o prazo e as condições de integralização.
§2º. Dentro do limite do capital autorizado, o Conselho de Administração poderá,
ainda: (i) deliberar sobre a emissão de bônus de subscrição; (ii) de acordo com
plano aprovado pela Assembleia Geral, outorgar opção de compra de ações a
administradores e empregados da Companhia ou de sociedade sob seu controle, ou
a pessoas naturais que lhes prestem serviços, sem que os acionistas tenham direito
de preferência na outorga ou subscrição destas ações; e (iii) aprovar aumento do
capital social mediante a capitalização de lucros ou reservas, com ou sem
bonificação em ações.
Artigo 9º. A mora do acionista na integralização do capital subscrito importará a
cobrança de juros de 1% ao mês, atualização monetária com base no IGP-M, na
menor periodicidade legalmente aplicável, e multa de 10% sobre o valor da
obrigação, sem prejuízo das demais sanções legais aplicáveis.
Artigo 10. Todo acionista ou Grupo de Acionistas é obrigado a divulgar, mediante
comunicação à Companhia, na qual deverão constar as informações previstas no
Artigo 12 da Instrução CVM nº 358/2002, a aquisição de ações, que somadas às já
possuídas, superem 5%, 10%, 15%, e assim sucessivamente, do capital da
Companhia.
§1º. Nos casos em que a aquisição resulte ou tenha sido efetuada com o objetivo de
alterar a composição do controle ou a estrutura administrativa da Companhia, bem
como nos casos em que esta aquisição gerar a obrigação de realização de oferta
pública de aquisição de ações, nos termos do CAPÍTULO VIII e da legislação e
regulamentação vigente, o acionista ou Grupo de Acionistas adquirente deverá ainda
promover a publicação, nos jornais de grande circulação habitualmente utilizados
pela Companhia, de aviso contendo as informações previstas no Artigo 12 da
Instrução CVM nº 358/2002.
§2º. As obrigações previstas neste Artigo também se aplicam aos titulares de
debêntures conversíveis em ações, bônus de subscrição e opção de compra de
ações que assegurem a seus titulares a aquisição de ações nos percentuais aqui
previstos.
§3º. Os acionistas ou Grupos de Acionistas também deverão informar, na forma
prevista no caput deste Artigo, a alienação ou extinção de ações e demais valores
mobiliários mencionados no Parágrafo anterior a cada vez que a sua participação no
capital social se reduzir em 5% do total de ações emitidas pela Companhia.
54
§4º. A infração ao disposto neste Artigo sujeitará o(s) infrator(es) à penalidade
prevista no Artigo 16, alínea (i) e no Artigo 18.
§5º. O Diretor de Relações com Investidores deverá encaminhar as comunicações
previstas neste Artigo, assim que recebidas, à CVM e às bolsas de valores em que
forem negociados os valores mobiliários emitidos pela Companhia.
Artigo 11. A emissão de novas ações, debêntures conversíveis em ações ou bônus
de subscrição cuja colocação seja feita mediante venda em bolsa de valores,
subscrição pública ou permuta por ações em oferta pública de aquisição de controle
nos termos dos Artigos 257 a 263 da Lei nº 6.404/76, ou, ainda, nos termos de lei
especial sobre incentivos fiscais, poderá se dar sem que aos acionistas seja
concedido direito de preferência na subscrição ou com redução do prazo mínimo
previsto em lei para o seu exercício.
CAPÍTULO III
ASSEMBLEIA GERAL
Artigo 12. A Assembleia Geral reunir-se-á ordinariamente dentro dos quatro
primeiros meses após o encerramento do exercício social, para deliberar sobre as
matérias previstas no Artigo 132 da Lei nº 6.404/1976, e, extraordinariamente,
sempre que os interesses da Companhia assim o exigirem.
§1º. A Assembleia Geral é competente para decidir sobre todos os atos relativos à
Companhia, bem como para tomar as decisões que julgar conveniente à defesa de
seus interesses.
§2º. A Assembleia Geral Ordinária e a Assembleia Geral Extraordinária podem ser
cumulativamente convocadas e realizadas no mesmo local, data e hora, e
instrumentadas em ata única.
§3º. A Assembleia Geral será convocada pelo Conselho de Administração mediante
deliberação da maioria de seus membros ou, ainda, nas hipóteses previstas neste
Estatuto e no Parágrafo único do Artigo 123 da Lei nº 6.404/1976.
§4º. Os documentos pertinentes à matéria a ser deliberada nas Assembleias Gerais
deverão ser colocados à disposição dos acionistas, na sede da Companhia, na data
da publicação do primeiro anúncio de convocação, ressalvadas as hipóteses em que
a lei ou a regulamentação vigente exigir sua disponibilização em prazo maior.
55
§5º. A Assembleia Geral instalar-se-á, em primeira convocação, com a presença de
acionistas representando ao menos 25% do capital social, salvo quando a lei exigir
quorum mais elevado; e, em segunda convocação, com qualquer número de
acionistas.
§6º. A Assembleia Geral Extraordinária que tiver por objeto a reforma deste Estatuto
se instalará, em primeira convocação, com a presença de acionistas que
representem, no mínimo, 2/3 do capital social, mas poderá instalar-se em segunda
convocação com qualquer número de presentes.
§7º. A Assembleia Geral será presidida pelo Presidente do Conselho de
Administração ou por quem este indicar. Na ausência do Presidente, a Assembleia
Geral será presidida pelo Vice-Presidente do Conselho de Administração, ou por
quem o Vice-Presidente indicar. O presidente da Assembleia Geral escolherá um
dos presentes para secretariá-lo.
§8º. Caberá exclusivamente ao Presidente da Mesa, observadas as normas
estabelecidas pelo presente Estatuto, qualquer decisão relativa ao número de votos
de cada acionista, decisão da qual caberá recurso à própria Assembleia Geral, em
cuja deliberação não poderá votar a parte interessada.
Artigo 13. Antes de instalar-se a Assembleia Geral, os acionistas devidamente
identificados assinarão o “Livro de Presença de Acionistas”, informando seu nome e
residência e a quantidade de ações de que forem titulares.
§1º. O “Livro de Presença de Acionistas” será encerrado pelo Presidente da Mesa,
logo após a instalação da Assembleia Geral.
§2º. Os acionistas que comparecerem à Assembleia Geral após o encerramento do
“Livro de Presença de Acionistas” poderão participar da Assembleia Geral, mas não
terão direito de votar em qualquer deliberação social.
Artigo 14. A Companhia deverá iniciar o cadastramento de acionistas para tomar
parte na Assembleia Geral, com no mínimo 48 (quarenta e oito) horas de
antecedência, cabendo ao acionista apresentar: (i) comprovante expedido pela
instituição depositária das ações escriturais de sua titularidade, na forma do Artigo
126 da Lei nº 6.404/76, datado de até 5 dias da data de realização da Assembleia
Geral, podendo a Companhia dispensar a apresentação desse comprovante; e (ii)
instrumento de mandato e/ou documentos que comprovem os poderes do
representante legal do acionista. O acionista ou seu representante legal deverá
comparecer à Assembleia Geral munido de documentos que comprovem sua
identidade.
56
Artigo 15. As deliberações da Assembleia Geral serão tomadas por maioria de
votos dos presentes, não se computando os votos em branco, ressalvadas as
exceções previstas em lei e observado o disposto no Artigo 7º e no Parágrafo 2º do
Artigo 65.
§1º. A deliberação da Assembleia Geral sobre a alteração ou exclusão das
disposições do Artigo 71, que restrinja o direito dos acionistas à realização da oferta
pública de aquisição de ações prevista em tal Artigo 71, será tomada com
observância da limitação do direito de voto prevista no Artigo 7º.
§2º. A Assembleia Geral somente poderá deliberar sobre assuntos da ordem do dia,
constantes do respectivo edital de convocação, sendo vedada a aprovação de
matérias sob rubrica genérica.
§3º. Dos trabalhos e deliberações da Assembleia Geral será lavrada ata, a qual será
assinada pelos integrantes da mesa e pelos acionistas presentes.
Artigo 16. Compete à Assembleia Geral, além das demais atribuições previstas em
lei ou neste Estatuto:
(a) tomar as contas dos administradores, examinar, discutir e votar as
demonstrações financeiras;
(b) deliberar, de acordo com proposta apresentada pela administração, sobre a
destinação do lucro do exercício e a sua distribuição aos acionistas;
(c) eleger e destituir os membros do Conselho de Administração e do Conselho
Fiscal, se instalado;
(d) fixar a remuneração global dos membros do Conselho de Administração e da
Diretoria, assim como a dos membros do Conselho Fiscal, se instalado, observado o
disposto no Artigo 17;
(e) aprovar planos de concessão de ações ou de outorga de opção de compra ou
subscrição de ações aos seus administradores e empregados, assim como aos
administradores e empregados de outras sociedades controladas pela Companhia
ou a pessoas naturais que lhes prestem serviços;
(f) aprovar a atribuição de participação nos lucros aos administradores, observados
os limites legais, e aos empregados da Companhia, considerando a política de
57
recursos humanos da Companhia;
(g) deliberar sobre proposta de saída da Companhia do Novo Mercado ou, ainda,
sobre o cancelamento do registro de companhia aberta;
(h) escolher empresa especializada responsável pela determinação do valor
econômico e elaboração do respectivo laudo de avaliação das ações da Companhia,
em caso de cancelamento de registro de companhia aberta ou saída do Novo
Mercado, conforme previsto no CAPÍTULO VIII, dentre as empresas indicadas pelo
Conselho de Administração;
(i) suspender o exercício de direitos de acionista, na forma do disposto no Artigo 120
da Lei nº 6.404/76 e no Artigo 18;
(j) deliberar sobre a participação em outras sociedades e/ou associações,
consórcios ou joint ventures, quando os valores desta participação forem superiores
a três vezes o Valor de Referência;
(k) deliberar sobre a alienação de ativos imobilizados ou de marcas da Companhia
que representem valor igual ou superior a três vezes o Valor de Referência;
(l) deliberar sobre a incorporação da Companhia, ou das ações de sua emissão, em
outra sociedade, sua fusão, cisão, transformação ou dissolução, seguindo o quorum
legal, salvo se for previamente autorizada pela CVM, nas hipóteses previstas no
Parágrafo Segundo do artigo 136 da Lei n. 6.404/76, a redução de quorum para tais
deliberações; e
(m) aprovar previamente a negociação, pela Companhia, de ações de sua própria
emissão nas hipóteses prescritas na regulamentação em vigor.
Artigo 17. A Assembleia Geral fixará o montante da remuneração global dos
membros do Conselho de Administração e dos Diretores, especificando a parcela de
tal montante a ser atribuída a cada órgão.
§1º. Observado o montante estabelecido pela Assembleia Geral, na forma do caput
deste Artigo, o Conselho de Administração fixará a remuneração a ser atribuída ao
Diretor Presidente e este determinará a remuneração individual de cada Diretor.
§2º. Os membros do Conselho de Administração e os Diretores somente farão jus à
participação nos lucros nos exercícios sociais em relação ao qual for atribuído aos
acionistas o dividendo obrigatório previsto pelo Artigo 202 da Lei nº 6.404/1976.
58
Artigo 18. A Assembleia Geral poderá suspender o exercício dos direitos, inclusive
o de voto, do acionista ou Grupo de Acionistas que deixar de cumprir obrigação
legal, regulamentar ou estatutária.
§1º. Os acionistas que representem 5%, no mínimo, do capital social, poderão
convocar a Assembleia Geral mencionada no caput deste Artigo quando o Conselho
de Administração não atender, no prazo de 8 dias, a pedido de convocação que
apresentarem, com a indicação da obrigação descumprida e a identificação do
acionista ou Grupo de Acionistas inadimplente.
§2º. Caberá à Assembleia Geral que aprovar a suspensão dos direitos do acionista
ou Grupo de Acionistas também estabelecer, entre outros aspectos, o alcance e o
prazo da suspensão, sendo vedada a suspensão dos direitos de fiscalização e de
pedido de informações assegurados em lei.
§3º. A suspensão de direitos cessará logo que cumprida a obrigação
Artigo 19. É vedado a qualquer acionista intervir em qualquer deliberação em que
tiver ou representar interesse conflitante com o da Companhia. Considerar-se-á
abusivo, para fins do disposto no Artigo 115 da Lei nº 6.404/76, o voto proferido por
acionista em deliberação em que tenha ou represente interesse conflitante com o da
Companhia.
CAPÍTULO IV
ADMINISTRAÇÃO
Seção I – Disposições Comuns aos Órgãos da Administração
Artigo 20. A administração da Companhia compete ao Conselho de Administração e
à Diretoria.
Parágrafo Único. Os cargos de Presidente do Conselho de Administração e de
Diretor Presidente ou principal executivo da Companhia não poderão ser
acumulados pela mesma pessoa
Artigo 21. Os membros do Conselho de Administração e da Diretoria serão
investidos em seus respectivos cargos mediante assinatura, nos 30 dias seguintes à
respectiva eleição, de termo de posse no livro próprio e do Termo de Anuência dos
Administradores a que alude o Regulamento de Listagem do Novo Mercado, e
permanecerão em seus cargos até a investidura dos novos administradores eleitos.
59
Parágrafo Único. Os administradores da Companhia deverão aderir ao Manual das
Políticas de Divulgação de Informações e Negociação de Valores Mobiliários,
mediante assinatura do Termo respectivo.
Seção II – Conselho de Administração
Subseção I – Composição
Artigo 22. Observado o disposto no Artigo 84, o Conselho de Administração é
composto por no mínimo 7 e no máximo 13 membros, todos eleitos e destituíveis
pela Assembleia Geral, com mandato unificado de 2 anos, sendo permitida a
reeleição.
§1º. Os membros do Conselho de Administração não poderão ser eleitos para a
Diretoria da Companhia, ou indicados para a Diretoria de suas controladas.
§2º. O Conselho de Administração adotará um Regimento Interno que disporá,
dentre outras matérias que forem julgadas convenientes, sobre seu próprio
funcionamento, direitos e deveres dos seus membros e seu relacionamento com a
Diretoria e demais órgãos sociais.
§3º. Caberá ao Presidente da Assembleia Geral, na condução dos trabalhos
relacionados à eleição de membros do Conselho de Administração, determinar a
mecânica de votação relativamente à eleição dos Conselheiros nos termos do Artigo
23 e do Artigo 24.
§4º. Somente podem ser eleitas para integrar o Conselho de Administração, salvo
dispensa da Assembleia Geral, as pessoas que, além dos requisitos legais e
regulamentares, atendam às seguintes condições:
(a) tenham idade superior a 25 anos;
(b) possuam ilibada reputação e conhecimento do funcionamento dos mercados
administrados pela Companhia e/ou por suas controladas, bem como outros
conhecimentos previstos no Regimento Interno do Conselho de Administração;
(c) não tenham cônjuge, companheiro ou parente até 2º grau que ocupe cargos de
administração ou possua vínculo empregatício com a Companhia ou suas
controladas;
(d) não ocupem cargos em sociedade que possa ser considerada concorrente da
Companhia ou de suas controladas, e não tenham, nem representem, interesse
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conflitante com o da Companhia ou com o de suas controladas, presumindo-se ter
interesse conflitante com o da Companhia a pessoa que, cumulativamente: (i) tenha
sido eleita por acionista que também tenha eleito Conselheiro de administração em
sociedade concorrente; e (ii) mantenha vínculo de subordinação com o acionista que
o elegeu; e
(e) possuam efetiva disponibilidade para se dedicar ao cargo de membro do
Conselho de Administração da Companhia, independentemente dos cargos que
eventualmente ocupem em outras entidades, como membros de Conselho de
Administração e/ou como executivos.
§5º. Para fins da alínea (d) do Parágrafo 4º deste Artigo 22, considera-se ter eleito
Conselheiro (i) o acionista ou Grupo de Acionistas que o haja(m) feito de forma
isolada; ou (ii) o acionista ou Grupo de Acionistas cujos votos, considerados
isoladamente, tenham sido suficientes para a eleição de conselheiro, se adotado o
sistema do voto múltiplo (ou que teriam sido suficientes, à luz do número de
acionistas presentes, caso o mesmo sistema houvesse sido adotado); ou (iii) o
acionista ou Grupo de Acionistas cujos votos, considerados isoladamente, tenham
sido suficientes para a composição dos percentuais mínimos exigidos pelo §4º do
Artigo 141 da Lei nº 6.404/76 para o exercício do direito à eleição em separado de
membro do Conselho de Administração da Companhia.
§6º. A maioria dos Conselheiros da Companhia será de Conselheiros
Independentes, entendendo-se, para fins deste Estatuto, como Conselheiros
Independentes:
(a) aqueles que atendam, cumulativamente, aos critérios de independência fixados
no Regulamento de Listagem do Novo Mercado e na Instrução CVM nº 461/07;
(b) não detenham participação direta ou indireta em percentual igual ou superior a
7% do capital total ou do capital votante ou vínculo com acionista que a detenha.
§7º. Serão também considerados Conselheiros Independentes aqueles eleitos na
forma do Artigo 141, Parágrafos 4º e 5º, da Lei nº 6.404/76, independentemente de
atenderem aos critérios de independência previstos neste Artigo.
§8º. Além dos requisitos estabelecidos nos Parágrafos anteriores, não poderá
integrar o Conselho de Administração mais de um Conselheiro que mantenha
vínculo com o mesmo titular de Autorização de Acesso ou com a mesma entidade,
conglomerado ou grupo econômico-financeiro.
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§9º. No mínimo 2 (dois) e no máximo 4 (quatro) dos Conselheiros da Companhia
serão Conselheiros que mantenham vínculo com titular de Autorização de Acesso,
escolhidos dentre aqueles titulares de Autorização de Acesso com efetiva
representatividade e liderança nos mercados em que atuem.
§10. Para efeitos do disposto neste Artigo, conceitua-se como vínculo:
(a) a relação empregatícia ou decorrente de contrato de prestação de serviços
profissionais permanentes ou participação em qualquer órgão administrativo,
consultivo, fiscal ou deliberativo;
(b) a participação direta ou indireta em percentual igual ou superior a 10% do capital
total ou do capital votante; ou
(c) ser cônjuge, companheiro ou parente de até 2º grau.
§11. Os membros do Conselho de Administração que deixem de preencher, por fato
superveniente ou desconhecido à época de sua eleição, os requisitos estabelecidos
neste Artigo, devem ser imediatamente substituídos.
Subseção II – Eleição
Artigo 23. Ressalvado o disposto no Artigo 24, a eleição dos membros do Conselho
de Administração dar-se-á pelo sistema de chapas.
§1º. Na eleição de que trata este Artigo 23, somente poderão concorrer as chapas:
(i) indicadas pelo Conselho de Administração, assessorado pelo Comitê de
Governança e Indicação; ou (ii) que sejam indicadas, na forma prevista no Parágrafo
3º deste Artigo, por qualquer acionista ou conjunto de acionistas.
§2º. O Conselho de Administração, assessorado pelo Comitê de Governança e
Indicação, deverá, na data da convocação da Assembleia Geral destinada a eleger
os membros do Conselho de Administração, disponibilizar na sede da Companhia
declaração assinada por cada um dos integrantes da chapa por ela indicada,
contendo: (i) sua qualificação completa; (ii) descrição completa de sua experiência
profissional,
mencionando
as
atividades
profissionais
anteriormente
desempenhadas, bem como qualificações profissionais e acadêmicas; e (iii)
informações sobre processos disciplinares e judiciais transitados em julgado em que
tenha sido condenado, como também informar, se for o caso, a existência de
hipóteses de impedimento ou conflito de interesses previstas no Artigo 147,
Parágrafo 3° da Lei nº 6.404/1976.
62
§3º. Os acionistas ou conjunto de acionistas que desejarem propor outra chapa para
concorrer aos cargos no Conselho de Administração deverão, juntamente com a
proposta de chapa, a ser apresentada nos termos da regulamentação vigente,
encaminhar ao Conselho de Administração declarações assinadas individualmente
pelos candidatos por eles indicados, contendo as informações mencionadas no
Parágrafo anterior, devendo a divulgação observar os termos da regulamentação
vigente.
§4º. Os nomes indicados pelo Conselho de Administração ou por acionistas deverão
ser identificados, em sendo o caso, como candidatos a Conselheiros Independentes,
observado o disposto nos Parágrafos 6º e 7º do Artigo 22.
§5º. A mesma pessoa poderá integrar duas ou mais chapas, inclusive aquela
indicada pelo Conselho de Administração.
§6º. Cada acionista somente poderá votar em uma chapa e os votos serão
computados com observância das limitações previstas no Artigo 7º, sendo
declarados eleitos os candidatos da chapa que receber maior número de votos na
Assembleia Geral.
§7º. Sempre que forem indicados candidatos de forma individual, a votação não se
dará pelo sistema de chapas e ocorrerá na forma de votação individual de
candidatos.
Artigo 24. Na eleição dos membros do Conselho de Administração, é facultado a
acionistas que representem, no mínimo, 5% do capital social, requerer a adoção do
processo de voto múltiplo, desde que o façam no mínimo, 48 horas antes da
Assembleia.
§1º. A Companhia, imediatamente após o recebimento do pedido, deverá divulgar,
por meio de aviso inserido em sua página na rede mundial de computadores e
encaminhado, por meio eletrônico, para a CVM e para a BM&FBOVESPA, a
informação de que a eleição se dará pelo processo do voto múltiplo.
§2º. Instalada a Assembleia, a Mesa promoverá, à vista das assinaturas constantes
do Livro de Presenças e no número de ações de titularidade dos acionistas
presentes, o cálculo do número de votos que caberão a cada acionista ou Grupo de
Acionistas, ressalvando-se que, em cumprimento ao limite estabelecido no Artigo 7º,
o número de membros do Conselho de Administração a serem eleitos deverá ser
multiplicado pela quantidade de ações que não exceder o limite de 7% do total das
ações de emissão da Companhia.
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§3º. Na hipótese de eleição dos membros do Conselho de Administração pelo
processo de voto múltiplo, deixará de haver a eleição por chapas e serão candidatos
a membros do Conselho de Administração os integrantes das chapas de que trata o
Artigo 23, bem como os candidatos que vierem a ser indicados por acionista
presente, desde que sejam apresentadas à Assembleia as declarações assinadas
por estes candidatos, com o conteúdo referido no Parágrafo 2º do Artigo 23.
§4º. Cada acionista ou Grupo de Acionistas terá o direito de cumular os votos a ele
atribuídos em um único candidato ou distribuí-los entre vários, sendo declarados
eleitos aqueles que receberem maior quantidade de votos.
§5º. Os cargos que, em virtude de empate, não forem preenchidos, serão objeto de
nova votação, pelo mesmo processo, ajustando-se o número de votos que caberá a
cada acionista ou Grupo de Acionistas em função do número de cargos a serem
preenchidos.
§6º. Sempre que a eleição tiver sido realizada por esse processo, a destituição de
qualquer membro do Conselho de Administração pela Assembleia Geral importará
destituição dos demais membros, procedendo-se a nova eleição; nos demais casos
em que ocorrer vacância no Conselho de Administração, a primeira Assembleia
Geral procederá à eleição de todo o Conselho.
§7º. Caso a Companhia venha a estar sob controle de acionista ou grupo
controlador, conforme definido no Artigo 116 da Lei n° 6.404/1976, acionistas
representando 10% do capital social poderão requerer, na forma prevista nos
Parágrafos 4º e 5º do Artigo 141 da Lei nº 6404/1976, que a eleição de um dos
membros do Conselho de Administração seja feita em separado, não sendo
aplicável a tal eleição as regras previstas no Artigo 23.
Artigo 25. O Conselho de Administração elegerá, dentre seus membros, seu
Presidente e seu Vice-Presidente, devendo tal eleição ocorrer na primeira reunião
após a posse dos Conselheiros ou na primeira reunião seguinte à ocorrência de
vacância desses cargos.
Subseção III – Reuniões e Substituições
Artigo 26. O Conselho de Administração reunir-se-á pelo menos bimestralmente em
caráter ordinário, conforme calendário a ser divulgado aos seus membros no
primeiro mês de cada exercício social pelo seu Presidente, e extraordinariamente,
sempre que necessário, por convocação realizada na forma do Parágrafo 1º deste
Artigo ou por 2/3 de seus membros.
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§1º. A convocação para as reuniões deverá ser feita pelo Presidente do Conselho de
Administração ou, na ausência deste, pelo Vice-Presidente.
§2º. A convocação das reuniões do Conselho de Administração dar-se-á por escrito,
por meio de carta, telegrama, fax, e-mail ou outra forma que permita a comprovação
do recebimento da convocação pelo destinatário, e deverá conter, além do local,
data e hora da reunião, a ordem do dia.
§3º. As reuniões do Conselho de Administração serão convocadas com, no mínimo,
3 dias de antecedência. Independentemente das formalidades de convocação, será
considerada regular a reunião a que comparecerem todos os membros do Conselho
de Administração.
§4º. Os Conselheiros poderão participar das reuniões do Conselho de Administração
por intermédio de conferência telefônica, vídeo-conferência ou por qualquer outro
meio de comunicação que permita a identificação do Conselheiro e a comunicação
com todas as demais pessoas presentes à reunião. Nesse caso, os Conselheiros
serão considerados presentes à reunião e deverão assinar a correspondente ata.
§5º. Nenhum membro do Conselho de Administração poderá ter acesso a
informações, participar de deliberações e discussões do Conselho de Administração
ou de quaisquer órgãos da administração, exercer o voto ou, de qualquer forma,
intervir nos assuntos em que esteja, direta ou indiretamente, em situação de
interesse conflitante com os interesses da Companhia, nos termos da lei.
§6º. O quorum de instalação das reuniões do Conselho de Administração, em
primeira convocação, será da maioria absoluta dos seus membros. Em segunda
convocação, que será objeto de nova comunicação aos Conselheiros na forma do
Parágrafo 1º deste Artigo, enviada imediatamente após a data designada para a
primeira convocação, a reunião se instalará com qualquer número de Conselheiros.
§7º. Salvo exceções expressas neste Estatuto, as deliberações do Conselho de
Administração serão tomadas pelo voto da maioria dos membros presentes às
reuniões; o Presidente do Conselho de Administração terá voto de qualidade.
§8º. O Diretor Presidente, ou seu substituto, participará das reuniões do Conselho
de Administração, ausentando-se, quando solicitado.
Artigo 27. Ressalvado o disposto no Parágrafo 6º do Artigo 24 e observado o
previsto no Parágrafo único deste Artigo, ocorrendo vacância no cargo de membro
do Conselho de Administração, o substituto será nomeado pelos conselheiros
remanescentes, com base em indicação do Comitê de Governança e Indicação e
65
servirá até a primeira Assembleia Geral subsequente, quando deverá ser eleito o
Conselheiro que completará o mandato do substituído. Ocorrendo vacância da
maioria dos cargos do Conselho de Administração, deverá ser convocada, no prazo
máximo de 15 dias contados do evento, Assembleia Geral para eleger os
substitutos, os quais deverão completar o mandato dos substituídos.
Parágrafo único. Em caso de vacância do cargo de Presidente do Conselho de
Administração, o Vice-Presidente ocupará o cargo vago até a eleição de novo
Presidente.
Artigo 28. No caso de ausência ou impedimento temporário, o Conselheiro ausente
ou temporariamente impedido poderá ser representado nas reuniões do Conselho
de Administração por outro Conselheiro indicado por escrito, o qual, além do seu
próprio voto, expressará o voto do Conselheiro ausente ou temporariamente
impedido.
§1º. Caso o Conselheiro a ser representado seja: (i) Conselheiro Independente, o
Conselheiro que o representar também deverá se enquadrar na condição de
Conselheiro Independente; (ii) Conselheiro que mantenha vínculo com titular de
Autorização de Acesso, o Conselheiro que o representar também deverá ser
Conselheiro que mantenha vínculo com titular de Autorização de Acesso.
§2º. No caso de ausência ou impedimento temporário do Presidente do Conselho,
suas funções serão exercidas, em caráter temporário, pelo Vice-Presidente ou por
outro membro do Conselho por ele indicado.
§3º. Em caso de ausência ou impedimento temporário do Vice-Presidente, competirá
ao Presidente indicar, dentre os demais membros do Conselho de Administração,
seu substituto.
Subseção IV – Competência
Artigo 29. Compete ao Conselho de Administração:
(a) fixar a orientação geral dos negócios da Companhia e de suas controladas,
incluindo a aprovação e alteração do orçamento anual da Companhia e de suas
controladas e a determinação das metas e estratégias de negócios para o período
subsequente, zelando por sua boa execução.
(b) eleger e destituir os Diretores, avaliar a sua performance e estruturar um plano
de sucessão com relação a estes, bem como aprovar o Regimento Interno da
Diretoria, observado o que a respeito dispuser o presente Estatuto;
66
(c) fiscalizar a gestão dos Diretores, examinar a qualquer tempo os livros e
documentos da Companhia, bem como solicitar informações sobre contratos
celebrados ou em via de celebração ou sobre quaisquer outros atos;
(d) deliberar sobre a convocação da Assembleia Geral;
(e) submeter à Assembleia Geral, com seu parecer, o Relatório da Administração, as
contas da Diretoria e as demonstrações financeiras relativas a cada exercício social;
(f) apresentar à Assembleia Geral a proposta de destinação do lucro líquido do
exercício;
(g) autorizar previamente a celebração de contratos de qualquer natureza, bem
como transações e renúncias a direitos, que resultem em obrigações para a
Companhia em montante superior ao Valor de Referência, conforme definido no
Parágrafo único deste Artigo, e que não estejam previstos no orçamento anual,
ressalvado o disposto na alínea “g” do Artigo 38;
(h) aprovar previamente investimentos, de uma mesma natureza, que excedam ao
Valor de Referência, quando não previstos no orçamento anual;
(i) aprovar previamente qualquer empréstimo, financiamento, emissão e
cancelamento de debêntures simples, não conversíveis em ações e sem garantia
real, ou a concessão de qualquer garantia real ou fidejussória pela Companhia em
favor de suas controladas em valor superior ao Valor de Referência, quando não
previstos no orçamento anual;
(j) autorizar a Diretoria a adquirir, alienar e constituir ônus reais ou gravames de
qualquer natureza sobre os bens do ativo permanente da Companhia, em valores
que representem responsabilidade superior ao Valor de Referência e que não
estejam previstos no orçamento anual;
(k) autorizar previamente a celebração de acordos de sócios ou acionistas
envolvendo a Companhia ou suas controladas;
(l) orientar os votos a serem proferidos pelo representante da Companhia nas
Assembleias Gerais das sociedades de que a Companhia participe, ou aprovar
previamente a alteração dos respectivos contratos e estatutos sociais, quando os
valores desta participação forem superiores ao Valor de Referência, ressalvado o
disposto na alínea (j) do Artigo 16;
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(m) indicar a Diretoria das sociedades controladas, sendo certo que a indicação dos
executivos principais será coincidente com a do Diretor Presidente, exceto por
deliberação contrária de 75% dos Conselheiros;
(n) deliberar sobre a aquisição pela Companhia de ações de sua própria emissão,
para manutenção em tesouraria e/ou posterior cancelamento ou alienação;
(o) deliberar, ressalvadas as participações decorrentes da política de investimento
financeiro da Companhia e observado o disposto no Artigo 3º, sobre a participação
da Companhia em outras sociedades, bem como em associações e organizações de
caráter assistencial, quando os valores envolvidos forem superiores ao Valor de
Referência;
(p) autorizar a Companhia a prestar garantias a obrigações de terceiros em qualquer
valor, quando não relacionadas às atividades operacionais da Companhia ou dela
decorrentes, especialmente no seu papel de contraparte Central das liquidações por
ela promovidas ou por suas controladas;
(q) definir a lista tríplice de empresas especializadas em avaliação econômica de
empresas para a elaboração de laudo de avaliação das ações da Companhia, nos
casos de oferta pública de aquisição de ações (“OPA”) para cancelamento de
registro de companhia aberta ou saída do Novo Mercado, na forma prevista no
parágrafo 2º do Artigo 65;
(r) aprovar a contratação da instituição prestadora dos serviços de escrituração de
ações;
(s) decidir sobre o pagamento ou crédito de juros sobre o capital próprio aos
acionistas, nos termos da legislação aplicável;
(t) escolher e destituir os auditores independentes, observado o disposto na alínea
(a) do Artigo 47;
(u) designar os integrantes dos Comitês permanentes de assessoramento e dos
demais Comitês e grupos de trabalho temporários que vierem a ser por ele
instituídos;
(v) manifestar-se favorável ou contrariamente a respeito de qualquer oferta pública
de aquisição de ações que tenha por objeto as ações de emissão da Companhia,
por meio de parecer prévio fundamentado, divulgado em até 15 (quinze) dias da
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publicação do edital da oferta pública de aquisição de ações, que deverá abordar, no
mínimo (i) a conveniência e oportunidade da oferta pública de aquisição de ações
quanto ao interesse do conjunto dos acionistas e em relação à liquidez dos valores
mobiliários de sua titularidade; (ii) as repercussões da oferta pública de aquisição de
ações sobre os interesses da Companhia; (iii) os planos estratégicos divulgados pelo
ofertante em relação à Companhia; (iv) outros pontos que o Conselho de
Administração considerar pertinentes, bem como as informações exigidas pelas
regras aplicáveis estabelecidas pela CVM; e
(x) apreciar recursos nas hipóteses previstas neste Estatuto, no Regimento Interno
do Conselho de Administração ou em regulamento, de acordo com o procedimento
estabelecido no Regimento Interno do Conselho de Administração.
Parágrafo único. Para efeitos deste Estatuto, o Valor de Referência corresponde a
1% do patrimônio líquido da Companhia apurado ao final do exercício social
imediatamente anterior.
Artigo 30. Adicionalmente, compete ao Conselho de Administração:
(a) aprovar o Regulamento de Acesso, bem como as regras relativas à admissão,
suspensão e exclusão dos detentores das Autorizações de Acesso, e, ainda, as
demais normas regulamentares, operacionais e de liquidação que disciplinarão e
definirão as operações realizadas com os valores mobiliários, títulos e contratos
admitidos à negociação e/ou registrados em quaisquer dos sistemas de negociação,
registro, compensação e liquidação administrados pela Companhia e por suas
sociedades controladas;
(b) aprovar as regras relativas à admissão à negociação, suspensão e exclusão de
valores mobiliários, títulos e contratos e respectivos emissores, quando for o caso;
(c) aprovar os regulamentos relativos às Câmaras da Companhia e seus sistemas
que prestem serviços de registro, compensação e liquidação;
(d) aprovar a Diretriz de Negócio de Balcão e de Suporte às Operações de Crédito;
(e) aprovar a Diretriz de Preço de Produtos e Serviços a que se refere o Artigo 35,
alínea (h), itens (i), (ii) e (iii);
(f) aprovar o Código de Ética dos Participantes dos Mercados administrados pela
Companhia, o qual deverá conter normas de conduta necessárias ao bom
funcionamento dos mercados, e à manutenção de elevados padrões éticos de
negociação nestes mercados, bem como regular o funcionamento e a composição
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do Comitê de Ética e eleger seus membros;
(g) estabelecer as penalidades que poderão ser aplicadas nos casos de infração às
normas aprovadas pelo Conselho de Administração;
(h) deliberar sobre a outorga das Autorizações de Acesso, cabendo desta decisão,
no prazo de 30 (trinta) dias, pedido de revisão à Assembleia Geral, que deverá
proferir decisão definitiva sobre a matéria, observado o disposto na regulamentação
vigente;
(i) deliberar sobre a suspensão e o cancelamento das Autorizações de Acesso, bem
como analisar os casos de modificações no controle societário e indicações de
novos administradores das sociedades que sejam titulares de Autorizações de
Acesso;
(j) determinar o recesso, total ou parcial, dos mercados administrados pela
Companhia e por suas sociedades controladas, em caso de reconhecimento de
situação de grave emergência que possa afetar o normal funcionamento das
atividades dos mercados, comunicando de imediato a decisão, devidamente
fundamentada, à CVM;
(k) aprovar o relatório anual sobre os sistemas de controle de riscos operacionais e
o plano de continuidade de negócios da Companhia e de suas sociedades
controladas; e
(l) deliberar sobre a constituição, alocação de recursos e manutenção de fundos e
outros mecanismos de salvaguarda para as operações realizadas nos sistemas e
mercados administrados pela Companhia e suas sociedades controladas,
regulamentando as hipóteses e os procedimentos para sua utilização.
§1º. O Conselho de Administração poderá delegar à Diretoria da Companhia o
estabelecimento de critérios técnicos, financeiros e operacionais complementares às
normas e regulamentos de que tratam as alíneas (a), (b) e (c) deste Artigo.
§2º. Qualquer alteração da Diretriz de Negócio de Balcão e de Suporte às
Operações de Crédito e da Diretriz de Preço de Produtos e Serviços a que se refere
o Artigo 35, alínea (h), itens (i), (ii) e (iii), dependerá de voto favorável de 90%
(noventa por cento) dos membros do Conselho de Administração.
Seção III – Diretoria
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Artigo 31. A Diretoria é o órgão de representação da Companhia, competindo-lhe
praticar todos os atos de gestão dos negócios sociais. Compete aos Diretores: (i)
cumprir e fazer cumprir este Estatuto, as deliberações do Conselho de
Administração e da Assembleia Geral; (ii) praticar, dentro das suas atribuições,
todos os atos necessários ao funcionamento regular da Companhia e à consecução
do objeto social; e (iii) coordenar as atividades das sociedades controladas da
Companhia.
Artigo 32. A Diretoria será composta de 5 a 9 Diretores, sendo um Diretor
Presidente e até 8 Diretores Executivos. Todos os Diretores são eleitos e destituíveis
pelo Conselho de Administração, com prazo de mandato de 2 anos, permitida a
reeleição para sucessivos mandatos.
§1º. O Diretor Presidente da Companhia somente poderá exercer o referido cargo
até a realização da Assembleia Geral Ordinária que deliberar sobre as
demonstrações financeiras relativas ao exercício em que tenha completado 65
(sessenta e cinco) anos de idade, ficando a critério do Conselho de Administração
estabelecer eventuais exceções a esta regra.
§2º. O Conselho de Administração, por proposta do Diretor Presidente, designará,
dentre os Diretores da Companhia, aquele(s) que exercerá(ão) as funções de Diretor
Financeiro e de Diretor de Relações com Investidores.
Artigo 33. Os Diretores devem ter dedicação profissional exclusiva para com a
Companhia e não podem, durante o tempo em que permanecerem no exercício de
seus cargos, manter vínculo, conforme definido no Parágrafo 10 do Artigo 22, com:
(i) titulares de Autorizações de Acesso, (ii) com acionistas ou Grupos de Acionistas
titulares de 5% ou mais do capital votante da Companhia, (iii) com instituição que
faça parte de sistema de distribuição de valores mobiliários no Brasil ou no exterior,
(iv) com companhias abertas; (v) com instituição que atue na administração de
carteira de valores mobiliários; (vi) com Investidores Institucionais.
Artigo 34. Somente podem ser eleitas como Diretor Presidente pessoas que, além
dos requisitos legais e regulamentares, atendam às condições estabelecidas no
Parágrafo 4º do Artigo 22, e observado o disposto no Parágrafo Único do Artigo 20 e
no §1º do Artigo 32.
§1º. Todos os demais Diretores serão indicados ao Conselho de Administração pelo
Diretor Presidente. Caso o Conselho de Administração não aprove as indicações
apresentadas, deverão ser indicados novos nomes, até que sejam aprovados pelo
Conselho de Administração.
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§2º. O Diretor Presidente poderá determinar o afastamento imediato, até a reunião
do Conselho de Administração que deliberar sobre a matéria, de qualquer Diretor da
Companhia.
Artigo 35. Compete ao Diretor Presidente, além de outras atribuições estabelecidas
neste Estatuto:
(a) convocar e presidir as reuniões da Diretoria;
(b) propor ao Conselho de Administração o Regimento e a composição da Diretoria;
(c) orientar e coordenar a atuação dos demais Diretores;
(d) dirigir as atividades relacionadas com o planejamento geral da Companhia e de
suas controladas;
(e) aprovar a estrutura organizacional da Companhia, contratando e dirigindo seu
corpo executivo, os técnicos, auxiliares e consultores que julgar convenientes ou
necessários, definindo cargos, funções e remuneração e determinando suas
atribuições e poderes, observadas as diretrizes impostas pelo orçamento aprovado
pelo Conselho de Administração;
(f) criar o Comitê Técnico de Risco de Mercado e o Comitê Técnico de Risco de
Crédito,
regulamentando
seu
funcionamento,
composição,
papéis
e
responsabilidades, bem como fixar, quando devida, a remuneração de seus
membros, observados os parâmetros definidos pelo Comitê de Remuneração;
(g) criar outros Comitês Técnicos, Comissões, Câmaras Consultivas ou
Operacionais, Comissões Técnicas de Padronização, Classificação e Arbitramento,
grupos de trabalho e órgãos de assessoramento, definindo seu funcionamento,
composição, papéis e responsabilidades;
(h) observadas as limitações do presente inciso, fixar preços, taxas, emolumentos,
comissões e contribuições e quaisquer outros custos a serem cobrados dos titulares
de Autorizações de Acesso e de terceiros, pelos serviços decorrentes do
cumprimento das atividades funcionais, operacionais, normativas, fiscalizadoras e
classificadoras da Companhia, assegurando a sua ampla divulgação aos
interessados. No caso de alteração de preços (i) dos produtos derivativos listados e
de balcão referenciados a: a) taxa de juros nominal em reais; b) taxa de cupom
cambial de Reais para Dólares dos Estados Unidos; c) taxa de câmbio de Reais
para Dólares dos Estados Unidos; e d) IBOVESPA; (ii) para registro de produtos de
captação bancária; e (iii) dos serviços relacionados à Unidade de Financiamento
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(segmento de veículos e segmento imobiliário), caberá ao Diretor Presidente a sua
fixação, mediante consulta ao Comitê de Produtos e de Precificação. Caberá ao
Conselho de Administração decidir questões envolvendo a fixação de preços quando
houver divergência entre a proposta do Diretor Presidente e o Comitê de Produtos e
de Precificação;
(i) propor ao Conselho de Administração as normas regulamentares, operacionais e
de liquidação que disciplinarão e definirão as operações realizadas com os valores
mobiliários, títulos e contratos admitidos à negociação nos ambientes e sistemas
administrados pela Companhia ou pelas suas sociedades controladas e/ou
registradas em quaisquer dos seus respectivos ambientes e sistemas de
negociação, registro, compensação e liquidação;
(j) definir os valores mobiliários, títulos e contratos que serão admitidos à
negociação, registro, compensação e liquidação nos ambientes e sistemas
administrados pela Companhia, bem como determinar a suspensão ou o
cancelamento da negociação, registro, compensação e liquidação de tais títulos e
contratos;
(k) promover o acompanhamento em tempo real e a fiscalização das operações
realizadas e/ou registradas em quaisquer dos ambientes e sistemas de negociação,
registro, compensação e liquidação da Companhia;
(l) tomar medidas e adotar procedimentos para coibir a realização de operações que
possam consubstanciar práticas não equitativas de mercado ou configurar infrações
a normas legais e regulamentares cujo cumprimento incumba à Companhia
fiscalizar;
(m) em caso de grave emergência, decretar o recesso, total ou parcial, dos
mercados administrados pela Companhia e suas sociedades controladas,
comunicando de imediato a decisão ao Conselho de Administração e à CVM;
(n) determinar cautelarmente a suspensão, pelo prazo máximo de 90 dias, das
atividades dos titulares de Autorizações de Acesso, nos casos previstos no
Regulamento de Acesso ou nas demais normas editadas pelo Conselho de
Administração, ou, ainda, em hipótese de aparente violação do Código de Ética,
comunicando imediatamente a suspensão à CVM e ao Banco Central do Brasil;
(o) impedir a realização de operações nos ambientes e sistemas de negociação,
registro, compensação e liquidação administrados pela Companhia, quando
existirem indícios de que possam configurar infrações às normas legais e
regulamentares cujo cumprimento incumba à Companhia fiscalizar;
73
(p) cancelar negócios realizados e/ou registrados em quaisquer dos ambientes ou
sistemas de negociação, registro, compensação e liquidação da Companhia, desde
que ainda não liquidados, bem como suspender a sua liquidação, quando diante de
situações que possam constituir infração às normas legais e regulamentares cujo
cumprimento incumba à Companhia fiscalizar;
(q) determinar procedimentos especiais para quaisquer operações realizadas e/ou
registradas em qualquer dos ambientes ou sistemas de negociação, registro,
compensação e liquidação da Companhia, bem como estabelecer condições para
sua liquidação;
(r) informar imediatamente à CVM a ocorrência de eventos que afetem, ainda que
temporariamente, o funcionamento dos mercados administrados diretamente pela
Companhia; e
(s) enviar à CVM, no prazo e na forma por ela especificados, as informações e os
relatórios relativos às operações realizadas e/ou registradas em qualquer dos
ambientes ou sistemas de negociação, registro, compensação e liquidação da
Companhia.
§1º. Das decisões tomadas pelo Diretor Presidente no exercício das competências
de que tratam as alíneas (n) a (q) do caput deste Artigo, caberá recurso, por
qualquer interessado, ao Conselho de Administração.
§2º. O prazo e os efeitos da interposição do recurso previsto no Parágrafo 1º deste
Artigo, bem como as demais hipóteses de cabimento de recurso, serão
estabelecidos pelo Conselho de Administração.
§3º. O Comitê Técnico de Risco de Mercado a que se refere a alínea (f) deste Artigo
será formado por Diretores e funcionários da Companhia indicados pelo Diretor
Presidente, e terá como atribuição fazer recomendações sobre os seguintes temas:
(i) avaliação do cenário macroeconômico e seus efeitos, em termos de risco, sobre
os mercados em que a Companhia atua; (ii) definição dos critérios e parâmetros a
serem utilizados para a apuração dos valores de margem; (iii) definição dos critérios
e parâmetros a serem utilizados para a valorização dos ativos aceitos em garantia;
(iv) fixação das modalidades e/ou o valor das garantias dos negócios realizados nos
pregões e/ou registrados em quaisquer dos sistemas de negociação, registro,
compensação e liquidação da Companhia e de suas controladas, os quais incidirão,
inclusive, sobre os contratos em aberto; (v) a política de gerenciamento de garantias
depositadas; (vi) análise do nível de alavancagem do sistema; (vii) análise e
74
sugestões para o aperfeiçoamento dos sistemas de risco; e (viii) realização de
outras análises que entender necessárias sobre as matérias referidas neste artigo.
§4º. O Comitê Técnico de Risco de Crédito a que se refere a alínea (f) deste Artigo
será formado por Diretores e funcionários da Companhia indicados pelo Diretor
Presidente, e terá como atribuição fazer recomendações sobre os seguintes temas:
(i) definição de critérios, limites e parâmetros para o controle do risco de crédito dos
detentores de Autorização de Acesso e demais participantes; (ii) os limites de risco
atribuídos aos participantes das clearings da Companhia; (iii) acompanhamento e
avaliação, periodicamente, do risco de contraparte representado pelos detentores de
Autorização de Acesso e demais participantes; (iv) definição dos critérios e
parâmetros para a exigência de garantias adicionais participantes, sempre que for o
caso; e (v) realização de outras análises e deliberações que entender necessárias
sobre as matérias descritas nos itens anteriores.
Artigo 36. Compete ao Diretor que exercer a função de Diretor Financeiro: (i)
planejar e elaborar os orçamentos e planos de trabalho e de investimentos da
Companhia, anuais ou plurianuais relativos às atividades da Companhia; (ii)
responder pelo controle da execução dos orçamentos a que se refere a alínea
anterior; (iii) administrar e investir os recursos financeiros da Companhia, e
supervisionar as mesmas atividades desenvolvidas pelas sociedades controladas da
Companhia; e (iv) dirigir os setores contábil, de planejamento financeiro e
fiscal/tributário da Companhia.
Artigo 37. Compete ao Diretor que exercer a função de Diretor de Relações com
Investidores a prestação de informações aos investidores, à CVM e à bolsa de
valores ou mercado de balcão onde forem negociados os valores mobiliários da
Companhia, bem como manter atualizado o registro da Companhia em
conformidade com a regulamentação aplicável da CVM e atender às demais
exigências dessa regulamentação.
Artigo 38. A Diretoria exercerá as seguintes atribuições:
(a) autorizar a abertura, o encerramento ou a alteração do endereço de filiais,
agências, depósitos, escritórios ou quaisquer outros estabelecimentos da
Companhia no País ou no exterior;
(b) submeter, anualmente, à apreciação do Conselho de Administração, o Relatório
da Administração e as contas da Diretoria, acompanhados do relatório dos auditores
independentes, bem como a proposta de destinação dos lucros apurados no
exercício anterior;
75
(c) elaborar e propor, ao Conselho de Administração, os orçamentos anuais e
plurianuais, os planos estratégicos, os projetos de expansão e os programas de
investimento;
(d) autorizar previamente a aquisição ou alienação, pela Companhia ou por suas
controladas, de bens móveis ou imóveis, a constituição de ônus reais ou gravames
de qualquer natureza sobre tais bens, a tomada de empréstimo, financiamento, e a
concessão de garantia real ou fidejussória, em valores que representem
responsabilidade inferior ao Valor de Referência previsto no Parágrafo único do
Artigo 29;
(e) aprovar as regras operacionais relativas às Câmaras da Companhia e seus
sistemas que prestem serviços de registro, compensação e liquidação;
(f) deliberar sobre as recomendações do Comitê Técnico de Risco de Mercado e do
Comitê Técnico de Risco de Crédito, observado o parágrafo único deste artigo;
(g) autorizar a contratação e/ou renovação, pela Companhia, de linhas de crédito,
colateralizadas ou não, e/ou de mecanismos de monetização de ativos, com o
propósito de assegurar o cumprimento tempestivo das obrigações da Companhia
relacionadas à sua atividade de contraparte central garantidora, independentemente
do valor envolvido; e
(h) decidir, por solicitação do Diretor Presidente, sobre qualquer assunto que não
seja de competência privativa da Assembleia Geral ou do Conselho de
Administração.
Parágrafo único. A Diretoria poderá delegar a competência prevista na alínea (f)
deste artigo ao Comitê Técnico de Risco de Mercado e ao Comitê Técnico de Risco
de Crédito, conforme o caso.
Subseção I – Substituição e Vacância da Diretoria
Artigo 39. O Diretor Presidente será substituído: (i) em caso de ausência ou
impedimento por período de até 30 dias, por outro Diretor por ele indicado; (ii) em
caso de afastamento por prazo superior a 30 dias e inferior a 120 dias, pelo Diretor
designado pelo Conselho de Administração, em reunião especialmente realizada
para esse fim; e (iii) em caso de afastamento por prazo igual ou superior a 120 dias
ou vacância, o Conselho de Administração deverá ser convocado para promover a
eleição de novo Diretor Presidente, conforme os procedimentos estabelecidos neste
Estatuto.
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Artigo 40. Os demais Diretores serão substituídos: (i) nos casos de ausência ou
impedimento, bem como de afastamento por prazo inferior a 120 dias, por outro
Diretor indicado pelo Diretor Presidente; e (ii) em caso de afastamento por prazo
igual ou superior a 120 dias ou vacância, o Conselho de Administração deverá ser
convocado para promover a eleição de novo Diretor, conforme os procedimentos
estabelecidos no Parágrafo 1º do Artigo 34.
Subseção II – Reuniões da Diretoria
Artigo 41. Ressalvado o disposto no Artigo 42 abaixo, a Diretoria se reúne
validamente com a presença de, no mínimo, metade mais um dos Diretores eleitos e
delibera pelo voto da maioria dos presentes, sendo atribuído ao Diretor Presidente o
voto de qualidade.
Artigo 42. Sem prejuízo das atribuições específicas do Diretor Presidente e dos
demais Diretores, as decisões a seguir listadas deverão ser tomadas em reunião na
qual deverão estar presentes os Diretores das respectivas áreas responsáveis:
(a) declaração do inadimplemento de participante vinculado a qualquer das Câmaras
de Registro, Compensação e Liquidação de Operações, e determinação das
providências cabíveis, conforme o regulamento aplicável;
(b) estabelecimento dos limites operacionais, de crédito e de risco para os
participantes diretos ou indiretos das Câmaras de Registro, Compensação e
Liquidação de Operações, atuando isoladamente ou em grupo, observados os
procedimentos específicos de cada uma delas;
(c) definição dos procedimentos comuns para as Câmaras de Registro,
Compensação e Liquidação de Operações, assim como dos procedimentos de
integração destas com ambientes de negociação e de integração dos sistemas de
risco e de garantias; e
(d) determinação aos titulares de Autorizações de Acesso ou a seus clientes a
liquidação parcial ou total de posições em aberto em um ou mais mercados.
Subseção III – Representação da Companhia
Artigo 43. Ressalvados os casos previstos nos Parágrafos deste Artigo, a
Companhia será representada e somente será considerada validamente obrigada
por ato ou assinatura:
(a) de dois Diretores;
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(b) de qualquer Diretor em conjunto com um procurador com poderes específicos;
ou
(c) de dois procuradores com poderes específicos.
§1º. Os atos para os quais este Estatuto exija autorização prévia do Conselho de
Administração somente serão válidos uma vez preenchido esse requisito.
§2º. A Companhia poderá ser representada por apenas um Diretor ou um procurador
com poderes específicos na prática dos seguintes atos:
(a) representação da Companhia em atos de rotina realizados fora da sede social;
(b) representação da Companhia em Assembleias e reuniões de sócios de
sociedades da qual participe;
(c) representação da Companhia em juízo, exceto para a prática de atos que
importem renúncia a direitos; ou
(d) prática de atos de simples rotina administrativa, inclusive perante repartições
públicas, sociedades de economia mista, juntas comerciais, Justiça do Trabalho,
INSS, FGTS e seus bancos arrecadadores, e outras da mesma natureza.
§3º. O Conselho de Administração poderá autorizar a prática de atos específicos
que vinculem a Companhia pela assinatura de apenas um Diretor ou um procurador
regularmente constituído, ou, ainda, estabelecer competência e alçada para a
prática de atos por um único representante.
Artigo 44. As procurações serão sempre outorgadas ou revogadas por dois
Diretores, sendo um deles obrigatoriamente o Diretor Presidente, estabelecerão os
poderes do procurador e, excetuando-se as outorgadas para fins judiciais, terão
sempre prazo determinado de vigência.
Seção IV – Órgãos Auxiliares da Administração
Artigo 45. A Companhia terá, obrigatoriamente, os seguintes comitês de
assessoramento ao Conselho de Administração:
(a) Comitê de Auditoria;
(b) Comitê de Governança e Indicação
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(c) Comitê do Setor da Intermediação;
(d) Comitê de Produtos e de Precificação;
(e) Comitê de Remuneração; e
(f) Comitê de Riscos e Financeiro.
§1º. Os Comitês deverão exercer, no que couber, as mesmas atribuições com
relação às sociedades de que a Companhia participe.
§2º. O Conselho de Administração poderá criar comitês adicionais para o
assessoramento da Administração da Companhia, com objetivos restritos e
específicos e com prazo de duração, designando os seus respectivos membros.
§3º. O funcionamento e a remuneração dos integrantes dos comitês previstos neste
Artigo serão disciplinados pelo Conselho de Administração.
Subseção I – Comitê de Auditoria
Artigo 46. O Comitê de Auditoria, órgão de assessoramento vinculado diretamente
ao Conselho de Administração, será formado por até 6 membros, todos
independentes, dos quais no mínimo 1 e no máximo 2 serão Conselheiros
Independentes, e no mínimo 3 e no máximo 4 serão membros externos e
independentes (“Membros Externos”), observando-se o disposto no Parágrafo 3º
deste Artigo 46, devendo ao menos 1 (um) dos membros do Comitê possuir
reconhecida experiência em assuntos de contabilidade societária.
§1º. Ressalvado o disposto no §2º deste Artigo, os membros do Comitê de Auditoria
devem ser indicados pelo Comitê de Governança e Indicação e eleitos pelo
Conselho de Administração para um mandato de dois anos, admitindo-se a
recondução para sucessivos mandatos, respeitado o prazo máximo de 10 anos para
o exercício do cargo.
§2º. Na hipótese em que 2 Conselheiros Independentes sejam designados como
membros do Comitê de Auditoria, um deles deverá cumprir mandato de até 1 ano,
não sendo admitida a recondução.
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§3º. Os Membros Externos do Comitê de Auditoria deverão atender aos seguintes
requisitos:
(a) possuir conhecimentos em auditoria, compliance/controles, contabilidade,
tributação e afins e/ou experiência em tais atividades;
(b) não integrar o Conselho de Administração ou a Diretoria da Companhia ou de
suas controladas;
(c) não ser acionista da Companhia, nem ter cônjuge ou companheiro que seja
acionista da Companhia;
(d) não ser sócio, acionista controlador, administrador ou empregado de acionista da
Companhia ou de suas controladas;
(e) não manter, nos 12 meses anteriores à sua posse, vínculo com: (i) a Companhia
ou suas controladas e, se for o caso, com seus acionistas controladores diretos ou
indiretos ou sociedade submetida a controle comum direto ou indireto; (ii) quaisquer
dos administradores da Companhia ou de suas controladas e, se for o caso, de seus
acionistas controladores diretos ou indiretos; (iii) titulares de Autorizações de
Acesso; e (iv) acionistas ou Grupo de Acionistas titulares de 10% ou mais do capital
votante da Companhia;
(f) não ser ou ter sido, nos últimos 5 anos: (i) diretor ou empregado da Companhia,
sua controladora, controladas, coligadas ou sociedades em controle comum, diretas
ou indiretas; ou (ii) responsável técnico da equipe envolvida nos trabalhos de
auditoria da instituição;
(g) não ser cônjuge, parente em linha reta ou linha colateral, até o terceiro grau, e
por afinidade, até o segundo grau, das pessoas referidas na alínea “f” acima; e
(h) atender aos requisitos estabelecidos nos Parágrafos 4º e 5º do Artigo 22, bem
como aos previstos no artigo 147 da Lei 6.404/76.
§4º. No curso de seus mandatos, os membros do Comitê de Auditoria somente
poderão ser substituídos nas seguintes hipóteses:
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(a) morte ou renúncia;
(b) ausência injustificada a 3 reuniões consecutivas ou a 6 reuniões alternadas por
ano; ou
(c) decisão fundamentada do Conselho de Administração, aprovada por quorum
qualificado de 5 Conselheiros, sendo que, a maioria dos Conselheiros votantes
deverá satisfazer os requisitos estabelecidos no Parágrafo 6º do Artigo 22.
§5º. Nos casos de vacância de cargos de membro do Comitê de Auditoria, competirá
ao Conselho de Administração eleger, por indicação do Comitê de Governança e
Indicação, a pessoa que deverá completar o mandato do membro substituído.
§6º. Tendo exercido mandato por qualquer período, os membros do Comitê somente
poderão integrar tal órgão novamente após decorridos, no mínimo, 3 (três) anos do
final do mandato.
Artigo 47. O Comitê de Auditoria reporta-se ao Conselho de Administração,
observado o disposto nos Parágrafos 1º e 2º deste Artigo 47, competindo-lhe, entre
outras matérias:
(a) propor ao Conselho de Administração a indicação dos auditores independentes,
bem como a substituição de tais auditores independentes, e opinar sobre a
contratação do auditor independente para qualquer outro serviço;
(b) supervisionar as atividades dos auditores independentes, a fim de avaliar: (i) a
sua independência; (ii) a qualidade dos serviços prestados; e (iii) a adequação dos
serviços prestados às necessidades da Companhia;
(c) supervisionar as atividades da auditoria interna da Companhia e de suas
controladas, monitorando a efetividade e a suficiência da estrutura, bem como a
qualidade e integridade dos processos de auditoria interna e independente, inclusive
conduzindo avaliação anual de desempenho do diretor responsável pelo
departamento de auditoria interna, propondo ao Conselho de Administração as
ações que forem necessárias;
(d) supervisionar as atividades da área de elaboração das demonstrações
financeiras da Companhia e de suas controladas;
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(e) supervisionar as atividades da área de controles internos da Companhia e de
suas controladas;
(f) monitorar a qualidade e integridade das informações trimestrais, das
demonstrações intermediárias e das demonstrações financeiras da Companhia e de
suas controladas, efetuando as recomendações que entender necessárias ao
(g) monitorar a qualidade e integridade dos mecanismos de controles internos da
Companhia e de suas controladas, apresentando as recomendações de
aprimoramento de políticas, práticas e procedimentos que entender necessárias;
(h) avaliar a efetividade e suficiência dos sistemas de controle e gerenciamento de
riscos, abrangendo riscos legais, tributários e trabalhistas;
(i) manifestar-se, previamente ao Conselho de Administração, a respeito do relatório
anual sobre o sistema de controles internos e de gerenciamento de riscos
corporativos da Companhia;
(j) opinar, a pedido do Conselho de Administração, sobre as propostas dos órgãos
de administração, a serem submetidas à Assembleia Geral, relativas à modificação
do capital social, emissão de debêntures ou bônus de subscrição, orçamentos de
capital, distribuição de dividendos, transformação, incorporação, fusão ou cisão;
(k) monitorar a qualidade e integridade das informações e medições divulgadas com
base em dados contábeis ajustados e em dados não contábeis que acrescentem
elementos não previstos na estrutura dos relatórios usuais das demonstrações
financeiras;
(l) avaliar e monitorar as exposições de risco da Companhia, podendo inclusive
requerer informações detalhadas de políticas e procedimentos relacionados com: (i)
a remuneração da administração; (ii) a utilização de ativos da Companhia; e (iii) as
despesas incorridas em nome da Companhia;
(m) avaliar e monitorar, juntamente com a administração e a área de auditoria
interna da Companhia, a adequação das transações com partes relacionadas
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realizadas pela Companhia e suas respectivas evidenciações;
(n) opinar sobre as matérias que lhe sejam submetidas pelo Conselho de
Administração, bem como sobre aquelas que considerar relevantes.
§1º. O Comitê de Auditoria elaborará relatório anual resumido, a ser apresentado
juntamente com as demonstrações financeiras, contendo, no mínimo, as seguintes
informações: (i) as atividades exercidas no período, os resultados e conclusões
alcançados; (ii) a avaliação da efetividade dos sistemas de controles internos e de
gerenciamento de riscos corporativos da Companhia; (iii) a descrição das
recomendações apresentadas à administração da Companhia e as evidências de
sua implementação; (iv) a avaliação da efetividade das auditorias independente e
interna; (v) a avaliação da qualidade dos relatórios financeiros, de controles internos
e de gerenciamento de riscos corporativos referentes ao período; e (vi) quaisquer
situações nas quais exista divergência significativa entre a administração da
Companhia, os auditores independentes e o Comitê em relação às demonstrações
financeiras da Companhia.
§2º. O Coordenador do Comitê de Auditoria, ou, na sua ausência ou impedimento,
outro membro do Comitê de Auditoria por ele indicado, deve reunir-se com o
Conselho de Administração, no mínimo, trimestralmente, para relatar as atividades
do Comitê. Quando necessário ou conveniente, o Coordenador ou o seu substituto,
conforme o caso, se fará acompanhar de outros membros do Comitê de Auditoria.
§3º. O Comitê de Auditoria deverá possuir meios para receber denúncias, inclusive
sigilosas, internas e externas à Companhia, em matérias relacionadas ao escopo de
suas atividades.
Artigo 48. O Comitê de Auditoria deverá aprovar, por maioria de votos de seus
membros, proposta de Regimento Interno regulamentando as questões relativas a
seu funcionamento, a ser aprovado pelo Conselho de Administração.
Parágrafo único. Para o desempenho de suas funções, o Comitê de Auditoria terá
acesso às informações de que necessitar e disporá de autonomia operacional, bem
como de dotação orçamentária, dentro dos limites aprovados pelo Conselho de
Administração, para conduzir ou determinar a realização de consultas, avaliações e
investigações dentro do escopo de suas atividades, inclusive com a contratação e
utilização de especialistas externos independentes.
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Subseção II – Comitê de Governança e Indicação
Artigo 49. O Conselho de Administração deverá constituir, de forma permanente, o
Comitê de Governança e Indicação, que deverá ser formado por 3 membros, dos
quais, pelo menos, 2 deverão ser Conselheiros Independentes.
Parágrafo Único. Com o objetivo de resguardar a credibilidade e legitimidade da
atuação da Companhia e de suas controladas, competirá ao Comitê de Governança
e Indicação:
(a) selecionar e indicar ao Conselho de Administração pessoas que, atendidos os
requisitos legais e aqueles previstos no Estatuto da Companhia, possam ser
candidatas a integrar a chapa a ser submetida para eleição pelo Conselho de
Administração à Assembleia Geral;
(b) selecionar e indicar ao Conselho de Administração pessoas que, atendidos os
requisitos legais e aqueles previstos no Estatuto da Companhia, possam ser
candidatas a integrar os comitês de assessoramento ao Conselho de Administração;
(c) selecionar e indicar ao Conselho de Administração pessoas para posições de
Conselheiro, para repor eventuais vacâncias de cargos, até a realização da próxima
Assembleia Geral;
(d) fazer recomendações ao Conselho de Administração sobre o número de
membros, composição e funcionamento, e dedicar especial atenção no que se refere
à disponibilidade dos Conselheiros que ocupem cargos em outras entidades,
conforme o disposto no Artigo 22, §4º, alínea “e” acima;
(e) recomendar ao Conselho de Administração a composição de seus comitês e
grupos de trabalho (comissões) e revisar periodicamente que as competências e
experiências necessárias para o Conselho estão contempladas, assim como as
características relativas à diversidade e estilo de liderança;
(f) apoiar o Presidente do Conselho na organização de um processo formal de
avaliação dos conselheiros, da presidência do conselho e do conselho como órgão
colegiado, a ser realizado com periodicidade mínima anual, observado o disposto no
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Regimento Interno do Conselho de Administração;
(g) apoiar o Conselho de Administração no processo de seleção e indicação do
Diretor Presidente e apoiar este último no processo de seleção e indicação dos
demais Diretores Executivos;
(h) promover e acompanhar a adoção de práticas de boa governança corporativa,
assim como a eficácia de seus processos, propondo atualizações e melhorias
quando necessário;
(i) elaborar ou atualizar, para aprovação pelo Conselho de Administração, as
Diretrizes de Governança Corporativa e os documentos de governança da
Companhia (Regimentos, Códigos e Políticas);
(j) elaborar, para aprovação pelo Conselho de Administração, o Código de Conduta,
aplicável aos administradores, colaboradores e prestadores de serviços da
Companhia e suas controladas, segundo os valores da ética, da igualdade de
direitos, do respeito à diversidade e da prestação de contas;
(k) promover e acompanhar a adoção de práticas para a preservação dos valores
éticos e democráticos, zelando pela transparência, visibilidade e acesso dos
mercados administrados pela Companhia e por suas controladas;
(l) promover e acompanhar a adoção de práticas visando à disseminação a todos os
públicos da Companhia, dos valores dos direitos humanos, da diversidade de
gênero, raça e credo, da cidadania e da inclusão social;
(m) avaliar e sugerir estratégias que mantenham ou agreguem valor à imagem
institucional da Companhia; e
(n) acompanhar assuntos relacionados à sustentabilidade e responsabilidade
corporativa em apoio à visão que o Conselho de Administração deva ter desses
temas.
Subseção III – Comitê do Setor da Intermediação
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Artigo 50. O Conselho de Administração deverá constituir o Comitê do Setor da
Intermediação, que deverá ser formado por até 9 membros, sendo, no mínimo, 1 e,
no máximo, 2 membros do Conselho de Administração, independentes ou não,
dentre os quais um exercerá a função de Coordenador do Comitê, e até 7 membros
externos a serem designados dentre pessoas com a atuação destacada no setor de
intermediação ou que possuam elevada capacitação e ampla experiência
profissional em assuntos relacionados ao setor.
§1º. Dentre os membros externos, deverão ser eleitos para compor o Comitê do
Setor da Intermediação, além de um membro independente, pessoas que
representem, no mínimo, instituições intermediárias (a) de pequeno, médio e grande
porte, (b) que sejam ligadas a grupos econômicos nacionais e estrangeiros, (c)
voltadas ao agronegócio, e (d) voltadas a investidores institucionais.
§2º. Ao Comitê do Setor da Intermediação competirá:
(a) estudar os temas de sua competência e elaborar propostas ao Conselho de
Administração da Companhia, disponibilizando material necessário ao exame pelo
Conselho;
(b) elaborar o regimento interno disciplinador das regras operacionais para o seu
funcionamento, submetendo-o, bem como as respectivas alterações, à aprovação do
(c) discutir e avaliar os problemas que afetam as instituições intermediárias que são
participantes dos mercados administrados pela BM&FBOVESPA; e
(d) propor ao Conselho de Administração sugestões de atuação com o objetivo de
contribuir para o fortalecimento de tais instituições intermediárias.
Subseção IV – Comitê de Produtos e de Precificação
Artigo 51. O Conselho de Administração deverá constituir o Comitê de Produtos e
de Precificação, que deverá ser formado por, no mínimo, 6 e, no máximo, 9
membros, sendo 2 Conselheiros Independentes, dentre os quais um exercerá a
função de Coordenador do Comitê, e até 7 membros externos a serem designados
dentre pessoas (a) com notório conhecimento em produtos de tesouraria, operações
de crédito e gestão de recursos e (b) que representem instituições financeiras
nacionais e internacionais.
Parágrafo único. Ao Comitê de Produtos e de Precificação competirá:
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(a) acompanhar os planos de investimento e de desenvolvimento de produtos de
bolsa, balcão e de suporte às operações de crédito, visando assegurar o
cumprimento da Diretriz de Negócios;
(b) acompanhar o desenvolvimento da unidade de negócio de suporte ao
financiamento de veículos, notadamente no que diz respeito à evolução da
participação de mercado;
(c) acompanhar a implementação das políticas de descontos comerciais praticadas
pela Companhia;
(d) avaliar a estrutura de preços da BM&FBOVESPA, comparando-os aos preços
praticados pelas principais bolsas internacionais;
(e) manifestar-se perante o Conselho de Administração e a Diretoria Executiva em
relação aos itens de “a” a “d” acima, e, perante o Conselho de Administração, com
relação às propostas apresentadas pelo Diretor Presidente para alteração no preço
dos produtos e serviços relacionados no Artigo 35, alínea (h), itens (i), (ii) e (iii); e
(f) avaliar qualquer proposta de alteração no Comitê de Produtos e de Precificação,
notadamente aquelas relacionadas a composição, governança, atribuições e
competências e manifestar-se perante o Conselho de Administração com relação às
mudanças propostas, além de outras competências estabelecidas pelo Conselho de
Administração em seu Regimento Interno.
Subseção V – Comitê de Remuneração
Comitê de Remuneração, que deverá ser formado por 3 membros do Conselho de
Administração, dos quais 2 deverão ser Conselheiros Independentes.
§1º. Ao Comitê de Remuneração competirá:
(a) propor ao Conselho de Administração e revisar anualmente, os parâmetros e
diretrizes e a consequente política de remuneração e demais benefícios a serem
atribuídos aos administradores da Companhia, aos membros dos Comitês e demais
órgãos de assessoramento do Conselho;
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(b) propor ao Conselho de Administração anualmente a remuneração dos
administradores da Companhia, a ser submetida à Assembleia Geral de acionistas;
(c) revisar e submeter ao Conselho de Administração as metas e objetivos relativos
aos planos de remuneração para o Diretor Presidente e realizar avaliação de seu
desempenho;
(d) revisar e submeter ao Conselho de Administração a proposta do Diretor
Presidente para as metas e objetivos relativas aos planos de remuneração dos
principais executivos e avaliar o processo comandado pelo Diretor Presidente para
avaliação destes, acompanhando a implementação das suas conclusões e ações
resultantes;
(e) diligenciar para que a Companhia se prepare adequadamente e com a
necessária antecedência para a sucessão de seus executivos, particularmente do
Diretor Presidente e dos principais executivos; e
(f) diligenciar e acompanhar as ações tomadas para garantir a adoção, pela
Companhia, de um modelo de competências e liderança, atração, retenção e
motivação alinhado com seus planos estratégicos.
§2º. O Diretor Presidente será convidado a participar das reuniões do Comitê de
Remuneração sempre que necessário.
Subseção VI – Comitê de Riscos e Financeiro
Comitê de Riscos e Financeiro, que deverá ser formado por, no mínimo, 4 (quatro)
membros do Conselho de Administração, dos quais pelo menos 2 deverão ser
Conselheiros Independentes.
Parágrafo único. Ao Comitê de Riscos e Financeiro competirá:
(a) acompanhar e avaliar os riscos inerentes às atividades da Companhia em suas
diversas modalidades, com enfoque estratégico e estrutural;
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(b) avaliar e sugerir periodicamente ao Conselho de Administração estratégias e
diretrizes para a administração dos riscos da Companhia em suas diversas
modalidades e, quando necessário, propor limites específicos;
(c) no que se refere especificamente a Risco de Contraparte Central, submeter
periodicamente ao Conselho de Administração relatório contendo informações
agregadas sobre a exposição aos fatores de risco, a qualidade das garantias
depositadas, e os resultados de testes de estresse do caixa;
(d) no que se refere especificamente a Risco Corporativo, submeter periodicamente
ao Conselho de Administração relatório sobre os resultados do monitoramento dos
riscos corporativos da Companhia, inerentes às atividades da Companhia e que
possam afetar o atendimento aos seus objetivos;
(e) auxiliar o Conselho de Administração na análise da conjuntura econômica e de
seus potenciais reflexos na posição financeira da Companhia;
(f) acompanhar e analisar a liquidez, o fluxo de caixa, a política de endividamento, a
estrutura de capital da Companhia e os seus programas de recompra de ações, bem
como os fatores de risco a que a Companhia está exposta; e
(g) fazer recomendações ao Conselho de Administração quanto às diretrizes para as
matérias previstas no Artigo 58 abaixo e avaliar propostas de constituição de
reservas de capital.
CAPÍTULO V
CONSELHO FISCAL
Artigo 54. A Companhia terá um Conselho Fiscal, composto de 3 a 5 membros, e
suplentes em igual número, que exercerá as atribuições e os poderes que lhe são
conferidos pela Lei nº 6.404/1976 e funcionará em caráter não permanente, somente
sendo instalado, pela Assembleia Geral, mediante solicitação de acionistas
representando o quorum exigido por lei ou pela regulamentação expedida pela CVM.
§1º. Os membros do Conselho Fiscal serão eleitos pela Assembleia Geral que
aprovar a instalação do órgão e seus mandatos terminarão sempre na Assembleia
Geral Ordinária subsequente à sua eleição.
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§2º. Se a Companhia vier a estar sob o controle de acionista ou grupo controlador,
conforme definido no Artigo 116 da Lei nº 6.404/1976, a eleição dos membros do
Conselho Fiscal observará o disposto no Parágrafo 4º do Artigo 161 da Lei nº
6.404/1976.
§3º. Uma vez instalado o Conselho Fiscal, a investidura nos cargos far-se-á por
termo lavrado em livro próprio, assinado pelo membro do Conselho Fiscal
empossado, e pela prévia subscrição do Termo de Anuência dos Membros do
Conselho Fiscal nos termos do disposto no Regulamento de Listagem do Novo
Mercado.
§4º. Os membros do Conselho Fiscal serão substituídos, em suas faltas e
impedimentos, pelo respectivo suplente. Ocorrendo a vacância do cargo de membro
do Conselho Fiscal, o respectivo suplente ocupará seu lugar. Não havendo suplente,
a Assembleia Geral será convocada para proceder à eleição de membro para
completar o mandato remanescente.
§5º. Os membros do Conselho Fiscal deverão receber remuneração, a ser fixada
pela Assembleia Geral, a qual não poderá ser inferior, para cada membro em
exercício, a 10% daquela que, em média for atribuída a cada diretor, não
computados benefícios, verbas de representação e participação nos lucros.
CAPÍTULO VI
EXERCÍCIO SOCIAL, DEMONSTRAÇÕES FINANCEIRAS E LUCROS
Artigo 55. O exercício social coincide com o ano civil. Ao término de cada exercício
social serão elaboradas as demonstrações financeiras previstas em lei.
§1º. Juntamente com as demonstrações financeiras do exercício, os órgãos da
administração da Companhia apresentarão à Assembleia Geral Ordinária proposta
sobre a destinação a ser dada ao lucro líquido, com observância do disposto neste
Estatuto e na Lei nº 6.404/1976.
§2º. Além das demonstrações financeiras do exercício, a Companhia também
deverá elaborar demonstrações financeiras semestrais e levantar balancetes
mensais.
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Artigo 56. Do resultado do exercício serão deduzidos, antes de qualquer
participação, os eventuais prejuízos acumulados e a provisão para o Imposto de
Renda.
Parágrafo único. Após serem efetuadas as deduções referidas neste artigo, a
Assembleia Geral poderá atribuir aos administradores uma participação de até 10%
sobre o resultado remanescente, observadas as limitações previstas na Lei nº
6.404/1976 e neste Estatuto.
Artigo 57. Do lucro líquido do exercício, apurado após as deduções mencionadas no
artigo anterior, 5% serão destinados para a constituição da Reserva Legal, até o
limite legal.
§1º. Após a constituição da Reserva Legal, o lucro que remanescer, ajustado pela
constituição de reservas de contingências e a respectiva reversão, se for o caso,
será distribuído na seguinte ordem: (i) 25%, no mínimo, serão destinados para o
pagamento do dividendo obrigatório devido aos acionistas (o qual poderá ser
limitado ao montante do lucro líquido do exercício que tiver sido realizado, desde
que a diferença seja registrada como reserva de lucros a realizar); e (ii) a totalidade
do lucro líquido remanescente, ressalvado o disposto no Parágrafo 3º deste Artigo,
será alocada para a constituição de reserva estatutária que poderá ser utilizada para
investimentos e para compor fundos e mecanismos de salvaguarda necessários
para o adequado desenvolvimento das atividades da Companhia e de suas
controladas, assegurando a boa liquidação das operações realizadas e/ou
registradas em quaisquer dos seus ambientes e sistemas de negociação, registro,
compensação e liquidação e dos serviços de custódia.
§2º. O valor total destinado à Reserva prevista em (ii) do Parágrafo anterior não
poderá ultrapassar o capital social.
§3º. O Conselho de Administração poderá, caso considere o montante da Reserva
definida no Parágrafo 1º deste Artigo suficiente para o atendimento de suas
finalidades: (i) propor à Assembleia Geral que seja destinado à formação da aludida
Reserva, em determinado exercício social, percentual do lucro líquido inferior ao
estabelecido no inciso (ii) do Parágrafo 1º deste Artigo; e/ou (ii) propor que parte dos
valores integrantes da aludida Reserva sejam revertidos para a distribuição aos
acionistas da Companhia.
§4º. Atendidas as destinações mencionadas no Parágrafo 1º deste Artigo, a
Assembleia Geral poderá deliberar reter parcela do lucro líquido do exercício
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prevista em orçamento de capital por ela previamente aprovado, na forma do artigo
196 da Lei nº 6.404/1976.
§5º. O dividendo previsto na alínea (i) do Parágrafo 1º deste Artigo não será
obrigatório nos exercícios em que o Conselho de Administração informar à
Assembleia Geral Ordinária ser ele incompatível com a situação financeira da
Companhia, devendo o Conselho Fiscal, se em funcionamento, dar parecer sobre
esta informação e os administradores encaminharem à CVM, dentro de 5 dias da
realização da Assembleia Geral, exposição justificativa da informação transmitida à
Assembleia.
§6º. Os lucros que deixarem de ser distribuídos nos termos do Parágrafo 5º deste
Artigo serão registrados como reserva especial e, se não absorvidos por prejuízos
em exercícios subsequentes, deverão ser pagos como dividendo assim que a
situação financeira da Companhia o permitir.
Artigo 58. A Companhia, por deliberação do Conselho de Administração, poderá:
(a) distribuir dividendos com base nos lucros apurados nos balanços semestrais;
(b) levantar balanços relativos a períodos inferiores a um semestre e distribuir
dividendos com base nos lucros neles apurados, desde que o total de dividendos
pagos em cada semestre do exercício social não exceda o montante das reservas
de capital de que trata o Artigo 182, Parágrafo 1º da Lei nº 6.404/1976;
(c) distribuir dividendos intermediários, a conta de lucros acumulados ou de reservas
de lucros existentes no último balanço anual ou semestral; e
(d) creditar ou pagar aos acionistas, na periodicidade que decidir, juros sobre o
capital próprio, os quais serão imputados ao valor dos dividendos a serem
distribuídos pela Companhia, passando a integrá-los para todos os efeitos legais.
Artigo 59. Os dividendos não recebidos ou reclamados prescreverão no prazo de 3
anos, contados da data em que tenham sido postos à disposição do acionista, e
reverterão em favor da Companhia.
CAPÍTULO VII
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ACOMPANHAMENTO DE PARTICIPAÇÕES SOCIETÁRIAS
Artigo 60. Sem prejuízo das demais disposições do presente Estatuto, a
Companhia, pelo Diretor de Relações com Investidores, fará o acompanhamento
das variações na participação societária dos seus acionistas, visando a prevenir e,
conforme o caso, denunciar, na forma do Parágrafo 1º deste Artigo, a violação deste
Estatuto, bem como sugerir à Assembleia Geral a aplicação das penalidades
previstas no Artigo 73.
§1º. Na hipótese de, a qualquer tempo, o Diretor de Relações com Investidores
identificar a violação de qualquer das restrições quanto ao limite de ações de
titularidade de um mesmo acionista ou Grupo de Acionistas, deverá, no prazo
máximo de 30 dias, mencionar tal circunstância no site da Companhia na rede
mundial de computadores e informá-la: (i) ao Presidente do Conselho de
Administração; (ii) ao Diretor Presidente; (iii) aos membros do Conselho Fiscal, se
instalado; (iv) à BM&FBOVESPA; e (v) à CVM.
§2º. É facultado ao Diretor de Relações com Investidores, por iniciativa própria ou
em atendimento a solicitação que lhe seja feita pelos órgãos reguladores, requerer
que acionistas ou Grupos de Acionistas da Companhia informem sua composição
acionária, direta e/ou indireta, bem como a composição do seu bloco de controle
direto e/ou indireto e, se for o caso, o grupo societário e empresarial, de fato ou de
direito, do qual fazem parte.
CAPÍTULO VIII
ALIENAÇÃO DE CONTROLE, CANCELAMENTO DE REGISTRO DE COMPANHIA
ABERTA, SAÍDA DO NOVO MERCADO E PROTEÇÃO DE DISPERSÃO DA BASE
ACIONÁRIA
Seção I – Alienação de Controle
Artigo 61. A Alienação de Controle da Companhia, tanto por meio de uma única
operação, como por meio de operações sucessivas, deverá ser contratada sob a
condição, suspensiva ou resolutiva, de que o Adquirente se obrigue a efetivar oferta
pública de aquisição das ações dos demais acionistas da Companhia, observando
as condições e os prazos previstos na legislação vigente e no Regulamento de
Listagem do Novo Mercado, de forma a assegurar aos outros acionistas da
Companhia tratamento igualitário àquele dado ao Acionista Controlador Alienante.
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Artigo 62. A oferta pública referida no Artigo 61 será exigida ainda: (i) quando
houver cessão onerosa de direitos de subscrição de ações e de outros títulos ou
direitos relativos a valores mobiliários conversíveis em ações, que venha a resultar
na Alienação do Controle da Companhia; ou (ii) em caso de alienação do controle de
sociedade que seja titular do Poder de Controle da Companhia, sendo que, nesse
caso, o Acionista Controlador Alienante ficará obrigado a declarar à
BM&FBOVESPA o valor atribuído à Companhia nessa alienação e anexar
documentação que o comprove.
Artigo 63. Aquele que adquirir o Poder de Controle, em razão de contrato particular
de compra de ações celebrado com o Acionista Controlador, envolvendo qualquer
quantidade de ações, estará obrigado a: (i) efetivar a oferta pública referida no Artigo
61; e (ii) pagar, nos termos a seguir indicados, quantia equivalente à diferença entre
o preço da oferta pública e o valor pago por ação eventualmente adquirida em bolsa
nos 6 (seis) meses anteriores à data da aquisição do Poder de Controle,
devidamente atualizado até a data do pagamento. Referida quantia deverá ser
distribuída entre todas as pessoas que venderam ações da Companhia nos pregões
em que o Adquirente realizou as aquisições, proporcionalmente ao saldo líquido
vendedor diário de cada uma, cabendo à BM&FBOVESPA operacionalizar a
distribuição, nos termos de seus regulamentos.
Artigo 64. A Companhia não registrará qualquer transferência de ações para o
Adquirente ou para aquele(s) que vier(em) a ser titular(es) do Poder de Controle,
enquanto este(s) não subscrever(em) o Termo de Anuência dos Controladores a que
se refere o Regulamento de Listagem do Novo Mercado.
§1º. A Companhia não registrará Acordo de Acionistas que disponha sobre o
exercício do Poder de Controle enquanto seus signatários não subscreverem o
Termo de Anuência referido no caput deste Artigo.
§2º. Após qualquer operação de Alienação de Controle da Companhia e da
subsequente realização de oferta pública de aquisição de ações referida no Artigo
61 acima, o Adquirente, quando necessário, deverá tomar as medidas cabíveis para
recompor, dentro de 6 meses subsequentes à aquisição do Poder de Controle, o
percentual mínimo de ações em circulação previsto no Regulamento de Listagem do
Novo Mercado.
Artigo 65. Caso os acionistas reunidos em Assembleia Geral aprovem: (i) o
cancelamento do registro de companhia aberta, a Companhia ou o(s) Acionista(s)
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Controlador(es) deverá(ão) efetivar oferta pública de aquisição das ações
pertencentes aos demais acionistas, no mínimo, pelo Valor Econômico apurado em
laudo de avaliação elaborado nos termos dos Parágrafos 1º a 3º deste Artigo,
respeitadas as normas legais e regulamentares aplicáveis; ou (ii) a saída da
Companhia do Novo Mercado, para que os valores mobiliários por ela emitidos
passem a ter registro fora do Novo Mercado ou em decorrência de reorganização
societária da qual a sociedade resultante não tenha seus valores mobiliários
admitidos à para negociação no Novo Mercado no prazo de 120 (cento e vinte) dias
contados da data da assembleia geral que aprovou a referida operação, o Acionista
Controlador deverá efetivar oferta pública de aquisição das ações pertencentes aos
demais acionistas, no mínimo, pelo seu respectivo Valor Econômico, a ser apurado
em laudo de avaliação elaborado nos termos dos Parágrafos 1º a 3º deste Artigo,
respeitadas as normas legais e regulamentares aplicáveis.
§1º. Os laudos de avaliação referidos no caput deste Artigo deverão ser elaborados
por instituição ou empresa especializada, com experiência comprovada e
independência quanto ao poder de decisão da Companhia, de seus Administradores
e/ou do(s) Acionista(s) Controlador(es), além de satisfazer os requisitos do § 1° do
Artigo 8° da Lei nº 6.404/76, e conter a responsabilidade prevista no Parágrafo 6º
desse mesmo Artigo.
§2º. A escolha da instituição ou empresa especializada responsável pela
determinação do Valor Econômico da Companhia é de competência privativa da
Assembleia Geral, a partir da apresentação, pelo Conselho de Administração, de
lista tríplice, devendo a respectiva deliberação, não se computando os votos em
branco, ser tomada pela maioria dos votos dos acionistas representantes das Ações
em Circulação presentes naquela Assembleia, que, se instalada em primeira
convocação, deverá contar com a presença de acionistas que representem, no
mínimo, 20% do total de Ações em Circulação, ou que, se instalada em segunda
convocação, poderá contar com a presença de qualquer número de acionistas
representantes das Ações em Circulação.
§3º. Os custos de elaboração do laudo de avaliação deverão ser assumidos
integralmente pelo ofertante.
Artigo 66. Na hipótese de não haver Acionista Controlador, sempre que for
aprovado, em Assembleia Geral, a saída da Companhia do Novo Mercado, seja por
registro para negociação dos valores mobiliários por ela emitidos fora do Novo
Mercado, seja em decorrência de reorganização societária conforme previsto na
alínea (ii) do caput do Artigo 65, a saída estará condicionada à realização de oferta
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pública de aquisição de ações nas mesmas condições previstas no Artigo 65 acima.
§1º. A referida Assembleia Geral deverá definir o(s) responsável(is) pela realização
da oferta pública de aquisição de ações, o(s) qual(is), presente(s) na assembleia,
deverá(ão) assumir expressamente a obrigação de realizar a oferta.
§2º. Na ausência de definição dos responsáveis pela realização da oferta pública de
aquisição de ações, no caso de operação de reorganização societária, na qual a
companhia resultante dessa reorganização não tenha seus valores mobiliários
admitidos à negociação no Novo Mercado, caberá aos acionistas que votaram
favoravelmente à reorganização societária realizar a referida oferta.
Artigo 67. A saída da Companhia do Novo Mercado em razão de descumprimento
de obrigações constantes do Regulamento do Novo Mercado está condicionada à
efetivação de oferta pública de aquisição de ações, no mínimo, pelo Valor
Econômico das ações, a ser apurado em laudo de avaliação de que trata o Artigo 65
deste Estatuto, respeitadas as normas legais e regulamentares aplicáveis.
§1º. O Acionista Controlador deverá efetivar a oferta pública de aquisição de ações
prevista no caput desse artigo.
§2º. Na hipótese de não haver Acionista Controlador e ocorrendo a saída da
Companhia do Novo Mercado em razão de descumprimento de obrigações
constantes do Regulamento do Novo Mercado por deliberação em Assembleia
Geral, a oferta pública de aquisição de ações deverá ser efetivada pelos acionistas
que tenham votado a favor da deliberação que implicou o descumprimento.
§3º. Na hipótese de não haver Acionista Controlador e a saída do Novo Mercado
referida no caput ocorrer por ato ou fato da administração, os Administradores da
Companhia deverão convocar uma Assembleia Geral na forma do Artigo 123 da Lei
nº 6.404/76, destinada a tomar as decisões necessárias a sanar o descumprimento
das obrigações constantes no Regulamento de Listagem do Novo Mercado ou, se
for o caso, deliberar pela saída da Companhia do Novo Mercado.
§4º. Caso a assembleia geral mencionada no §3º acima delibere pela saída da
Companhia do Novo Mercado, a referida assembleia geral deverá definir o(s)
responsável(is) pela realização da oferta pública de aquisição de ações prevista no
caput, o(s) qual(is), presente(s) na assembleia, deverá(ão) assumir expressamente a
obrigação de realizar a oferta.
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Artigo 68. É facultada a formulação de uma única oferta pública de aquisição,
visando a mais de uma das finalidades previstas neste CAPÍTULO, no Regulamento
de Listagem no Novo Mercado, na Lei nº 6.404/1976 ou na regulamentação emitida
pela CVM, desde que seja possível compatibilizar os procedimentos de todas as
modalidades de oferta pública, não haja prejuízo para os destinatários da oferta e
seja obtida a autorização da CVM quando exigida pela legislação aplicável.
Artigo 69. A Companhia ou os acionistas responsáveis pela realização de oferta
pública de aquisição prevista neste Estatuto, no Regulamento de Listagem no Novo
Mercado, na legislação societária ou na regulamentação emitida pela CVM poderão
assegurar sua liquidação por intermédio de qualquer acionista ou de terceiro. A
Companhia ou o acionista, conforme o caso, não se eximem da obrigação de
realizar a oferta pública até que esta seja concluída com observância das regras
aplicáveis.
Seção II – Proteção da Dispersão da Base Acionária
Artigo 70. Qualquer acionista ou Grupo de Acionistas (“Acionista Adquirente”) que
pretenda adquirir ou se tornar titular: (a) de participação direta ou indireta igual ou
superior a 15% do total de ações de emissão da Companhia; ou (b) de outros
direitos de sócio, inclusive usufruto, que lhe atribuam o direito de voto, sobre ações
de emissão da Companhia que representem mais de 15% do seu capital, deverá
obter autorização prévia da CVM, na forma estabelecida na regulamentação por esta
expedida e observando-se o disposto nos regulamentos da BM&FBOVESPA e os
termos deste Capítulo.
Parágrafo único. O Acionista Adquirente deverá encaminhar ao Diretor de Relações
com Investidores cópia do pedido de autorização enviado à CVM na mesma data em
que ocorrer o respectivo protocolo, cabendo ao aludido Diretor promover a
divulgação imediata da existência de tal pedido ao mercado, na forma prevista na
Instrução CVM nº 358/2002.
Artigo 71. Caso qualquer Acionista Adquirente adquira ou se torne titular: (a) de
participação direta ou indireta igual ou superior a 30% do total de ações de emissão
da Companhia; ou (b) de outros direitos de sócio, inclusive usufruto, quando
adquiridos de forma onerosa, que lhe atribuam o direito de voto, sobre ações de
emissão da Companhia que representem mais de 30% do seu capital, o Acionista
Adquirente deverá, no prazo máximo de 30 dias a contar da data da autorização
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expedida pela CVM, realizar ou solicitar o registro, conforme o caso, de uma oferta
pública de aquisição da totalidade das ações de emissão da Companhia
pertencentes aos demais acionistas, observando-se o disposto na Lei nº 6.404/1976,
na regulamentação expedida pela CVM, pelas bolsas de valores nas quais os
valores mobiliários de emissão da Companhia sejam admitidos à negociação, e as
regras estabelecidas neste Estatuto.
Parágrafo único. O Acionista Adquirente deverá atender eventuais solicitações ou
exigências da CVM dentro dos prazos prescritos na regulamentação aplicável.
Artigo 72. O preço por ação de emissão da Companhia objeto da oferta pública
(“Preço da Oferta”) deverá corresponder, no mínimo, ao maior preço pago pelo
Acionista Adquirente nos 6 (seis) meses que antecederem o atingimento de
percentual igual ou superior a 30%, nos termos do Artigo 71 acima, ajustado por
eventos societários, tais como a distribuição de dividendos ou juros sobre o capital
próprio, grupamentos, desdobramentos, bonificações, exceto aqueles relacionados a
operações de reorganização societária.
§1º. A oferta pública deverá observar obrigatoriamente os seguintes princípios e
procedimentos, além de, no que couber, outros expressamente previstos no Artigo
4º da Instrução CVM nº 361/02 ou norma que venha a substituí-la:
(a) ser dirigida indistintamente a todos os acionistas da Companhia;
(b) ser efetivada em leilão a ser realizado na BM&FBOVESPA;
(c) ser realizada de maneira a assegurar tratamento equitativo aos destinatários,
permitir-lhes a adequada informação quanto à Companhia e ao ofertante, e dotá-los
dos elementos necessários à tomada de uma decisão refletida e independente
quanto à aceitação da oferta pública;
(d) ser imutável e irrevogável após a publicação no edital de oferta, nos termos da
Instrução CVM nº 361/02;
(e) ser lançada pelo preço determinado de acordo com o previsto neste Artigo e
liquidada à vista, em moeda corrente nacional; e
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(f) ser instruída com o laudo de avaliação da Companhia elaborado na forma do
caput deste Artigo.
§2º. A exigência de oferta pública obrigatória prevista no caput do Artigo 71 não
excluirá a possibilidade de outro acionista da Companhia, ou, se for o caso, de a
própria Companhia, formular outra oferta pública concorrente ou isolada, nos termos
da regulamentação aplicável.
§3º. As obrigações constantes do Art. 254-A da Lei nº 6.404/76, e no Artigo 61 não
excluem o cumprimento pelo Acionista Adquirente das obrigações constantes deste
Artigo.
§4º. A exigência da oferta pública prevista no Artigo 71 não se aplica na hipótese de
uma pessoa se tornar titular de ações de emissão da Companhia em quantidade
superior a 30% do total das ações de sua emissão, em decorrência:
(a) da subscrição de ações da Companhia, realizada em uma única emissão
primária, que tenha sido aprovada em Assembleia Geral, convocada pelo Conselho
de Administração, e cuja proposta de aumento de capital tenha determinado a
fixação do preço de emissão das ações com base em Valor Econômico obtido a
partir de um laudo de avaliação da Companhia realizada por instituição
especializada que atenda aos requisitos dos Parágrafos do Artigo 65; ou
(b) de oferta pública para a aquisição da totalidade das ações da Companhia.
§5º. Publicado qualquer edital de oferta pública para aquisição da totalidade das
ações da Companhia, formulado nos termos deste Artigo, incluindo a determinação
do Preço da Oferta, ou formulado nos termos da regulamentação vigente, com
liquidação em moeda corrente ou mediante permuta por valores mobiliários de
emissão de companhia aberta, o Conselho de Administração deverá reunir-se, no
prazo de 10 dias, a fim de apreciar os termos e condições da oferta formulada,
obedecendo aos seguintes princípios:
(a) o Conselho de Administração poderá contratar assessoria externa especializada,
que atenda ao disposto no Parágrafo 1º do Artigo 65, com o objetivo de prestar
assessoria na análise da conveniência e oportunidade da oferta, no interesse geral
dos acionistas e do segmento econômico em que atuam as controladas da
Companhia e da liquidez dos valores mobiliários ofertados, se for o caso; e
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(b) caberá ao Conselho de Administração manifestar-se a respeito da oferta, nos
termos do Artigo 29, alínea “v”, deste Estatuto.
(c) caso o Conselho de Administração entenda, com base em sua responsabilidade
fiduciária, que a aceitação, pela maioria dos acionistas da Companhia, da oferta
pública formulada atende ao melhor interesse geral dos mesmos acionistas e do
segmento econômico em que atuam as controladas da Companhia, deverá convocar
Assembleia Geral Extraordinária, a realizar-se no prazo de 20 dias, destinada a
deliberar sobre a revogação da limitação ao número de votos prevista no Artigo 7º,
condicionada tal revogação a que, com o resultado da oferta, o Acionista Adquirente
se torne titular de no mínimo 2/3 das ações de emissão da Companhia, excluídas as
ações em tesouraria;
(d) a limitação ao número de votos prevista no Artigo 7º não prevalecerá,
excepcionalmente, na Assembleia Geral Extraordinária prevista na alínea (c), acima,
exclusivamente quando esta houver sido convocada por iniciativa do Conselho de
Administração; e
(e) a oferta pública será imutável e irrevogável, podendo ser condicionada pelo
ofertante, no caso da oferta voluntária, à aceitação mínima referida na parte final da
alínea (c) deste Parágrafo 5º e à aprovação, pela Assembleia Geral Extraordinária,
da revogação da limitação ao número de votos por acionista contida no Artigo 7º.
§6º. Para fins do cálculo do percentual de 30% do total de ações de emissão da
Companhia descrito no caput do Artigo 71, não serão computados, sem prejuízo do
disposto no Parágrafo 3º, os acréscimos involuntários de participação acionária
resultantes de cancelamento de ações em tesouraria, resgate de ações ou de
redução do capital social da Companhia com o cancelamento de ações.
Artigo 73. Na hipótese de o Acionista Adquirente não cumprir as obrigações
impostas por este Capítulo, inclusive no que concerne ao atendimento dos prazos:
(i) para a realização ou solicitação do registro da oferta pública; ou (ii) para
atendimento das eventuais solicitações ou exigências da CVM, o Conselho de
Administração da Companhia convocará Assembleia Geral Extraordinária, na qual o
Acionista Adquirente não poderá votar, para deliberar sobre a suspensão do
exercício dos direitos do Acionista Adquirente, conforme disposto no Artigo 120 da
Lei nº 6.404/76.
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Artigo 74. As disposições do Regulamento do Novo Mercado prevalecerão sobre as
disposições estatutárias, nas hipóteses de prejuízo aos direitos dos destinatários das
ofertas públicas previstas neste Estatuto.
CAPÍTULO IX
DEFINIÇÕES
Artigo 75. Para fins deste Estatuto, os seguintes termos com iniciais maiúsculas
terão os seguintes significados:
(a) “Acionista Adquirente” significa qualquer pessoa (incluindo, exemplificativamente,
qualquer pessoa natural ou jurídica, fundo de investimento, condomínio, carteira de
títulos, universalidade de direitos, ou outra forma de organização, residente, com
domicílio ou com sede no Brasil ou no exterior), Grupo de Acionistas ou grupo de
pessoas vinculadas por acordo de voto com o Acionista Adquirente e/ou que atue
representando o mesmo interesse do Acionista Adquirente, que venha a subscrever
e/ou adquirir ações da Companhia. Incluem-se, dentre os exemplos de uma pessoa
que atue representando o mesmo interesse do Acionista Adquirente, qualquer
pessoa: (i) que seja Controlada ou administrada por tal Acionista Adquirente; (ii) que
Controle ou administre, sob qualquer forma, o Acionista Adquirente; (iii) que seja
Controlada ou administrada por qualquer pessoa que Controle ou administre, direta
ou indiretamente, tal Acionista Adquirente; (iv) na qual o Controlador de tal Acionista
Adquirente tenha, direta ou indiretamente, uma participação societária igual ou
superior a 30% do capital social; (v) na qual tal Acionista Adquirente tenha, direta ou
indiretamente, uma participação societária igual ou superior a 30% do capital social;
ou (vi) que tenha, direta ou indiretamente, uma participação societária igual ou
superior a 30% do capital social do Acionista Adquirente;
(b) “Grupo de Acionistas” significa o grupo de pessoas: (i) vinculadas por contratos
ou acordos de qualquer natureza, inclusive acordos de acionistas, orais ou escritos,
seja diretamente ou por meio de sociedades Controladas, Controladores ou sob
Controle comum; ou (ii) entre as quais haja relação de Controle; ou (iii) sob Controle
Comum; ou (iv) que atuem representando um interesse comum. Incluem-se dentre
os exemplos de pessoas representando um interesse comum: (v) uma pessoa titular,
direta ou indiretamente, de participação societária igual ou superior a 15% do capital
social da outra pessoa; e (vi) duas pessoas que tenham um terceiro investidor em
comum que seja titular, direta ou indiretamente, de participação societária igual ou
101
superior a 15% do capital de cada uma das duas pessoas. Quaisquer joint-ventures,
fundos ou clubes de investimento, fundações, associações, trusts, condomínios,
cooperativas, carteiras de títulos, universalidades de direitos, ou quaisquer outras
formas de organização ou empreendimento, constituídos no Brasil ou no exterior,
serão considerados parte de um mesmo Grupo de Acionistas, sempre que duas ou
mais entre tais entidades forem: (vii) administradas ou geridas pela mesma pessoa
jurídica ou por partes relacionadas a uma mesma pessoa jurídica; ou (viii) tenham
em comum a maioria de seus administradores, sendo certo que no caso de fundos
de investimentos com administrador comum, somente serão considerados como
integrantes de um Grupo de Acionistas aqueles cuja decisão sobre o exercício de
votos em Assembleias Gerais, nos termos dos respectivos regulamentos, for de
responsabilidade do administrador, em caráter discricionário;
(c) “Conselheiro Independente” tem o significado atribuído nos Parágrafos 6º e 7º do
Artigo 22; e
(d) “Investidor Institucional” significa todo aquele que: (i) atenda aos requisitos da
CVM para qualificar-se como investidor qualificado; e (ii) tenha por objetivo,
cumulativa ou isoladamente, por força de seus atos constitutivos ou de disposição
legal ou regulamentar, a aplicação de recursos próprios em valores mobiliários de
emissão de companhias abertas.
Parágrafo único. Os termos grafados com iniciais maiúsculas utilizados neste
Estatuto Social que não estiverem aqui definidos têm o significado que lhes foi
atribuído no Regulamento do Novo Mercado.
CAPÍTULO X
LIQUIDAÇÃO
Artigo 76. A Companhia dissolver-se-á e entrará em liquidação nos casos previstos
em lei, cabendo à Assembleia Geral estabelecer o modo de liquidação e eleger o
liquidante, ou liquidantes, e o Conselho Fiscal, caso seu funcionamento seja
solicitado por acionistas que perfaçam o quorum estabelecido em lei ou na
regulamentação expedida pela CVM, obedecidas as formalidades legais, fixandolhes os poderes e a remuneração.
102
CAPÍTULO XI
AUTORREGULAÇÃO
Artigo 77. A fiscalização e a supervisão (i) das operações cursadas nos Mercados
administrados pela Companhia e suas sociedades controladas, (ii) da atuação dos
titulares de Autorizações de Acesso, e (iii) das atividades de organização e
acompanhamento de mercado desenvolvidas pela própria Companhia e suas
sociedades controladas, serão exercidas por sociedade controlada que tenha por
objeto o exercício dessa atividade, sem prejuízo das competências previstas para o
Diretor Presidente estabelecidas na forma da regulamentação em vigor.
CAPÍTULO XII
ARBITRAGEM
Artigo 78. A Companhia, seus acionistas, Administradores e os membros do
Conselho Fiscal, se instalado, ficam obrigados a resolver, por meio de arbitragem,
toda e qualquer disputa ou controvérsia que possa surgir entre eles, relacionada ou
oriunda, em especial, da aplicação, validade, eficácia, interpretação, violação e seus
efeitos, das disposições contidas neste Estatuto, nas disposições da Lei nº 6.404/76,
nas normas editadas pelo Conselho Monetário Nacional, pelo Banco Central do
Brasil e pela Comissão de Valores Mobiliários, nas demais normas aplicáveis ao
funcionamento do mercado de capitais em geral, além daquelas constantes do
Regulamento de Listagem do Novo Mercado, do Contrato de Participação do Novo
Mercado, do Regulamento de Arbitragem e do Regulamento de Sanções, a qual
deve ser conduzida junto à Câmara de Arbitragem do Mercado instituída pela
BM&FBOVESPA, em conformidade com o Regulamento da referida Câmara.
CAPÍTULO XIII
DISPOSIÇÕES GERAIS
Artigo 79. A Companhia observará os acordos de acionistas arquivados na sede
social e que não conflitem com o disposto no presente Estatuto, cabendo à
Administração abster-se de registrar transferências de ações ou outros valores
mobiliários contrárias aos respectivos termos e, ao Presidente das Assembleias
Gerais, abster-se de computar os votos proferidos em sentido contrário ao
estabelecido em tais acordos, observado o disposto na alínea (k) do Artigo 29.
103
Artigo 80. A Companhia indenizará e manterá indenes seus Administradores e
demais funcionários que exerçam cargo ou função de gestão na Companhia (em
conjunto ou isoladamente “Beneficiários”), na hipótese de eventual dano ou prejuízo
efetivamente sofrido pelos Beneficiários por força do exercício regular de suas
funções na Companhia.
§1º - Caso algum dos Beneficiários seja condenado, por decisão judicial transitada
em julgado, em virtude de culpa ou dolo, este deverá ressarcir a Companhia de
todos os custos e despesas incorridos com a assistência jurídica, nos termos da
legislação em vigor.
§2º - As condições e as limitações da indenização objeto do presente artigo serão
determinadas em documento escrito, cuja implantação é da alçada do Comitê de
Governança e Indicação do Conselho de Administração, sem prejuízo da
contratação de seguro específico para a cobertura de riscos de gestão.
Artigo 81. A Companhia enviará, por correio eletrônico, todos os avisos, editais, e
informações periódicas publicados ou enviados à CVM, a todos os acionistas que
formularem por escrito tal solicitação, com indicação de prazo de validade, não
superior a 2 anos, e indicarem o seu endereço eletrônico; essa comunicação não
suprirá as publicações legalmente exigidas e será feita mediante a exoneração
expressa pelo acionista de qualquer responsabilidade da Companhia por erros ou
omissões no envio.
Artigo 82. É vedada a doação, pela Companhia, seja em espécie ou em bens, a
quaisquer partidos políticos, campanhas eleitorais, candidatos e comitês afins, seja
direta ou indiretamente.
Artigo 83. Os casos omissos no presente Estatuto serão resolvidos pela Assembleia
Geral e regulados de acordo com as disposições da Lei nº 6.404/76, observado o
previsto no Regulamento do Novo Mercado.
CAPÍTULO XIII
DISPOSIÇÃO TRANSITÓRIA
Artigo 84. O número máximo de 13 membros no Conselho de Administração a que
se refere o Artigo 22 deve vigorar pelo prazo de até 2 (dois) anos contados da data
da eleição do 12º e do 13º membros do referido órgão, limitado ao término do
104
mandato então em vigor.
105
SCHEDULE V
FINANCIAL STATEMENTS USED FOR PURPOSES OF THE TRANSACTION
106
(A free translation of the original in Portuguese)
CETIP S.A. – Mercados Organizados
Financial Statements as at
December 31, 2015
Financial statements at
December 31, 2015
Contents
Management’s Report
3-24
Independent auditors’ report on the individual and consolidated financial statements
25-26
Individual and consolidated Balance sheets
27
Individual and consolidated Statements of income
28
Individual and consolidated Statements of comprehensive income
29
Statements of changes in shareholders’ equity
30
Individual and consolidated Statements of cash flows
31
Individual and consolidated Statements of value added
32
Notes to the financial statements
33-89
Report of the Audit Committee
90-92
2
Financial statements at
December 31, 2015
Management’s report
Dear Shareholders,
We submit to your appreciation the Financial Statements of CETIP S.A. – Mercados Organizados
(“CETIP” or “Company”) relating to the fiscal year ended December 31, 2014, together with the
independent auditors' report of the financial statements.
All the Company’s operating and financial information below, except when otherwise indicated,
is presented in million reais based on the individual financial statements prepared according to
the generally accepted accounting principles in Brazil, including the accounting pronouncement
established by the Accounting Pronouncement Committee (CPC) and according to the
International Financial Reporting Standards (IFRS) established by the International Accounting
Standards Board (IASB).
Additional information regarding the Company’s operating and financial performance are
available on the internet at (www.cetip.com/ir).
MESSAGE FROM THE MANAGEMENT TEAM
During 2015, we have faced an extremely challenging macroeconomic environment, with lower
economic activity growth, including credit contraction in real terms, higher inflation, rising
interest rates, strong currency depreciation and greater volatility of asset prices in general,
what significantly impacted our businesses.
Such scenario tested and demonstrated, once more, the resilience of Cetip’s business model.
Our net revenue reached R$ 1.4 billion in 2015, 11.5% higher than in 2014, and our EBITDA
totaled R$ 790.3 million, a 10.5% growth as compared to previous year. Our operating cash flow
generation grew 26.3% in 2015, a meaningful result that allowed us to keep our commitment to
maximize shareholder value generation, distributing R$ 423.0 million in dividends and interest
on own capital and destining R$ 143.1 million to a share buyback program, without jeopardizing
the strength of our balance sheet, which ended the year with a net leverage equivalent to 0.3x
EBITDA.
Our Securities Unit had an exceptional year, with revenue growing by 20.8%. This result was
driven by a significantly higher derivatives volume, a reflection of the year’s sharp currency
volatility, and by substantially greater depository activity with the implementation, in March
2015, of Brazil Central Bank’s Circular n. 3,709. Such regulation determines that it is mandatory
the registration and identification of bank funding instruments issued by the same financial
institutions, on the same date, in favor of the same holder, whose sum is greater than R$5
thousand, compared to R$50 thousand previously established, and the identification of their
3
holders. We have invested to reinforce our infrastructure so that we could process a number of
transactions that has more than doubled in the year and, operationally, I am proud to say that
we have navigated this change flawlessly.
Throughout the year, we have also made important strides in the implementation of the
Depository Project, product of an intense effort from multidisciplinary teams from Cetip,
including the Information Technology, Operations, Products and Legal areas, based on CVM
Instructions 541, 542 and 543. These instructions contain CVM’s new rules for centralized
deposit, custody and book keeping, aligning the procedures of such activities to international
standards, and aim to strengthen and make it even safer the Brazilian financial market business
environment.
Also, from a regulatory standpoint, we achieved an important milestone in October 2015, when
the regulation for the public offer of Structured Notes (“Certificados de Operações Estruturadas
- COE”), CVM Instruction 569, was published, what certainly increases the more sophisticated
options for Brazilian investors and also the funding alternatives for the banks in the country. We
are great encouragers of this product and played an active role in the discussions with
regulators and market participants to help make this project a reality. In some developed
markets, Structured Notes are banks’ main funding instrument and we see great growth
potential for this instrument in Brazil over the next few years.
In August 2015, our electronic trading platform for secondary market of government and
corporate bonds, the Cetip | Trader, was elected the platform for the Central Bank dealers,
gaining highlighted importance and promoting continuous efficiency and agility gains in the
fixed income market. In the last quarter of 2015, the average daily traded volume in our
platform was R$ 1.25 billion, 3.5 times higher than in the first quarter of the year, being
accessed by more than 1,600 traders from approximately 250 institutions.
In the Financing Unit, we have felt in a more intense way the deterioration of Brazil’s
macroeconomic scenario. The combination of GDP retraction, high interest rates, rising
unemployment and inflation rates has shaken consumer confidence and has severely impacted
the vehicle financing market. New and used vehicle sales fell 22.0% and 0.2% during the year,
respectively, and the ratio of financed vehicles over total vehicles sold went from 34.5% in 2014
to 30.6%, a 3.9 p.p. contraction, what, no doubt, constituted a very adverse backdrop for our
performance in this segment.
In Abril 2015, we experienced an important change in São Paulo’s Traffic Department (Detran
São Paulo) rules for the registration of vehicle financing contracts, which went from an
agreement model to an accreditation model, open to competition, with the payment of a public
price to Detran São Paulo. We have adapted our systems to meet the new requirement, we
have been accredited to provide this service, we have kept the total price to consumers
unaltered, absorbing the margin loss that the change entailed, and we have remained the
absolute market leaders, despite competition, a testament of our client’s preference and of the
trust that they deposit in Cetip.
We have also won an important victory to our Contracts System product last year: after
thorough negotiation with our clients, we have equalized the price that we charge for Cetip’s
4
service, regardless of the model that each state’s Traffic Department adopts, assuring greater
transparency and fairness to our clients.
We continue to make strides in the Financing Unit’s projects, especially the Real Estate
Platform. In 2015, we started pilot testing with real mortgage registrations, electronically
connecting banks and notaries in the state of São Paulo. We advanced in the negotiations with
clients and we are working to become the market solution in the segment, especially after the
implementation of Central Bank’s Resolution 4,088 for real estate financing, scheduled for July
2016.
This year Cetip further amplified its effort in human development. Strengthening the culture,
we have defined our corporate values and we started reviewing internal policies and practices,
such as recruiting and compensation. We have heavily invested in education initiatives,
increasing by almost three fold the number of trained employees, reaching 81% of technical
and behavioral trained workforce. We have opened our new office in Barueri, relying on the
engagement of our employees to assure a positive and beneficial move for the group. The
impact of those initiatives is noticed in the improvement of most work environment indicators
measured by GPTW and, as a consequence, in our results.
It is also worth noting our commitment to continuously enhance the Company’s corporate
governance, seeking to comply with the strictest international benchmarks. In 2015, we created
the Regulatory Advisory Committee in order to closely monitor local and global news and trends
related to rules and regulation applicable to the Company’s businesses, encompassing both
themes of the capital markets and the credit industry. We are also working to establish a
Statutory Risk Committee, aiming to better assess and monitor the risks to which the Company
is exposed, including regulatory, technological and operational risks, as well as the business of
CCP.
The quality of the relationship with our customers has always been and will always be a
fundamental pillar of our business. Our Client Centricity Project, which aims to strengthen the
existing initiatives and to maintain an even more robust service structure, specialized and close
to the customer, remains a top priority and the results we have achieved so far have been very
encouraging. According to a specialized survey, we have increased, once more, the overall
satisfaction index and the satisfaction with our service and relationship index, the outcome of a
tireless work effort that involves the commercial, product, operations and IT teams to make
Cetip an increasingly customer-centric company.
Equally important to us is the relationship with our shareholders. In a retracted investment
environment, Cetip’s stock has become a safe-haven for many investors, driven by the
consistency of our results. The number of individuals in our shareholder base has gone from
approximately 5 thousand to more than 7 thousand investors. We have grown by more than
25% the number of investor meetings and events in which we participated versus last year.
We go into 2016, year in which we complete 30 years of history, with a lot of energy and
focused in delivering on very important projects. On top of the business units’ projects, such as
the Real Estate Platform aforementioned, we expect to finalize, in the second half of the year,
the relocation of our technology area from Rio de Janeiro to Barueri, what will provide us,
besides operational synergies and cost savings, immeasurable culture integration gains.
5
I would like to thank all employees, clients and shareholders for the partnership in 2015 and for
the support to conquer even more in 2016.
Gilson Finkelsztain
Chief Executive Officer
MACROECONOMIC ENVIRONMENT
The year 2015 proved quite difficult for the Brazilian economy. According to the latest estimate
by the Brazilian Institute of Geography and Statistics (IBGE), Brazil’s GDP contracted 3.8% in the
year. Of the activities that make up GDP, the ones that contracted the most were the
processing (-9.7%) and construction (7.6%) industries and trade (-8.9%) and transport (-6.5%)
services. There was a decrease in formal jobs and the unemployment rate reached 6.9% in
December 2015, the highest rate for the month since 2007.
It was possible to notice the impact of this scenario of economic downturn and higher
unemployment rates in the consumer confidence index (CCI) published by the Brazilian Institute
of Economics (Ibre) from Fundação Getúlio Vargas (FGV), which reached 75.2 points in
December, the lowest level of the historical series started in September 2005 and 21.3% lower
than in December 2014, when it reached 96.2 points.
Household consumption growth pace, which had been slowing down since August of 2013,
became effectively negative in April 2015, closing the year with a drop of 3.5% when compared
to 2014. One of the components of this index more related to the business of Cetip, the durable
goods (vehicles and appliances, domestic and imported), recorded negative numbers since June
2014, shrinking 15.3% in 2015.
Despite the economic downturn, the IPCA consumer price index closed 2015 at 10.67%, the
highest level since 2002, well above the ceiling of the Central Bank's inflation target band for
the year. Key factors that drove this result include: (i) administered prices adjustment; (ii) passthrough of currency depreciation; and (iii) increase in fresh products’ prices, as a result of
adverse weather conditions.
In a domestic setting of uncertainty and recession combined with high inflation, and also
impacted by a liquidity seeking and risk aversion global movement, resulting from concerns
about the outlook of China and the United States’ economic growth, the U.S. Dollar appreciated
47.0% versus the Brazilian Real during the year, rising from R$ 2.65 in December 31st, 2014 to
R$ 3.90 at the end of 2015, having achieved its peak in September at R$ 4.19.
The domestic currency depreciation combined with lower imports from sluggish economic
activity, allowed for an improvement in the trade balance, which registered a surplus of
US$.19.7 billion in 2015, compared to a deficit of US$ 4.0 billion in 2014.
Public accounts presented a primary deficit of R$ 111.2 billion. In the course of the year, the
Selic rate has undergone successive hikes, ending 2015 at 14.25%, an indication of the Central
Bank's effort to contain high inflation.
6
Finally, credit rating agencies Fitch and Standard Poor's downgraded Brazil’s long-term credit
rating, by removing its investment grade. Fitch reduced the rating in October, from "BBB" to
"BBB-" and, after two months, held further reduction, from "BBB-" to "BB +", which already
indicates speculative investment. Standard & Poor's also reduced Brazil's rating to "BB +" in
2015.
KEY MACROECONOMIC INDICATORS
Indicator
2012
2013
2014
2015
SELIC - Brazil's prime rate - end of the year goal
7.25%
10.00%
11.75%
14,25%
Long-term Interest Rate – end of the year
5.00%
5.00%
5.00%
7.00%
Accumulated Interbank deposit rate (CDI)
8.40%
8.06%
10.81%
13.24%
2.0435
2.3426
2.6562
3.9048
National Wide Consumer Price Index
5.84%
5.91%
6.41%
10.67%
General Index of the Market Prices
7.82%
5.53%
3.69%
10.54%
60,952(+7.4%)
51,507(-15.5%)
50,007(-2.9%)
43,349(-31.3%)
Trade balance (US$ billions)
19.4
2.6
-4.0
19.7
GDP (change)
1.9%
3.0%
0.1%
-3.8%
Unemployment rate (IBGE)
5.5%
5.4%
4.3%
6.8%
Exchange rate (R$/ US$ final)
Ibovespa (points/ closing)
Sources: CETIP, Brazilian Central Bank, National Bank for Economic and Social Development - BNDES, Brazilian Institute of
Geography and Statistics - IBGE, Ministry of Development, Industry and Export - MDIC and Bloomberg.
Brazilian GDP Variation
7.5%
3.9%
3.0%
1.9%
0.1%
-0.1%
-3.8%
2009
2010
2011
2012
Source: Brazilian Institute of Geography and Statistics - IBGE
7
2013
2014
2015
SELIC - Brazil's prime rate (%)
2.00%
0.25%
-5.00%
2.75%
1.75%
2.35%
-3.75%
14.3
10.8
8.8
2009
11.8
11.0
10.0
7.3
2010
2011
2012
Brazil's prime rate
2013
2014
2015
Variation (p.p.)
Source: Central Bank of Brazil
SECTOR ENVIRONMENT
The turbulent political environment added to the loss of the investment grade raised risk
aversion by investors, favoring the fixed income market to the detriment of variable income and
boosting the demand for short-term securities, prioritizing the liquidity. According to data from
the Brazilian Association of Financial and Capital Markets (Anbima), inflows of resources
through issuance of securities by Brazilian companies in both the international and the
domestic markets totaled R$124.8 billion in 2015, the lowest volume in the last 7 years,
influenced by a strong retraction of international issuances. Fixed income issuances accounted
for 85.3% of this total, of which 77.7% were domestic transactions. Debentures were the most
widely used fixed income instrument, with a total issuance volume of R$ 57.9 billion, of which
R$ 6.0 billion were incentivized debentures.
CREDIT MARKET
Credit transactions expanded 6.7% and reached a total volume of R$ 3,218 billion in 2015,
representing 54.3% of GDP. This deceleration in credit growth pace, when compared to 2014,
was in line with the economic activity downturn that affected, mainly, demand for free resource
transactions by corporates and individuals.
Real estate financing transactions totaled R$ 499.6 billion and represented 8.4% of GDP, versus
7.8% in the previous year, growing 15.7% over the total amount registered in 2014 of R$ 431.6
billion.
Interest rates rose throughout the year, reverberating the effects of the monetary policy.
Household indebtedness (the ratio between household debt balance and income in the last 12
months) slightly contracted, from 46.0% to 45.6%, but the income portion destined to debt
payments grew from 21.7% to 22.4%. Despite that, it hasn’t been noticed yet a significant
deterioration of delinquency levels, which were 4.2% for consumer credit at the end of the
year.
Total number of vehicles sold in 2015 was 17.4 million units, 6.2% lower than in the previous
year, when 18.5 million vehicles, new and used, were sold. The reduction in the of vehicles sold
8
was due to a 22.0% and 0.2% decrease in the number of new and used vehicles sold,
respectively, versus the 2014 result.
The total number of vehicles financed in 2015, including both new and used vehicles, fell 16.9%
as compared to the previous year. As a result, the ratio of financed vehicles over total vehicles
sold shrunk 3.9 p.p., from 34.5% in 2014 to 30.6% in 2015.
Brazil Credit Expansion
40.5%
1,421
2009
45.4%
49.1%
2,034
1,713
2010
2011
53.7%
2,368
2012
Volume (R$ billion)
52.6%
2,715
2013
54.7%
54.3%
3,018
3,218
2014
2015
% GDP
Credit Growth
20.6%
18.8%
16.4%
15.1%
14.6%
11.1%
6.7%
2009
2010
2011
2012
2013
2014
2015
REGULATORY ENVIRONMENT
Resolutions were issued by the Brazilian Central Bank and the Brazilian Securities and Exchange
Commission (CVM) related to the markets on which Cetip focuses, with impacts already
observed in 2015 or that will take effect from 2016 on. The main measures were as follows:
Depository
In the Securities Unit, the main new regulation (reform of CVM Resolution 89) involves new
CVM rules for centralized deposit, custody and book-keeping. For Cetip, Resolution 541 applies,
providing, in Article 35, the manner by which the constitution of collaterals for securities, which
9
will be done via registration in the deposit account, facilitating the identification of liens on
these securities and giving more security to the creditors and the market. The CVM jointly
published two other instructions (542 and 543) related to custody and book-keeping. The new
rules clarified the depositary, custodian and bookkeeping roles and obligations, in order to put
all procedures in international standards. In order to comply with the new rules, Cetip is
introducing a series of adjustments in its systems, with a coordinated work with the market,
because the change impacts the entire industry.
Bank Funding Instruments
A second change in Securities Unit was related to the Circular No. 3709 of the Central Bank,
making mandatory the registration and identification of bank funding instruments issued by the
same financial institutions, on the same date, in favor of the same holder, whose sum is greater
than R$5 thousand, compared to R$50 thousand previously established, and the identification
of their holders. This change became effective in March 2015.
Structured Notes – Certificados de Operações Estruturadas (COEs)
Also impacting the Securities Unit, it is worth noting that, in October 2015, CVM Instruction 569
was published, regulating the public offer of Structured Notes (Certificados de Operações
Estruturadas - COEs). Therefore, this instrument can be distributed not only by banks to their
clients but also by intermediary institutions, such as brokers and asset managers. The market
had 60 days to adapt to the new rules. The regulation waves CVM registration and establish
rules that aim to protect investors.
Financing Registration
Resolution 4088 of the National Monetary Council has effect on Financing Unit, because it
provides for the collateral registration related to the vehicles financing or mortgages. In
addition, it standardizes information about vehicles ownership object of leasing operations in a
registration and settlement system authorized by the Central Bank.
Resolution 4088 became effective in 2013, with respect to the vehicle market, and in 2015, with
regard to the real estate market. CETIP already offers for vehicle segment a solution for the
electronic registration of financing operations collateral and sending out this information to the
Brazilian Central Bank, with the Cetip | Sistema de Registro de Garantia on motor vehicles, and
will work to develop and offer to the market a solution to meet the Resolution 4088 for the real
estate market. Central Bank’s Circular n. 3,767, from October 7th, 2015, postponed the
deadline for real estate financing compliance from February 1st, 2016 to July 1st, 2016.
Also relating to the regulatory framework of the Financing Unit, CETIP has now direct access to
the database of the National Registry of Motor Vehicles (Renavam), the National Traffic
Department (Denatran), and a process that brings greater stability and security for businesses
that drive.
10
FINANCIAL RESULTS ANALYSIS
OPERATING REVENUE
(R$ million)
4Q15
3Q15
Var %
4Q14
Var %
2015
2014
Var %
Gross operating revenue
355.4
352.6
0.8%
328.4
8.2%
1,363.1
1,222.9
11.5%
Securities Unit
251.1
249.7
0.6%
208.9
20.2%
950.5
786.6
20.8%
30.1
33.6
-10.3%
31.1
-3.3%
121.9
119.1
2.4%
108.2
102.9
5.2%
78.5
37.8%
392.1
286.5
36.9%
47.8
47.7
0.3%
45.2
5.6%
189.8
178.0
6.6%
39.8
39.4
0.8%
32.5
22.5%
150.2
119.3
26.0%
Registration
Custody
Monthly Utilization
Transactions
Other revenues
Financing Unit
SNG
Contracts System (Sircof)
Market data and Development of Solutions
Other revenues
Deductions
Net operating revenue
25.3
26.2
-3.7%
21.5
17.3%
96.5
83.8
15.1%
104.2
102.8
1.4%
119.6
-12.8%
412.6
436.2
-5.4%
41.3
42.5
-2.7%
50.3
-17.8%
170.4
189.6
-10.1%
44.0
39.7
10.7%
49.1
-10.5%
162.5
176.0
-7.6%
17.8
19.3
-7.5%
19.3
-7.5%
75.3
67.0
12.4%
1.3
-14.8%
0.8
28.4%
3.7
20.2%
1.1
(62.4)
293.0
(60.4)
292.1
3.2%
0.3%
(56.9)
271.5
9.6%
7.9%
4.4
(237.6)
1,125.4
(207.0)
1,015.9
14.8%
10.8%
Cetip’s gross revenue from services totaled R$ 355.4 million in 4Q15, up 0.8% and 8.2% when
compared to 3Q15 and 4Q14, respectively. The Securities Unit had yet another strong quarter
in 4Q15, with revenue growing 0.6% in comparison to 3Q15 and 20.2% over 4Q14, driven by: (i)
expansion of transactions volume; and (ii) increase in stock of assets in custody. The Financing
Unit revenue grew 1.4% comparing quarter-over-quarter (“QoQ”) and decreased 12.8%
comparing year-over-year (“YoY”) results, impacted by the weak performance of sales and
vehicle financing.
Revenue deductions (taxes on services rendered and other deductions) increased 3.2% QoQ
and 9.6% YoY, influenced by gross revenue growth itself, that imply higher volume discounts,
and changes in product and revenue mix per business unit. Therefore, net operating revenue
reached R$ 293.0 million in 4Q15, 0.3% above 3Q15 and 7.9% higher than 4Q14.
In 2015, gross revenue totaled R$ 1,363.1 million, recording 11.5% growth over 2014, as a result
of a 20.8% increase in the Securities Unit gross revenue and of a 5.4% decrease in the Financing
Unit gross revenue. Net revenue, in turn, increased 10.8%, reflecting the growth of consolidated
gross revenue and a 14.8% increase in revenue deductions, due to: (i) greater participation of
the Securities Unit in total gross revenue, which is subject to a progressive volume discount
policy; (ii) higher taxes on the Financing Unit revenue; and (iii) other discounts given for services
provided by the Financing Unit.
11
The charts below show the breakdown of the key revenue lines that compose Cetip’s gross
operating revenue:
4Q15
4T14
Securities Unit: 70.7% / Financing Unit: 29.3%
Market data and
Development of
Solutions
5.0%
Contracts System
(Sircof)
12.4%
Other revenues
(Financing Unit)
0.3%
Market data and
Development of
Solutions
5.9%
Registration
8.5%
Other revenues
(Financing Unit)
0.3%
Registration
9.5%
Contracts System
(Sircof)
15.0%
SNG
11.6%
Other revenues
(Securities Unit)
7.1%
Other revenues
(Securities Unit)
6.6%
Monthly
Utilization
13.4%
Transactions
11.2%
Custody
23.9%
SNG
15.3%
Custody
30.5%
Monthly
Utilization
13.8%
Transactions
9.9%
2015
2014
Market data and
Development of
Solutions
Contracts System
5.5%
(Sircof)
11.9%
Other revenues
(Financing Unit)
0.3%
Registration
8.9%
Contracts System
(Sircof)
14.4%
Market data and
Development of
Solutions
5.5%
SNG
12.5%
SNG
15.5%
Custody
28.8%
Other revenues
(Securities Unit)
7.1%
Transactions
11.0%
Other revenues
(Securities Unit)
6.9%
Monthly
Utilization
13.9%
Transactions
9.8%
Other revenues
(Financing Unit)
0.3%
Registration
9.7%
Custody
23.4%
Monthly
Utilization
14.6%
SECURITIES UNIT
Gross operating revenue from the Securities Unit totaled R$ 251.1 million in 4Q15, registering
an increase of 0.6% when compared to 3Q15 and of 20.2% when compared to 4Q14. Custody
services were responsible for 43.1% of the Securities Unit’s total gross revenue in the quarter,
while monthly utilization accounted for 19.0%, transactions for 15.8%, registration for 12.0%,
EFTs processed revenue (CIP) for 4.5%, repos, final transactions and electronic trading platform
for 4.0%, and other services provided amounted to 1.6%.
12
I. Registration Revenues
Registration revenues reached R$ 30.1 million in 4Q15, down 10.3% over 3Q15 as a result,
mainly, of the decrease in OTC derivatives registration revenues (-32.8%), which was partially
offset by an increase in revenues from fixed income instruments (+5.6%).
Compared to 4Q14, the registration revenue showed an reduction of 3.3%, as a result of the net
effect from the growth in OTC derivatives registration revenues (+17.8%) and the decrease in
fixed income instruments registration revenue (-14.3%), explained mostly by the new pricing
model for the bank deposit certificate (“CDB”) product that reduced the fees previously charged
for registration and transaction of this instrument and established a custody fee for the
product.
Registration revenue totaled R$ 121.9 million in 2015, 2.4% higher than in 2014, with a positive
highlight for OTC derivatives registration (+42.6%).
The main highlights from fixed income securities and OTC derivatives in 4Q15 are briefly
described below:
Fixed Income Instruments
Fixed income instruments registration revenue totaled R$ 15.9 million in 4Q15, 5.6% higher
than in 3Q15, due to: (i) the decrease in revenue from registration of banking funding
instruments, driven by the lower revenues from the registration of DI; (ii) the increase in
registration revenue from real estate market instruments, whose issuance volumes were 28.6%
higher in 4Q15; (iii) the increase in registration revenue from agribusiness instruments (+8.3%);
and (iv) the growth of other fixed income instruments registration revenue (+9.9%).
Compared to 4Q14, fixed income securities registration revenue fell 14.3%, as a result of: (i) the
decrease of revenue from bank funding instruments registration (-14.7%), which was affected
by the decrease on CDB revenue due to the new pricing model, which became effective after
the implementation of Central Bank’s Circular n. 3709 (“3709”) in March 2015; (ii) the decrease
in registration revenue of real estate market instruments (-21.4%), as issuance volume
contracted; (iii) the decrease of revenue from agribusiness instruments (-22.9%) driven by a
14.7% lower average price; and (iv) a slight increase of other fixed income instruments revenue
(+3.2%).
In 2015, revenue from fixed income instruments decreased 13.2%, mainly due to lower revenue
from registration of CDB, as previously noted, which affected the P&L line of banking funding
instruments registration (-19.5%).
OTC Derivatives
Revenue from derivatives registration, which includes structured notes, reached R$ 10.2 million
in 4Q15, 32.8% lower than 3Q15, mostly as a result of a decrease in other derivatives /
structured notes and swaps registration.
Comparing to 4Q14, revenue from OTC derivatives registration grew 17.8%, as a result of an
increase in the items that compose this revenue, notably forward contracts, flexible options and
other derivatives / structured notes. We highlight that the increase in the exchange rate
13
volatility (R$ x US$) observed since 2H14 has contributed positively for OTC derivatives
registration volume growth.
In 2015, revenue from OTC derivatives registration totaled R$ 46.2 million, an increase of 42.6%
YoY.
II. Custody Revenues
Custody revenues totaled R$ 108.2 million in 4Q15, up 5.2% over 3Q15, due to: (i) growth of
CDB volume and, therefore, of its custody revenue, which is responsible for most of the 10.5%
banking funding instruments custody revenue growth; and (ii) a 6.8% revenue expansion from
permanence of OTC derivatives contracts and custody of structured notes.
When compared to 4Q14, custody revenue was 37.8% higher, which can be explained mainly
by: (i) the performance of fixed income instruments custody revenues (+25.7%), especially
banking funding instruments (+71.2%), driven by CDB growth, for which it was not charged a
custody fee until 2014 and that, in turn, had a decrease in registration revenue, as mentioned
previously; and (ii) the OTC derivatives and structured notes performance (+63.8%), in which,
over the last 12 months, can be observed the growth of assets’ stock.
In 2015, fixed income instruments custody revenue totaled R$ 254.3 million, up 23.3% over
2014, mostly as a result of a 23.1% increase in stock. Revenue from OTC derivatives
permanence and structured notes custody grew 77.3% versus 2014, while end users revenue
increased 60.0% over the same period.
III. Monthly Utilization Revenue
Monthly utilization revenue totaled R$ 47.8 million in 4Q15, 0.3% higher than in 3Q15, as a
result of an increase in volume and a slight decrease in average margin.
Compared to 4Q14, monthly utilization revenue went up 5.6%, due to the 1.3% increase in the
average number of clients and the 4.3% expansion in average margin, explained primarily by the
annual price readjustment by inflation (accumulated 2014 IGP-M of +3.7%).
In 2015, monthly utilization revenue added up to R$ 189.8 million, 6.7% higher than last year, as
a result of a 4.9% increase in average margin as well as a 1.7% growth in the average number of
clients.
IV. Transactions Revenue
Transactions revenue reached R$ 39.8 million in 4Q15, growing 0.8% over 3Q15, due to: (i) the
continued expansion in the number of transactions processed, which were 5.3% higher than last
quarter, as result of the increase in Cetip's depositary activity; and (ii) a 4.3% drop in average
margin, explained by clients using more intensely the lower price windows created in
connection with the implementation of the 3709 regulation.
As compared to 4Q14, transactions revenue grew 22.5%, driven by: (i) the increase of 122.2% in
the total number of transactions processed, as highlighted above; and (ii) the decrease of 44.9%
in the average margin per transaction, also explained by the implementation of the 3709
regulation.
14
In 2015, transactions revenue added up to R$ 150.2 million, 26.0% higher than 2014, justified by
the 107.1% increase in the average daily number of transactions and the 39.2% drop in the
average margin.
V. Other Revenues from Services
Other revenues from services related to the Securities Unit reached R$ 25.3 million in 4Q15,
3.7% lower than in 3Q15, as a result of: (i) the increase in revenues from repos, final
transactions and electronic trading platform (+9.9%); (ii) the decrease in other revenues from
services from the Securities Unit (-36.9%); and (iii) an increase in revenue from electronic cash
transfers (EFTs) (+4.1%).
The 4.1% increase in the revenue from electronic EFTs, which represents 44.3% of other
services revenue from the Securities Unit, was a consequence of: (i) the 12.6% growth in
number of EFTs processed, due, among other factors, to the reduction of EFTs minimum ticket,
from R$ 500 to R$ 250 in the beginning of July; and (ii) the 7.5% decrease in average margin,
reflecting the higher volume processed during the quarter, intensifying the effect of progressive
volume discounts that are part of the EFTs processing pricing structure.
When compared to 4Q14, revenue from electronic EFTs increased 18.0%, due to: (i) the 10.1%
reduction in average margin, reflecting the contractual pricing policy that defines lower prices
according to bands of volume; and (ii) the 31.2% increase in the number of EFTs processed,
influenced by the lower minimum ticket, which was reduced from R$ 750 to R$ 500 in January
2015, and from R$ 500 to R$ 250 in the beginning of July 2015.
FINANCING UNIT
Gross operating revenue from the Financing Unit totaled R$ 104.2 million in 4Q15, an increase
of 1.4% over 3Q15, and a 12.8% reduction over 4Q14. SNG revenue accounted for 39.7% of the
Financing Unit’s total gross revenue in the quarter; Contracts System represented 42.2%,
market data and development of solution, 17.1% and other revenues from services, 1.0%.
Revenue (R$ million)
4Q15
3Q15
Var %
4Q14
Var %
2015
2014
Var %
SNG
Contracts System
41.3
42.5
-2.7%
50.3
-17.8%
170.4
189.6
-10.1%
44.0
39.7
10.7%
49.1
-10.5%
162.5
176.0
-7.6%
4,345
4,556
-4.6%
5,032
-13.6%
17,366
18,522
-6.2%
975
986
-1.1%
1,391
-29.9%
4,014
5,145
-22.0%
SNG ('000)
Number of vehicles sold (´000)
New
Used
Number of vehicles financed ('000)
New
Used
% Vehicles financed / vehicles sold
3,370
3,571
-5.6%
3,641
-7.4%
13,352
13,377
-0.2%
1,277
1,323
-3.4%
1,743
-26.7%
5,312
6,393
-16.9%
544
578
-5.9%
864
-37.0%
2,339
3,160
-26.0%
733
745
-1.6%
878
-16.5%
2,973
3,233
-8.0%
29.4%
29.0%
0.4 p.p.
34.6% -5.2 p.p.
30.6%
34.5% -3.9 p.p.
1,217
-23.8%
3,763
4,254
-11.5%
69.9%
2.7 p.p.
70.8%
66.5%
4.3 p.p.
Sistema de Contratos (milhares)
Contracts Additions ('000)
% Contracts additions / vehicles financed
927
940
72.6%
71.0%
-1.3%
1.6 p.p.
Sources: Fenabrave and Cetip
I. SNG
4Q15 SNG revenue totaled R$ 41.3 million, a decrease of 2.7% over 3Q15’s result, as the
number of financed vehicles shrank 3.4% QoQ, as a result of a decrease of 5.9% and of 1.6% in
the new and used vehicles segments, respectively. The relatively better performance of new
vehicles sales, which contracted 1.1% QoQ while used vehicles dropped 5.6% over the same
15
period, has a positive mix effect on the financing contracts penetration rate (percentage of
financed vehicles over total vehicles sold), since used vehicles tend to be paid in cash more
often.
Compared to 4Q14, SNG revenue was down 17.8%, as result of the 26.7% drop in the number of
vehicles financed, with a 5.2 p.p. decline in the ratio of vehicles financed over vehicles sold,
which decreased from 34.6% in 4Q14 to 29.4% in 4Q15, and a 13.6% drop in the total number
of vehicles sold. The revenue impact of a lower number of financed vehicles was partially offset
by: (i) the annual price adjustment of 3.7% based on the IGP-M; and (ii) the contribution of
deferred revenue from previous quarters.
In 2015, SNG revenue totaled R$ 170.4 million, down 10.1% over 2014 for the same reasons
aforementioned in the comparison of 4Q15 to 4Q14.
It is worth remembering that, in 2014, to ensure the proper application of accounting principles
to revenue recognition, the Company revisited the treatment given to the SNG revenue, and
began recognizing part of the revenue at the time of the financial constraint insertion and the
remaining portion over the period in which such restriction remained registered, up until its
retirement, no longer recognizing revenue fully at the time of insertion, as previously adopted
criteria. This review resulted in a liability recognition, composed by revenues already received
but that were deferred to future periods, as well as it attributable tax impacts, offset by an
increase in the goodwill value related to the acquisition of GRV in 2010.
II. Contracts System
Revenue from the registration of vehicles financing contracts system reached R$ 44.0 million in
4Q15, 10.7% higher than in 3Q15, mainly due to: (i) a 1.6 p.p. increase in the relationship
between contract additions and vehicles financed (market share) in the quarter; and (ii) the
Contracts System price equalization, implemented from September 2015 on.
In the YoY comparison, the Contracts System adjusted revenue dropped 10.5%, explained
mostly by: (i) the 23.8% decrease in the number of contracts inclusions; (ii) the annual price
adjustment of 3.7% based on the IGP-M; and (iii) the Contracts System price equalization,
implemented from September 2015 on. On the other hand, the 23.8% reduction in the number
of contracts registered, in comparison to 4Q14, was smaller than the drop in the number of
vehicles financed during the same period, as a consequence of the 2.7 p.p. market share
growth, which expanded from 69.9% in 4Q14 to 72.6% in 4Q15.
In 2015, the Contracts System adjusted revenue totaled R$ 162.5 million, 7.6% lower than in
2014, as a consequence of the same factors pointed out in the quarterly comparisons.
It is important to notice that Cetip has received a favorable indication from the responsible
authorities for not including, in the Company's results, the public price charged by the Traffic
Department (Detran) in connection with the registration of vehicle financing contracts in São
Paulo, based on the understanding that those are financial intermediation events, with no
impacts in the Company’s financial position. Therefore, aiming to appropriately represent the
Company's revenues in its financial statements, Cetip started to no longer recognize such public
price as revenue nor as cost, making this adjustment retroactively for the 2015 fiscal year.
16
III. Market Data and Development of Solutions
The revenue from market data and development of solutions totaled R$ 17.8 million in 4Q15,
showing a decrease of 7.5% over 3Q15, mainly driven by the drop in revenues related to Cetip |
Infoauto, explained by the lower volume of financings, since the revenue from this product is
directly linked to the number of financed units.
Compared to 4Q14, the market data and development of solutions revenue decrease 7.5%,
mainly due to Cetip | InfoAuto’s and Cetip | InfoAuto Pagamentos’s revenue performance.
In 2015, market data and development of solutions revenue reached R$ 75.3 million, up 12.4%
over 2014, driven by the increased penetration of Cetip | Performance, Market Share and Cetip
| InfoAuto Pagamentos.
ADJUSTED OPERATING EXPENSES
Operational Expenses (R$ million)
4Q15
3Q15
Var %
4Q14
Var %
2015
2014
Var %
Personnel¹
(47.9)
(49.1)
-2.5%
(43.8)
9.3%
(185.8)
(166.0)
11.9%
Outsourced services
(25.6)
(25.9)
-0.9%
(25.9)
-0.9%
(100.1)
(87.4)
14.4%
General and administrative expenses
(11.2)
(10.4)
8.5%
(13.9)
-18.8%
(40.2)
(41.2)
-2.4%
Expenses incurred on equipment and system rental
(0.7)
(0.6)
5.6%
(1.2)
-41.5%
(3.1)
(3.4)
-8.2%
Taxes and fees
(0.3)
(0.3)
18.8%
(0.4)
-19.6%
(1.2)
(1.6)
-20.9%
Other expenses/revenues
TOTAL Adjusted Operating Expenses
Share based incentive
Depreciation and amortization
TOTAL Operating Expenses
(2.9)
(1.7)
72.7%
(1.3)
121.1%
(4.7)
(1.0)
354.7%
(88.6)
(88.0)
0.8%
(86.4)
2.6%
(335.2)
(300.7)
11.5%
(4.8)
(5.0)
-4.9%
(4.2)
15.2%
(19.8)
(16.0)
24.0%
(28.0)
(21.7)
29.1%
(21.9)
28.1%
(92.8)
(83.1)
11.6%
(121.5)
(114.7)
5.9%
(112.4)
8.0%
(447.7)
(399.8)
12.0%
1)Personnel include expenses with Board members and advisory committees
The adjusted operating expenses amounted to R$ 88.6 million in 4Q15, 0.8% higher than in
3Q15, as a result of:
(i)
the growth in other expenses (+72.7%), driven by non-recurring expenses of R$ 2.0
million from a fixed asset write-off relating to the process of relocating operations to the new
office in Barueri and of R$ 0.9 million relating to provisions for civil proceedings; and
(ii)
an increase in general and administrative expenses (+8.5%).
In comparison to 4Q14, adjusted operating expenses grew 2.6%, as a consequence of: (i) a 9.3%
increase in personnel expenses, mainly due to headcount increase and salary readjustments;
and (ii) a 121.1% growth in other expenses, affected by the non-recurring expenses described
above.
In 2015, adjusted operating expenses amounted to R$ 335.2 million, up 11.5% over 2014,
explained by: (i) an increase in personnel expenses, mainly due to headcount increase and
salary readjustments; and (ii) an increase in outsourced services expenses, related to the
registration of vehicles financing service in the state of São Paulo.
Allocating the Company’s expenses among those which are variable, i.e. directly linked to
revenue, and other operating expenses, it is evidenced that the increase in operating expenses
was caused by higher business activity.
17
Expense Breakdown (R$ million)
4Q15
Operating Expenses
121.5
Operating Expenses directly linked to Revenue
% of TOTAL Operating Expenses
Other Operating Expenses
% of TOTAL Operating Expenses
3Q15
Var %
114.7
5.9%
13.7
12.7
8.1%
11.3%
11.0%
107.7
102.0
88.7%
89.0%
4Q14
8.0%
13.1
4.3%
11.7%
5.6%
99.3
General and
administrative
expenses,
16.0%
Personnel¹,
54.0%
51.8
42.2
22.6%
11.6%
10.6%
396.0
357.6
88.4%
89.4%
10.7%
Others, 3.3%
Personnel¹,
50.7%
2014
Personnel¹,
55.4%
(1)
Var %
12.0%
General and
administrative
expenses,
13.7%
Others, 2.7%
Outsourced
services, 29.9%
2014
399.8
Outsourced
services, 29.9%
2015
General and
administrative
expenses,
12.0%
2015
447.7
4Q14
Others, 4.4%
Outsourced
services, 28.9%
8.5%
88.3%
4Q15
General and
administrative
expenses,
12.7%
Var %
112.4
Outsourced
services, 29.1%
Others, 2.0%
Personnel¹,
55.2%
Note: Personnel include expenses with Board members and advisory committees.
FINANCIAL RESULT
Net financial result was R$ 11.7 million positive in 4Q15, R$ 98.9 million higher than the R$ 87.2
million negative result achieved in 3Q15. This delta is the net effect, mostly, of: (i) a R$ 64.7
million decrease in financial income, which registered no gain from the swap transaction to
neutralize the FX exposure related to the domestic bank loan obtained (which amounted to R$
62.7 million in 3Q15), but, on the other hand, accounted for a R$ 13.6 million gain from
exchange rate variation on offshore loans; and (ii) a R$ 163.6 million drop of in financial
expenses in 4Q15, mostly from the absence of FX losses related to the Company’s offshore loan,
which had a R$ 173.4 million impact on 3Q15’s results, and from R$ 11,6 million swap losses to
neutralize the FX exposure related to the domestic bank loan obtained.
Compared to 4Q14, the financial result showed an increase of R$ 29.9 million compared to a
negative result of R$ 18.1 million recorded in the same quarter of 2014. The net financial result
change observed between the analyzed periods is a consequence, mostly, of: (i) a R$ 28.6
million financial income increase; and (ii) a R$ 1.2 million decrease in financial expenses.
It is worth to highlight that, currently, the Company has, in its consolidated balance sheet, two
debt instruments in foreign currency: (i) a bilateral domestic loan in accordance to the 4,131
Law, totaling US$ 100.0 million, whose FX risk is hedged by a swap contract; and (ii) a US$ 100.0
million loan acquired by an offshore subsidiary.
18
As for the latter, despite not having a hedging contract in place, the Company does not incur
bottom line exchange rate risk. The table below isolates the impact of exchange rate
fluctuations related to the offshore loan and the offshore investment, both in Cetip’s financial
result as well as in its income tax and social contribution expense, as to allow a better
comparison basis for the analysis of the Company’s financial result evolution:
Headge Impact in the Results (R$ million)
4Q15
3Q15
Var #
4Q14
Var #
2015
2014
Var #
Net Financial Result
11.7
(87.2)
98.9
(18.1)
29.9
(111.4)
(58.7)
(52.7)
(+/-) Hedge effect on Financial Results
(7.2)
91.5
(98.6)
21.4
(28.5)
130.9
42.4
88.5
Adjusted Financial Result (excluding hedge effect)
4.6
4.3
0.3
3.2
1.3
19.5
(16.3)
35.8
183.2
91.0
92.2
141.2
91.5
(98.6)
21.4
182.4
(6.4)
162.6
Income before tax and social contribution
(+/-) Hedge effect on Financial Results
(7.2)
Income before tax and social contribution (excluding
hedge effect) - (A)
Tax and social contribution expense
(55.1)
(+/-) Hedge effect on Tax and social contribution
Adjusted Tax and social
(excluding hedge effect) - (B)
contribution
176.0
% Effective tax rate on adjusted Income before tax
and social contribution - (B) / (A)
567.3
558.1
9.1
130.9
42.4
88.5
13.4
698.1
600.5
97.6
39.2
(94.3)
(23.6)
(31.5)
(69.6)
(131.0)
(91.5)
98.6
(21.4)
28.5
(130.9)
(42.4)
(88.5)
(48.0)
(52.3)
4.3
(44.9)
(3.0)
(200.5)
(173.4)
(27.2)
27.3%
28.7%
28.7%
28.9%
7.2
expense
42.0
(28.5)
27.7%
61.4
INCOME TAX AND SOCIAL CONTRIBUTION
In 4Q15, Cetip's income tax and social contribution expense (tax or taxes) were R$ 55.1 million,
compared to a tax credit of R$ 39.2 million in 3Q15 and tax expenses of R$ 23.6 million in 4Q14,
with an effective tax rate of 30.1% in 4Q15, compared to -43.1% and 16.7% in 3Q15 and 4Q14,
respectively. The delta on tax rates is almost completely explained by currency exchange rate
fluctuations related to our foreign subsidiary and offshore loan. The FX rate variation on the
capital invested in subsidiary abroad is nontaxable, while exchange rate gains/losses on
offshore loan are. As showed in the previous table, the tax impact over exchange rate
gains/losses neutralizes the exchange rate impact over financial expenses/ income, which
means that there is no post-tax currency exposure for Cetip.
ADJUSTED EBITDA AND ADJUSTED NET INCOME (CASH EARNINGS)
In 4Q15, adjusted EBITDA totaled R$ 204.4 million, in line with 3Q15’s result and 10.4% higher
than the same period last year. Adjusted EBITDA margin reached 69.7% in 4Q15, decreasing 0.1
p.p. and 1.6 p.p. versus 3Q15 and 4Q14, respectively.
In 2015, adjusted EBITDA reached R$ 790.3 million, 10.5% higher than in 2014, with an adjusted
EBITDA margin of 70.2%.
Adjusted EBITDA reconciliation (R$ million)
NET INCOME
4Q15
128.0
3Q15
130.2
Var %
4Q14
Var %
2015
-1.6%
117.6
8.9%
497.6
2014
427.1
Var %
16.5%
(+) Income tax and social contribuition
55.1
(39.2)
-240.7%
23.6
133.7%
69.6
131.0
-46.8%
(+) Depreciation and amortization
28.0
21.7
29.1%
21.9
28.1%
92.8
83.1
11.6%
(-) Financial income net of financial expenses
(11.7)
87.2
-113.4%
18.1
-164.6%
111.4
58.7
89.9%
EBITDA
199.5
199.9
-0.2%
10.1%
771.5
699.9
10.2%
15.2%
19.8
16.0
24.0%
(0.2)
-160.1%
(1.0)
(0.7)
35.2%
0.1%
185.1
10.4%
790.3
715.2
10.5%
69.9% -0.1 p.p.
68.2%
1.6 p.p.
70.2%
(+) Share based incentive without cash disbursement
4.8
5.0
(+/-) Equity in net income of affiliate company
0.1
(0.7)
-118.2%
204.2
ADJUSTED EBITDA
1
ADJUSTED EBITDA MARGIN
1 Considers
204.4
69.7%
-4.9%
181.2
4.2
the methodology for calculating EBITDA and adjusted EBITDA as per CVM Instruction 527 from 10/04/2012.
19
70.4% -0.2 p.p.
Cetip’s adjusted net income (cash earnings) reached R$ 159.4 million in 4Q15, 1.6% lower than
in 3Q15 and 6.3% higher than in 4Q14, performance mostly explained by the EBITDA evolution
in the comparison periods. Adjusted net margin reached 54.4% in 4Q15, 1.1 p.p. and 0.8 p.p.
lower than in 3Q15 and 4Q14, respectively.
In 2015, cash earnings reached R$ 624.5 million, 10.9% higher than in 2014, while net margin
was 55.5%.
Adjusted net income reconciliation (R$ million)
NET INCOME
(+) Share based incentive without cash disbursement
4Q15
128.0
3Q15
Var %
130.2
-1.6%
4Q14
Var %
2015
117.6
8.9%
497.6
2014
427.1
Var %
16.5%
4.8
5.0
-4.9%
4.2
15.2%
19.8
16.0
(+) Goodwill amortization acquisition GRV¹
13.0
13.0
0.0%
13.0
0.0%
51.9
51.9
0.0%
(+) Tax benefit from goodwill amortization²
13.6
13.9
-2.2%
15.2
-10.4%
55.2
68.3
-19.1%
162.0
-1.6%
563.3
10.9%
ADJUSTED NET INCOME (cash earnings)
159.4
149.9
24.0%
6.3%
624.5
ADJUSTED NET INCOME MARGIN
54.4%
55.5% -1.1 p.p.
55.2% -0.8 p.p.
55.5%
55.4% 0.05 p.p.
ADJUSTED NET INC OME PER SHARE (cash EPS)³
0.6136
0.6218
0.5716
2.3913
2.1555
1
Amortization of intangible assets (contractual relationships) related to the acquisition of GRV in the amount of R$ 13.0 million per quarter, from 1Q11 until 2Q28,
accounted as depreciation and amortization expenses;
2
Tax benefit due to: i) the goodwill related to the acquisition of GRV in the amount of R$ 13.9 million per quarter, from 1Q11 until 4Q15; ii) the goodwill related to
the incorporation of Advent Depository in the amount of R$ 3.3 million per quarter until 4Q12 and R$ 3.8 million per quarter from 1Q13, beginning in October 2009
until October 2014; and
3
Calculation of adjusted earnings per share based on the weighted average number of shares in the period.
OPERATING CASH FLOW AND INDEBTEDNESS
Cetip’s 4Q15 cash flow from operations before taxes and before the allocation of excess cash
for investments totaled R$ 259.3 million, an increase of 6.4% versus 3Q15 and of 29.9% versus
4Q14, as a result of very resilient and well diversified revenue flows. The cash flow from
investment activities amounted to R$ 42.9 million in the quarter, whereas the cash flow from
financing activities was R$ 99.9 million, influenced by the payment of dividends and interest on
own capital (R$ 102.0 million). As a result of these movements primarily, cash and cash
equivalents balance increase R$ 70.4 million during the quarter.
In 2015, Cetip’s cash flow from operations before taxes and before the allocation of excess cash
for investments totaled R$ 952.4 million, a 26.3% growth over 2014.
At the end of 4Q15, Cetip’s gross short and long-term debt (debentures, loans, financial leases)
totaled R$ 1.3 billion, while derivatives added to cash, cash equivalents and marketable
securities amounted R$ 1.1 billion. Thus, the Company’s net debt was R$ 200.6 million on
December 31st, 2015, R$ 76.4 million higher than at the end of 4Q14. The net debt to the last
12 months adjusted EBITDA ratio was 0.3 times at the end of 4Q15, and the financial leverage
ratio (net debt / total capital) reached 10.6%, demonstrating the Company’s solid financial
position.
20
The table below shows the reconciliation of the Company’s net debt and the related debt
metrics as of 4Q15, 3Q15 e 4Q14:
Net Debt and Capitalization (R$ million)
4Q15
3Q15
Var #
4Q14
Var #
Debentures issued
520.3
502.0
3.6%
515.6
0.9%
Borrowings and finance lease obligations
782.1
794.6
-1.6%
273.8
185.7%
1,302.4
1,296.7
65.0%
Total Gross Debt
0.4%
789.4
Derivative financial instruments
(109.1)
(120.7)
-9.6%
-
C ash + non restricted financial investments*
(992.7)
(922.3)
7.6%
(665.2)
49.2%
Net Debt
-
200.6
253.6
-20.9%
124.2
61.6%
1,695.8
1,672.0
1.4%
1,746.0
-2.9%
1,896.4
1,925.6
-1.5%
1,870.1
1.4%
EBITDA (Last twelve months )
771.5
753.2
2.4%
699.9
10.2%
Adjusted EBITDA (Last twelve months )
790.3
771.0
2.5%
715.2
10.5%
Shareholders’ equity
Total Capital
Net Debt / EBITDA
0.3X
0.3X
10.6%
Net Debt / Adjusted EBITDA
Financial Leverage Index (Net Debt/Total Capital)
0.3X
0.3X
13.2%
0.0X
0.0X
0.2X
0.2X
6.6%
-2.6 p.p.
0.1X
0.1X
4.0 p.p.
* Net o f R$ 60.3 millio n in 4Q15, R$ 58.6 millio n in 3Q15, and R$ 53.9 millio n in 4Q14, referring to investments that co nstitute CETIP 's special pro perty and are reco rded in a blo cked acco unt in the Special Settlement and Custo dy System SELIC.
INVESTMENTS
Cetip’s total investments (“CAPEX”) totaled R$ 43.3 million in 4Q15, which is equivalent to
14.8% of the net revenues in the period, up 127.0% over 3Q15 and 116.9% higher than in 4Q14.
4Q15 CAPEX was broken down as follows: (i) 75.8% for maintenance and expansion of capacity;
(ii) 22.1% for product development; and (iii) 2.1% for offices settlement.
The significant increase in maintenance and expansion of capacity CAPEX was mainly due to the
acceleration of investments in Cetip’s new data centers in Barueri. This acceleration key goal is
to anticipate, to the second half of 2016, the relocation of the Securities Unit’s technology and
operations areas to the new office.
The 4Q15 development CAPEX was allocated mainly among the following products: (i) CCP; (ii)
Depository; (iii) Electronic Formalization; (iv) Liens on Financial Instruments; (v) New Participant
Registration; and (vi) Real Estate Platform.
The table below shows the breakdown of the Company's CAPEX in the outlined periods:
CAPEX (R$ million)
4Q15
3Q15
Maintenance and Expansion of C apacity
32.8
4.5
635.2%
7.9
Development of Products
9.6
11.8
-18.7%
Offices Settlement
0.9
2.9
-69.0%
Others
Total
CAPEX/ Net Revenue
-
-
Var %
-
4Q14
Var %
2015
2014
Var %
316.4%
44.6
31.7
40.7%
10.2
-6.4%
38.5
25.0
54.3%
1.9
-51.9%
6.4
3.0
116.1%
0.0
NM
-
0.4
NM
43.3
19.1
127.0%
20.0
116.9%
89.4
60.0
49.1%
14.8%
6.5%
8.2 p.p.
7.3%
7.4 p.p.
7.9%
5.9%
2.1 p.p.
SHARE PERFORMANCE (CTIP3)
At the end of 4Q15, Cetip’s shares were quoted at R$ 37.50, an appreciation of 15.3% versus
the share price at the end of 3Q15, performance comparable to a 3.8% decrease in Bovespa
Index (Ibovespa) during the same period. Over the last 12 months, Cetip’s share price increased
22.4%, compared to a 13.3% decrease in Ibovespa during the same period. Cetip’s shares
average daily trading volume reached R$ 62.1 million in 2015, up 31.5% over 2014. On
December 31st, 2015, Cetip’s market value was R$ 9.7 billion.
21
CTIP3 vs. Ibovespa: 12/31/2014 until 12/31/2015
350
130
300
120
250
110
200
150
100
100
90
80
Dec-14
50
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
Volume (R$ milion)
Jul-15
Cetip
Aug-15 Sep-15
0
Oct-15 Nov-15 Dec-15
Ibovespa
Source: Bloomberg. Historical values adjusted by corporate actions
Amounts in R$, except when otherwise indicated
2015
2014
Quote at the start of the period
30.63
21.25
Maximum
39.19
31.92
Average
33.47
27.11
Minimum
28.19
20.27
Quote at the end of the period
37.50
30.63
Daily average volume (R$ million)
Number of shares (thousands)¹
62.1
47.2
259,816
262,346
¹ Number of shares at the end of the periods
Source: Bloomberg. Historical values adjusted by corporate actions
Stock Turnover (annualized rate)
2015
2014
Quantidade de ações negociadas (mil)
445,616
405,334
Qtd média ponderada de ações (mil)
261,162
261,326
Número de pregões no exercício¹
Turnover anual (%)
246
248
171%
155%
¹ Source: BM&FBOVESPA – Estimated number of trading days for 2015
Source: Bloomberg
DIVIDENDS, INTEREST ON SHAREHOLDERS’ EQUITY AND SHARE BUYBACK
On December 18th, 2015, Cetip’s Board of Directors approved the payment of interest on
shareholder’s equity for 4Q15 in the amount of R$ 25.8 million, equal to R$ 0.0994 gross per
share, to be paid on February 11th, 2016. Additionally, the Board of Directors approved on
March 2nd, 2016, “ad referendum” of the General Shareholders’ Meeting, the additional
distribution of R$ 83.0 million (R$ 0.3194 per share) in the form of dividends, to be paid on May
9th, 2016. Such distributions total R$ 108.0 million, equivalent to 85.0% of net income in the
period.
The total gross dividends and interest on shareholder’s equity proposed by Cetip’s management
for the year 2015 reached R$ 423.0 million, representing 85.0% of the net income for the
period. The 2015 result allocation proposal will be submitted to shareholders approval at the
General Shareholders’ Meeting to be held in April.
22
Reinforcing the Company's commitment to creating value to its shareholders, during a meeting
held on March 4th, 2015, the Board of Directors approved the Company's Second Share Buyback
Program, starting on the approval date and ending on March 3rd, 2016. The limit of shares that
may be acquired by Cetip is 5,400,000 common shares, which represented 2.13% of the total
outstanding shares in the market at the time of the approval. However, due to the blackout for
trading of Cetip’s corporate securities that started on October 15th, 2015 (initially due to the
blackout period prior the publication of 3Q15 results, and then due to the Material Fact
published on November 3rd, 2015), Cetip has bought back 4,349,100 shares, equivalent to
80.5% of the total approved for the Second Share Buyback Program, at a total cost of R$ 143.1
million (average price of R$ 32.91 per share).
Finally, maintaining the same objectives pursued since 2015 in relation to capital structure and
value generation for shareholders, the Board of Directors approved, on March 02 nd, 2016, the
Company's Third Share Buyback Program, starting on the approval date and ending on March
01st, 2017. The limit of shares that may be acquired by Cetip is 3,200,000 common shares, which
represented 1.23% of the total outstanding shares in the market.
CORPORATE GOVERNANCE
Cetip is committed to the highest standards of corporate governance. In addition to adhering to
the Novo Mercado rules, CETIP maintains solid auto-regulation practices according to the
provisions of CVM Instruction no. 461, which regulates the functioning of organized securities
markets.
Companies listed on the Novo Mercado voluntarily agree to comply with stricter rules than
those of Brazilian corporate law, such as: (i) maintain only common shares in their capital stock;
(ii) maintain a minimum of 25% free float; (iii) detail and include additional quarterly
information; (iv) the Board of Directors must be composed of at least five members, with at
least 20% of independent members and a maximum two years term; and (v) in the case of sale
of control all shareholders are entitled to sell their shares at the same price (100% tag along).
Note that some provisions of the Bylaws of CETIP goes beyond the established requirements in
the Novo Mercado.
Companies join the Novo Mercado through signature of contracts between the company, its
management and controlling shareholders and the BM&FBOVESPA, in addition to adaptation of
the company’s bylaws to the rules contained in the Novo Mercado Listing Rules.
ADHESION TO THE MARKET ARBITRATION CHAMBER
The Company joined the Market Arbitration Chamber, as per the clause in its Bylaws. This body,
created by the Stock Exchange, arbitrates disputes and controversies that may exist between
the controlling shareholders of companies listed on the Novo Mercado and shareholders in
general, managers, members of Fiscal Council and the exchange itself.
23
RELATIONSHIP WITH INDEPENDENT AUDITORS
Our policy on the engagement of our independent auditors in non-audit related services is
based on the principles and regulations generally applied to preserve the independence of the
auditor. These principles are: (a) the auditor should not audit its own work, (b) the auditor
should not perform management functions for its clients, and (c) the auditor should not
promote the interests of its client.
According to CVM Instruction 381, we confirm that no services were provided by the
independent auditors or related parties during the year ended December 31st, 2015, on an
individual or cumulative level in excess of 5% of the total external audit fees.
Contract Date
Scope of Service
Amounts in
thousands of
reais
04/13/2015
Review of tax declarations filling
R$22.0
01/01/2015
Maintenance of accounting and tax records related to
foreign subsidiary
R$56.8
Total
R$78.8
MANAGEMENT STATEMENT
As per the provisions in CVM Instruction no. 480/09, the Management declares that it has
discussed, reviewed and agreed with the financial statements relative to the fiscal year ended
December 31, 2014 and agreed with the opinions expressed in the independent auditors’ report
regarding the review of the interim financial statements.
The Management Team
Rio de Janeiro, March 2nd, 2016
24
Individual and consolidated Independent auditor’s report
To the Board of Directors and Shareholders
We have audited the accompanying financial statements of CETIP S.A. – Mercados Organizados
("Parent Company") which comprise the balance sheet as at December 31, 2015 and the
statements of income, comprehensive income, changes in equity and cash flows for the year
then ended, as well as the accompanying consolidated financial statements of CETIP S.A. –
Mercados Organizados and its subsidiaries ("Consolidated"), which comprise the consolidated
balance sheet as at December 31, 2015 and the consolidated statements of income,
comprehensive income, changes in equity and cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting practices adopted in Brazil and with the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board
(IASB) and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Brazilian and International Standards on Auditing.
Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
25
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Parent Company and of CETIP S.A. – Mercados Organizados and its
subsidiaries as at December 31, 2015, and the Parent Company and the Consolidated financial
performance and cash flows for the year then ended, in accordance with accounting practices
adopted in Brazil and with the International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB).
Other matters
Supplementary information - statements of value added
We also have audited the Parent Company and Consolidated statements of value added for the
year ended December 31, 2015, which are the responsibility of the Company’s management.
The presentation of these statements is required by the Brazilian corporate legislation for listed
companies, but they are considered supplementary information for IFRS. These statements
were subject to the same audit procedures described above and, in our opinion, are fairly
presented, in all material respects, in relation to the financial statements taken as a whole.
Rio de Janeiro, March 3, 2016
PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5 “F” RJ
Luiz Antonio Fossa
Contador CRC 1SP196161/O-8 "S" RJ
26
CETIP S.A. - Mercados Organizados
Balance sheets
In thousands of reais
CETIP
Assets
Current
Cash and cash equivalents
Financial investments - non restricted
Accounts receivable
Recoverable taxes and contributions
Prepaid expenses
Other receivables
Notes
4
5
6
Non-current
Long-term receivables
Financial investments - non restricted and restricted
Derivatives
Judicial deposits
Prepaid expenses
Other receivables
5
24b,d
12/31/2015
12/31/2014
Consolidated
12/31/2015
12/31/2014
952,420
879
756,462
115,537
57,959
7,084
14,499
708,782
405
562,203
103,673
16,642
7,783
18,076
1,007,642
2,438
801,956
117,658
63,917
7,084
14,589
740,930
551
590,349
106,735
17,431
7,784
18,080
3,363,356
2,839,928
2,489,422
2,257,609
373,958
248,553
120,663
181
2,659
1,902
135,944
128,197
137
5,526
2,084
373,958
248,553
120,663
181
2,659
1,902
135,944
128,197
137
5,526
2,084
918,181
911,308
6,143
730
628,852
622,641
5,178
1,033
6,873
6,143
730
6,211
5,178
1,033
Investments
Investment in subsidiaries
Investment in associate
Other investments
8a
8b
Property and equipment
9
47,661
49,903
47,685
49,931
Intangible assets
10
2,023,556
2,025,229
2,060,906
2,065,523
Total assets
4,315,776
3,548,710
3,497,064
CETIP
Liabilities and shareholders' equity
Current
Suppliers
Labor obligations and social charges
Taxes payable
Income tax and social contribution
Dividends and interest on own capital payable
Debentures issued
Loans and finance lease obligations
Deferred revenues
Other liabilities
Non- current
Suppliers
Deferred income tax and social contribution
Provision for contingencies and legal obligations
Debentures issued
Deferred revenues
Capital
Capital reserves
Carrying value adjustments
Income reserves
Treasury shares
Retained earnings
Additional dividends proposed
2,998,539
Total liabilities and shareholders' equity
The accompanying notes are an integral part of these financial statements.
27
Notes
11
12
14
14
24b,d
21a
13d
14
14
15a
15c
15d,e
15b
15f
12/31/2015
12/31/2014
Consolidated
12/31/2015
12/31/2014
332,084
54,042
68,050
18,036
110,261
21,431
8,317
11,572
40,223
152
238,281
22,953
56,296
14,754
80,130
17,427
3,923
42,754
44
340,198
54,416
68,411
18,183
8,435
110,261
21,431
7,113
11,572
40,223
153
240,225
23,496
56,682
14,902
2,181
80,130
17,427
2,608
42,754
45
2,287,877
8,046
136,372
5,933
498,849
1,601,938
36,739
1,564,476
2,073
195,756
4,536
498,175
823,297
40,639
1,461,051
8,046
136,465
5,933
498,849
775,019
36,739
1,012,361
2,073
195,785
4,536
498,175
271,153
40,639
1,695,815
658,416
527,834
(8,313)
539,388
(104,502)
82,992
1,745,953
635,937
533,821
(413)
464,715
111,893
1,695,815
658,416
527,834
(8,313)
539,388
(104,502)
82,992
1,745,953
635,937
533,821
(413)
464,715
111,893
4,315,776
3,548,710
3,497,064
2,998,539
Statements of income
Years ended December 31
In thousands of reais, unless otherwise stated
CETIP
Notes
Net revenue from services
17
(Operating expenses)/other operating income
Personnel expenses
Share-based incentives with no cash disbursement
Third party services
Equipment and systems leases
Board members' compensation
Taxes and fees
Other operating expenses
Other operating income
23c
9 e 10
18
19
Consolidated
2015
2014
2015
2014
1,097,318
987,010
1,125,430
1,015,885
(438,225)
(181,518)
(19,786)
(89,823)
(95,660)
(40,115)
(3,135)
(2,268)
(1,226)
(4,838)
144
(389,236)
(161,860)
(15,957)
(80,163)
(81,954)
(41,134)
(3,413)
(2,178)
(1,555)
(1,603)
581
(447,712)
(183,539)
(19,786)
(92,771)
(100,052)
(40,231)
(3,134)
(2,268)
(1,238)
(4,837)
144
Equity in the results of associate
8
294,280
104,655
Financial result
Financial income
Financial expenses
20
(396,974)
324,177
(721,151)
(149,429)
57,172
(206,601)
(111,428)
294,476
(405,904)
(58,691)
59,069
(117,760)
556,399
553,000
567,255
558,134
(58,793)
(118,925)
60,132
(125,881)
(106,088)
(19,793)
(69,649)
(129,730)
60,081
(131,015)
(111,193)
(19,822)
497,606
427,119
497,606
427,119
1.9054
1.8980
1.6344
1.6283
1.9054
1.8980
1.6344
1.6283
Income before taxation
Current
Deferred
21c
21a
Net income for the period
Net income per share attributable to CETIP's
Basic earnings per share
Diluted earnings per share
965
(399,774)
(163,845)
(15,957)
(83,108)
(87,446)
(41,230)
(3,413)
(2,178)
(1,565)
(1,616)
584
714
16
28
Statements of comprehensive income
CETIP
Consolidated
2015
2014
2015
2014
497,606
427,119
497,606
427,119
Other comprehensive income (1)
Fair value adjustment of available for sale financial assets
Deferred taxes on fair value adjustment
(11,970)
4,070
(252)
86
(11,970)
4,070
(252)
86
(7,900)
(166)
(7,900)
(166)
Total other comprehensive income
Total comprehensive income for the period a1ributable to CETIP's shareholders
489,706
426,953
(1) Items will be subsequently reclassified to income
29
489,706
426,953
Statements of changes in shareholders’ equity
Notes
At December 31, 2014
Capital
635,937
Comprehensive income
Fair value adjustment of available for sale financial assets,
net of deferred taxes
Capital
reserves
Carrying
value
adjustments
533,821
(413)
Income reserves
Legal
Statutory
reserve
reserve
2,048
462,667
Treasury
shares
-
-
-
-
-
-
-
Retained
earnings
-
Additional
dividends
proposed
111,893
497,606
-
-
(7,900)
-
-
-
-
-
(7,900)
-
-
-
Transactions with owners and other movements
Approval/payment - additional dividends proposed
-
-
-
-
-
-
-
12,774
(12,774)
-
-
-
-
-
-
-
-
-
-
-
(143,198)
-
-
(143,198)
25,697
Repurchases of shares
Disposal shares - stock option exercises
Capital increase - stock options exercised
Appropriation - stock options plans
23c
Interest on own capital and dividends forfeited upon expiry
Appropriation of net income
Interest on own capital
Dividends
Statutory reserve
15f
15f
15e
Total transactions with owners and other movements
-
(111,893)
(7,900)
489,706
(111,893)
-
-
(12,999)
-
-
-
38,696
-
-
-
-
-
-
-
-
-
9,705
-
19,786
-
-
-
-
-
-
19,786
-
-
-
-
-
-
31
-
31
-
-
-
-
74,673
-
(94,891)
(328,073)
(74,673)
82,992
-
(94,891)
(245,081)
-
22,479
(5,987)
-
-
74,673
(104,502)
(497,606)
(28,901)
(539,844)
(104,502)
658,416
527,834
(8,313)
2,048
537,340
586,428
533,193
(247)
2,048
403,607
Fair value adjustment of available for sale financial assets,
net of deferred taxes
497,606
9,705
Comprehensive income
-
497,606
Total comprehensive income for the period
Capital increase - capitalization of a portion of the goodwill special
reserve (Board Meeting 05/06/15)
-
-
Total
1,745,953
-
-
-
-
-
-
-
-
-
(166)
-
-
-
Total comprehensive income for the period
-
-
(166)
-
-
-
Transactions with owners and other movements
Approval/payment - additional dividends proposed
-
-
-
82,992
1,695,815
(5,031)
169,565
1,689,563
427,119
-
-
427,119
-
15,329
(15,329)
-
-
-
-
-
-
-
Capital increase - stock options exercised
34,180
-
-
-
-
-
-
-
34,180
-
15,957
-
-
-
-
-
-
15,957
-
-
-
-
-
-
23
-
23
-
-
-
-
-
(81,301)
(218,699)
23c
Appropriation of net income
Dividends
Dividends from income reserves proposed
Statutory reserve
Total transactions with owners and other movements
15f
15f
(169,565)
(166)
426,953
-
Interest on own capital and dividends expired
-
-
427,119
Capital increase - capitalization of a portion of the goodwill special
reserve (Board Meeting 05/08/14)
Appropriation - stock option plans
-
-
-
-
-
(63,051)
122,111
-
(122,111)
48,842
63,051
-
49,509
628
-
-
59,060
-
(422,088)
(57,672)
635,937
533,821
2,048
462,667
-
-
(413)
30
-
111,893
(169,565)
(81,301)
(169,857)
(370,563)
1,745,953
Statements of cash flows
CETIP
Notes
Consolidated
2015
2014
2015
2014
556,399
553,000
567,255
558,134
89,823
3,633
(294,541)
19,786
(6,332)
69,078
35,276
1,212
514,322
(96,510)
(8,802)
80,163
596
(104,655)
15,957
(5,730)
71,971
7,843
1,303
124,613
-
92,771
3,633
(1,226)
19,786
(6,332)
69,078
16,829
1,212
254,073
(96,510)
(9,626)
Adjusted income before taxation
883,344
745,061
910,943
768,441
Changes in assets and liabilities
Non restricted financial investments
Accounts receivable
Recoverable taxes and contributions
Other receivables
Prepaid expenses
Judicial deposits
Suppliers
Taxes payable
Deferred revenues
Other liabilities, contingencies and legal obligations
(320,254)
(11,864)
5,083
3,759
3,566
(44)
37,062
11,754
2,762
(6,431)
295
(232,361)
(12,883)
11,165
(11,851)
(2,554)
25
(4,216)
8,324
1,555
(2,593)
166
(337,602)
(10,923)
(82)
3,674
3,567
(44)
36,893
11,729
2,770
(6,431)
293
(251,638)
(13,662)
10,222
(11,855)
(2,555)
25
(4,062)
8,487
1,599
(2,593)
161
609,032
499,838
614,787
502,570
(160,511)
(117,228)
(165,062)
(120,770)
Net cash provided by operating activities
448,521
382,610
449,725
381,800
Cash flows from investing activities
Acquisition of property and equipment
Acquisition of intangible assets
Investment in subsidiary
Dividends received from subsidiary
Dividends/Interest on own capital received from subsidiary
Proceeds from sale of property and equipament
(12,863)
(76,563)
4,648
261
185
(18,694)
(41,227)
(465,753)
28
(12,863)
(76,563)
261
185
(18,694)
(41,227)
28
Net cash used in investing activities
(84,332)
(525,646)
(88,980)
(59,893)
Cash flows from financing activities
Payment of debentures notional value
Payment of interest on debentures
Payment of finance lease obligations
Payment of loans notional value
Payment of interest on loans
Payment of derivative contracts
Payment of share repurchases
Net proceeds from loans obtained
Net proceeds from debentures issued
Proceeds from shares issued - stock options exercised
Proceeds from shares disposal - stock options exercised
Dividends and interest on own capital paid
(64,400)
(221,373)
(30,854)
(12,581)
(143,198)
494,466
9,705
25,698
31
(421,209)
(632,800)
(52,354)
(2,318)
(1,740)
(5,083)
691,107
497,958
34,181
23
(385,985)
(64,400)
(1,741)
(12,293)
(12,581)
(143,198)
261,130
9,705
25,698
31
(421,209)
(632,800)
(52,354)
(2,318)
(1,740)
(1,974)
223,178
497,958
34,181
23
(385,985)
Net cash provided by (used in) financing activities
(363,715)
142,989
(358,858)
(321,831)
Cash flows from operating activities
Adjustments
(Profit)/loss on disposal of permanent assets
Revenue from equity
Interest on financial investments held to maturity
Interest on debentures
Interest on loans and financial leases
Provision for contigencies and legal obligations
Exchange variation over loans
Derivatives
Adjustment to fair value of bank loans
Cash from operations
Income tax and social contribution paid
83,108
596
(714)
15,957
(5,730)
71,971
3,421
1,303
40,395
-
Increase/(decrease) in cash and cash equivalents
474
(47)
1,887
76
Cash and cash equivalents at the beginning of the period
405
452
551
475
879
405
2,438
551
Cash and cash equivalents at the end of the period
4
31
Statements of value added
CETIP
Income
Revenue from services
Other operating income
Goods and services acquired from third parties
Other operating expenses
Consolidated
2015
2014
2015
2014
1,240,983
1,240,839
144
1,107,427
1,106,846
581
1,270,414
1,270,270
144
1,137,632
1,137,048
584
(757,354)
(40,115)
(95,660)
(621,579)
(249,663)
(41,134)
(81,954)
(126,575)
(465,061)
(40,231)
(100,052)
(324,778)
(170,845)
(41,230)
(87,446)
(42,169)
483,629
857,764
805,353
966,787
(89,823)
(80,163)
(92,771)
(83,108)
Net value added generated by the company
393,806
777,601
712,582
883,679
Value added received through transfer
Revenue from equity
Financial income
618,457
294,280
324,177
161,827
104,655
57,172
295,441
965
294,476
59,783
714
59,069
1,012,263
939,428
1,008,023
943,462
179,246
88,782
21,471
40,426
19,786
6,513
2,268
158,533
79,815
19,159
35,590
15,957
5,834
2,178
180,649
89,662
21,749
40,600
19,786
6,584
2,268
159,857
80,594
19,417
35,817
15,957
5,894
2,178
Taxes and contributions
Municipal
Federal
Other
227,922
48,943
178,847
132
270,549
40,340
230,085
124
240,727
49,186
191,400
141
277,681
40,564
236,985
132
Third party capital remuneration
Interest on debentures and on
purchase price deferred payments
Interest on loans and finance leases
Equipment and systems rental
107,489
83,227
89,041
78,805
69,078
35,276
3,135
71,971
7,843
3,413
69,078
16,829
3,134
71,971
3,421
3,413
Own capital remuneration
Dividends
Offset of accumulated losses
Net income retained
497,606
328,073
94,891
74,642
427,119
218,699
81,301
5,031
122,088
497,606
328,073
94,891
74,642
427,119
218,699
81,301
5,031
122,088
1,012,263
939,428
1,008,023
943,462
Gross value added
Total value added to be distributed
Distribution of value added
Personnel
Salaries
Benefits
Profit sharing
FGTS
Board and committee members' compensation
Value added distributed
32
Notes to the financial statements at
December 31, 2015
1
Operations
CETIP S.A. – Mercados Organizados ("CETIP" or the "Company") is a publicly traded corporation
with headquarters in Rio de Janeiro. CETIP was formed following the demutualization of CETIP Câmara de Custódia e Liquidação (“CETIP Associação”) in 2008.
CETIP administers organized over-the-counter ("OTC") markets, i.e. environments for trading
and registration of securities, government and corporate fixed income bonds, and OTC
derivatives. CETIP is a systemically important settlement and clearing house, as defined by the
SPB – Brazilian Payment System (Law 10,214), which performs the scriptural custody of assets
and contracts, registers transactions carried out in the OTC market, processes financial
settlements, and offers to the market an electronic platform for conducting various types of
online transactions, such as auctions and trading of government bonds, corporate bonds, and
fixed income securities.
The Company is Latin America’s the lead depository of corporate fixed income securities and
the lead chamber for private assets of the Brazilian financial market. Through its activities it
provides the necessary support to the entire cycle of transactions involving fixed income
securities, securities and OTC derivatives.
The Company is also the leading private provider of information on insertions and removals of
financial restrictions related to vehicle financing transactions, with an integrated electronic
system and nationwide coverage which provides critical infrastructure to the vehicle financing
market.
2
Presentation and preparation of the financial statements
These financial statements were approved by the Company's Board of Directors on March 2,
2016.
The Statements of value added, individual and consolidated, is required by Brazilian Corporate
Law and the accounting practices adopted in Brazil to publicly traded companies. IFRS does not
require presentation of this statement. This statement is presented as supplementary
information in IFRS, subject to the set of financial statements.
a. Basis of preparation
The financial statements have been prepared under the historical cost convention, as modified
by the revaluation of available-for-sale financial assets and financial assets measured at fair
value through profit or loss.
33
December 31, 2015
b. Consolidated financial statements
The consolidated financial statements have been prepared and are being presented in
accordance with the accounting practices adopted in Brazil, including the pronouncements
issued by the Accounting Pronouncement Committee (CPCs).
The consolidated financial statements have also been prepared and are being presented in
accordance with International Financial Reporting Standards – IFRS issued by the International
Accounting Standards Board (IASB).
The consolidated financial statements include the balances of CETIP and of its wholly-owned
subsidiary, Cetip Info Tecnologia S.A. and Cetip Lux S.à.r.l. (“Cetip Lux”).
c. Individual financial statements
The individual financial statements of the parent company were prepared in accordance with
the accounting practices adopted in Brazil issued by the Accounting Pronouncement Committee
(CPCs) and are published together with the consolidated financial statements.
The individual financial statements of the parent company were prepared in accordance with
the accounting practices adopted in Brazil issued by the Accounting Pronouncement Committee
(CPCs) and International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB), and it shows all relevant information of own financial
statements, and only it, which are consistent with those used by administration in its
management. From 2014, the IFRS now allow the application of the equity method in
subsidiaries in separate financial statements, as it was required by the accounting practices
adopted in Brazil. Therefore, there is no difference in accounting criteria in this respect and the
individual financial statements also comply with IFRSs issued by IASB.
d. Functional and presentation currency
The consolidated and individual financial statements are presented in Brazilian Reais, which is
the Company’s functional currency.
e. Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision-maker. The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating segments, has been identified
as the Executive Board that makes strategic decisions.
34
December 31, 2015
f.
Accounting estimates
The preparation of individual and consolidated quarterly information in conformity with IFRS
and CPCs requires management to exercise its judgment, to make estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and assumption are constantly revised. Reviews in estimates are recognized in the
period in which they are made and in any future periods affected.
Information about critical judgments relating to the accounting policies applied and critical
estimates and assumptions that could have a significant impact in the amounts reported in the
individual and consolidated financial statements are included in the following notes:
(i) Note 5 – classification and determination of the fair value of financial instruments;
(ii) Note 7 – assumptions used in determining the recoverable amount for the purpose of the
goodwill impairment testing;
(iii) Note 13 – determination of provisions for contingent liabilities;
(iv) Note 23c – determination of the fair value of stock options granted to employees and
estimate of the amount of options that will achieve vesting.
3
Summary of significant accounting policies
The main accounting policies described below have been consistently applied to all the periods
presented in these individual and consolidated financial statements.
a. Basis of consolidation
i.
Business combination
The Company measures the goodwill as the fair value of the consideration transferred,
deducting the net fair value of identifiable assets and liabilities assumed, all measured at the
date of acquisition.
Transaction costs other than those associated with the issuance of debt or equity, which the
company incurs in relation to a business combination are recognized as expenses as they are
incurred.
35
December 31, 2015
ii.
Investment in subsidiaries
Subsidiaries are all entities in which the Company is exposed, or has rights, to variable returns
from its involvement with the entity and has the ability to affect those returns through its
power over the entity, usually caracterized by a participation of more than half of the voting
rights (voting capital). The subsidiaries are fully consolidated from the date on which the control
is transferred to the Company. Consolidation is interrupted from the date on which control
ends.
iii.
Investment in associates
Associates are those entities in which the Company, directly or indirectly, has significant
influence over the financial and operating policies, but not control. The significant influence
supposedly occurs when the company, directly or indirectly, holds between 20 and 50 per cent
of the voting rights in another entity.
Investments in associates are accounted for using the equity method of accounting and are
initially recognized at cost. The Company’s share of its associates’ profits or losses is recognized
in the income statement, and its share of movements in reserves is recognized in reserves. The
cumulative movements are adjusted against the carrying amount of the investment.
The accounting policies of associates have been changed where necessary to ensure
consistency with the policies adopted by the Company.
iv.
Transactions eliminated on consolidation
Balances and inter-company transactions, and any income or expenses arising from intercompany transactions are eliminated in the consolidated financial statements. Unrealized gains
arising from transactions with companies accounted for using the equity method of accounting
are eliminated against the investment in proportion to the Company’s interest in the investee.
Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent
that there is no evidence of an impairment loss.
b. Transactions in foreign currencies
Transactions in foreign currency are translated using the exchange rates prevailing at the
transaction date. Foreign exchange gains and losses arising from the translation based on the
exchange rate at the end of the period, relating to assets and liabilities in foreign currencies, are
recognized in the income statement as financial income or expenses.
36
December 31, 2015
c. Cash and cash equivalents
For the purpose of the statement of cash flows, the balance of cash and cash equivalents
includes cash, bank deposits and short-term investments (term of up to 3 months), with high
liquidity and a negligible risk of change in value.
d. Financial instruments
i.
Classification and measurement of financial assets
The Company classifies its financial assets according to the following categories: measured at
fair value through profit or loss, loans and receivables, held to maturity and available for sale.
The classification depends on the purpose for which the financial assets were acquired and is
determined when the asset is first recorded.
ii.
Financial assets measured at fair value through profit or loss
The financial assets measured at fair value through profit or loss are (i) financial assets held for
active and frequent trading or (ii) assets designated by the Company, when first recorded, as
measurable at fair value through profit or loss. The assets held for trading are classified as
current assets irrespective of their contractual maturities. Gains or losses arising from the fair
value variations of financial assets measured at fair value through profit or loss are recorded in
the statement of income in "financial result" for the period in which they occur.
iii.
Loans and receivables
These comprise loans granted and receivables which are non-derivative financial assets with
fixed or determinable payments, not quoted in an active market. The Company's loans and
receivables comprise trade accounts receivable, advances and other receivables. Loans and
receivables are recorded at amortized cost, based on the effective interest rate method.
iv.
Assets held to maturity
These are financial assets quoted in an active market which are acquired with the intention and
financial ability to be held in the portfolio up to their maturity. They are recorded at the
acquisition cost, plus related earnings which are recognized in the statement of income under
"financial result", using the effective interest rate method.
37
December 31, 2015
v.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives instruments which are classified in this
category or not classified in any other. Available-for-sale financial assets are recorded at fair
value. Interest on available-for-sale securities, calculated based on the effective interest rate
method, is recognized in the statement of income under "financial result". Gains or losses
resulting from a change in fair value are recorded net of deferred taxes in shareholders' equity,
in the “Carrying value adjustments” account and are transferred to the statement of income
when the asset is sold or becomes impaired.
vi.
Non-derivative financial liabilities
The Company recognizes debt securities issued on the date on which they are originated. All
other financial liabilities are initially recognized at the date of negotiation in which the company
becomes a part of the contractual provisions of the instrument. The Company derecognizes a
financial liability when its contractual obligations are withdrawn, cancelled or expired.
The company has the following main non-derivative financial liabilities: borrowings, debentures,
suppliers and other accounts payable.
Such financial liabilities are initially recognized at fair value plus any attributable transaction
costs. After initial recognition, these financial liabilities are measured at amortized cost using
the effective interest method.
vii.
Fair value
Fair values of investments with public quotations are based on current market prices. For
financial assets without an active market or public quotation, the Company determines fair
value through valuation techniques, such as discounted cash flows analysis and option pricing
models.
viii.
Impairment of financial assets
The Company evaluates, at the balance sheet date, if there is objective evidence that a financial
asset or a group of financial assets is overstated (impaired) in relation to its recoverable value. If
there is such evidence for available-for-sale financial assets, the cumulative loss is transferred
from equity to the statement of income.
38
December 31, 2015
e. Accounts receivable and other receivables
Accounts receivable from customers correspond to the receivables from customers for the
provision of services in the ordinary course of the Company’s business. If the term of the
receivable is equivalent to one year or less, the accounts receivable are classified as current
assets. Otherwise, are presented as non-current assets.
Accounts receivable from customers and other receivables are initially recognized at fair value
and subsequently measured at amortized cost using the effective interest rate method minus
the provision for impairment, when applicable. In practice, considering the average short-term
of these receivables (less than one month), they are usually recognized at the invoiced amount,
adjusted by a provision for impairment, if necessary.
The impairment provision is recorded when there is objective evidence of loss in the asset’s
recoverable amount as a result of one or more events that occurred after the initial recognition
of the asset.
f.
Prepaid expenses
Represented by contracts between suppliers and the Company, deriving from the provision of
various prepaid services. The amounts are expensed in the income statement over the term of
each contract and the extent to which services are received.
g. Judicial deposits
Judicial deposits are stated as a deduction from the corresponding liability recorded when they
cannot be redeemed, unless there is a favorable outcome for the Company in the dispute
(Note 13).
h. Property and equipment
Property and equipment items are measured at historical cost of acquisition or construction (in
the case of land and buildings, deemed cost at the IFRS and CPCs transition date), less
accumulated depreciation and any accumulated impairment losses.
Depreciation is calculated using the straight-line method at the rates disclosed in Note 9, which
take into account the estimated useful lives of the assets.
The estimated economic useful lives and the estimated residual value of property and
equipment items are reviewed at the end of each year and adjusted, if necessary.
Repairs and maintenance costs are allocated to the statement of income during the period in
which they are incurred.
39
December 31, 2015
i.
i.
Intangible assets
Goodwill
The goodwill is represented by the positive difference between the consideration paid and/or
payable for the acquisition of a business and the net amount of the fair value of assets and
liabilities of the subsidiary acquired. The goodwill arising from acquisitions of subsidiaries is
recorded as "Intangible assets".
The goodwill is not amortized but tested annually to assess any impairment losses. The goodwill
is accounted at cost less any accumulated impairment losses. Goodwill impairment losses
eventually recognized cannot be reversed.
The goodwill is allocated to cash-generating units (UGCs) for impairment testing purposes. The
allocation is made for the cash-generating units or groups of cash-generating units which will
benefit from the business combination in which the goodwill was originated, and are identified
according to the operating segment.
ii.
Contractual relations
Contractual relations acquired in a business combination are recognized at fair value on the
date of acquisition. Contractual relations have finite useful life and are stated at their cost less
accumulated amortization. Amortization is computed using the straight-line method over the
expected life of the contractual relationship at the rates described in Note 10.
iii.
Software licenses acquired
Software licenses acquired are recorded at total acquisition cost, adjusted when applicable to
their recoverable value and amortized over their estimated useful life, at the rates described in
Note 10.
iv.
Software development
Expenses directly related to the development of identifiable software programs, controlled by
the Company and which will probably generate economic benefits greater than their cost, are
recognized as intangible assets. Direct expenses include the remuneration of the software
development team and other expenses directly related to development.
Software development expenses recognized as assets are amortized over their estimated useful
lives, using the straight-line method, at the rates described in Note 10.
The estimated economic useful lives and the estimated residual value of intangible assets are
reviewed at the end of each year and adjusted, if necessary.
40
December 31, 2015
Other expenses related to software maintenance or development are recognized as expenses
as they are incurred.
j.
Impairment of non-financial assets
Assets that have an indefinite useful live, such as the goodwill, are not subject to amortization
or depreciation and are annually tested for impairment. Assets that are subject to amortization
or depreciation are tested for impairment whenever events or changes in the circumstances
indicate that the carrying value may not be recoverable. An impairment loss is recognized at the
amount by which the carrying value of the asset exceeds its recoverable value, which is the
greater between its fair value less costs to sell and its value in use. For the purpose of
impairment testing, assets are grouped at the lowest level for which there are separately
identifiable cash flows (Cash Generating Units (CGU)). For the purpose of the goodwill
impairment testing, the goodwill originated in a business combination is allocated to the CGU to
which it is related or to which the synergy benefits from the business combination are
expected. This allocation reflects the lowest level in which the goodwill is monitored internally
and it is not greater than an operating segment determined in accordance with IFRS 8 and
CPC 22.
k. Suppliers and other accounts payable
Accounts payable to suppliers are obligations to pay for goods or services that were purchased
from suppliers in the ordinary course of business, being classified as current liabilities if the
payment is due in up to one year. Otherwise, the accounts payable are presented as noncurrent liabilities.
They are initially recognized at fair value and subsequently measured at amortized cost using
the effective interest rate method. In practice, they are usually recognized at the value of the
corresponding invoice.
l.
Debentures and external loans
The debentures issued and the external loans are recognized initially at fair value, net of
transaction costs incurred and subsequently measured at amortized cost. Any difference
between the value obtained (net of transaction costs) and the settlement value is recognized in
the income statement during the period in which the debentures are outstanding, using the
effective interest rate method.
m. Finance lease obligations
The Company has certain items of property and equipment that have been leased. The leases in
which the company has substantially retained all the risks and benefits of ownership are
classified as finance leases. These are capitalized at the beginning of the lease by the smallest
41
December 31, 2015
value between the fair value of the leased asset and the present value of minimum lease
payments.
The minimum lease payments are segregated between financial expense and reduction of the
outstanding liability. The financial expense is appropriate to each period during the term of the
lease to produce a constant periodic rate of interest on the remaining balance of the liability.
The property and equipment items acquired through finance leases are depreciated over the
useful life of the asset.
n. Revenue recognition
Revenues include the consideration received or receivable for the provision of services in the
ordinary course of the Company’s activities
Revenues are recognized when transactions are completed (such as revenues from registration,
transactions and lien registration) or when services are rendered (such as revenues from
insertion of financial constraints, custody and monthly utilization), on an accrual basis.
During the period ended December 31, 2015, the Company was accredited by the State Traffic
Department of São Paulo (Detran SP) to transmit electronically information vehicle financing
agreements, in accordance with Detran’s Ordinance number 179 of April 30, 2015.
In this context, the Company charges its customers the value for the service provided, i.e. by
the provide system for sending data related to financing agreements of vehicle; as well receives
the refund of any fees and costs associated with the registration process of financing
agreements in the state traffic department, which are collected by the Company on behalf of its
customers.
The amounts for the rates of payment compensation and costs associated with the process of
sending and registration of loan agreements with the Detran SP, as well as their compensation,
no longer presented in the income statement, since they are financial brokerage events,
without equity impacts to the Company. Other income from the delivery systems of service
delivery nonrefundable experienced did not change in their recognition. During the period, the
refund of any fees and costs associated with the registration process of financing agreements in
the state traffic department amounts to R$53,091.
42
December 31, 2015
o. Financial income and expenses
Financial income includes income from interest on funds invested (including available-for-sale
financial assets), gains on disposal of available-for-sale financial assets and changes in fair value
of financial instruments measured at fair value through profit or loss and foreign exchange on
loans. Interest income is recognized in the statement of income using the effective interest
method.
Financial expenses mainly include interest expenses on financial instruments and finance leases.
Borrowing costs that are not directly attributable to the acquisition, construction or production
of a qualifying asset are recognized in the statement of income using the effective interest
method.
p. Dividends and interest on own capital
The dividends and interest on own capital are recognized as a liability in the financial
statements at the year end, based on the bylaws of the Company. The dividends above the
minimum mandatory are recognized shareholders’ equity and provisioned on the date in which
they are approved by the shareholders at the General Meeting.
The tax benefit of interest on own capital is recognized in the statement of income.
q. Contingent assets and liabilities and legal obligations
Recognition, measurement and disclosure of contingent assets and liabilities and of legal
obligations are carried out in accordance with the criteria set forth in CPC 25/IAS 37:
i. Contingent assets - These are not recorded, except when Management has full control over
the outcome or when there are favorable decisions to which no further appeals are
applicable, such that the gain is almost certain. Contingent assets with a probable chance of
success, when applicable, are only disclosed in the notes to the financial statements;
ii. Contingent liabilities - These are recognized taking into account the opinion of the legal
advisors, the nature of these lawsuits, similarity with previous proceedings, complexity and
rulings of the courts, whenever the (i) chance of loss has been classified as probable, where
an outflow of proceeds will probably be required to settle the obligation and (ii) when the
amounts involved can be determined with sufficient reliability. The contingent liabilities
classified as possible losses are not recorded and are only disclosed in the notes to the
financial statements, and those classified as remote are neither recognized nor disclosed
(except for the item described in Note 13f, which is being disclosed due to the materiality of
the amounts involved); and
43
December 31, 2015
iii. Legal obligations - Arise from legal proceedings related to tax obligations, whose aim is to
challenge their legality or constitutionality. Regardless of the assessment about the
probability of success, these have their full amounts recognized in the financial statements.
r.
Employee benefits
i. Pension obligations
The Company makes regular contributions to a supplementary pension plan, which are
recognized as expenses in the period in which they are due as they entail payments to a defined
contribution plan.
ii. Profit sharing
Profit sharing is recognized during the year, as long as the amount can be accurately calculated
by the Company. Should this not be the case, profit sharing and bonuses are recognized at the
end of the year, when the amount can be measured reliably with certainty by the Company.
iii. Share-based remuneration
The Company offers to its employees and executives share-based remuneration plans, to be
settled in Company’s shares, according to which the Company receives services in consideration
for stock options. The fair value of options granted is recognized as an expense, during the
period in which the right is obtained (vesting period). At the reporting date, the Company
revises the estimated number of options which will vest and recognizes the impact of the
change in initial estimates, if any, in the statement of income with a contra-entry to
shareholders' equity on a prospective basis.
In the case of share-based compensation programs settled in cash, the fair value to be paid to
executives is recognized as an expense with a corresponding increase in liabilities, over the
period in which the right is obtained. The liability is remeasured at each balance sheet date and
at settlement date. Any changes in the fair value of the liability are recognized as personnel
expenses in the income statement.
s. Income tax and social contribution
The income tax and social contribution are calculated based on the rates of (i) 15% plus a
surcharge of 10% on taxable income in excess of R$240 per year for income tax and (ii) 9% on
taxable income for social contribution on net income, and consider the offsetting of carry
forward tax losses, limited to 30% of the taxable net income.
Expenses with income tax and social contribution comprise current and deferred taxes. The
current tax and deferred tax are recognized in the result unless they are related to a business
44
December 31, 2015
combination, or related to items directly recognized in shareholders’ equity or in other
comprehensive income.
Current tax is the tax payable or receivable expected on the taxable profit or loss for the period,
at the tax rates enacted or substantively enacted by the date of the quarterly information
presentation plus any adjustment to tax payable in respect of prior years.
The deferred tax is recognized for temporary differences between the carrying value of assets
and liabilities for accounting purposes and the corresponding values used for taxation purposes.
However, the deferred income tax and social contribution are not accounted for if they result
from the initial recognition of assets and liabilities in a transaction that is not a business
combination and that does not affect neither the accounting nor the taxable profit or loss. In
addition, no deferred tax is recognized for taxable temporary differences arising on the initial
recognition of goodwill. The deferred tax is measured at the rates expected to be applied to
temporary differences when they revert, based on the laws that were enacted or substantively
enacted by the date of quarterly information presentation.
A deferred income tax and social contribution asset arising from tax losses, tax credits and
temporary differences deductible not used is recognized when it is probable that future taxable
income will be available to be used to offset such credits. Deferred income tax and social
contribution assets are reviewed at each reporting date and are reduced to the extent that their
realization is no longer likely.
The deferred tax assets and liabilities are offset in the balance sheet if there is a legally
enforceable right to offset current tax liabilities and assets and if they relate to income taxes
levied by the same taxation authority and over the same taxable entity.
t.
Current and non-current assets and liabilities
The segregation between current and non-current is based on a term of 12 months subsequent
to the reporting date.
u. Earnings per share
Basic earnings per share are calculated using the net income for the period attributable to the
controlling shareholders of the Company and the weighted average number of shares in
circulation in the respective period. Diluted earnings per share is calculated using the
aforementioned weighted average number of shares in circulation, adjusted by number of
instruments potentially convertible into shares with dilutive impact, for the periods presented,
in accordance with CPC 41 and IAS 33.
45
December 31, 2015
v. Statements of value added
The Company has prepared individual and consolidated statements of value added (DVA) in
accordance with the technical pronouncement CPC 09 – Statement of Value Added, which are
presented as part of the quarterly information according to BR GAAP applicable to publicly
traded companies, while for IFRS these represent additional financial information.
w. New standards, amendments and interpretations effective for 2015
Several standards, amendments and interpretations to existing standards came into effect as
from January 1, 2015, however none of them had a significant impact on the Company’s
financial statements.
x. New standards, amendments and interpretations effective for 2016
Several standards, amendments and interpretations of standards issued by the IASB are
effective for financial years beginning on or after January 1st, 2016. The Company does not plan
to early adopt any new standard, should early adoption be permitted
and it is still evaluating the impact of adopting these standards. Among these, in the context of
the Company, the main ones are:

IFRS 9 Financial Instrument – Standard that will replace IAS 39 – Financial Instruments.
Recognition and Measurement. The IASB issued IFRS 9 in November 2009 introducing new
requirements for classifying and measuring financial assets. In October 2010, the IASB
introduced further changes in relation to financial liabilities. In November 2013, the IASB
issued new amendment incorporating the requirements for hedge accounting. Effective for
annual periods beginning January 1, 2018 and early adoption is permitted by the IASB.

• IFRS 15 - Customer Contract Revenue. This standard will virtually replace all the rules for
revenue recognition under IFRS and USGAAP. The standard is applicable to all entities that
take specific contracts to supply goods and services to customers but does not regulate the
contracts which fall within the scope of specific standards, such as lease agreements which
are within the scope of IAS 17 Leases. Effective for annual periods beginning January 1,
2017 and early adoption is permitted by the IASB.
46
December 31, 2015
4
The balance of cash and cash equivalents comprises the following:
December
31, 2015
CETIP
December
31, 2014
62
17
800
60
14
331
63
1,574
801
61
158
332
879
405
2,438
551
Cash
Cash at bank
Bank deposit certificates
5
Consolidated
December
December
31, 2015
31, 2014
Financial investments
a. Classification by type and category
Measured at fair value through profit or loss
Investment funds (a)
Financial Treasury Bills
Financial Bills
Repurchase agreements
Available for sale
National Treasury Notes - Series B
National Treasury Notes - Series F
National Treasury Bills
Held to maturity
Restricted financial investments (b)
Current
Non-current
47
December 31,
2015
CETIP
December 31,
2014
204,481
77,840
190,790
137,776
81,886
172,542
3,753
249,021
68,681
68,206
6,297
81,224
164,466
5,711
68,562
60,255
53,924
1,005,015
690,401
756,462
248,553
562,203
128,197
December 31, 2015
Measured at fair value through profit or loss
Investment funds (a)
Financial Bills
Repurchase agreements
Available for sale
National Treasury Notes - Series B
National Treasury Notes - Series F
Held to maturity
Restricted financial investments (b)
Current
Non-current
December 31,
2015
Consolidated
December 31,
2014
249,975
77,840
190,790
137,776
81,886
200,688
3,753
249,021
68,681
68,206
6,297
81,224
164,466
5,711
68,562
60,255
53,924
1,050,509
718,546
801,956
248,553
590,349
128,197
(a) Represent investments in quotas from the following funds: (i) Bradesco Fundo de
Investimento Referenciado DI Premium, investment fund managed by Banco Bradesco S.A.;
(ii) Itaú Corp Plus Referenciado DI FIC, investment fund managed by Banco Itaucard S.A.; (iii)
FIC Janus Renda Fixa, investment fund managed by Votorantim Asset Management DTVM
Ltda.; and (iv) Santander FICFI Referenciado DI, investment fund managed by Banco
Santander (Brasil) S.A.; (v) Portunes FICFI – Fixed-income, managed by Banco JP Morgan S.A.
and (vi) Itaú Investment Grade FICFI, investment fund managed by Banco Itaucard S.A., the
portfolios of which mainly comprise investments in federal government bonds, repurchase
agreements, Financial Bills, bank deposit certificates (“CDBs”) and debentures (December
31, 2014 - investments in quotas from the following funds: (i) Bradesco Fundo de
Investimento Referenciado DI Premium, investment fund managed by Banco Bradesco S.A.;
(ii) Itaú Corp Plus Referenciado DI FIC, investment fund managed by Banco Itaucard S.A.; and
(iii) FIC Janus Renda Fixa, investment fund managed by Votorantim Asset Management
DTVM Ltda., the portfolios of which mainly comprised investments in federal government
bonds, repurchase agreements, Financial Bills and bank deposit certificates (“CDBs”).
(b) Financial investments held in compliance with Law 10,214 dated March 27, 2001 and
Brazilian Central Bank Circular 3,057 dated August 31, 2001, which stipulate that clearing
houses and settlement and custody service providers should maintain a reserve of federal
government bonds of at least R$10,000. These investments represent CETIP’s special equity
and are registered in a segregated account in the Special System for Settlement and Custody
(SELIC).
48
December 31, 2015
b. Fair value
The fair value of the investment fund quotas is based on the quota value disclosed by the
respective administrator.
For repurchase agreements with fixed interest rates, fair value is obtained through a discounted
cash flow model based on the market rates observed in similar transactions at the reporting
date. For repurchase agreements with floating interest rates and investment in bank deposit
certificates, the carrying value is considered to be equivalent to its fair value.
The fair value of federal government bonds is based on secondary market prices disclosed by
ANBIMA or, in the absence thereof, prices obtained through valuation techniques that best
reflect their sale value.
As at December 31, 2015 the fair value of the financial assets held to maturity was R$58,210
(December 31, 2014 - R$52,853).
6
Accounts receivable
December 31,
2015
CETIP
December 31,
2014
December 31,
2015
Consolidated
December 31,
2014
Not past due
Up to 30 days past due
Between 31 to 90 days past due
Between 91 to 180 days past due
Over 180 days past due
115,437
63
34
6
66
103,539
110
22
26
-
117,556
65
34
6
66
106,563
146
23
30
-
Total
115,606
103,697
117,727
106,762
(69)
(24)
(69)
(27)
115,537
103,673
117,658
106,735
Impairment provision
Total net
As of December 31, 2015 the average accounts receivable maturity term was 10 working days
(December 31, 2014 – 10 working days).
For receivables of less than R$15, the impairment provision is recorded for the full amount
when the receivable is past due for more than 120 days. Receivables of more than R$15 are
evaluated on an individual basis in order to establish if there is an objective evidence of loss,
taking into account events such as delinquency, client’s financial difficulties, amongst others.
49
December 31, 2015
7
On December 29, 2010, the Company acquired 100% of GRV’s capital, leading private provider
of information on liens’ insertions and removals, with an integrated electronic system and
nationwide coverage, provider of a critical infrastructure to the vehicle financing market. The
acquisition allowed the exploitation of potential synergies between CETIP and GRV, in addition
to creating a company with a diversified business platform.
The goodwill in the amount R$1,121,045 that arose from the acquisition is attributable to the
expectation of future profitability and commercial synergies expected from the combination of
CETIP and GRV. The goodwill deductible for tax purposes, determined in accordance with the
accounting rules and tax rules in force until December 31, 2007 amounts to approximately
R$816,000.
Goodwill impairment testing
For the purpose of impairment testing, the goodwill from the acquisition was allocated to the
financing segment (Cash Generating Unit - CGU) which reflects the lowest level at which the
goodwill is monitored internally.
The recoverable value of this CGU was based on its value in use determined using a discounted
cash flow model. These calculations used nominal cash flow projections before taxation, based
on the budget approved for 2016 and management’s projections for the four following years.
The cash flows after the five year period were extrapolated based on an estimated growth rate
presented below.
The main assumptions used in the value in use determination as of December 31, 2015 were
the following:
EBITDA compound annual growth rate
Perpetuity growth rate
Discount rate
16.1%
5.0%
19.2%
The macroeconomic assumptions used in the projections (GDP growth, inflation, etc.) were
based on the Focus report from the Central Bank.
50
December 31, 2015
EBITDA compound annual growth rate
The EBITDA compound annual growth rate for the first five years was determined based on
historical performance and on Management’s expectation for the market development, taking
into consideration the following main aspects:
(i) variation in sales of vehicles based on the GDP variation;
(ii) average rate of financing transactions as a proportion of vehicles sales of 28.7%;
(iii) price adjustments according to the inflation projected (IGP-M);
Perpetuity growth rate
A perpetuity nominal growth rate of 5% was used.
Discount rate
The discount rate for the financing segment is a pretax rate and was estimated based on the
Company’s weighted average cost of capital adjusted (i) to reflect a capital structure with no
financial leverage, based on the profile of entities within this sector and on the business model
and (ii) to reflect specific risks in relation to this operating segment.
The recoverable value of the segment based on its value in use surpassed its carrying value by
R$247,687 (2014 – R$415,264). The following individual changes in the main assumptions used
in the value in use determination would have been required in order for the value in use to be
equal to the carrying value:
(i) reduction in the perpetuity growth rate from 5.0% to 3.4%;
(ii) increase in the pretax discount rate from 19.2% to 20.8%;
(iii) reduction in the EBITDA compound annual growth rate from 16.1% to 12.4%.
The Management does not expect that the above changes materialize in a 12-month’s horizon.
8
Investment in subsidiaries and associates
a. Investment in subsidiaries
Cetip Lux S.à.r.l. (“Cetip Lux”)
Company’s interest on the voting and paid-in capital
51
December 31,
2015
CETIP
December
31, 2014
100%
100%
December 31, 2015
Cetip Lux is a private limited liability company incorporated on July 7, 2014 and based in
Luxembourg. Cetip Lux's business purpose is the acquisition of equity in any companies or
businesses established in any form and fundraising activities.
Changes in the investment
Cetip Lux
Equity method – Net income
Equity method - Foreign exchange variation on investment
553,066
14,522
260,106
827,694
December 31,
2015
CETIP
December
31, 2014
100%
100%
Cetip Info Tecnologia S.A. (“Cetip Info”)
Company’s interest on the voting and paid-in capital
Cetip Info is a corporation incorporated on March 13, 2008 and headquartered in Santana de
Parnaíba, in the Estate of São Paulo. Cetip Info's business involves: the provision of data
processing services and management of computer systems; advice and commercial
representation on its own behalf or for third parties, and business intermediation in general,
except in the area of real estate; and participation in the capital of other companies, whether in
the same area of activity or not.
Cetip Info
Equity method
Dividends Distributed
69,575
18,687
(4,648)
83,614
52
December 31, 2015
b. Investment in associate
December 31,
2015
CETIP
December 31,
2014
42,189
22,709
19,480
11,479
10,656
823
57,208
6,127
20%
30,710
34,292
15,943
18,439
8,400
8,400
48,677
3,569
20%
25,892
6,143
5,178
Rede de Telecomunicações para o Mercado Ltda.
("RTM")
Total assets (a)
Current assets (a)
Non-current assets (a)
Total liabilities (a)
Current liabilities (a)
Non-current liabilities (a)
Net revenues (b)
Net income for the period (b)
Company’s interest in the voting and paid-in capital
Adjusted quotaholders’ equity (a)
Investment in associate
(a) Assets, Liabilities and Adjusted Quotaholders’ Equity as at November 30, 2015 and
November 30, 2014, respectively. The difference in the reporting dates of the associate’s
financial statements used in the application of the equity method results from lack of
compatibility between the reporting schedules of the Company and its associate.
(b) Net revenues and net income for the period from December 1, 2014 to November 30, 2015
and December 1, 2013 to November 30, 2014, respectively.
RTM is a private communications network that was specially created for the financial services
sector, connecting about 500 institutions and 25 information/service providers in a single
operational system. RTM manages data, voice and image services, and develops specific
solutions for the financial services sector.
RTM
Equity method
5,178
1,226
(261)
6,143
53
December 31, 2015
9
CETIP
Additions
Disposals / write off
Transfers
Depreciation
Total cost
Accumulated depreciation
Average annual depreciation rates
Consolidated
Additions
Transfers
Depreciation
Total cost
Average annual depreciation rates
Land
Buildings,
improvements
and facilities
Machinery and
equipment
IT equipment
Operating
systems and
programs
Other
Property and
equipment in
progress
Vehicles
Total
4,215
11,682
2,266
28,094
885
205
1,328
1,228
49,903
-
319
(2,884)
5,044
(1,075)
283
(311)
(221)
(445)
3,842
(41)
1,496
(9,059)
(703)
(20)
(72)
29
(226)
1,067
(269)
8,390
(7,386)
-
12,863
(3,482)
(11,623)
4,215
13,086
1,572
24,332
182
113
1,929
2,232
47,661
4,215
-
25,204
(12,118)
5,076
(3,504)
72,283
(47,951)
14,099
(13,917)
209
(96)
3,409
(1,480)
2,232
-
126,727
(79,066)
-
9.2%
12.1%
19.6%
5.7%
20.0%
9.8%
-
4,215
11,698
2,271
28,094
885
205
1,335
1,228
49,931
-
319
(2,884)
5,044
(1,076)
283
(311)
(221)
(446)
3,842
(41)
1,496
(9,059)
(703)
(20)
(72)
29
(226)
1,067
(271)
8,390
(7,386)
-
12,863
(3,482)
(11,627)
4,215
13,101
1,576
24,332
182
113
1,934
2,232
47,685
4,215
-
25,224
(12,123)
5,086
(3,510)
72,283
(47,951)
14,099
(13,917)
209
(96)
3,423
(1,489)
2,232
-
126,771
(79,086)
-
9.2%
12.1%
19.6%
5.7%
20.0%
9.8%
-
54
December 31, 2015
10
Intangible assets
CETIP
Additions
Transfers
Amortization
Total cost
Accumulated amortization
Average annual amortization rates
Consolidated
Additions
Transfers
Amortization
Total cost
Average annual amortization rates
Goodwill
Contractual relations
Systems and
software acquired
Systems and software developed
internally
Systems and software
under development
1,221,045
680,439
33,523
45,887
44,185
150
2,025,229
-
(48,986)
16,931
(36)
2,020
(13,758)
1,206
53,617
(15,456)
58,426
(55,637)
-
-
76,563
(36)
(78,200)
1,221,045
631,453
38,680
85,254
46,974
150
2,023,556
1,221,045
-
876,384
(244,931)
93,581
(54,901)
133,346
(48,092)
46,974
-
150
-
2,371,480
(347,924)
-
5.6%
24.2%
17.5%
-
-
1,221,045
720,731
33,523
45,887
44,185
152
2,065,523
-
(51,930)
16,931
(36)
2,020
(13,758)
1,206
53,617
(15,456)
58,426
(55,637)
-
-
76,563
(36)
(81,144)
1,221,045
668,801
38,680
85,254
46,974
152
2,060,906
1,221,045
-
928,449
(259,648)
93,581
(54,901)
133,346
(48,092)
46,974
-
152
-
2,423,547
(362,641)
-
5.6%
24.2%
17.5%
-
-
Others
Total
The annual impairment tests in the financing segment (cash-generating unit) did not reveal that it needs of adjustments to the value of goodwill or the amount of contractual
relations.
55
December 31, 2015
11
December
31, 2015
CETIP
December
31, 2014
Provision for vacation and social
charges
INSS payable
FGTS payable
Provision for profit sharing
Other
11,756
5,759
688
40,504
9,343
10,165
4,407
601
35,575
5,548
11,885
5,783
695
40,680
9,368
10,238
4,482
607
35,804
5,551
Total
68,050
56,296
68,411
56,682
12
Taxes payable
PIS and COFINS payable
ISS payable
Income tax withheld payable (IRRF)
Other
Total
Consolidated
December
December
31, 2015
31, 2014
December
31, 2015
CETIP
December
31, 2014
9,011
3,070
5,538
417
7,363
2,185
4,888
318
9,088
3,111
5,567
417
7,474
2,207
4,904
317
18,036
14,754
18,183
14,902
56
Consolidated
December
December
31, 2015
31, 2014
December 31, 2015
13
Contingent assets and liabilities and legal obligations
The Company is party to judicial and administrative proceedings arising from the ordinary
course of its business, involving tax, labor, civil and other matters.
a. Contingent assets
The Company does not have any contingent assets recorded in its balance sheet, not does it
currently have lawsuits which are expected to give rise to future gains, being assessed as either
probable or almost certain to have a favorable outcome.
b. Contingent liabilities
Based on information from its legal advisors, analysis of the pending legal proceedings and, in
the case of labor claims, also analysis of past losses and amounts claimed, Management
recorded provisions for amounts considered sufficient to cover possible losses from the current
claims
The provisions for cases in which the chances of loss are considered probable mainly consist of
the following:
i. Labor contingencies – consist mainly of employees' claims linked to disputes about the
amount of indemnities paid on dismissal.
ii. Lawyers’ fees – provision to cover costs incurred in respect of lawyers’ fees, mainly related
to the ISS proceeding described in item f. below.
iii. Civil lawsuit – consists only in a bankruptcy lawsuit, in which request is made to reimburse
shares previously canceled by the trustee in the bankruptcy procedures, pending conclusion
in Brazil Supreme Court and whose execution is in progress.
c. Legal obligations
Relate to legal cases started by CETIP Association and its successor, CETIP, in which the
applicability of certain specific taxes is being challenged. The table below summarizes the
amount of these legal obligations (presented net of the correspondent judicial deposits).
57
December 31, 2015
CETIP and Consolidated
December 31,
December 31,
2015
2014
COFINS on revenues (i)
(-) Judicial deposits
10,651
(10,651)
-
COFINS on other income (ii)
944
(944)
-
ISS (iii)
90,748
(89,172)
1,576
10,651
(10,651)
944
(944)
73,315
(71,765)
1,550
i. Lawsuit filed in August 2004 against the Federal Government applying for the classification
of CETIP Association operating income in clause X of article 14, of Provisional Measure 2,15835/2001, thus acknowledging the Association's exemption from COFINS. COFINS on
revenues started to be paid normally from July 2008, following the demutualization of CETIP
Association (succeeded by CETIP).
ii. Lawsuit filed in November 2005 against the Federal Government applying for exemption
from COFINS on other income (mainly financial income). In its judgment of Extraordinary
Appeals 346084, 357950, 358273 and 390840, the Federal Supreme Court declared
paragraph 1, of article 3, of Law 9,718/98 unconstitutional. The deposits ceased to be made
in August 2008, following the demutualization of CETIP Association (succeeded by CETIP).
iii. Lawsuits filed applying for the non-incidence of ISS on revenues from custody, registration
and other services, as these were not included in the list of services attached to Decree-Law
406/68. Judicial deposits have been made for the ISS which is the subject of these lawsuits,
based on preliminary injunctions granted.
58
December 31, 2015
d. Changes in balances
Additions / (reversals)
Judicial deposits (item c)
Civil
obligations
Total
Labor
Lawyers’
fees
Legal
obligations
100
1,380
1,550
1,506
4,536
107
212
17,432
1,052
18,803
-
-
(17,406)
-
(17,406)
207
1,592
1,576
2,558
5,933
e. Possible losses not provided for on the balance sheet
The Company is party to tax, civil and labor claims, involving risks of loss assessed by
management as possible based on the position of its legal advisers, for which no provision has
been made.
The main proceedings assessed as having a possible chance of loss consist of:
i.
Claims related to cancellation of quotas - As the successor of CETIP Association, CETIP is
involved in disputes relating to the cancellation of certain participants’ quotas. As at
December 31, 2015 there were 20 outstanding cases, representing an estimated
contingency of R$10,780, for which there is a possible chance of loss (December 31, 2014 –
R$10,780). During the year ended December 31, 2015 there were no new events.
ii. Assessments issued against CETIP Association by the Brazilian Federal Revenue on July 13,
2009 and on August 18, 2010 related to payment of the difference in respect of COFINS,
including fines and interest, between the cumulative (3%) and noncumulative bases (7.6%
minus credits) for the period from August 1, 2004 to September 30, 2008, with an updated
value amounting to R$34,580 as at December 31, 2015 (December 31, 2014 – R$32,588).
These assessments are directly related to the proceedings described in item c. i. above, in
which full exemption from the respective tax is being claimed. The assessment notices
resulting from the tax inspection have been contested before the administrative courts. A
first degree ruling recognized CETIP Association as exempt from COFINS over its operating
income. In November 2010 the company was informed that the appeal brought by the
Federal Union was dismissed and denied the 1st degree ruling being maintained. During the
period ended December 31, 2015 there were no new events.
59
December 31, 2015
iii. There were 11 outstanding labor lawsuits, representing an estimated contingency of
R$6,084, for which there is considered to be a chance of loss. The company is the main
defendant in 9 of these cases and subsidiary liable in the other cases. In summary, the
employees claim that their labor rights were not complied with. (December 31, 2014 – 8
cases, whose the amount was R$1,922).
f. Remote losses
As at December 12, 2003 the Municipal Finance Office of the city of São Paulo issued a number
of assessments against CETIP Association, demanding payment of ISS to that municipality
amounting to R$9,702. As at December 31, 2015, the updated value of these assessments was
R$79,574 (2014 – R$68,955). Given that the Company’s headquarters is in Rio de Janeiro, where
all the services from the securities unit were rendered to the participants and where the ISS is
calculated and paid, and that only support areas were maintained in the city of São Paulo, as
well as taking into account the opinion of its legal advisors, Management considers that the
chance of loss in this cause is remote and as such, no provision for loss has been recorded in
this quarterly information. At December 15, 2011, a 1st degree sentence was given in favor of
CETIP Association, determining the cancellation of all the assessments issued.
14
Debentures, loans and finance lease obligations
Current
Debentures – 2nd series (a)
Banking loans (b.i)
Loans with subsidiary (b.ii)
Other loans and finance lease obligations (b.iii)
Non-current
Banking loans (b.i)
Loans with subsidiary (b.ii)
Total borrowings
60
December 31,
2015
CETIP
December 31,
2014
21,431
3,105
3,508
1,704
17,427
2,215
1,708
29,748
21,350
498,849
381,680
1,214,393
5,866
498,175
815,719
7,578
2,100,787
1,321,472
2,130,536
1,342,822
December 31, 2015
Current
Banking loans (b.i)
Non-current
Banking loans (b.i)
Total borrowings
a.
December 31,
2015
Consolidated
December 31,
2014
21,431
5,409
1,704
17,427
899
1,709
28,544
20,035
498,849
769,153
5,866
498,175
263,575
7,578
1,273,868
769,328
1,302,412
789,363
Debentures – 2nd series
At the Board meeting held on August 6, 2014, the 2nd issue of ordinary Company’s debentures
was approved. These debentures are not convertible into shares, unsecured, in a single series
and in the amount of R$500,000, and were subject to a public offering with restricted
placement efforts, pursuant to CVM Instruction 476/09. The net proceeds from the issuance
were used to early redeem the debentures of the first issue of the Company, as well as to
strengthen the Company's cash position.
The Debentures have a term of three years from the issuance date, maturing on September 12,
2017, and accrue remuneration equivalent to the accumulated variation of 106.65% of the
interbank rate (DI).
The deed of issue establishes certain conditions. Non-compliance with these conditions may
result in the early maturity of the debentures. Among these conditions are the following:
(a) maintenance of a maximum financial leverage index (ratio of net debt divided by EBITDA),
measured quarterly, equal to or below 2.50 times;
(b) maintenance of an interest coverage index (ratio of EBITDA divided by interest financial
expenses), measured quarterly, equal to or above 3.0 times.
61
December 31, 2015
As at December 31, 2015 and 2014, the Company did not have any cases of non-compliance
with the conditions established in the deed of issue.
b.
Loans
i. Bank loans
During the quarter ended March 31, 2015, the Company entered into a new bank loan
amounting to US$100 million, under the terms of Law 4,131.
The loan has a term of two years, with principal amortization in January 2017.The interest rate
on the loan is 1.57% per annum and interest payments will occur every six months.
In order to cover the foreign exchange risk of this transaction, the Company entered into a new
swap transaction with the creditor bank basically exchanging its liability in dollars at a fixed rate
by a liability denominated in reais and indexed to a percentage of the CDI variation.
As a guarantee of the obligations related to the loan, the Company has given as collateral
investments in Bank Deposit Certificates (CDBs) whose value amounted to R$73,239 on
December 31, 2015, and the fiduciary assignment of receivables arising from the swap
agreement entered into between the parties.
The fair value of the loan transactions and derivatives was determined using a discounted cash
flow based on discount rates obtained through future interest curves in reais and dollars on the
last market day
On December 31, 2015, the amortized cost of the loan amounted to R$393,585 and its fair
value R$384,785. The fair value of the derivative transaction amounted to R$109,091.
During 2014, Cetip Lux obtained a bank loan amounting to US$100 million, which is guaranteed
by the Company.
The loan has a term of four years, with principal amortization in the amount of US$50 million in
August 2017 and the remaining balance in August 2018.
The interest rate on the loan is approximately 2.64% per annum and interest payments occur
on a quarterly basis.
On December 31, 2015, the carrying value of the loan amounted to R$774,562 (2014 –
R$264,474).
62
December 31, 2015
ii. Loans with subsidiary
During the quarter ended December 31, 2015, the Company early repaid a part of the principal
in the amount of US$56,100 million with its subsidiary, Cetip Lux, and obtained a loan from the
same subsidiary in the amount of US$60,000 million. The total of loans in December 31, 2015
was US$311 million.
The loan has a term of four years, with principal amortization in the amount of US$253 million
in August 2018 and the remaining balance in December 2020. The interest rate on the loan is
from 2.64% to 3.23% per annum and interest payments occur on a quarterly basis.
On December 31, 2015, the carrying value of the loan amounted to R$1,217,901 (2014 –
R$817,934).
iii. Other loans and finance lease obligations
During 2012, CETIP obtained from Financiadora de Estudos e Projetos ("FINEP") the approval for
a loan to partially finance the costs incurred in the preparation of a project for the development
of systems for processing and managing data related to liens in vehicles and real estate.
The financing contract establishes R$11,782 will be fully paid by 2020. The loan had a grace
period of amortization for the first 20 months and bears interest of 4% per annum on the
outstanding balance, amortized on a monthly basis.
As at December 31, 2015, the carrying value of this loan amounted to R$7,570 (2014 –
R$9,286).
15
a. Capital
As at December 31, 2015, capital consisted of 262,978,823 common registered shares, with no
par value (December 31, 2014 – 262,345,819 common registered shares, with no par value).
As at December 31, 2015 there were 3,162,763 common shares held in treasury (December 31,
2014 - 18 common shares held in treasury).
CETIP is authorized to increase its share capital up to the limit of 300 million common shares,
regardless of any statutory amendment, by means of a decision by the Board of Directors.
63
December 31, 2015
b. Share buyback program
At the meeting held on March 4, 2015, with the objective of maximizing value generation to the
shareholders through an efficient management of capital structure, the Board of Directors
approved a new Share Buyback Program, with deadline for executing transactions of up to 365
days, ending on March 3, 2016.
The number of shares that may be acquired by the Company is up to 5.4 million shares,
representing 2.13% of the total outstanding shares in the market on the date the program was
approved.
The shares acquired under the Share Buyback Program may be canceled or used in connection
with the exercise of stock options by the beneficiaries of CETIP’s Stock Option Plans.
The table below shows the amount of shares acquired and the changes in treasury shares in
2015:
Shares acquired – Share buyback program
Disposal shares - stock options exercised
Average cost of treasury shares (R$ per share)
Market value of treasury shares
Number
Amount
18
-
4,349,100
(1,186,355)
143,197
(38,695)
3,162,763
104,502
33.04
118,604
As of the date of approval of these financial statements, the Company didn’t acquired more
shares.
c.
Capital reserves
These reserves mainly consist of: (i) reserve resulting from the appropriation of expenses
incurred under the Company’s stock option plans (Note 23c) and (ii) capital reserve resulting
from the shares issued in favor of the former shareholders of GRV.
64
December 31, 2015
d. Legal reserve
The legal reserve is adjusted annually based on 5% of net income for the year and cannot
exceed 20% of capital, in accordance with the Corporation Law. At the Company’s discretion,
the legal reserve may be waived in financial years where the balance of the said reserve plus
the capital reserves exceeds 30% of the share capital. The purpose of the legal reserve is to
ensure the integrity of share capital. The legal reserve can only be used to offset losses and
increase capital.
e. Statutory reserve
According to a statutory provision, the entire net income remaining after (i) the allocation to
the legal reserve and (ii) the appropriation for the payment of the minimum mandatory
dividend, will be allocated for the establishment of a statutory reserve that could be used for
investments and to compose funds and mechanisms necessary for the proper development of
the Company's activities. The total value of the statutory reserve may not exceed the
Company’s capital.
If the Board considers the level of the statutory reserve sufficient for its purposes, it may
propose to the General Meeting that: (i) in a given fiscal year, a percentage of the net income
lower than that established in the bylaws is allocated for the formation of such reserve; and/or
(ii) propose that part of the amounts of that reserve is reversed and distributed to the
shareholders of the Company.
f.
Dividends and interest on own capital
Pursuant to the Company’s bylaws, the shareholders are entitled to dividends and/or interest
on own capital at a minimum percentage of 25% of the net income for the year, adjusted in
accordance with the Corporation Law.
In accordance with Law 9249/95, the Company's management approved during the periods of
2015 and 2014, the distribution to its shareholders of interest on own capital, calculated based
on the Long-term Interest Rate (TJLP), ascribing them to the minimum mandatory dividend. In
compliance with the applicable tax legislation, the amount of interest on own capital of
R$94,891 (2014 – R$81,301) was recorded as a financial expense. However, for the purposes of
this quarterly information, interest on own capital is presented as a distribution of net income
for the period, and is therefore deducted from shareholders' equity, at the gross amount, since
the tax benefits it has generated are recorded in the statement of income for the period.
In addition, in May 2015, August 2015 and November 2015 the Board approved the distribution
of interim dividends for the quarter ended March 31, 2015, June 30, 2015 and September 30,
2015 in the amount of R$ 80,599, R$78,065 and R$86,417, respectively.
65
December 31, 2015
Gross
amount
2014
JCP – Board Meeting 03/25/14 – R$0.0799 gross per share paid on 04/09/14
Interim Dividends
Dividends – Board Meeting 05/07/14 – R$0.2073 gross per share paid on 07/08/14
Dividends proposed
Dividends – Board Meeting 03/04/15 – R$ 0.1858 per share* to be paid on
05/11/05
Total relating to 2014
20,835
20,011
19,984
20,471
54,152
54,595
61,110
48,842
300,000
2015
Interim Dividends
Dividends proposed
Dividends – Board Meeting 03/02/16 – R$ 0.3194 per share* to be paid on
05/09/16
Total relating to 2015
22,054
22,791
24,211
25,835
80,599
78,065
86,417
82,992
422,964
(*)The value per share of dividends is subject to changes due to possible capital increases that
may occur until the Annual General Meeting.
Dividends that exceed the minimum mandatory are only recognized as liabilities at the date of
approval at the General Meeting by the shareholders, according to CPC 24 - Subsequent Events
and ICPC 08 - Accounting for the proposal for payment of dividends. Until the date of approval
at the General Meeting, dividends exceeding the minimum mandatory are only segregated
within shareholders' equity.
66
December 31, 2015
The proposal of dividends relating to 2015 recorded in the Company's financial statements,
subject to approval of the shareholders at the General Meeting, calculated under the terms of
the Brazilian Corporation Law, is as follows:
Proposal of net income allocation
2014
Net income for the year
Allocation to legal reserve
497,606
(*)
Dividend calculation base
497,606
31
Balance of retained earnings to be allocated
497,637
Dividends and gross interest on own capital
Allocation to statutory reserve
(422,964)
(74,673)
Balance to be allocated
-
Proposal of dividends
Net interest on own capital ascribed to dividends
Mandatory minimum dividend
Additional dividends
80,657
43,744
284,329
Net amount to be distributed
Percentage over the dividend calculation base
408,730
82.1%
Gross amount to be distributed
Percentage over the dividend calculation base
422,964
85.0%
(*) Allocation to legal reserve not required as the balance thereof plus the capital reserves is
greater than 30% of the share capital.
67
December 31, 2015
16
Earnings per share
a. Basic
Basic earnings per share is calculated by dividing the net income attributable to the Company’s
shareholders by the weighted average number of common shares issued during the period,
excluding the common shares held in treasury.
2015
2014
Numerator
Net income
497,606
427,119
Denominator
Weighted average number of shares in circulation (in thousands)
261,162
261,326
1.9054
1.6344
Basic earnings per share (in R$)
b.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of common
shares in circulation, to assume the conversion of all potential common shares dilutive. The
Company has only one category of potential common shares dilutive which are the stock
options. For the stock options, a calculation is carried out to determine the amount of shares
that could have been acquired at fair value (determined as the average market price of the
Company’s shares), based on the value of the subscription rights linked to the options to
purchase shares in circulation. The amount of shares calculated in this way is compared to the
amount of shares issued, assuming the stock options are exercised.
2015
2014
Numerator
Net income
497,606
427,119
Denominator
Weighted average number of shares in circulation adjusted by
the effects of the stock options plans (in thousands)
262,169
262,309
1.8980
1.6283
Diluted earnings per share (in R$)
68
December 31, 2015
17
Cetip
Consolidated
2015
2014
2015
2014
1,328,785
950,495
121,908
392,086
189,830
150,214
96,457
1,187,351
786,642
119,056
286,476
178,028
119,263
83,819
1,363,074
950,495
121,908
392,086
189,830
150,214
96,457
1,222,858
786,642
119,056
286,476
178,028
119,263
83,819
378,290
170,398
162,508
400,709
189,619
175,960
412,579
170,398
162,508
436,216
189,619
175,960
40,996
4,388
31,478
3,652
75,285
4,388
66,985
3,652
Deductions
Taxes on services rendered
Other deductions (b)
(231,467)
(143,521)
(87,946)
(200,341)
(119,836)
(80,505)
(237,644)
(144,840)
(92,804)
(206,973)
(121,163)
(85,810)
1,097,318
987,010
1,125,430
1,015,885
Gross revenue from services
Securities segment
Registration fees
Custody fees
Monthly utilization
Transaction fees
Other revenues from services (a)
Financing segment
SNG
Sircof
Market data and solutions
development
Other revenues from services
(a) Other revenues from services in the securities segment mainly comprise: (i) interbank
financial transfers processing services in the amount of R$38,257 in 2015 (2014 - R$39,046)
and (ii) fees on repurchase agreements, definitive transactions and electronic platform in
the amount of R$46,272 in 2015 (2014 – R$35,447).
(b) Other deductions are mainly related to commercial discounts given.
69
December 31, 2015
18
CETIP
Consolidated
2015
2014
2015
2014
Auditors', consultants' and lawyers' fees
Systems maintenance and support services
Maintenance and cleaning of premises
Maintenance of machinery and equipment
Reception, security and surveillance
Media relations and marketing
Recruitment and selection
FENASEG, accreditation and
database queries fees
Other services
21,662
18,370
1,728
1,567
874
1,329
828
23,217
13,388
1,386
2,025
716
1,476
1,278
21,707
18,370
1,732
1,567
874
1,329
828
23,448
13,388
1,390
2,025
716
1,476
1,278
40,439
8,863
30,514
7,954
44,741
8,904
35,696
8,029
Total
95,660
81,954
100,052
87,446
19
CETIP
Property rent
Contributions to associations
Travel and accommodation
Telecommunications
Condominium
Electricity
Events
Stationery
Administrative expenses - Previma
Insurance
Sponsorships
Postal and courier expenses
Legal expenses
Publicity
Other expenses
Total
Consolidated
2015
2014
2015
2015
5,435
682
2,765
9,959
2,411
1,934
2,921
636
597
381
4,398
890
742
4,602
1,762
5,606
804
2,502
9,013
1,997
1,158
5,392
603
616
381
3,534
852
708
6,781
1,187
5,537
682
2,765
9,962
2,416
1,934
2,922
636
597
381
4,398
890
748
4,602
1,761
5,693
804
2,502
9,017
2,001
1,158
5,392
603
616
381
3,690
852
708
6,781
1,032
40,115
41,134
40,231
41,230
70
December 31, 2015
20
Financial results
CETIP
Consolidated
2015
2014
2015
2014
Financial income
Interest on available for sale and held to
maturity financial assets
Changes in fair value of financial assets
measured at fair value through profit or loss
Foreign exchange variation on loans
Changes in fair value of financial liabilities
324,177
57,172
294,476
59,069
26,890
10,379
26,890
10,379
92,440
70,848
46,008
-
97,231
34,567
47,853
-
(1)
20,303
112,976
-
20,303
112,976
-
(1,015)
1,735
785
(1,015)
3,524
837
(721,151)
(69,076)
(35,275)
(585,169)
(206,601)
(69,196)
(2,753)
(7,853)
(124,613)
(405,904)
(69,076)
(16,825)
(287,816)
(117,760)
(69,196)
(2,753)
(3,429)
(40,184)
(11,503)
(16,466)
-
(11,503)
(16,466)
-
(57)
(3,019)
(586)
(1,815)
(371)
(57)
(3,019)
(1,142)
(1,815)
(383)
(396,974)
(149,429)
(111,428)
(58,691)
Gains on derivatives
Net loss on disposal of available for sale
financial assets
Other financial income
Financial expenses
Interest on debentures
Premium on debentures
Interest on loans and finance leases
Foreign exchange variation on loans
Changes in fair value of financial liabilities
(1)
Losses on derivatives
Tax on credit, exchange and insurance
transactions – IOF
Tax on financial income
Other financial expenses
Financial result
(1)
Changes in the fair value of financial liabilities measured at fair value through profit or loss are mainly
attributable to changes in market conditions, with no significant effect attributable to changes in the
Company’s credit risk during the period.
71
December 31, 2015
21
a. Deferred income tax and social contribution
December, 31
2015
Consolidated
December, 31
2014
Deferred tax asset
Provision for contingencies and legal obligations
Provision for profit sharing
Deferred revenue
Foreign exchange losses
Adjustment to fair value of financial instruments
Other temporary differences
30,918
25,018
185,489
7,269
8,970
24,524
27,109
43,610
304
3,069
Total deferred tax asset
257,664
98,616
Deferred tax liability
Revaluation of property and equipment
Review of estimated useful lives
Research and development regarding technological
innovation
Transaction costs - debentures
Goodwill – expected future earnings
Gains on derivatives
Adjustment to fair value of financial instruments
(1,641)
(6,677)
(1,685)
(5,399)
(13,479)
(391)
(50,787)
(277,540)
(40,052)
(2,992)
(570)
(8,795)
(621)
(54,748)
(222,335)
(39)
(779)
Total deferred tax liability
(394,129)
(294,401)
Total net
(136,465)
(195,785)
b. Changes in balances
Deferred assets
Deferred
liabilities
Net
(Debited) credited to the
statement of income
(Debited) credited to
other comprehensive income
98,616
(294,401)
(195,785)
159,844
(104,594)
55,250
(796)
4,866
4,070
257,664
(394,129)
(136,465)
72
December 31, 2015
c.
Reconciliation of the income tax and social contribution expense
The reconciliation between the income tax and social contribution at the nominal and effective
rates is shown below:
2015
CETIP
2014
556,402
553,000
34.0%
34.0%
(189,176)
(188,020)
12,602
88,393
(929)
5,237
32,263
(7,207)
24
7,887
28,664
(170)
3,840
27,642
(5,611)
(113)
Income tax and social contributions on net income
for the period
(58,793)
(125,881)
Income tax and social contributions - effective rate
11.0%
23.0%
(118,925)
60,132
(106,088)
(19,793)
Income tax and social contributions - nominal rate
Income tax and social contributions at the nominal rate
Adjustments for the calculation at the effective rate
Equity income
Foreign exchange variation on offshore investment
Profit on tax effect abroad
Tax incentives
Non-deductible expenses
Others
Current
Deferred
73
December 31, 2015
2015
Consolidated
2014
567,165
558,134
34.0%
34.0%
(192,835)
(189,766)
327
88,393
5,237
32,263
(7,206)
245
28,664
3,840
27,642
(5,611)
4,238
24
4,084
(113)
Income tax and social contributions on net income
for the period
(69,559)
(131,015)
Income tax and social contributions - effective rate
12.0%
24.0%
(129,054)
59,495
(111,193)
(19,822)
Income tax and social contributions - nominal rate
Income tax and social contributions at the nominal rate
Adjustments for the calculation at the effective rate
Equity income
Foreign exchange variation on offshore investment
Tax incentives
Non-deductible expenses
Difference between the (taxable profit) tax regime and
(presumed profit) tax regime
Others
Current
Deferred
74
December 31, 2015
22
Related party transactions
a. Balances and transactions performed with related parties
Transactions between related parties are carried at amounts, terms and usual market rates
prevailing on the respective dates and at arm's length conditions.
Cetip Lux
Loans and interest
payables
Interest expenses
December 31,
2015
Assets/(Liabilities)
December, 31
2014
(1,217,901)
(817,934)
Assets/(Liabilities)
December 31,
December 31,
2015
2014
RTM
Accounts payable
Telecommunications
services
(217)
Revenue /(Expenses)
2015
2014
(28,690)
(6,888)
Revenue /(Expenses)
2015
2014
(2,805)
(2,066)
(211)
The terms and conditions of the transactions with the subsidiary, Cetip Lux, are detailed in Note
14.b.ii.
b. Board of Directors, Committees and Executive Board members’ remuneration
The remuneration paid or accrued to the members of the Board of Directors, Committees and
Executive Board during the period is as follows:
2015
2014
Short-term benefits (salary, profit sharing,
bonuses, etc.)
29,558
27,895
Board and committee members’
2,268
2,178
Post-employment benefits
558
452
Share-based incentives with no
cash disbursement (a)
7,590
9,881
(a) Represents the expense incurred on stock options granted to key management personnel
and recognized during the period in accordance with the criteria described in Note 23c.
75
December 31, 2015
23
Employee benefits
a. Supplementary pension
CETIP is the sponsor of a supplementary pension plan for its employees, which is a defined
contribution plan administrated by Itaú and previously administrated by PREVIMA. The
Company contributed a total of R$2,985 in 2015 (2014 – R$2,764).
b. Profit sharing program
CETIP has a Profit Sharing Program based on annual targets. The 2015 Profit Sharing Program
provision recorded under personnel expenses in the consolidated statement of income was
R$40,600 in 2015 (2014 – R$31,983).
c. Share based incentives
The table below provides details of all options granted under the Company’s stock option plans:
76
December 31, 2015
Details of the options granted
Plan/Program
2009/1st
2009/1st
2009/1st
2009/1st
2009/2nd
2009/2nd
2009/2nd
2009/2nd
2009/3rd
2009/3rd
2009/3rd
2009/3rd
2009/4th
2009/4th
2009/4th
2009/4th
2009/5th
2009/5th
2009/5th
2009/5th
2009/6th
2009/6th
2009/6th
2009/6th
Vesting date
06/24/10
06/24/11
06/24/12
06/24/13
06/30/11
06/30/12
06/30/13
06/30/14
12/31/11
12/31/12
12/31/13
12/31/14
03/31/12
03/31/13
03/31/14
03/31/15
09/30/12
09/30/13
09/30/14
09/30/15
09/01/13
09/01/14
09/01/15
09/01/16
Expiration date
06/24/15
06/24/16
06/24/17
06/24/18
06/30/16
06/30/17
06/30/18
06/30/19
12/31/16
12/31/17
12/31/18
12/31/19
03/31/17
03/31/18
03/31/19
03/31/20
09/30/17
09/30/18
09/30/19
09/30/20
09/01/18
09/01/19
09/01/20
09/01/21
Exercise price
(in reais)(1)
4.06
4.06
4.06
4.06
11.81
11.81
11.81
11.81
17.09
17.09
17.09
17.09
19.46
19.46
19.46
19.46
18.98
18.98
18.98
18.98
20.39
20.39
20.39
20.39
Granted
1,561,801
1,561,801
1,561,801
1,561,802
250,000
250,000
250,000
250,000
46,875
46,875
46,875
46,875
8,925
8,925
8,925
8,925
700,000
700,000
700,000
700,000
40,000
40,000
40,000
40,000
Exercised
1,561,801
1,561,801
1,436,801
1,336,802
250,000
237,500
237,500
237,500
46,875
46,875
46,875
46,875
8,100
7,675
7,675
5,175
650,000
625,000
625,000
375,000
-
77
Cancelled /
Expired
125,000
200,000
12,500
12,500
12,500
825
1,250
1,250
1,250
25,000
50,000
50,000
300,000
40,000
40,000
40,000
40,000
Outstanding
25,000
2,500
25,000
25,000
25,000
25,000
-
Fair value
(in reais)(2)
2.09
2.19
2.34
2.47
5.87
6.38
6.82
7.26
10.34
11.33
12.05
12.70
11.73
12.96
13.83
14.61
9.28
10.29
10.97
11.67
8.63
10.89
11.73
12.41
December 31, 2015
Plan/Program
Vesting date
Expiration date
2010/1st
2010/1st
2010/1st
2010/1st
2010/2nd
2010/2nd
2010/2nd
2010/2nd
12/31/11
12/31/12
12/31/13
12/31/14
02/06/13
02/06/14
02/06/15
02/06/16
12/31/16
12/31/17
12/31/18
12/31/19
02/06/18
02/06/19
02/06/20
02/06/21
2012/1st
2012/1st
2012/2nd
2012/3rd
2012/3rd
2012/4th
2012/5th
2012/6th
2012/6th
2012/7th
2012/8th
09/13/14
09/13/15
03/06/16
06/19/15
06/19/16
08/15/17
03/25/17
04/28/16
04/28/17
08/06/17
12/23/17
09/13/18
09/13/18
03/06/23
06/19/19
06/19/19
08/15/23
03/25/24
04/28/20
04/28/20
08/06/24
12/23/24
(1)
(2)
Exercise price
(in reais)(1)
Granted
Exercised
Cancelled /
Expired
Outstanding
Total 2009 Plan
17,09
17,09
17,09
17,09
21,60
21,60
21,60
21,60
Total 2010 Plan
25,54
25,54
24,50
24,13
24,13
22,88
25,00
26,90
26,90
31,81
31,99
Total 2012 Plan
10,430,405
936,659
936,659
936,661
936,661
361,250
361,250
361,250
361,250
5,191,640
222,000
222,000
942,000
8,750
8,750
400,000
1,135,000
262,500
262,500
50,000
1,600,000
5,113,500
9,350,830
857,043
478,446
459,901
455,967
315,000
307,500
278,200
3,152,057
123,000
105,500
8,000
7,750
244,250
952,075
79.616
458.213
476.760
480.694
43.750
47.500
53.750
66.250
1,706,533
46.500
46.500
201.000
30.000
52.500
52.500
429,000
127,500
2.500
6.250
29.300
295.000
333,050
52.500
70.000
733.000
1.000
8.750
400.000
1.105.000
210.000
210.000
50.000
1.600.000
4,440,250
Subject to adjustments, when applicable.
Fair value at grant date.
78
Fair value
(in reais)(2)
10.34
11.33
12.05
12.70
10.97
13.42
14.50
15.35
8.60
11.13
10.43
7.11
8.27
11.61
11.86
9.51
10.97
12.62
13.30
December 31, 2015
During the period ended December 31, 2015, the Company recorded expenses related to the (i)
2009 Plan, in the amount of R$977; (ii) 2010 Plan, in the amount of R$1,390; and (iii) 2012 Plan,
in the amount of R$17,418, charged against capital reserves in shareholders’ equity (2014 – (i)
2009 Plan, in the amount of R$2,763; (ii) 2010 Plan, in the amount of R$4,161; and (iii) 2012
Plan, in the amount of R$9,033).
The expenses were appropriated according to the vesting periods, on the basis that an
estimated 2.5% of the options will not achieve vesting.
As at December 31, 2015 there were (i) 25,000 options under the 2009 Plan/1st Program, (ii)
2,500 options under the 2009 Plan/4th Program, (iii) 100,000 options under the 2009 Plan/5th
Program, (iv) 38,050 options under the 2010 Plan/2nd Program, (v) 122,500 options under the
2012 Plan/1st Program, and (vi) 1,000 options under the 2012 Plan/3rd Program, that could be
exercised.
Assuming that all options are already granted and not yet exercised will be exercised at the end
of the vesting period, the dilution percentage of the current shareholders is 0.59% in 2016 and
1.30% in 2017, totaling a potential dilution of 1.89%.
Options exercised during the quarter
Number of shares
Exercise price
(in reais)(1)
Market price
(in reais)(1)
2009/2nd
10,000
12.65
34.14
2009/3rd
46,875
18.58
34.12
2009/4th
8,025
21.48
36.12
2009/5th
375,000
20.24
34.03
2010/1st
547,885
18.70
34.13
2010/2nd
580,050
23.31
33.76
2012/1st
123,000
22.04
34.79
2012/3rd
7,750
21.39
35.09
Plan/Program
Total
1,698,585
Average weighted price and average weighted share market price on the exercise dates.
(1)
Consolidated changes during the quarter
Outstanding options as at 31 December, 2014
6,605,635
Options exercised
Options canceled/expired
(1,698,585)
(6,250)
Outstanding options at 31 December, 2015
4,900,800
79
December 31, 2015
In addition to stock purchase options plans, in 2013 a performance bonus program indexed to
the Company’s share price was established, with a total global annual amount of R$2,000.
During the quarter ended December 31, 2015, the Company recorded expenses related to the
aforementioned share-based compensation program settled in cash of R$4,387 (2014 –
R$3,448).
24
Financial instruments
Classification
The balances of bank deposits, accounts receivable and other receivables are classified "loans
and receivables". The classification of the financial investments is disclosed in Note 5. The
company has no financial liabilities classified as measured at fair value through profit or loss,
except for the bank loans which are tied to derivatives operations – economic hedge (Note
14.b.i.).
Fair value estimation
CETIP operates with various financial instruments, including cash, financial investments,
accounts receivable from clients, derivatives, accounts payable to suppliers, debentures, loans
and finance leases.
The fair value of the most significant financial instruments, financial investments, debentures
and loans related to derivative transactions, are disclosed in Notes 5, 14.a and 14.b.i.,
respectively.
It is assumed that the carrying value of accounts receivable from clients and accounts payable
to suppliers, less impairment losses, is close to their fair values.
The Company applies CPC 40/IFRS 7 for financial instruments measured at fair value in the
balance sheet, which requires disclosure of fair value measurements in accordance with the
following hierarchy of fair value measurement:
(i)
Level 1 - quoted prices (not adjusted) in active markets for identical assets and liabilities;
(ii)
Level 2 - different inputs when compared to traded prices on active markets (included in
Level 1) that are observable for the asset or liability, either directly (as prices) or indirectly
(derived from prices); and
(iii)
Level 3 - inputs for the asset or liability that are not based on observable market
variables (inputs are unobservable).
The only financial instruments measured at fair value in the balance sheet are financial
investments classified as "measured at fair value through profit or loss" or "available for sale",
by derivative financial instruments and the loans measured at fair value through profit or loss
80
December 31, 2015
which are tied to derivative transactions. Considering that market prices disclosed for
government bonds might involve a particular pricing methodology and not just prices arising
from trades between participants, and the pricing methodology adopted for derivative
instruments and loans measured at fair value, all financial assets are classified as Level 2.
Financial risk management
The management of these financial instruments is carried out by operating certain strategies
and internal controls, aimed to ensure liquidity, profitability and security. The control policy
consists of permanent monitoring of the contracted conditions versus the existing conditions on
the market.
The Company does not make speculative investments or any other risky assets and use
derivatives only for hedging foreign exchange exposure. It is the Company’s policy to invest any
cash surpluses in relatively low-risk investments, which leads to a substantial investment in
federal government bonds yielding the SELIC base interest rate or fixed rates.
a. Credit risk
The credit risk related to collecting participants’ fees is considered to be low, as all participants
are obliged to appoint a liquidator bank when opening their account. Through its bank reserve,
the liquidator bank is liable for the payment of all costs incurred by its client, and is responsible
for passing these costs through to the participant. Withdrawal of the liquidator bank results in
the immediate freezing of the participant's account if it does not appoint a new liquidator bank
by the established deadline. The credit risk of receivables related to services provided by the
financing unit is also considered to be low and historically these receivables have resulted in
minimal default events.
In respect of financial investments and other investments, it is the Company’s policy to deal
with highly-rated institutions and to invest a substantial part of its cash surplus in federal
government bonds.
The carrying value of the financial assets, which includes the balances of cash and cash
equivalents, financial investments (including the investments in federal government bonds),
accounts receivable and other receivables, represents the maximum exposure to the credit risk
as at December 31, 2015 and amounted to R$1,187,097 in the consolidated financial
statements (December 31, 2014 - R$842,336).
81
December 31, 2015
b. Market risk – foreign exchange risk
The Company's exposure to foreign exchange risk arises substantially from its investment in its
offshore subsidiary and loans denominated in US dollars.
Management has a policy for managing the exchange rate risk associated with these positions,
whose main purpose is avoid impacts on income arising from fluctuations in exchange rates.
The table below demonstrates the Company’s net foreign currency position as at December 31,
2015:
Cetip
Consolidated
Assets
Investment in offshore subsidiary
827,694
-
Total Assets
827,694
-
(1,217,901)
(389,777)
(1,217,901)
(389,777)
(390,207)
(389,777)
Liabilities
1. Inter-company loans and loan contracted by
subsidiary, Cetip Lux (notional)
Total Liabilities
Net foreign currency position
Given that, under the tax laws, gains or losses arising from foreign exchange variations on
offshore investments should not be considered in the calculation basis of income tax and social
contribution, a mismatch is held between the assets and liabilities in foreign currency, so that
the result after taxes is not exposed to currency fluctuations (post tax hedge).
The bank loan in the amount of US$100 million was contracted under the terms of Law 4,131
and has an associated cross-currency interest rate swap basically exchanging a liability
denominated in dollars at a fixed rate by a liability in reais indexed to a percentage of the CDI
variation.
c. Market risk – Price risk
Due to the profile of its financial instruments, the Company does not have any significant
exposure to risk of risk of changes in the price of shares and/or commodities.
82
December 31, 2015
d. Market risk – Interest rate risk
The interest rate risk is derived substantially from the Company’s financial investments in fixed
rate instruments measured at fair value, and from financial liabilities indexed to floating rates.
Liabilities indexed at floating rates expose the Company to cash flow risk from interest rates.
Financial investments indexed at fixed rates and measured at fair value expose the Company to
the fair value risk associated with interest rates. The Company continuously monitors market
interest rates in order to monitor its exposure and the need to modify the profile of its financial
instruments.
As at the reporting date, the consolidated profile of the main financial instruments bearing
interest was:
Consolidated
December 31, December 31,
2015
2014
Fixed interest rate instruments
Financial assets
Financial investments
312,242
128,197
Financial liabilities
400,454
273,760
Floating interest rate instruments
Financial assets
Financial investments (1)
Financial liabilities
Debentures issued
Loans and finance lease obligations(2)
738,267
590,348
520,280
275,694
515,602
-
(1)
Despite the fact that investment funds are not interest bearing instruments, these were included together with the
floating interest rate instruments given that their benchmark return is the CDI.
(2) Includes the balances of loans in dollars swapped to real added or deducted from the respective balances of
derivatives operations related to them.
Fair value sensitivity analysis for fixed interest rate instruments
The only fixed interest rate instruments accounted for at fair value are the financial investments
classified as available for sale. These investments are classified as available for sale the table
below shows the gross impact on shareholders' equity resulting from a change in interest rates
applied over the exposure at the reporting date.
As required by CVM Instruction 475/08, the Company has prepared three sensitivity analysis
scenarios. Scenario I uses future market interest rates observed at the reporting date. Scenarios
II and III consider a deterioration of 25% and 50%, respectively, in the risk variable considered.
83
December 31, 2015
Consolidated
Scenarios – impact on equity
NTN-B, LTN and
NTN-F
Risk
Balance at
12/31/15
I
II
III
Increase in
interest rates
264,582
(12,595)
(49,252)
(62,701)
The only financial liabilities with fixed interest rate measured at fair value are bank loans in
dollars swapped to reais. Considering that these loans are associated to derivative transactions,
the table below shows the gross impact on income and shareholders' equity resulting from a
change in interest rates applied to the position of both transactions at the reporting date.
As required by CVM Instruction 475/08, the Company has prepared three sensitivity analysis
scenarios. Scenario I uses future market interest rates observed at the reporting date. Scenarios
II and III consider a deterioration of 25% and 50%, respectively, in the risk variable considered.
Consolidated
Scenarios – impact on income and on
equity
Risk
Hedged (swap)
loan
Derivatives
Total net
Increase in
interest rates
Balance at
12/31/15
I
II
III
(384,785)
8,800
12,771
16,659
109,091
(8,709)
(12,826)
(16,855)
(275,694)
91
(55)
(196)
Cash flow sensitivity analysis for floating interest rate instruments
The floating rate financial instruments are the financial investments, the debentures and the
bank loans in dollars swapped to reais. The table below shows the gross impact in the income
and shareholders' equity for the following quarter, using three scenarios of interest rates
applied over the net exposure as at the reporting date.
Scenario I below uses interest rates projected for the following quarter based on quotes from
the futures’ market at the reporting date plus a spread. Scenarios II and III consider a
deterioration of 25% and 50%, respectively, in the risk variable considered.
84
December 31, 2015
Consolidated
Scenarios – impact on income and on
equity
Floating rate
instruments
Risk
Balance at
12/31/15
I
II
III
Increase in
interest rates
(57,707)
(9,158)
(11,665)
(14,266)
e. Liquidity risk
Liquidity risk is the risk that a company does not have sufficient liquid resources to honor its
financial commitments, due to the mismatch of terms or volumes between its expected cash
receipts and payments.
To manage liquidity, projections of disbursements and future receipts are established and are
monitored daily by the treasury department.
The table below summarizes the consolidated financial liabilities, by maturity bands
corresponding to the period from the reporting date to contractual maturity. The figures
disclosed in the table are the undiscounted cash flows.
Consolidated
Less than
one year
Between
one and two
years
Between
two and five
years
Over five
years
Suppliers and other accounts payable
Bank loans (1)
Debentures issued (2)
54,416
110,261
2,021
17,875
77,452
8,046
3,833
598,585
587,210
2,547
199,178
-
-
Suppliers and other accounts payable
Bank loans (1)
Debentures issued (2)
23,496
80,130
2,090
7,650
63,734
2,073
2,021
7,183
67,433
5,645
273,902
564,975
735
-
(1) Payments
of bank loans in foreign currency were estimated and converted into reais using the exchange rate
prevailing at the balance sheet date.
(2) Floating interest rate payments were estimated using the projected rates based on quotes from the futures’ market
or market expectations.
85
December 31, 2015
Capital management
The Company's objectives when managing capital are to safeguard the continuity of the
Company's ability to offer a return to shareholders and benefits to other interested parties, in
addition to maintaining an optimal capital structure to reduce this cost.
To maintain or adjust its capital structure, the Company may revise its policy regarding payment
of dividends, return capital to shareholders or issue new shares.
The financial leverage index, measured by the ratio between net debt and the sum of
shareholders’ equity and net debt at the reporting date, is presented as follows:
December 31,
2015
Consolidated
December 31,
2014
520,280
782,132
(109,091)
515,602
273,761
-
(992,691)
(665,174)
200,630
124,189
Total shareholders’ equity
1,695,815
1,745,953
Total capital
1,896,445
1,870,142
11%
7%
Debentures
Loans and finance leases
Cash and cash equivalents and non-restricted
financial investments
Net debt
Level of financial leverage - %
As described in Note 5, the Company is subject to a regulatory capital requirement and has to
maintain a reserve in federal government bonds which forms CETIP’s special equity.
The special equity was formed by an initial investment of R$10,000 and all interest from this
investment reserve is incorporated into the special equity. As at December 31, 2015 CETIP's
special equity amounted to R$60,255 (December 31, 2014 - R$53,924).
86
December 31, 2015
25
Segment information
Management has defined the Company's operating segments, based on the reports used for
making strategic decisions, reviewed by the Executive Board.
Since the acquisition of GRV, the Company’s information started to be presented in two
operating segments: (i) securities segment (activities performed by CETIP prior to the
acquisition of GRV), and (ii) financing segment (activities previously performed by GRV).
The information by business segment for the quarter ended December 31, 2015 is as follows:
Consolidated
Securities
segment
Financing
segment
Total
Total gross revenue from the segment
950,495
412,579
1,363,074
Gross revenue from external clients
950,495
412,579
1,363,074
Adjusted EBITDA
585,515
204,760
790,275
The Executive Board assesses the performance of the operating segments based on the
measurement of adjusted EBITDA. This measurement excludes the effects of share-based
incentives and equity in the results of subsidiaries. Financial income and expenses are not
allocated to segments, since this type of activity is conducted centrally.
The Company does not make an allocation of assets and liabilities to operating segments. These
are evaluated by the Executive Directors on a consolidated basis.
The reconciliation of the adjusted EBITDA and net income before taxation for the quarter ended
December 31, 2015 is presented below:
Consolidated
Adjusted EBITDA for the segments reported
Equity in the results of subsidiary
Financial result
790,275
(92,771)
(19,786)
965
(111,428)
567,255
During the quarter ended December 31, 2015, the Company had three clients whose revenues
represented 10% or more of the Company’s total gross revenues. The revenues from these
87
December 31, 2015
three clients represented approximately 35% of the Company’s total gross revenues and are
attributable to the securities and financing segments.
26
Subsequent events
On February 19th, 2016, the Company received a proposal from the BM&FBOVESPA S.A. Securities, Commodities and Futures Exchange ("BM&FBOVESPA") to the acquisition of the
shares of Cetip ("Proposal"), pursuant to the Material Fact published on the same date by
BM&FBOVESPA. The Cetip's Board of Directors Management will evaluate the proposal,
together with its financial and legal advisors, and it will keep the market informed in accordance
with current legislation.
At the Board meeting held on March 2, 2016, the Company’s Third Share Buyback Program was
approved, as follows:
(i) Program objective: to maximize shareholder value creation through efficient management of
the capital structure;
(ii) The limit of shares to be acquired is up to 3.2 million of the Company’s issued common
shares, which corresponds to 1.23% of the shares outstanding in the market, according to the
definition established in Article 3, III of CVM Instruction no. 361/03 and Article 4-A, paragraph 2
of Law no. 6,404/76, as amended;
(ii) The maximum term for these transactions is up to 365 days, ending on March 1, 2017;
(iv) Shares acquired in the Second Share Buyback Program may be cancelled, kept in treasury or
sold, including to meet the exercise of options granted as part of the Company's Stock Option
Plans.
*
*
88
*
December 31, 2015
Members of the Board of Directors
Edgar da Silva Ramos
David Scott Goone
Alexsandro Broedel Lopes
José Roberto Machado Filho
Roberto de Jesus Paris
Pedro Paulo Mollo Neto
Alkimar Ribeiro Moura
Cassio Casseb Lima
José Lucas Ferreira de Melo
Robert Taitt Slaymaker
Chairman - Independent Director
Vice-Chairman
Director
Director
Director
Independent Director
Members of the Executive Board
Gilson Finkelsztain
Willy Otto Jordan Neto
Simone Acioli
Marcio Augusto de Castro
Carlos Eduardo Ratto Pereira
Carlos Cezar Menezes
Roberto Dagnoni
Mauro Negrete
Reinaldo Rabelo de Morais Filho
Chief Executive Officer – President
Financial, Corporate and Investor Relations Executive Officer
Operations Executive Officer – Securities Unit
Technology Executive Officer – Securities Unit
Commercial and Products Executive Officer – Securities Unit and
Marketing and Communications Executive Officer
Self-Regulation Executive Officer
Financing Unit Executive Officer and New Business Executive Officer –
Vice-President
Operations and Technology Executive Officer – Financing Unit
Legal, Compliance and Institutional Relations Executive Officer
Accountant
Leandro Esperança Faccini
CRC RJ082512/O-9
89
December 31, 2015
Report of the Audit Committee
The Audit Committee of Cetip S.A. - Mercados Organizados (Cetip), a permanent statutory
advisory body to the Board of Directors, had its constitution approved at the Board of Directors’
meeting of November 6, 2013, according to Corporate Governance best practices and with the
provisions of its Internal Regulations of December 19, 2013, updated on November 5, 2014
(available on the website http://www.cetip.com.br/ri site).
The Committee meets ordinarily on a monthly basis and extraordinarily whenever necessary.
Committee Responsibilities
The Committee is responsible, mainly:: (i) to ensure the quality and integrity of the Company's
financial statements; (ii) to supervise the activities of the area responsible for the preparation of
the financial statements of the Company and its subsidiaries; (iii) to evaluate the procedures
adopted by the company for compliance with legal and regulatory requirements; (iv) to assess
the performance and quality of the audit work, as well as any independence matters of the
Independent Auditors and the Internal Audit; and (v) to analyse the quality and effectiveness of
internal controls and risk management activities and issue recommendations in this respect.
The Committee's assessments are based on information received from management,
independent auditors, internal auditors and those responsible for risk management and internal
controls, as well as on its own analysis and the results of meetings with executives.
Audit Committee's activities for the 2015 financial year
The Committee met seventeen times in the period from 26 January 2015 to 2 March 2016 to
monitor: (i) the activities of the Internal and External Audits; (ii) the monthly, quarterly and
annual financial statements; (iii) the relevant incidents of Operations, Information Technology,
Compliance and Information Security; (iv) the Company’s business and the internal control
environment; (v) the main projects that contain relevant operational risks, mainly those that
can impact Cetip’s business continuity and (vi) the complaints received through the reporting
channel. The Committee took notice of the results of inspections and observations from
regulators and monitored the corresponding Management's actions.
The Committee held regular meetings with the Cetip’s CEO, occasions where it had the
opportunity to present recommendations on various aspects arising from the exercise of its
functions and to hear possible concerns. As a Board member, the Coordinator of the Committee
reports relevant facts to the Board of Directors, whenever applicable.
90
December 31, 2015
Internal Audit
Internal Audit is directly subordinated to the Audit Committee and indirectly to the CEO. The
Internal Audit acts objectively and independently, and adopts its own methodology, based on
the best practices of the profession, using an approach based on assessment by processes with
the frequency of work determined according to the risks of the assessed processes and the
impact that any control failure could have to the Company
In 2015, the Internal Audit underwent a reorganization in order to structure itself to carry out
its activities. Expanded the audit team and adopted new skills, a fact that positively impacted
the completion of the Audit Plan for the year.
The Audit Committee considers that the Internal Audit operates independently and has the
capacity to identify material weaknesses in internal controls and risk management.
Internal Controls
The Audit Committee concludes that failures that might jeopardize the continuity of the
organization were not identified and that the internal controls of the Company are developed
to meet the following aspects:
1. Capacity for compliance with standards and regulations;
2. Timely treatment of business incidents;
3. Responding to the needs of the market and regulators.
Aiming at the Company’s sustainability and its strategic growth plans, we emphasize the
importance of implementing the recommendations made by the Committee to strengthen the
internal control structure and the corporate governance.
External Audit
PricewaterhouseCoopers Auditores Independentes ("PwC") is the firm responsible for the audit
of the financial statements for the 2015 fiscal year, for the planning and execution of their
work, according to standards of the profession, as well as responsible for the limited reviews of
interim financial statements (ITRs) sent to the Brazilian Securities Commission - CVM.
The Committee held regular meetings with the external auditors to discuss the audit results and
relevant accounting aspects, which enabled its members to assess the quality and objectivity of
the work performed. No special concern was raised by the External Audit regarding Cetip’s
situation.
91
December 31, 2015
During 2015 PwC was engaged to provide other services to Cetip, in addition to the
independent audit of the financial statements. The Committee assessed that these services do
not breach the auditor independence rules.
The Committee concludes that the external auditors acted independently.
Financial Statements
The Audit Committee meets monthly with the Finance area, when the financial results of Cetip
and its variations are presented and discussed. Every quarter, the Committee meets with the
external auditors, when the Financial Statements and the auditors’ conclusions are discussed.
The Audit Committee analysed the financial statements for the fiscal year ended December 31,
2015 together with the report of independent auditors.
Based on the information and discussions aforementioned, the Audit Committee recommends
to the Board of Directors, the approval of the audited financial statements for the year ended
December 31, 2015.
Rio de Janeiro, March 2nd, 2016
Alkimar Ribeiro Moura
Coordinator and Independent Board Member
Elio Boccia
Information Technology Expert
Guy Almeida Andrade
Financial Expert
92
MANAGEMENT’S DISCUSSION AND ANALISYS – 2015
BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros
The Brazilian Securities, Commodities and Futures Exchange
FINANCIAL
STATEMENTS 2015
1
Dear Shareholders,
We are pleased to submit for your consideration the Management Report of BM&FBOVESPA S.A. – Bolsa de Valores,
Mercadorias e Futuros (“BM&FBOVESPA”, “Exchange” or “Company”) relating to our activities in 2015.
HIGHLIGHTS OF THE YEAR
Throughout 2015, the markets operated by BM&FBOVESPA were significantly affected by the deterioration in the
Brazilian economy and by changes in the global situation. Increased volatility in the market and a sharp devaluation of
the Brazilian Real against the US Dollar had a positive effect on revenues from the BM&F segment. In the Bovespa
segment, however, we saw a major fall in the market value of listed companies and, in consequence, in volumes
traded.
Other revenues not related to volumes in the equities and derivatives markets also increased during the year, mainly
reflecting changes in the Company’s commercial policies, growth in the securities lending market and the Treasury
Direct (Tesouro Direto) platform, as well as currency devaluation, which had a positive effect on market data revenues.
Thus, in spite of the challenges posed by the macroeconomic scenario, total revenues rose 9.5% over 2014, reflecting
the diversification of revenues and the soundness of the Company’s business model.
Although the revenue diversification lessened the impact on our results of the negative feeling of investors towards
Brazilian assets, it should be noted that there has been a slowdown in activity in our derivatives and equities markets,
in particular since late 2015.
There was a reduced number of share issuance in the capital market, in particular IPOs. Besides there was an increase
in the number of companies going private. Although this is part of the life cycle of listed companies, it reduces
opportunities for investors who seek diversity in their portfolios.
In this context, BM&FBOVESPA believes that an important element of the process of maintaining a vigorous and
internationally competitive capital market is constant improvement in the corporate governance of listed companies.
Accordingly, the Company has been working with other bodies and market specialists to introduce a voluntary program
aimed at state-owned companies that want to upgrade their corporate governance practices and to receive
recognition for it. BM&FBOVESPA also started, at the end of 2015, a discussion process to enhance the rules of the
special listing segments (Novo Mercado, Levels 1 and 2).
We should also underline other advances in the Company’s strategic objectives, such as its new integrated
clearinghouse project (the BM&FBOVESPA Clearinghouse). The technological development of the equities phase was
completed in 2015. Additionally, new products were launched and the Company continued its efforts to improve the
liquidity of listed products, for example, by expanding market maker programs and promoting the securities lending
platform.
BM&FBOVESPA also took steps to improve its own corporate governance, in particular by strengthening the Board of
Directors’ advisory committees and arranging a series of meetings of shareholders with the CEO and the Chairman of
the Board of Directors, at the time of the General Meeting that elected a renewed Board.
We should also mention two important developments during the year: the sale of 20% of our investment the CME
Group shares, to reduce the Company’s balance sheet risk exposure, and our R$43.6 million investment in the
purchase of 8.3% of the Bolsa de Comercio de Santiago.
Another important event took place in November 2015, when BM&FBOVESPA presented a proposal to combine its
operations with CETIP S.A – Mercados Organizados, in a strategic move to expand and diversify business. Those
discussions are ongoing at the Board of Directors level (see material facts of November 3 and 13 and December 4,
2015).
Finally, the poor performance of the Bovespa segment, especially during the last quarter of the year, and the revision
of growth forecasts, led to the impairment of Bovespa Holding totaling R$1.7 billion, which had no cash impact, but
negatively impacted Company’s results.
To sum up, BM&FBOVESPA continues well positioned to take advantage of market growth opportunities, but we must
recognize the challenges implicit in the worsening of the macroeconomic scenario. Management remains focused on
investing in new products and technologies, which we believe have been fundamental for improving the quality of the
services we offer and diversifying revenues over recent years.
2
OPERATING PERFORMANCE
Financial and Commodity Derivatives (“BM&F Segment”)
The average daily volume on the BM&F segment reached R$2.9 million contracts in 2015, an increase of 10.7% over
the previous year, especially due to Interest rate in USD contracts and Mini contracts, which rose by 31.7% and 67.5%,
respectively.
The performance of the Interest rate in USD contracts mainly reflects the higher level of volatility. In the case of Mini
contracts, which include stock indices contracts (70.1% of the total) and FX rates contracts (29.9% of the total), growth
in volume was due to not just increased volatility but also to the activities of new clients.
The volume of Interest rate in BRL contracts, which are the ones most traded in this segment, grew by 2.9% over 2014,
below the segment average, so that their share of total volume fell from 54.9% in 2014 to 51% in 2015.
Average Daily Volume (thousands of contracts)
Interest Rates in BRL
FX Rates
Stock Indices
Interest Rates in USD
Commodities
Minicontracts
OTC
TOTAL
2011
2012
2013
2014
2015
1,797.2
495.5
123.3
145.2
13.2
114.4
11.7
2,700.6
1,925.7
493.9
143.1
149.8
11.2
165.7
9.2
2,898.7
1,856.7
494.1
113.6
155.9
9.2
208.2
10.1
2,847.8
1,417.4
493.9
118.6
219.6
10.2
310.6
12.4
2,582.8
1,458.4
463.9
100.9
289.2
7.6
520.3
19.6
2,860.0
CAGR
Var.
(2011-15) 2015/2014
-5.1%
2.9%
-1.6%
-6.1%
-4.9%
-15.0%
18.8%
31.7%
-12.9%
-25.3%
46.0%
67.5%
13.7%
57.3%
1.4%
10.7%
Average revenue per contract (RPC) was higher in every group of contracts, and considering all groups together the
rise was 12.3% over 2014. The key factors contributing to this performance were:


An increase in RPC for contracts denominated in US Dollars, due to the 28.9% devaluation of the Real1, reflected
particularly in the RPC of FX Rates contracts (+37.6%) and of Interest Rate in USD contracts (+42.2%); and
A change in the commercial policy for investors using DMA (Direct Market Access) tools, which came into effect in
January 2015.
Average RPC (R$)
2011
Interest Rates in BRL
FX Rates
Stock Indices
Interest Rates in USD
Commodities
Minicontracts
OTC
OVERALL AVERAGE
0.918
1.894
1.614
0.941
2.029
0.129
1.635
1.106
2012
1.004
2.205
1.524
1.015
2.239
0.116
1.769
1.191
2013
1.046
2.535
1.761
1.231
2.534
0.119
1.409
1.282
2014
1.120
2.669
1.774
1.294
2.390
0.117
2.092
1.350
2015
1.150
3.671
2.128
1.840
2.530
0.218
3.925
1.516
Var.
2015/2014
2.7%
37.6%
19.9%
42.2%
5.9%
86.2%
87.6%
12.3%
With regard to the participation of different groups of investors in the financial derivatives and commodities markets,
foreigners boosted the average volume of contracts traded in 2015 by 32.7%, with their share in the total going up
from 34.5% to 39.9% during the year. This was due primarily to increased activity on High-Frequency Traders (“HFTs”).
The share of institutional investors rose from 28.6% in 2014 to 29.3% in 2015, as a result of a 17.7% increase in the
average volume of contracts traded. On the other hand, the volume traded by financial institutions fell 15.0%, and
their share in the total was down from 29.6% to 21.9% in the year. This was due to the fact that some of these
institutions have been reducing their exposure to risk in recent years.
1
Based on the variation in the PTAX average closing at the end of each month between December 2013 and November 2014 (the base rate for
2014) and between December 2014 and November 2015 (the base rate for 2015).
3
Distribution of Average Daily Volume Traded by Investor Category (%)
38.1%
32.5%
34.5%
29.6%
Financial Institutions
21.9%
Institutional Investors
29.3%
Foreign Investors
28.6%
32.5%
34.0%
35.9%
23.0%
25.4%
25.4%
4.5%
4.5%
4.8%
6.1%
7.7%
2011
2012
2013
2014
2015
Retail
34.5%
39.9%
Companies
Central Bank
Equities and Equity Derivatives (“Bovespa Segment”)
The average daily trading value in cash equities and equities derivatives (options and forwards) in the Bovespa segment
was R$6.8 billion in 2015, 6.9% below the previous year, due mainly to the lower cash market volumes which make up
96.5% of the total traded in this segment.
Average Daily Trading Value (R$ million)
Markets
Cash
Forward
Options
Total
2011
2012
2013
2014
2015
6,096.3
118.0
276.3
6,491.6
6,861.3
103.4
280.1
7,250.7
7,094.5
91.5
230.3
7,417.7
6,975.8
82.4
233.1
7,292.5
6,552.1
66.5
170.3
6,792.8
CAGR
Var.
2011-2015 2015/2014
1.8%
-6.1%
-13.3%
-19.2%
-11.4%
-27.0%
1.1%
-6.9%
The 6.1% fall in the average daily trading value of the cash market was primarily due to a 7.5% reduction in average
market capitalization2, which was down from R$2.39 trillion in 2014 to R$2.21 trillion in 2015, while turnover velocity3
remained practically unchanged (72.4% in 2014 against 72.9% in 2015).
Average Market Capitalization (R$ trillion) and Turnover Velocity (%)
Average market capitalization fell in practically every sector, as a result of the domestic and international scenarios
and the drop in global commodities prices. The largest fall in market capitalization was in the Oil, Gas and Biofuels
sector, which was 36.1% lower than in the previous year, while for the ten largest Brazilian listed companies4 the
decrease was 11.2% in the same period.
2
Market capitalization is the multiplication of the number of shares issued by listed companies, by their respective market prices.
Turnover velocity is the result of dividing the annualized value traded on the cash market during the period, by the average market capitalization
for the same period.
4 Consisting of Ambev, Itaú Unibanco, Bradesco, Petrobras, Cielo, Vale, Santander Brasil, Telefônica Brasil, BB Seguridade and BRF.
3
4
Average Market Capitalization by Sector (R$ billion)
Industry Classification
2014
Financial
Consumption
Basic Materials
Utilities
Oil, Gas and Biofuels
Telecommunications
Construction and Transportation
Others*
Total
777.6
645.9
264.2
207.4
215.8
111.4
98.6
69.9
2,390.7
Total Part.
(%) 2014
32.5%
27.0%
11.0%
8.7%
9.0%
4.7%
4.1%
2.9%
2015
771.7
667.6
209.3
194.6
137.8
91.0
73.3
70.0
2,215.4
Total Part.
Var.
(%) 2015 2015/2014
34.8%
-0.8%
30.1%
3.4%
9.4%
-20.8%
8.8%
-6.2%
6.2%
-36.1%
4.1%
-18.3%
3.3%
-25.6%
3.2%
0.2%
-7.3%
Trading margins in this segment remained stable, at 5.287 basis points in 2014 compared to 5.275 basis points in 2015.
Among investor groups on the Bovespa segment, foreign investors continued to account for the largest share, with
52.8% of the overall value traded, followed by local institutional investors with 27.2%. In comparison with the previous
year, lower trading volumes were seen in every investors group, especially local institutional investors, whose volumes
were down by 12.5%. The increase in domestic interest rates (by 425 basis points between December 2014 and
December 2015) was an important factor in the behavior of investors in the equities market.
Distribution of Average Daily Traded Value by Investor Category (R$ billion)
Other business lines
Securities Lending
The average financial value of open positions in the securities lending facility reached R$38.8 billion in 2015, 18.3%
higher than in 2014. Securities lending is used by investors who take loans as part of their strategy in the equities
market, and by investors seeking additional income as lenders.
Securities lending transactions (BTC)
Treasury Direct (Tesouro Direto)
Tesouro Direto continues its strong upward trend. Average registered stock rose to R$18.4 billion in 2015, 46.8% more
than in the previous year, while the average number of investors increased by 56.2%, from 118.7 thousand in 2014 to
185.4 thousand (the actual number of investors in December 2015 was 248.7 thousand). Designed in partnership with
the Brazilian Treasury, Tesouro Direto continues to be promoted by BM&FBOVESPA through incentive programs in the
distribution channel and operating enhancements.
5
Treasury Direct platform
ECONOMIC AND FINANCIAL PERFORMANCE
Revenues
BM&FBOVESPA ended 2015 with total revenues (before deducting PIS/COFINS and ISS) of R$2,458.8 million, an
increase of 9.5% over 2014. Increased revenues explain this performance from the BM&F segment and from other
business lines not tied to volume.
 Revenues from trading, clearing and settlement - BM&F segment: amounted to R$1,074.5 million (43.7% of the
total), up by 24.0% over 2014, as a result of an increase of 10.7% in the average daily volume coupled with a 12.3%
increase in average RPC.
 Revenues from trading, clearing and settlement - Bovespa segment: totaled R$903 million in 2015 (36.7% of the
total), 7.6% lower than in 2014, reflecting a 6.9% drop in the average daily traded value and the decrease in the
representativeness of the equities derivatives share over the total of the segment.
 Other revenues: amounted to R$481.3 million (19.6% of the total), up 19.6% over 2014. The main changes in these
revenue lines that are not tied to trading volumes were:
 Securities Lending: amounted to R$103.2 million (4.2% of total), 27.1% higher than in 2014, resulting from an
increase of 18.3% in the average value of open interest positions, coupled with a change in the commercial
policies for some groups of clients in January 2015.
 Depositary: totaled R$130.8 million in 2015 (5.3% of the total), an increase of 11.7% compared to 2014, due
mainly to the growth of 20.3% in revenues from Tesouro Direto, which reached R$34.7 million in 2015, and to
changes in the commercial policies adopted by the depositary as from April 2015.
 Market data sales (Vendors): revenues from the sale of data signals amounted to R$98.4 million (4.0% of total
revenues), 40.6% up on the previous year. This result reflects the introduction in July 2015 of a new commercial
policy and the devaluation of the Real against the US Dollar, since 62% of these revenues were denominated in
US currency.
Expenses
Expenses amounted to R$850.7 million in 2015, 5.8% higher than in the previous year, and significantly below inflation
of 10.7%5 for the period. The main highlights were:
 Personnel and payroll related charges: amounted to R$443.0 million, an increase of 25.0% over the previous year,
mainly due to the impact of approximately 9% adjustment under the annual collective bargaining agreement, which
came into force in August 2015, and to the adoption of a stock grant in 2015 as a long-term incentive. The costs of
the stock grant amounted to R$99.0 million in 2015, and include: (i) recurring expenses of R$40.3 million referring
to the principal amount granted to the beneficiaries, and R$26.4 million in provisions for payroll charges to be paid
upon the delivery of the shares to the beneficiaries; and (ii) non-recurring expenses of R$32.2 million related to the
cancellation of the stock option plan, as detailed in the Notice to the Market of February 4, 2015. Excluding the
5
Source: IBGE – 2015: aggregate IPCA for 12 months - http://www.ibge.gov.br/
6
effect of the long-term incentive program of 2014 and 2015, personnel and payroll related charges would have
grown 5.7% during the year, reflecting the efforts of the Company to reduce the headcount.
 Data processing: totaled R$122.0 million, a slight fall of 1.8% over 2014.
 Third party services: amounted to R$41.1 million in 2015, up 3.2% on the previous year, reflecting an increase in
expenditure on advisory services and legal fees for the development of projects and products.
 Communications: totaled R$5.7 million, a decrease of 57.0% in relation to 2014 due to changes and savings in the
process of posting custody statements and trading notices to investors.
 Taxes: amounted to R$8.2 million, 85.2% less than in the previous year, due to a change in accounting of taxes on
dividends received from the CME Group, which now affect the calculation base for the Company’s income and
social contribution taxes.
 Others: other expenses amounted to R$84.5 million, an increase of 28.6% over 2014, due to: i) a rise in electricity
charges; ii) a R$3.6 million increase in provisions; and iii) a non-recurring investment write-off of R$6.4 million in
3Q15.
Impairment of assets
The goodwill created on the acquisition of Bovespa Holding in 2008 is based on both expectation of future profitability
and economic and financial appraisal report of the investment. As mentioned in the economic and financial valuation
report on the investment issued by an external and independent specialist, an impairment was recognized for this
intangible asset in the amount of R$1.7 billion, without cash effects, reflecting the deterioration of the macroeconomic
scenario, which impacted the Bovespa Segment, through the lower market value of the listed companies and
consequently the lower average daily trading value, notably in 4Q15. As result, and also associated to the worse
expectation for the interest rates and country risk for the short and long-term, was accounted a reduction in the
Bovespa Segment expected future profitability.
Equity in Results of Investees
The equity-method investment in the CME Group amounted to R$136.2 million in 2015. The comparison with 2014 is
affected by two changes: (i) starting January 2015, this line is now calculated based on after-tax results of the CME
Group (up to 2014 the calculation was based on pre-tax results); and (ii) due to the discontinuity of the equity method
(see the next item), equity income results were only booked up to September 14, 2015 (the settlement date of
payment of the shares sale).
Extraordinary impacts related to the CME Group
The 2015 financial statements were impacted by the divestment, on September 9, of 20% of the shares held by
BM&FBOVESPA in the CME Group (to 4% from 5% of the US exchange capital stock), which combined with other
quantitative and qualitative aspects led to the discontinuity of the equity method of accounting for the investment in
the CME Group.
Result of divestment of the CME Group shares
Proceeds of the sale amounted to R$1,201.3 million, and had a positive effect on the Company’s cash balance. The
gross profit on this transaction (Gain on disposal of investment in associates) was R$724.0 million and was included in
the Company’s tax base, which totaled R$249.8 million, generating a net profit of R$474.2 million.
Discontinuity of equity method of accounting
The Company no longer recognizes the investment in the CME Group by the equity method of accounting, and now
treats it as a financial asset available for sale (see Note 7). The impacts on the financial statements are:
 Balance sheet: i) the investment ceases to be treated as a non-current asset (investments – interest in associate)
and is now treated as a financial asset available for sale in current assets (financial investments); ii) it is now
measured at fair value (marked to market), with variations in the measurement affecting shareholders’ equity; and
iii) the account “deferred income tax and social contribution” in non-current liabilities now includes a provision for
tax on potential gains on this investment.
 Income statement: i) recognition of the result of discontinuing the equity method and of deferred tax, amounting
to R$1,734.9 million and R$604.4 million, respectively, both with no cash impact; and ii) as from 4Q15 the equity
7
pickup line no longer includes the CME Group, and dividends received are booked as financial revenues and
included in the Company’s tax base.
It is worth noting that the reduction of the shareholding and the discontinuity of the equity method does not imply
changes in the fundamental aspects of the strategic partnership between BM&FBOVESPA and the CME Group.
Financial Result
The financial result was R$508.8 million in 2015, a rise of 144.4% over the previous year. Financial revenues grew by
106.1% to R$745.7 million, mainly reflecting i) an increase in interest rates and average cash holdings during the year;
and ii) dividends received from the CME Group amounting to R$173.4 million which, after the discontinuity of equity
accounting, were booked as financial revenues. On the other hand, financial expenses increased 54.2% to R$236.9
million, due to the appreciation of the US Dollar against the Brazilian Real during the year, which affected the amount
of interest paid on debt issued overseas. The currency variation also impacted other asset and liability lines in the
balance sheet, as well as the Company’s financial revenues and expenses, but this did not significantly affect the
financial result.
Financial Income
745.7
361.8
Change
2015/2014
106.1%
Interest on cash
471.6
320.7
47.1%
Dividends CME and BCS
174.8
0.0
Exchange gains and others
99.4
41.1
Financial Expenses
(236.9)
(153.6)
54.2%
Interest and exchange variations on foreign debt
(138.1)
(96.9)
42.4%
Exchange losses and others
(98.8)
(56.7)
74.4%
(R$ millions)
2015
2014
0.0%
141.8%
Income Tax and Social Contribution
Income tax and social contribution amounted to R$603.8 million in 2015, down by 8.7% over 2014. This is explained
mainly by the extraordinary effects of the partial divestment of the CME Group, by tax credits arising from the
distribution of interest on capital and by the impairment of intangible assets.
Current taxes:
Current taxes totaled R$45.6 million in 2015, including R$5.8 million in tax paid by Banco BM&FBOVESPA, with cash
impact. The difference will be set off against tax withheld overseas, with no cash impact.
We should mention that the tax payable on the result of the partial divestment of CME Group shares, amounting to
R$249.8 million, was offset by the distribution of interest on capital in 2015, and therefore had no effect on cash.
Deferred taxes:
Deferred taxes amounted to R$558.2 million in 2015, consisting of:
 Reversal of deferred tax liability in the amount of R$ 15.2 million (positive), calculated as the net result between
R$550.1 million of deferred tax under temporary differences on goodwill amortization and write-off of deferred
tax liability amounting R$565.3 million arising from the impairment on the goodwill, both with no cash impact;
 Discontinuity of the equity accounting method, amounting to R$604.4 million related to the recognition of deferred
tax, with no cash impact; and
 Reversals/recording of other tax credits of R$31.0 million (positive), with no cash impact.
Net Income
Net income (attributable to shareholders) amounted to R$2,202.2 million. Excluding impairment expenses and the
extraordinary impacts related to the CME Group, net income was R$1,695.0 million, up by 73.5% over 2014, being this
growth partly explained by the reduction of the tax base generated by the distribution of IoC in 2015.
8
MAIN ITEMS OF THE CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 2015
Asset, Liability and Shareholders’ Equity Accounts
In 2015, BM&FBOVESPA’s equity position remained sound, with total assets of R$26,308.9 million, a rise of 4.1% on
2014, and shareholders’ equity of R$18,352.2 million, 3.4% down year on year.
The major changes in assets, in comparison with 2014, reflect the extraordinary effects of the partial divestment of
the CME Group and the impairment of intangible assets.
The proceeds of the partial sale of CME Group shares have been placed in financial investments, and, with equity
accounting being discontinued, the value of the remaining portion of this investment has been reclassified from
investment in associates to financial investments.
Intangible assets consist mainly of goodwill on expectations of future profitability from the acquisition of Bovespa
Holding. This goodwill was tested for impairment in December 2015 and an appraisal report prepared by an external
and independent expert identified the need to reduce the recoverable value of this asset by R$1.7 billion, due to lower
expectations for future profitability in the Bovespa segment.
Current liabilities represented 8.0% of total of liabilities and shareholders’ equity, reaching R$2,096.8 million in 2015,
10.8% above the balance at the end of 2014; whereas non-current liabilities accounted for 22.3% of total liabilities and
shareholders’ equity, at R$5,859.9 million, a 33.7% increase over 2014. The more significant variations were in the
following lines: (i) issue of debt overseas, which was affected by the devaluation of the Real against the US Dollar; and
(ii) deferred income tax and social contribution, which in addition to the establishment of deferred tax arising from
the tax amortization of goodwill, was also impacted by the discontinuity of equity accounting for the CME Group.
Shareholders’ equity amounted to R$18,352.2 million at the end of 2015 and consists, mainly, of a capital reserve of
R$14,300.3 million, capital stock of R$2,540.2 million and revenue reserves of R$1,951.0 million.
OTHER FINANCIAL INFORMATION
Investments
Investments of R$227.0 million were capitalized in 2015, including R$221.4 million in technology and infrastructure,
particularly in the equities phase of the new BM&FBOVESPA Clearinghouse.
Budget for adjusted expenses and investments in 2016
In December 2015, the Company announced its budget for adjusted operating expenses6 and investments in 2016, as
follows: (i) adjusted operating expenses budget guidance within a range of R$640 million to R$670 million; and (ii)
investments budget guidance within a range of R$200 million to R$230 million.
Distribution of Earnings
The Board of Directors declared a payment of R$1,242.6 million in dividends and interest on capital in 2015, bringing
the distribution to a 73.3% of the net income attributed to BM&FBOVESPA shareholders, excluding impairment
expenses and impacts related to the CME Group.
Share Buyback Program
In 2015, the Company repurchased 26.2 million of its own shares (equivalent to 1.5% of the shares in free-float at the
beginning of the year) at an average price of R$10.95, for a total of R$286.8 million. These transactions are part of the
repurchase program approved by the Board of Directors that was in force up to the end of December 2015, authorizing
the acquisition of up to 60 million shares. In addition, on December 2015, the Company approved a new repurchase
program for up to 40 million shares (2.2% of the total free-float) for 2016.
6
Adjusted for depreciation and amortization, the stock grant plan (principal and costs), the stock option plan and allocation of fines and
provisions.
9
OTHER HIGHLIGHTS
Development of Markets and Technology
Integration of the Clearinghouses: the second phase of the new BM&FBOVESPA integrated Clearinghouse, which
covers the integration of the post-trading processes for equities and corporate fixed income with the derivatives
market introduced in the first phase, made good progress throughout 2015. The technological development was
completed in 4Q15 and the integrated tests and certification with the market participants already started. The
integrated tests will continue in 2016 followed by the parallel production, which replicates in the test environment all
the transactions executed in the production environment. The final migration date will depend on the results of those
tests, as well as on authorization from the regulators. The new BM&FBOVESPA Clearinghouse will bring greater
efficient in capital allocation for collaterals related to multimarket and multi-asset portfolios, increasing Company’s
competitive advantages.
iBalcão Platform development: during 2015, the Company introduced a number of new functions in the fixed income
registration system, such as ‘scalable yield’ and ‘cash flow’. In addition, Financial Bills (Letras Financeiras) and
Structured Notes (Certificado de Operações Estruturadas – “COEs”) are now accepted for registration. In the case of
OTC derivatives, the Company made progress with the migration from the existing platform to a more modern and
flexible registration platform, expanding the range of products offered, which may be with or without a central
counterparty.
Enhancements in commercial policies: throughout 2015, BM&FBOVESPA enhanced its commercial policies for the
following products and services: (i) in 1Q15, access via DMA in the BM&F segment, options on Ibovespa future
contracts, securities lending, annuity payments by issuers and analysis of tender offers and equity offers; (ii) in 2Q15,
a rebalancing of prices charged on Interest rates in BRL contracts, depository service and Mini futures contracts; and
(iii) in 3Q15, Market Data and OTC derivatives.
Market makers: in order to improve the liquidity of listed products, BM&FBOVESPA continued expanding market
maker programs. In the markets of options on stocks, ETFs and indices, the number of programs went up from 14 at
the end of 2014 to 27 at the end of 2015. In the financial derivatives and commodities market, where these programs
are more recent, there are now 8 active programs, 7 of which were introduced in 2015.
Improvements to the Treasury Direct Platform (Tesouro Direto): in March 2015, BM&FBOVESPA introduced a series
of improvements to the Tesouro Direto, the most important being: (i) a new visual identity for the Tesouro Direto
website, making it easier to use and introducing more functions; (ii) reductions in the minimum purchase amounts
and periods of suspension for investors; (iii) daily repurchase of securities by the National Treasury; and (iv) use of
Tesouro Direto securities as collateral in the BM&FBOVESPA Clearinghouses.
Investment in the Santiago Stock Exchange: in the first half of 2015, BM&FBOVESPA acquired 8.3% of the Bolsa de
Comercio de Santiago (Santiago Stock Exchange), in Chile, with an investment of R$43.6 million. This transaction forms
part of the Company’s strategy to take advantage of opportunities for partnerships with other exchanges, and to invest
in opportunities for expanding activities in neighboring countries.
Corporate Governance Program for State-Owned Companies: at the end of September, BM&FBOVESPA presented its
State-Owned Companies Governance program. The program aims to recognize and give marks for good corporate
governance practices in state-owned companies that are listed or seeking a listing, on three fronts: transparency,
internal controls and management structure.
Enhancements in the unsponsored Brazilian Depositary Receipts (BDRs) market: during 2015 there were several
deliveries in the development of the unsponsored BDR market. Among them were the start of trading of 19 new
programs (raising the total to 85), including the first BDR of a Latin American company, and a filing for reservation of
other 39 programs, due to start trading in 2016. In addition, the new ICVM 555 regulation came into force, thanks to
a request by the Company and the market, allowing retail investors to acquire BDRs through investment funds.
CORPORATE GOVERNANCE AND RISK MANAGEMENT
The key objective of BM&FBOVESPA’s corporate governance is to contribute on the achievements of strategic goals
and to create value for all shareholders, respecting its relationships with stakeholders.
10
The importance of good governance practices for the long-term success of BM&FBOVESPA is underlined by its
widespread ownership structure, with no controlling shareholder, and by its institutional responsibility to develop the
markets it manages.
Among the key highlights of the Company’s governance structure are listings on the Novo Mercado, having a Board
of Directors consisting mainly of independent members, in accordance with CVM Instruction 461/07, and the existence
of four permanent Board advisory committees, in particular the Audit Committee, set up as required by CVM
Instruction 509/11, and the Risk and Finance Committee, whose responsibilities, apart from those provided for under
the by-laws, include assessing the risks to which the Company is exposed.
In 2015, BM&FBOVESPA was awarded the Transparency Award for the seventh time. This award is given by Anefac
(the National Association of Finance, Administration and Accounting Executives).
Internal Audit
The mission of the BM&FBOVESPA internal audit is to give the Board of Directors, the Audit Committee and the
Executive Board an independent, impartial and timely assessments of the efficacy of risk management and governance
processes, of the adequacy of controls and of compliance with rules and regulations relating to the operations of the
Company and its subsidiaries.
Aligned with the best international practices and BM&FBOVESPA’s own sound risk management structure, in 2015,
Internal Audit applied for certification by the Brazilian Institute of Internal Auditors (IIA Brazil). This certificate is
granted when the internal audit function is based on a Code of Ethics, regulations, planning, policies and procedures
that meet the requirements of the Standards and Code of Ethics of The Institute of Internal Auditors (IIA).
At the end of 2015, IIA Brasil granted BM&FBOVESPA its certificate of Internal Audit Quality, which recognizes
companies adopting the best practices and the highest international standards of internal auditing.
Internal Controls, Compliance and Corporate Risk
BM&FBOVESPA uses the model of three lines of defense to manage its risks and controls. Under this model, the first
line, which minimizes risks and controls, is the business area itself. The second line of defense includes risk
management and compliance functions and is operated by an area other than business area; and the third line is
internal audit.
The department of Internal Controls, Compliance & Corporate Risk., which reports directly to the CEO, functions as
the second line of defense and provides information to assist the work of the Audit Committee and the Risks and
Finance Committee. Its key responsibilities are:
 Corporate Processes and Risks: to set up a comprehensive structure to implement and support the constant
development of the organization’s processes, to provide mechanisms to manage the process portfolio, to carry out
constant maintenance and enhancement, and to identify, assess and monitor corporate risks and propose
measures to contain them;
 Internal controls: to assess the Company’s control environment on a regular basis;
 Compliance: to assist in fulfilling, complying with and applying internal and external regulations governing the
Company’s activities.
 Business continuity: to identify and assess the legal and regulatory requirements for business continuity, and the
internal and external threats that may jeopardize the future of the Company’s operations; to set up a management
and crisis response structure, provide training and carry out tests and studies to ensure that continuity plans are
maintained and function properly.
 Financial risks and modeling: to validate the parameters and methods designed by the operating areas for handling
central counterparty and financial risks.
 Information security: to plan and structure strategies and actions to be taken in order to prevent the loss of
Company information and to protect it.
Central Counterparty Risk – Risk Management
BM&FBOVESPA operates four clearinghouses: (i) Equities and Corporate Debt Securities, (ii) Derivatives, (iii) Currency
and (iv) Securities. These clearinghouses are classified as systemically important by the Central Bank of Brazil, and act
as central counterparties (“CCPs”) to guarantee the functioning of their markets.
11
As of December 31, 2015, collateral deposited by participants totaled R$305.2 billion, 26.1% higher than the total
deposited at the end of 2014. This increase was principally due to an increase in the volume of collateral deposited in
the derivatives clearinghouse, where there were higher outstanding positions in FX rates and Interest rates in USD
contracts and Mini contracts.
Collateral Deposited
Clearing houses
Equities, corporate debt securities
Derivatives
Forex
Bonds
Total
December 31, 2015 December 31, 2014 Variation
In R$ millions
In R$ millions
(%)
69,484.6
70,504.3
-1.4%
226,577.6
166,213.9
36.3%
8,819.8
4,855.4
81.7%
280.2
505.6 -44.6%
305,162.3
242,079.2
26.1%
HUMAN RESOURCES
BM&FBOVESPA has increased its efforts and introduced new initiatives for its Organizational Climate Management
and qualification of staff and leaders.
The third edition of the Value Opinion Survey was held in 2015, in partnership with Great Place to Work®, to allow us
to analyze the degree of satisfaction and engagement of our staff, and to find out more about their hopes and
expectations. 92% of the staff completed the questionnaire, and the results showed substantial improvements in every
aspect of the survey, when compared with the last one in 2013.
Another front is the Leaders’ Day program, which is a tool to train Company’s leaders in people management:
Attraction and Integration, Performance and Talent Management, Training and Development, Climate Management,
Compensation and Day-to-Day Administration. In 2015, the program was structured on three fronts: Inspiration,
Knowledge and Application and Support, with lectures, workshops, a blog and a Manager’s Guide to help them as they
develop. More than 200 managers attended the program during the year.
Another initiative is the Quality of Life Program, based on the pillars of +Balance, +Health and +Leisure and Culture,
which promotes events for the wellbeing of the staff and helps to improve the work environment.
At the end of the 2015 the Company had 1,323 employees.
SUSTAINABILITY AND SOCIAL INVESTMENT
During 2015, BM&FBOVESPA spread the social and environmental theme within the Company, with the Sustainability
Policy approved by the Board of Directors in 2013 as a basis. As part of the agenda of climate change, the Company
carried out its sixth Inventory of Greenhouse Gases. Emissions were practically unchanged. In recognition of the
Company’s efforts to make people aware about climate change, the CDP - Driving Sustainable Economies selected
BM&FBOVESPA as one of the ten most transparent Brazilian companies in this area.
In 2015, the Corporate Sustainability Index (ISE) completed its first ten years in operation. A “Platform of Indicators”
was launched, with annual information supplied by participant companies.
The fourth annual update of the “Report or Explain Sustainability or Integrated Report” (July 2015), indicated that 72%
of the companies listed on the Exchange publish social and environmental information, or explain their reasons for
not doing so.
During the year, the Social and Environmental Securities Exchange (BVSA - Bolsa de Valores Socioambientais) raised
R$1.7 million for projects by non-governmental organizations throughout Brazil, 172% more than in 2014, reflecting
the good results of the partnership entered into with the Brazil Foundation in December 2014.
In sports, the BM&FBOVESPA Athletics Club won the Brazil Trophy for the 14th consecutive year. Fabiana Murer, who
competes in the pole vault, was elected the best sportswoman in Brazilian athletics and awarded the Olympic Brazil
Prize by the Brazilian Olympics Committee (COB).
12
SELF-REGULATION
Regulation of issuers
Under the cooperation agreement with the CVM for monitoring information disclosed by companies listed on
BM&FBOVESPA, more than 23 thousand notices were examined and nearly two thousand notifications issued for
failure to comply with CVM regulations.
In August 2015, the new Issuers Listing and Admission to Securities Trading Regulations came fully into force. These
regulations reformulate the general rules for listing issuers and admitting their securities for trading on
BM&FBOVESPA, and also give new requirements for existing listed companies, such as a prohibition of trading in socalled penny stocks.
Progress was also made in projects under the cooperation agreement with the CVM, for designing and maintaining
computer systems for preparing, delivering and consulting information, including: (i) migration from the Regular and
One-off Reporting System (IPE) to the Empresas.Net System, and the new version of the latter with changes to the
Reference Form; and (ii) development of a system for real estate investment funds to publish information, which will
come on stream in 2016.
EXTERNAL AUDIT
The Company and its subsidiaries have retained Ernst & Young Auditores Independentes to audit their financial
statements.
The Company’s policy on retaining external auditing services, and that of its subsidiaries, is based on internationally
accepted audit standards that preserve work independence of this nature and consists of the following practices: (i)
the auditor cannot perform executive or managerial functions within either the Company or its subsidiaries; (ii) the
auditor cannot play an operational role within the Company or its subsidiaries that might compromise the efficacy of
the audit work; and (iii) the auditor must remain impartial – avoiding the existence of conflicts of interest and loss of
independence – and objective in his opinions and pronouncements about the financial statements.
In the year 2015, no services were provided by the independent auditors or related parties other than those involving
external auditing.
MANAGEMENT’S REPRESENTATION
In accordance with the provisions of CVM Instruction No. 480, the Executive Board declares that it has discussed and
reviewed, and is in agreement with, the financial statements for the year ended December 31, 2015, and the opinions
expressed by the independent auditors.
ADDITIONAL INFORMATION
The focus of this Management Report is the performance of BM&FBOVESPA and its principal achievements during
2015. For more information on the Company and its market, please check the Reference Form, which is available on
the BM&FBOVESPA Investor Relations website (http://ri.bmfbovespa.com.br) and on the CVM website
(www.cvm.gov.br).
ACKNOWLEDGMENTS
Finally, the Company would like to register its thanks to its staff for all their efforts during the year, and to its suppliers
and shareholders, financial institutions and other stakeholders for the support they have provided during 2015.
13
Financial Statements
BM&F BOVESPA S.A. - Bolsa de Valores,
Mercadorias e Futuros
December 31, 2015 and 2014
with Independent Auditors’ Review Report
São Paulo Corporate Towers
Av. Presidente Juscelino Kubitschek, 1909
Vila Nova Conceição, São Paulo - SP, 04543-011
Tel: +55 11 2573 3000
ey.com.br
A free translation from Portuguese into English of Independent Auditors’ Report on individual and consolidated
financial statements prepared in Brazilian currency in accordance with accounting practices adopted in Brazil and in
accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting
Standards Board (IASB)
Independent auditors’ report on financial statements
The Board of Directors, Shareholders and Officers
BM&F BOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros
São Paulo – SP
We have audited the accompanying individual and consolidated financial statements of BM&FBOVESPA
S.A. - Bolsa de Valores, Mercadorias e Futuros (the “Company”), identified as “BM&FBOVESPA” and
“Consolidated”, respectively, which comprise the balance sheet as at December 31, 2015, and the related
income statement, statement of comprehensive income, of changes in equity and of cash flows for the
year then ended, and a summary of significant accounting practices and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of the individual and consolidated
financial statements in accordance with accounting practices adopted in Brazil, and in accordance with
the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards
Board (IASB), and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Brazilian and international standards on auditing. Those
standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether these financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the preparation
and fair presentation of the Company’s financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Company’s internal control. An audit also includes evaluating the appropriateness of accounting
practices used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
1
Uma empresa-membro da Ernst & Young Global Limited
We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the individual and consolidated financial statements referred to above present fairly, in all
material respects, the individual and consolidated financial position of BM&FBOVESPA S.A. - Bolsa de
Valores, Mercadorias e Futuros as at December 31, 2015, its individual and consolidated operating
performance and its cash flows for the year then ended, in accordance with accounting practices adopted
in Brazil and with the International Financial Reporting Standards (IFRS) issued by the IASB.
Other matters
Statement of value added
We have also audited the individual and consolidated statement of value added (SVA) for the year ended
December 31, 2015, prepared under management’s responsibility, whose presentation is required by the
Brazilian Corporation Law for publicly-held companies and as additional information by the IFRS, which
do not require SVA presentation. These statements have been subject to the same auditing procedures
previously described and, in our opinion, are presented fairly, in all material respects, in relation to the
overall financial statements.
São Paulo, February 18, 2016.
ERNST & YOUNG
Auditores Independentes S.S.
CRC-2SP015199/O-6
Flávio Serpejante Peppe
Accountant CRC-1SP172167/O-6
2
Kátia Sayuri Teraoka Kam
Accountant CRC-1SP272354/O-1
A free translation from Portuguese into English of individual and consolidated financial statements prepared in
Brazilian currency in accordance with accounting practices adopted in Brazil and in accordance with the
International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB)
BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Balance sheets
(In thousands of reais)
BM&FBOVESPA
2015
2014 (*)
Note
Consolidated
2015
2014 (*)
Assets
8,614,990
451,081
7,728,007
74,273
160,378
175,007
26,244
2,837,189
497,146
2,019,099
56,597
71,799
166,144
26,404
8,673,786
440,845
7,798,529
75,129
157,974
175,011
26,298
2,785,239
500.535
1.962.229
57.571
72.319
166.154
26.431
17,296,676
22,155,664
17,635,109
22,478,243
1,512,136
1,368,977
140,119
3,040
1,108,397
981,234
119,870
7,293
1,961,426
1,815,620
140,567
2,200
3,039
1,522,541
1.392.763
120.285
2.200
7.293
7 (a)
7 (a)
7 (b)
144,462
144,462
-
3,855,549
3,729,147
126,402
-
30,635
30,635
3,761,300
3.729.147
32.153
8
450,124
418,502
453,094
421,186
Intangible assets
Goodwill
Software and projects
9
15,189,954
14,401,628
788,326
16,773,216
16,064,309
708,907
15,189,954
14,401,628
788,326
16,773,216
16.064.309
708.907
25,911,666
24,992,853
26,308,895
25,263,482
Current assets
Financial investments and marketable securities
Accounts receivable
Other receivables
Taxes recoverable and prepaid
Prepaid expenses
4 (a)
4 (b)
5
6
19 (d)
Noncurrent assets
Long-term receivables
Judicial deposits
Other receivables
Prepaid expenses
Investments
Investments in associates
Investments in subsidiaries
Investment properties
Total assets
4 (b)
14 (g)
6
(*) Amounts related to deferred tax liabilities at December 31, 2014 are restated in the balance sheet net of deferred tax assets.
See accompanying notes.
3
Balance sheets
BM&FBOVESPA
2015
2014 (*)
Note
Consolidated
2015
2014 (*)
Liabilities and equity
Current liabilities
Collateral for transactions
Earnings and rights on securities in custody
Suppliers
Salaries and social charges
Provision for taxes and contributions payable
Interest payable on debt issued abroad
Dividends and interest on equity payable
Other liabilities
1,715,602
1,338,010
49,224
42,635
116,441
32,512
1,064
70,181
2,902
62,633
1,635,426
1,321,935
46,289
66,146
71,808
24,116
47,368
1,687
56,077
2,096,785
1,338,010
49,224
42,708
117,041
34,551
4,944
70,181
2,902
437,224
1,891,833
1.321.935
46.289
66.241
72.273
25.413
2.129
47.368
1.687
308.498
5,853,965
4,377,918
5,859,897
4,383,246
12
19
14 (d)
2,384,084
3,272,276
113,122
1,619,123
2,584,525
97,661
2,384,084
3,272,276
119,054
1.619.123
2.584.525
102.989
18 (c)
13
26,122
58,361
28,371
48,238
26,122
58,361
28.371
48.238
18,342,099
18,979,509
18,352,213
18,988,403
2,540,239
14,300,310
20,188
1,950,980
(365,235)
(104,383)
18,342,099
-
2,540,239
15,220,354
20,774
990,770
(983,274)
1,004,705
185,941
18,979,509
-
2,540,239
14,300,310
20,188
1,950,980
(365,235)
(104,383)
18,342,099
10,114
2.540.239
15.220.354
20.774
990.770
(983.274)
1.004.705
185.941
18.979.509
8.894
25,911,666
24,992,853
26,308,895
25,263,482
17
10
11
12
13
Noncurrent liabilities
Debt issued abroad
Provisions for tax, civil and labor contingencies
Obligation with post-retirement health care
benefit
Other liabilities
Equity
Capital and reserves attributable to
shareholders of BM&FBovespa
Capital
Capital reserve
Revaluation reserves
Income reserves
Treasury shares
Other comprehensive income
Proposed additional dividend
Non-controlling interests
Total liabilities and equity
15
4
Income statements
Years ended December 31, 2015 and 2014
(In thousands of reais, unless otherwise stated)
BM&FBOVESPA
2015
2014
Note
Revenue
Expenses
Administrative and general
Personnel and related charges
Data processing
Third-party services
Maintenance in general
Communications
Promotion and publicity
Taxes
Board and committee members’ compensation
Sundry
2,173,466
20
Consolidated
2015
2014
1,995,160
2,216,634
2,030,433
(831,698)
(786,004)
(850,656)
(804,070)
21
(429,689)
(120,067)
(109,264)
(39,532)
(13,157)
(5,648)
(11,629)
(7,095)
(9,149)
(86,468)
(342,333)
(122,230)
(117,479)
(38,319)
(11,096)
(13,224)
(11,065)
(54,733)
(8,683)
(66,842)
(443,006)
(122,020)
(110,857)
(41,052)
(14,210)
(5,749)
(11,944)
(8,212)
(9,149)
(84,457)
(354.411)
(124.202)
(119.133)
(39.776)
(11.927)
(13.364)
(11.305)
(55.590)
(8.683)
(65.679)
9
(1,662,681)
-
(1,662,681)
-
Equity pickup
7(a)
157,146
226,926
136,245
212,160
Equity method discontinuation
7(a)
1,734,889
-
1,734,889
-
Gain on disposal of investment in associates
7(a)
723,995
-
723,995
-
22
505,104
740,466
(235,362)
Financial result
Financial income
Financial expenses
2,800,221
Income before income tax and social contribution
Current
Deferred
(597,983)
(39,777)
(558,206)
19 (c)
2,202,238
Net income from continuing operations
Net income (loss) from discontinued operations
-
24
Attributable to:
Shareholders of BM&FBOVESPA - Continuing
operations
Shareholders of BM&FBOVESPA - Discontinued
operations
Non-controlling interests - Continuing operations
Non-controlling interests – Discontinued operations
Earnings per share attributable to shareholders of
BM&FBOVESPA (in R$ per share)
Basic earnings per share
Diluted earnings per share
206,066
358,459
(152,393)
1,642,148
(657,403)
(100,603)
(556,800)
984,745
(7,692)
508,796
745,707
(236,911)
2,807,222
(603,764)
(45,558)
(558,206)
2,203,458
-
208,157
361.761
(153.604)
1,646,680
(660,959)
(104.159)
(556.800)
985,721
(7,807)
2,202,238
977,053
2,203,458
977,914
2,202,238
984,745
2,202,238
984.745
-
(7,692)
1,220
-
(7.692)
976
(115)
15 (h)
1.229001
1.219860
5
0.531763
0.530710
Statements of comprehensive income
BM&FBOVESPA
2015
2014
2,202,238
977,053
Note
Other comprehensive income (loss) to be reclassified to
income for the year in subsequent periods
Translation adjustments
Exchange rate variation on investment in foreign
associate
Exchange rate variation on financial assets
available for sale, net of taxes
Transfer of exchange rate variation to P&L due to
disposal of investment
equity method discontinuation
(1,112,187)
323,739
(1,112,187)
323,739
1,718,604
451,195
1,718,604
451.195
35,969
-
35,969
-
(600,793)
-
(600,793)
-
(2,403,173)
(1,249,393)
451,195
(2,403,173)
(1,249,393)
451.195
7(a)
7(a)
Hedge of net foreign investment
Hedged value, net of taxes
equity method discontinuation, net of taxes
Cash flow Hedge
Hedged value, net of taxes
Financial instruments available for sale
Mark-to-market of available-for-sale financial
assets, net of taxes
Comprehensive income of associate and subsidiary
Comprehensive income of subsidiary
Comprehensive income of foreign associate
Transfer of foreign associate’s comprehensive
income to P&L due to equity method
discontinuation
Transfer of foreign associate’s comprehensive
income to P&L due to disposal of investment
Consolidated
2015
2014
2,203,458
977,914
(488,380)
(126,669)
(488,380)
(126.669)
848,959
360,579
(126,669)
848,959
360,579
(126.669)
(14,489)
(14,489)
-
(14,489)
(14,489)
-
(133,687)
(133,687)
-
(133,687)
(133,687)
-
7(a)
7(a)
9
7,774
7(a)
(66,384)
7(a)
(16,596)
(75,197)
Other comprehensive income not reclassified to income
for the year in subsequent periods
Actuarial gains on post-retirement health care
benefits, net of taxes
(2)
(785)
(787)
9
7,774
(66,384)
(16,596)
(75,197)
(2)
(785)
(787)
Total comprehensive income for the year
3,099
3,099
1,093,150
467
467
1,301,259
3,099
3,099
1,094,370
467
467
1,302,120
Attributable to:
1,093,150
1,301,259
1,094,370
1,302,120
1,093,150
-
1,301,259
-
1,093,150
1,220
1,301,259
861
Shareholders of BM&FBOVESPA
Non-controlling shareholders
6
Statements of changes in equity
Note
Balances at December 31, 2013
Comprehensive income of associate and
subsidiary
benefits
Revaluation
reserves
(Note 15(c))
Capital
reserve
Capital
2.540.239 16,056,681
Attributable to shareholders of the parent company
Income
reserves (Note 15(e))
Treasury
Other
Legal
Statutory
shares
comprehensive
reserve
reserves
(Note 15(b))
income
21,360
3,453
791,320
(955,026)
Proposed
additional
dividend
Retained
earnings
Total
Noncontrolling
interests
680,499
145,703
-
19,284,229
14,663
Total
equity
19,298,892
-
-
-
-
-
-
451,195
(126,669)
(2)
-
-
451,195
(126,669)
(2)
-
451,195
(126,669)
(2)
-
-
-
-
-
-
(785)
-
-
(785)
-
(785)
-
-
-
-
-
-
467
-
-
467
-
467
-
-
-
-
-
-
324,206
-
-
324,206
-
324,206
Effect on non-controlling interests
-
-
-
-
-
-
-
-
-
-
Realization of revaluation reserve - subsidiaries
-
-
-
-
-
-
-
586
-
-
(937,600)
7
(586)
(93)
(93)
Repurchase of shares
15(b)
-
-
-
-
-
(937,600)
-
-
-
(937,600)
-
Disposal of treasury shares - exercise of stock
options
18(a)
-
(5,339)
-
-
-
49,559
-
-
-
44,220
-
44,220
Cancelation of treasury shares
15(b)
-
(859,793)
-
-
-
859,793
-
-
-
-
-
-
Recognition of stock option plan
18(a)
-
28,805
-
-
-
-
-
-
-
28,805
-
28,805
24
-
-
-
-
-
-
-
-
-
-
Approval/payment of dividend
-
-
-
-
-
-
-
-
(145,703)
-
-
-
-
-
-
-
-
-
977,053
977,053
861
-
-
-
-
195,997
-
-
185,941
-
(781,642)
(195,997)
(595,701)
-
-
2,540,239 15,220,354
20,774
3,453
987,317
(983,274)
1,004,705
185,941
-
18,979,509
8,894
Discontinued operations – non-controlling interests
Destination of profit:
Dividends
Setting up of statutory reserves
15(g)
7
(145,703)
(6,537)
(6,537)
(145,703)
977,914
(595,701)
18,988,403
Statements of changes in equity (Continued)
Revaluation
reserves
(Note 15(c))
Attributable to shareholders of the parent company
Income
reserves (Note 15(e))
Treasury
Other
Legal
Statutory
shares
comprehensive
reserve
reserves
(Note 15(b))
income
Capital
Capital
reserve
2,540,239
15,220,354
20,774
3,453
987,317
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Realization of revaluation reserve - subsidiaries
-
-
Note
Cash flow Hedge
Comprehensive income of associate and
subsidiary
benefits
4
7
Noncontrolling
interests
Total
-
18,979,509
(1,249,393)
360,579
(14,489)
(133,687)
-
-
-
(75,197)
-
-
-
3,099
-
-
-
-
-
-
-
-
-
Total
equity
8,894
18,988,403
(1,249,393)
360,579
(14,489)
(133,687)
-
(1.249.393)
360.579
(14.489)
(133.687)
-
(75,197)
-
(75.197)
-
-
3,099
-
3.099
-
-
-
(1,109,088)
-
-
586
-
-
-
-
-
-
(287,030)
(1,109,088)
(1,109,088)
-
15(b)
-
Disposal of treasury shares - exercise of stock
options
18(a)
-
(197)
-
-
-
1,094
-
-
-
897
-
897
Cancelation of treasury shares
15(b)
-
(903,975)
-
-
-
903,975
-
-
-
-
-
-
Payment in cash at fair value - options
18(a)
-
(56,198)
-
-
-
-
-
-
-
-
(56,198)
Recognition of stock option plan
18(a)
-
276
-
-
-
-
-
-
-
276
-
276
Recognition of stock grant plan
18(a)
-
40,050
-
-
-
-
-
-
-
40,050
-
40,050
Approval/payment of dividend
15(g)
-
-
-
-
-
-
-
-
(185,941)
-
(185,941)
-
-
-
-
-
-
-
-
2,202,238
2,202,238
1,220
2,203,458
-
-
-
-
960,210
-
-
-
(223,581)
(1,019,033)
(960,210)
(223,581)
(1,019,033)
-
-
(223.581)
(1.019.033)
-
2,540,239
14,300,310
20,188
3,453
1,947,527
10,114
18,352,213
Destination of profit:
Dividends
Interest on equity
15(g)
15(g)
8
(287,030)
1,004,705
Retained
earnings
185,941
(586)
(983,274)
Proposed
additional
dividend
(365,235)
(104,383)
(185,941)
-
-
(287,030)
(56,198)
18,342,099
Statements of cash flow
BM&FBOVESPA
2015
2014
Note
Consolidated
2015
2014
Cash flow from operating activities
Adjustments:
Depreciation/amortization
Gain/loss on sale of property and equipment
Software and projects written off
Gain/loss on the disposal of investment
Gain/loss on equity method discontinuation
Equity pickup
Variation in non-controlling interests
Stock option and stock grant plan expenses
Interest expenses
Provision for tax, civil and labor contingencies
Provision for impairment of receivables
Effect of exchange rate variation on cash flow hedge
8 and 9
9
7(a)
7(a)
7(a)
18
22
Variation in financial investments and marketable securities
and collateral for transactions
Investments transferred to financial assets
Variation in taxes recoverable and prepaid
Variation in accounts receivable
Variation in other receivables
Variation in prepaid expenses
Variation in judicial deposits
Variation in earnings and rights on securities in custody
Variation in suppliers
Variation in provision for taxes and contributions payable
Variation in income tax and social contribution
Variation in salaries and social charges
Variation in other liabilities
Variation in provision for tax, civil, and labor contingencies
Variation in post-retirement health care benefits
Net cash from (used in) operating activities
2,202,238
977,053
2,203,458
977,914
109,264
(350)
6,463
(723,995)
(1,734,889)
1,662,681
558,206
(157,146)
40,326
138,064
13,911
1,664
2,220
117,479
64
2,208
7,692
556,800
(226,926)
28,805
96,923
10,177
506
-
110,857
(350)
6,463
(723,995)
(1,734,889)
1,662,681
558,206
(136,245)
1,160
40,326
138,064
13,911
1,664
2,220
119,133
64
2,208
7,807
556,800
(212,160)
258
28,805
96,923
10,197
580
-
(6,019,661)
4,958,023
(8,863)
(19,340)
(88,579)
4,413
(20,249)
2,935
(23,511)
8,396
1,064
44,633
16,679
1,550
2,446
978,593
240,483
35,202
(4,407)
9,090
(17,370)
(11,605)
(3,636)
29,467
(639)
(2,146)
491
4,113
3,139
1,852,963
(6,182,168)
4,958,023
(8,857)
(19,222)
(85,655)
4,387
(20,282)
2,935
(23,533)
9,138
2,815
44,768
138,849
2,154
2,446
969,329
323,842
35,202
(4,709)
6,825
(17,374)
(11,620)
(3,636)
21,556
(412)
696
(2,275)
(89,747)
4,482
3,139
1,854,498
727
(73,093)
86,633
1,208,662
(154,052)
1,068,877
1,172
(54,410)
167,752
(167,052)
(52,538)
1,140
(73,867)
82,633
1,208,662
(154,052)
1,064,516
1,305
(54,639)
164,802
(167,052)
(13)
(55,597)
897
(56,198)
(287,030)
(767)
(113,664)
(1,427,340)
(1,884,102)
163,368
111,997
275,365
44,220
(937,600)
(244)
(90,433)
(741,145)
(1,725,202)
75,223
36,774
111,997
897
(56,198)
(287,030)
(767)
(113,664)
(1,427,340)
(1,884,102)
149,743
115,386
265,129
44,220
(937,600)
(244)
(90,433)
(741,145)
(1,725,202)
73,699
41,687
115,386
Cash flow from investing activities
Proceeds from sale of property and equipment
Payment for purchase of property and equipment
Dividends received
Divestiture - CME
Purchase of software and projects
Cash impact from discontinued operations
Net cash from (used in) investing activities
7(a)
9
Cash flow from financing activities
Disposal of treasury shares - stock options exercised
Payment for cancelation of stock options
Changes in financing
Interest paid
Payment of dividends and interest on equity
Net cash used in financing activities
Net increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at beginning of year
Balance of cash and cash equivalents at end of year
18(a)
18(a)
15(b)
4(a)
4(a)
9
Statements of value added
Note
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
2,412,603
2,208,569
2,458,847
2,246,452
1,977,562
435,041
1,843,969
364,600
1,977,547
481,300
1,843,950
402,502
1,939,182
262,776
1,942,113
266,253
276,501
1,662,681
262,776
-
279,432
1,662,681
266,253
-
3 - Gross value added (1-2)
473,421
1,945,793
516,734
1,980,199
4 - Retentions
109,264
117,479
110,857
119,133
109,264
117,479
110,857
119,133
364,157
1,828,314
405,877
1,861,066
3,356,496
585,385
3,340,836
573,921
157,146
740,466
1,734,889
723,995
226,926
358,459
-
136,245
745,707
1,734,889
723,995
212,160
361,761
-
7 - Total value added to be distributed (5+6)
3,720,653
2,413,699
3,746,713
2,434,987
8 - Distribution of value added
3,720,653
2,413,699
3,746,713
2,434,987
429,689
9,149
342,333
8,683
443,006
9,149
354,411
8,683
811,812
32,403
235,362
1,242,614
959,624
-
895,732
29,813
152,393
781,642
195,411
7,692
820,996
33,193
236,911
1,242,614
960,844
-
902,104
30,464
153,604
781,642
196,272
7,807
1 - Revenues
20
Trading and/or settlement system
Other revenues
2 - Goods and services acquired from third parties
Expenses (a)
9
8 and 9
5 - Net value added produced by the Company (3-4)
6 - Value added transferred from others
Equity pickup
Financial income
Equity method discontinuation
Gain on disposal of investments in associates
Personnel and related charges
Board and committee members’ compensation
Taxes, charges and contributions (b)
Federal
Municipal
Financial expenses
Interest on equity and dividends
Discontinued operation (Note 24)
7 (a)
22
7 (a)
7 (a)
22
15 (g)
(a) Expenses (excludes personnel, board and committee members’ compensation, depreciation, taxes and charges).
(b) Includes: taxes and charges, Contribution Taxes on Gross Revenue for Social Integration Program (PIS) and for Social Security Financing (COFINS),
Service Tax (ISS), and current and deferred income tax and social contribution (IRPJ and CSLL).
10
Notes to financial statements
1. Operations
BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) is a publiclyheld corporation headquartered in the city of São Paulo, primarily engaged in to carry out or invest
in companies engaged in the following activities:
 Management of organized securities markets, promoting the organization, operation and
development of free and open markets for the trading of any types of securities or contracts, that
have as reference or objective financial assets, indices, indicators, rates, goods, currencies,
energy, transportation, commodities and other assets or rights directly or indirectly related
thereto, for spot or future settlement;
 Maintenance of appropriate environments or systems for carrying out purchases, sales, auctions
and special operations involving securities, notes, rights and assets, in the stock exchange
market and in the organized over-the-counter market;
 Rendering services of registration, clearing and settlement, both physical and financial,
internally or through a company especially incorporated for this purpose, assuming or not the
position of central counterparty and guarantor of the definite settlement, under the terms of
applicable legislation and its own regulations;
 Rendering services of central depository and custody of fungible and non-fungible goods,
marketable securities and any other physical and financial assets;
 Providing services of standardization, classification, analysis, quotations, statistics, professional
education, preparation of studies, publications, information, libraries and software on matters of
interest to BM&FBOVESPA and the participants in the markets directly or indirectly managed by
it;
 Providing technical, administrative and managerial support for market development, as well as
carrying out educational, promotional and publishing activities related to its objective and to the
markets managed by it;
 Performance of other similar or related activities authorized by the Brazilian Securities
Commission (CVM); and
 Investment in the capital of other companies or associations, headquartered in Brazil or abroad,
as a partner, shareholder or member pursuant to the pertinent regulations.
BM&FBOVESPA organizes, develops and provides for the operation of free and open securities
markets, for spot and future settlement. Its activities are carried out through its trading systems
and clearinghouses, and include transactions with securities, interbank foreign exchange and
securities under custody in the Special System for Settlement and Custody (SELIC).
11
Notes to financial statements (Continued)
1. Operations (Continued)
BM&FBOVESPA develops technology solutions and maintains high performance systems,
providing its customers with security, agility, innovation and cost effectiveness. The success of its
activities depends on the ongoing improvement, enhancement and integration of its trading and
settlement platforms and its ability to develop and license leading-edge technologies required for
the good performance of its operations.
With the objective of responding to the needs of customers and the specific requirements of the
market, its wholly-owned subsidiary Banco BM&FBOVESPA de Serviços de Liquidação e
Custódia S.A. provides its members and its clearinghouses with a centralized custody service for
the assets pledged as margin for transactions.
The subsidiaries BM&FBOVESPA (UK) Ltd. located in London and BM&F (USA) Inc., located in
the city of New York, USA, and a representative office in Shanghai, China, represent
BM&FBOVESPA abroad through relationships with other exchanges and regulators, as well as
assisting in the procurement of new clients for the market.
In order to rebalance the composition of the Company’s assets, through a notice to the market, on
September 9, 2015, BM&FBOVESPA announced the disposal of 20% of CME Group’s shares.
Management reassessed whether or not there is significant influence over CME Group,
considering current quantitative and qualitative factors, and concluded that “significant influence”,
as defined by CPC 18, no longer existed. That assessment lead the Company to reclassify its
equity position for the period from "Investments in associates”, measured by the equity method, to
“Financial investments and marketable securities – available for sale”, measured at market value.
BM&FBOVESPA maintained the hedge of net investment, originated from debt issued abroad for
hedging part of the exchange rate risk of investment in CME Group until equity method
discontinuation, when a new hedge was structured (cash flow hedge).
As part of the strategic partnership between BM&FBOVESPA and CME Group, in the third quarter
of 2015, BM&FBOVESPA organized the wholly-owned subsidiary BM&FBOVESPA BRV LLC
registered in Delaware (USA), in order to ensure to the parties the full exercise of the rights
contractually agreed upon. BM&FBOVESPA BRV LLC, jointly with BM&FBOVESPA, will be coowner of all intellectual property rights related to the stock module of PUMA Trading System
platform and any other modules jointly developed by the parties, the ownership of which is
assigned to BM&FBOVESPA. Since this Company is a subsidiary engaged in protecting rights,
this special purpose entity is not expected to have operating activities.
12
2. Preparation and presentation of financial statements
These financial statements were approved by the Board of Directors of BM&FBOVESPA on
February 18, 2016.
The financial statements have been prepared and are being presented in accordance with
accounting practices adopted in Brazil.
Deferred tax assets and liabilities related to income are presented net in the financial statements,
in accordance with the criteria set out in CPC 32/IAS 12. As a consequence, BM&FBOVESPA is
restating the balances disclosed in the financial statements as of December 31, 2014, as follows:
Balance disclosed
at 12/31/2014
Restatement
Effects
Balance restated
at 12/31/2014
Assets
Current assets
Noncurrent assets
2,837,189
22,430,445
274,781
(274,781)
(274,781)
2,837,189
22,155,664
-
Total assets
25,267,634
(274,781)
24,992,853
Current liabilities
Equity
1,635,426
4,652,699
2,859,306
18,979,509
(274,781)
(274,781)
-
1,635,426
4,377,918
2,584,525
18,979,509
Total liabilities and equity
25,267,634
(274,781)
24,992,853
a)
Consolidated financial statements
The consolidated financial statements were prepared based on international accounting
standards (IFRS) issued by the International Accounting Standards Board (IASB) and
interpretations issued by the International Financial Reporting Interpretations Committee
(IFRIC), implemented in Brazil by the Brazilian Accounting Pronouncements Committee
(CPC) and through its technical interpretations (ICPC) and guidelines (OCPC), approved by
the Brazilian Securities Commission (CVM).
The consolidated financial statements include the balances of BM&FBOVESPA and its
subsidiaries, as well as special purpose entities comprising investment funds, as follows:
13
2. Preparation and presentation of financial statements (Continued)
a)
Consolidated financial statements (Continued)
Ownership %
2015
Subsidiaries and controlled entities
Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A.
(“Banco BM&FBOVESPA”)
Bolsa de Valores do Rio de Janeiro – BVRJ (“BVRJ”)
BM&F (USA) Inc.
BM&FBOVESPA (UK) Ltd.
BM&FBOVESPA BRV LLC
100.00
86.95
100.00
100.00
100.00
2014
100.00
86.95
100.00
100.00
-
Exclusive investment funds:
Bradesco Fundo de Investimento Renda Fixa Letters;
BB Pau Brasil Fundo de Investimento Renda Fixa;
HSBC Fundo de Investimento Renda Fixa Longo Prazo Eucalipto.
b)
Individual financial statements
The individual financial statements have been prepared in accordance with accounting
practices adopted in Brazil, which comprise the provisions contained in the Brazilian
Corporate Law (Law No. 6404/76) and embodies the changes introduced through Laws
11638/07 and 11941/09, and the pronouncements, interpretations and guidelines of the
Brazilian Accounting Pronouncements Committee (CPC), approved by the Brazilian
Securities Commission (CVM).
3. Significant accounting practices
a)
Consolidation
The following accounting policies are applied in the preparation of the consolidated financial
statements.
Subsidiaries
Subsidiaries are fully consolidated from the date on which control is transferred to
BM&FBOVESPA. The consolidation is discontinued as from the date when such control ends.
14
3. Significant accounting practices (Continued)
a)
Consolidation (Continued)
Intercompany transactions, balances and unrealized gains on transactions between
companies included in the consolidation are eliminated. Unrealized losses are also
eliminated, unless the transaction provides evidence of impairment of the asset transferred.
The accounting practices of subsidiaries are altered where necessary to ensure consistency
with the practices adopted by BM&FBOVESPA.
Associates
Investments in associates are recorded using the equity method and are initially recognized
at cost. BM&FBOVESPA’s investment in associates includes goodwill identified on
acquisition, net of any accumulated impairment.
BM&FBOVESPA applies the equity method to measure investments in companies over which
exercises significant influence. BM&FBOVESPA’s judgment as regards the level of influence
on investments takes into consideration key factors, such as ownership interest percentage,
representation by the Board of Directors, participation in the definition of policies and
businesses and material intercompany transactions. For investments in CME Group, the
corresponding financial statements were originally prepared under the United States
accounting standards (USGAAP), adjusted to the accounting standards effective in Brazil
before equity pickup.
Equity method discontinuance
When there is loss of significant influence over an associate, the equity method is
discontinued and any retained interest in the investee is remeasured at its fair value, and
effects therefrom are recognized in P&L for the period. The amounts recognized in equity
under “other comprehensive income”, relating to that investee, are reclassified by
BM&FBOVESPA from “equity - other comprehensive income” to the result of the period, in
accordance with the criteria determined by CPC 18(R2)/IAS28.
b)
Revenue recognition
Revenues from the rendering of services and from trading and settlement systems are
recognized upon the completion of the transactions, under the accrual method of accounting.
The amounts received as annual fees, as in the cases of listing of securities and certain
contracts for sale of market information, are recognized in the income statement pro rata
monthly over the contractual term.
15
c)
The balances of cash and cash equivalents for cash flow statement purposes comprise cash
and bank deposits.
d)
Financial instruments
i)
Classification and measurement
BM&FBOVESPA initially classifies its financial assets, depending on the purpose of the
asset acquisition, into the following categories: measured at fair value through profit or
loss, receivables and available for sale.
Financial assets measured at fair value through profit or loss are financial assets held for
active and frequent trading or assets designated by the entity upon initial recognition.
Gains or losses arising from the changes in fair value of financial instruments are
recorded in the income statement in “Financial results” for the period in which they occur.
Receivables
This category includes non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. Receivables of BM&FBOVESPA
mostly comprise customer receivables. Receivables are recorded at amortized cost
using the effective interest rate method less any impairment losses.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives classified in this category or not
classified in any other. Available-for-sale financial assets are recorded at fair value.
Interest on available-for-sale securities, calculated using the effective interest rate
method, is recognized in the income statement as financial income. The amount relating
to the changes in fair value is recorded as a matching entry to comprehensive income,
net of taxes, and transferred to the income statement when the asset is settled or
becomes impaired.
ii)
Derivative instruments
Initially, derivatives are recognized at fair value, with the subsequent changes in fair
value recognized in the income statement.
16
d)
Financial instruments (Continued)
iii) Hedge of net investments
Any gain or loss on the hedge instrument related to the effective hedge portion is
recognized in other comprehensive income, net of tax effects. The gain or loss related to
the ineffective portion is recognized immediately in the income statement.
Any cumulative gains and losses in equity are transferred to the income statement when
the hedged transaction is partially disposed of or sold.
iv) Cash flow hedge – Firm commitment
Any gain or loss in the hedge instrument related to the effective hedge portion is
recognized under equity, in “Other comprehensive income”, net of tax effects.
Consequently, the exchange variation in hedge instruments, previously recognized in
financial result prior to its recognition as a hedge instrument, accumulates in equity and
is transferred to income/loss for the same period and the same account group under
which the hedged transaction is recognized. When the hedged transaction implies
recognition of a non-financial asset, gains and losses recognized in equity are
transferred and included in the initial measurement of the asset cost. The non-effective
portion of the hedge is immediately recognized in the income statement.
v)
Hedge effectiveness analysis
BM&FBOVESPA adopts the Dollar offset method as the methodology for retrospective
effectiveness test on a cumulative and spot basis. For prospective analysis,
BM&FBOVESPA uses stress scenarios applied to the range of 80% to 125%.
e)
Accounts receivable and provision for impairment of receivables
Trade receivables are initially recognized at transaction value and adjusted for a provision for
impairment of receivables, if necessary.
f)
Noncurrent assets held for sale
Noncurrent assets are classified as held for sale when their carrying value is recoverable,
particularly in the case of a sale and when the completion of such sale is practically certain.
These assets are measured at the lower of their carrying amount and their fair value less
costs to sell.
17
g)
Intangible assets
Goodwill
The goodwill recorded in intangible assets arises from acquisitions conducted by
BM&FBOVESPA and is stated at cost less accumulated impairment losses. Recognized
impairment losses on goodwill are not reversed.
Software licenses acquired are capitalized based on incurred costs and amortized over their
estimated useful life, at the rates mentioned in Note 9.
Expenses associated with the development or maintenance of software are recognized as
expenses as incurred. Expenditures directly associated with the development of identifiable
and unique software, controlled by BM&FBOVESPA and which will probably generate
economic benefits greater than the costs for more than one year, are recognized as
intangible assets.
Amortization expense is recognized in the income statement unless it is included in the
carrying amount of another asset. In such cases, amortization of intangible assets used for
development activities is included as part of the cost of another intangible asset.
Expenditures for development of software recognized as assets are amortized using the
straight-line method over the assets’ useful lives, at the rates described in Note 9.
h)
Property and equipment items are recorded at acquisition or construction cost, less
accumulated depreciation. Depreciation is calculated under the straight-line method and
takes into consideration the estimated useful lives of the assets and their residual value. At
the end of each period, the residual values and useful lives of assets are reviewed and
adjusted if necessary.
Subsequent costs are included in the carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits will be obtained and the
cost of the item can be measured reliably. All other repair and maintenance costs are
recorded in the income statement, as incurred.
18
h)
Property and equipment (Continued)
Depreciation expense is recognized in the income statement unless it is included in the
carrying amount of another asset. Depreciation of property and equipment items used for
development activities is included as part of the cost of an intangible asset.
i)
Contingent assets and liabilities, provisions for tax, civil and labor contingencies, and legal
obligations
The recognition, measurement, and disclosure of provisions for tax, civil and labor
contingencies, contingent assets and liabilities, and legal obligations comply with the criteria
defined in CPC 25/IAS 37.
j)
Judicial deposits
Judicial deposits are related to tax, civil and labor contingencies, subject to monetary
adjustment and presented in noncurrent assets.
k)
Collaterals for transactions
Comprise amounts received from market participants as collateral for default or insolvency.
Amounts received in cash are recorded as liabilities and other collaterals are managed offbalance sheet. Both types of collateral received are not subject to interest or any other
charges.
l)
Other assets and liabilities
These are stated at their known and realizable/settlement amounts plus, where applicable,
related earnings and charges and monetary and/or exchange rate variations up to the
balance sheet date.
m) Impairment of assets
Assets that have an indefinite life, such as goodwill, are not subject to amortization and are
tested annually for impairment, or in a shorter basis when indications of possible impairment
are identified. The assets subject to amortization are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying value may not be recoverable.
An impairment loss is recognized at the amount by which the asset's carrying amount
exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value
less costs to sell and its value in use.
19
m) Impairment of assets (Continued)
For purposes of impairment testing, assets are grouped at the lowest levels for which there
are separately identifiable cash flows (Cash-Generating Units (CGU)). Non-financial assets
other than goodwill that suffered impairment are reviewed subsequently for possible reversal
of the impairment at each reporting date.
n)
Employee benefits
i)
Pension obligations
BM&FBOVESPA maintains a defined contribution retirement plan with voluntary
participation open to all employees. The Company has no obligations to make additional
payments as a sponsor. The regular contributions are included in personnel costs in the
period they are due.
ii)
Share-based incentives
BM&FBOVESPA has a long-term incentive plan. Until 2014, BM&FBOVESPA would
grant stock options, at the BM&FBOVESPA Stock Option Plan (“Stock Option Plan”),
from which remaining outstanding options yet to be exercised arise. As from 2015,
BM&FBOVESPA began granting shares, at the BM&FBOVESPA Share Granting Plan
(“Share Plan”). The objective is to give the employees of BM&FBOVESPA and its
subsidiaries the opportunity to become shareholders of BM&FBOVESPA, obtaining a
greater alignment between their interests and the shareholders’ interests as well as allow
BM&FBOVESPA and its subsidiaries to attract and retain their management and
employees. The fair value of options and shares granted is recognized as an expense
during the vesting period (the period during which the specific vesting conditions must be
met). At the balance sheet date, BM&FBOVESPA reviews its estimates of the number of
options and shares that will vest based on the established conditions. BM&FBOVESPA
recognizes the impact of any changes to the original estimates, if any, in the income
statement, against a capital reserve in equity.
iii) Profit sharing
BM&FBOVESPA has semi-annual variable remuneration, organized and paid in cash
through the Profit Sharing Program. The program defines the potential multiple of
monthly salary, based on individual performance indicators, which consider factors
specific to each function (job level), and indicators of the overall performance of
BM&FBOVESPA. The provision for such profit sharing program is recognized in income
on an accrual basis.
20
n)
Employee benefits (Continued)
iv) Other post-employment obligations
BM&FBOVESPA offers post-retirement healthcare benefit to the employees who have
acquired this right until May 2009. The right to this benefit is conditional on the employee
remaining with the Company until the retirement age and completing a minimum service
period. The expected costs of these benefits are accumulated over the period of
employment or the period in which the benefit is expected to be earned, using the
actuarial methodology that considers life expectancy of the group in question, increase in
costs due to the age and medical inflation, inflation and discount rate. The contributions
that participants make according to the specific rule of the Health Care Plan are
deducted from these costs. The actuarial gains and losses on the health care plan for
retirees are recognized in the income statement in accordance with the rules of IAS 19
and CPC 33 - Employee Benefits, based on actuarial calculation prepared by an
independent actuary, according to Note 18(c).
o)
Loans and financing
p)
Loans and financing are measured initially at fair value, less transaction costs incurred, and
are subsequently carried at amortized cost. Any difference between the funds raised (net of
transaction costs) and the amount repayable is recognized in the income statement over the
period of the loans, using the effective interest rate method.
Foreign currency translation
The items included in the financial statements for each of the consolidated companies of
BM&FBOVESPA are measured using the currency of the primary economic environment in
which the entity operates (“functional currency”). The financial statements are presented in
Brazilian reais, which is the functional currency of BM&FBOVESPA.
Transactions in foreign currencies are translated into Brazilian reais using the exchange rates
prevailing on the dates of the transactions or the date of evaluation when items are
remunerated. The foreign exchange gains and losses arising from the settlement of these
transactions and from the translation, at the exchange rates at the end of the period, of
monetary assets and liabilities in foreign currencies, are recognized in the income statement,
except when deferred in other comprehensive income relating to a hedge of a foreign
investment.
21
p)
Foreign currency translation (Continued)
Exchange differences on the investments in foreign operations, which have a functional
currency different from that of BM&FBOVESPA, are recorded under “Equity adjustments” in
other comprehensive income, and are only taken to the income statement for the period when
the investment is sold or written off.
q)
Taxes
BM&FBOVESPA is a for-profit business corporation and accordingly its results are subject to
certain taxes and contributions.
i)
Current and deferred income tax and social contribution
Current and deferred income and social contribution taxes for the period of
BM&FBOVESPA and Banco BM&FBOVESPA are calculated at 15%, plus a 10% surtax
on annual taxable profit exceeding R$240 for income tax, and 9% (15% for Banco
BM&FBOVESPA, and 20% from September 1, 2015) on taxable profit for social
contribution tax on net profit, and take into account the offset of income and social
contribution tax losses, if any, limited to 30% of taxable profit.
Deferred income and social contribution taxes are calculated on respective tax losses,
and temporary differences between the tax base on assets and liabilities and their
carrying amounts contained in the financial statements.
Deferred tax assets are recognized to the extent that it is probable that there will be
future taxable profit available to offset temporary differences and/or tax losses.
The Bolsa de Valores do Rio de Janeiro (BVRJ) is a not-for-profit entity and, therefore,
exempt from income tax and social contribution tax.
ii)
Other taxes
The other taxes charged over trading, clearing and settlement fees and other services
were calculated at the rates of 1.65% for PIS and 7.60% for COFINS, and are deducted
in P&L under “Revenues”.
Banco BM&FBOVESPA calculates PIS and COFINS at the rates of 0.65% and 4%,
respectively.
22
q)
Taxes (Continued)
ii)
Other taxes (Continued)
The Bolsa de Valores do Rio de Janeiro (BVRJ) pays PIS at the rate of 1% on payroll.
BM&FBOVESPA and its subsidiaries pay Service Tax (ISS) on the services rendered at
rates ranging from 2% to 5% depending on the nature of the service.
r)
Earnings per share
For purposes of disclosure of earnings per share, basic earnings per share are calculated by
dividing the profit attributable to shareholders of BM&FBOVESPA by the average number of
shares outstanding during the period. Diluted earnings per share are calculated similarly,
except that the quantity of outstanding shares is adjusted to reflect the additional shares that
would have been outstanding if potentially dilutive shares had been issued for granted stock
options.
s)
Distribution of dividends and interest on equity
The distribution of dividends and interest on equity to shareholders of BM&FBOVESPA is
recognized as a liability in the financial statements at the end of the period, based on the
BM&FBOVESPA’s Articles of Incorporation. Any amount above the mandatory minimum
dividend is accrued only on the date it is approved by the shareholders at an Annual General
Meeting. The tax benefit over the interest on equity is recorded in the income statement.
t)
Segment information
Operating segments are presented in a manner consistent with the internal reports provided
to the Executive Board, which is responsible for making the main operational and strategic
decisions of BM&FBOVESPA and for implementing the strategies defined by the Board of
Directors.
u)
Significant accounting estimates and judgments
Preparation of financial statements requires use of certain significant accounting estimates,
as well as use of judgment by management in the process of applying the accounting policies
of BM&FBOVESPA. Those more complex areas that require higher degree of judgment, as
well as those where the assumptions and estimates are significant for the consolidated
financial statements, are the following:
23
u)
Significant accounting estimates and judgments (Continued)
 Equity pickup – Note 3(a)
 Impairment of assets – Notes (3(m) and 9
 Classification of financial instruments – Note 3(d) Shared-based incentives – Note 3(n)
 Post-retirement health care plan – Note 18(c)
 Provisions for tax, civil and labor contingencies, contingent assets and liabilities (Note 14)
v)
Accounting pronouncements issued recently and applicable to future periods
The pronouncements below have already been published by IASB and are mandatory for the
subsequent fiscal years, without early adoption by BM&FBOVESPA. Such pronouncements
will be adopted after a technical pronouncement is issued by the Brazilian Financial
Accounting Standards Board (CPC), and after their approval by the Brazilian Securities and
Exchange Commission (CVM). Management is assessing the possible impacts of such
pronouncements on the financial statements.
 IFRS 15 – Revenue from Contracts with Customers – Issued in May 2014, and effective on
or after January 1, 2017. IFRS 15 replaces the current rules IAS 11 – Construction
Contracts and IAS 18 – Revenue, and establishes the principles for measurement,
recognition and disclosure of revenue.
 IFRS 9 – Financial Instruments – The final version was issued in July 2014, and will be
effective on and after January 1, 2018. It replaces IAS 39 – Financial Instruments:
Recognition and Measurement and the previous versions of IFRS 9. IFRS 9 establishes
new requirements for classification and measurement, impairment and hedge accounting of
financial instruments.
w) Current and noncurrent assets and liabilities
Assets and liabilities are classified as current whenever their realization or settlement term is
one year or less (or another term that follows the normal cycle of BM&FBOVESPA). They are
otherwise stated as noncurrent.
24
4. Cash and cash equivalents and financial investments and marketable
securities
a)
Description
Cash and bank deposits in local currency
Bank deposits in foreign currency
BM&FBOVESPA
2015
2014
12,435
98
262,930
111,899
Consolidated
2015
2014
208
236
264,921
115,150
275,365
111,997
265,129
115,386
Bank deposits in foreign currency – third-party
funds (1)
175,716
385,149
175,716
385,149
Total cash and cash equivalents
451,081
497,146
440,845
500,535
(1) Third-party funds restricted to settlement of the exchange transaction (Exchange clearing).
Cash and cash equivalents are held with top-tier financial institutions in Brazil or abroad.
Deposits in foreign currency are primarily in US dollars.
25
securities (Continued)
b)
The breakdown of financial investments and marketable securities by category, nature and
maturity is as follows:
BM&FBOVESPA
Without
Description
maturity
Financial investment fund (1)
More than
Within 3
12 months and
months
up to 5 years
More than
5 years
2015
2014
2,827,776
-
-
-
2,827,776
1,910,788
Interest-bearing account - foreign deposits
-
-
-
-
-
33,827
Repurchase agreements (2)
-
-
-
-
-
77
Government securities
National Treasury Notes
-
37
32,983
-
1,109,710
14
-
259,253
-
1,369,000
32,997
-
990,418
54,990
51
13,610
2,841,386
33,020
1,109,724
259,253
13,610
4,243,383
10,182
3,000,333
4,805,033
48,568
4,853,601
-
-
-
4,805,033
48,568
4,853,601
-
7,694,987
33,020
1,109,724
259,253
9,096,984
3,000,333
7,728,007
1,368,977
2,019,099
981,234
Other investments (3)
Financial assets available for sale
Shares
CME Group (5)
Other (6)
Total financial investments and marketable
securities
Short-term
Long-term
26
b)
Financial investments and marketable securities (Continued)
Consolidated
Without
Within 3
Description
maturity
months
More than More than
3 months 12 months
and up to and up to
12 months
5 years
More than
5 years
2015
2014
331,358
-
-
-
-
331,358
100,244
1,787
-
-
-
-
1,787
35,085
-
2,371,998
15,628
89
-
2,387,715
1,676,620
-
1,059
36,481
-
114,735
56,778
-
1,322,326
72,141
-
338,887
-
1,777,007
165,400
-
1,147,885
320,419
51
13,611
346,756
2,409,538
187,141
1,394,556
338,887
13,611
4,676,878
10,185
3,290,489
-
133
-
881
159
320
65,768
73
27
16,299
10
82,948
365
357
62,869
1,278
356
4,805,033
48,568
4,853,601
133
1,360
65,868
16,309
4,805,033
48,568
4,937,271
64,503
5,200,357
2,409,671
188,501
1,460,424
355,196
9,614,149
3,354,992
7,798,529
1,815,620
1,962,229
1,392,763
Financial investment fund (4)
Interest-bearing account - foreign deposits
Other investments (3)
Financial assets available for sale
Shares
CME Group (5)
Other (6)
Total financial investments and
marketable securities
Short-term
Long-term
(1) Refers to investments in financial investment funds, whose portfolios mainly comprise investments in federal government securities and
repurchase agreements that have the CDI (Interbank Deposit Certificate rate) as their profitability benchmark. The consolidated balances of
investment funds are presented according to the nature and maturity of the portfolio in proportion of the net assets invested.
The net assets of the main investment funds included in the consolidation process of the financial statements are: (i) Bradesco FI Renda Fixa
Letters – R$1,776,830 (R$1,353,384 at December 31, 2014); (ii) BB Pau Brasil FI Renda Fixa - R$502,002 (R$333,182 at December 31,
2014); (iii) HSBC FI Renda Fixa Longo Prazo Eucalipto – R$217,586 (R$123,976 at December 31, 2014).
(2) Issued by top-tier banks and backed by government securities.
27
b)
(3) Refers mainly to investments in gold.
(4) The primary non-exclusive investment funds are: (i) Bradesco Empresas FICFI Referenciado DI Federal, amounting to R$30,071 (R$45,020
at December 31, 2014); (ii) Araucária Renda Fixa FI – R$207,818 (R$874 at December 31, 2014); and (iii) Santander Fundo de Investimento
Cedro Renda Fixa - R$93,469 (R$54,333 at December 31, 2014).
(5) Refers to CME Group shares, classified as financial asset available for sale, with a negative mark-to-market of R$134,414 and exchange
variation of R$33,440, net of tax effects.
(6) These refer basically to shares of the Bolsa de Comercio de Santiago, in Chile, acquired by BM&FBOVESPA in accordance with the strategy
of exploring partnership opportunities with other exchanges, classified as available for sale.
The government securities are held in the custody of the Special System for Settlement and
Custody (SELIC); the investment fund shares are held in the custody of their respective
administrators; the local shares are in the custody of BM&FBOVESPA’s Equities and
Corporate Bonds Clearinghouse; the Bolsa de Comercio de Santiago shares are in the
custody of BTG Pactual Chile; and CME shares are in the custody of Computershare United
States.
There was no reclassification of financial instruments between categories in the year.
Management periodically monitors its outstanding positions and possible risks of impairment
of its financial assets. Therefore, based on the nature of these assets (mostly highly-liquid
government securities), BM&FBOVESPA has no significant impairment history.
The carrying amount of financial assets is reduced directly for impairment impacting P&L for
the period. Subsequent recoveries of amounts previously written off are recognized in P&L for
the period.
Derivative financial instruments comprise future interest rate contracts (DI1) stated at their
market values. These contracts are included in the fund portfolios and used to cover fixed
interest rate exposures, swapping fixed interest rate for floating interest rate (CDI). The net
result between the derivative transactions and the related financial instrument refers to the
short position in future interest rate contracts, with market value of R$173 (R$4,927 at
December 31, 2014). DI1 contracts have the same maturity dates as the fixed interest rate
contracts to which they relate.
28
b)
Financial investment policy and financial risk management
BM&FBOVESPA’s policy for cash investments favors alternatives with very low risk, highly
liquid and with low credit risk, whose overall performance is tied to the SELIC/CDI rate,
resulting in a significant proportion of government securities in its portfolio, purchased
directly, via repurchase agreements backed by government securities and also through
exclusive and non-exclusive funds. Acquisition or disposal of strategic investments, such as
the participation in CME Group and in the Bolsa de Comercio de Santiago, are assessed
individually and carried out only in accordance with the strategic planning approved by the
Board of Directors.
Sensitivity analysis
The table below presents the net exposure of all financial instruments (assets and liabilities)
by market risk factors, classified in accordance with their rates:
Risk factor
Share price
Floating interest rate
Currency risk
Fixed interest rate
Gold
Exposure to Risk Factors (Consolidated)
2015
Risk
Percentage
66.7%
Lower share price
61.1%
Lower CDI / Selic rate
Appreciation of real vs.
34.6%
foreign currency
4.1%
Higher fixed rate
0.2%
Lower gold price
2014
Percentage
96.5%
1.4%
1.8%
0.3%
Due to the transfer of investments in CME Group to the marketable securities portfolio
(available for sale) and the shareholding interest held in the Bolsa de Comercio de Santiago,
these financial assets are subject to two risk factors at the same time: currency and share
price.
Share price risk
This risk arises from the possibility that fluctuations in the prices of CME Group shares and
the Bolsa de Comercio de Santiago shares, which BM&FBOVESPA has in its portfolio, could
affect the amounts involved.
The table below shows a sensitivity analysis on possible impacts of a change of 25% and
50% on the probable scenario for share price, for the next three months.
29
4. Cash and cash equivalents and financial investments (Continued)
b)
Risk factor
CME shares in BRL
Share price in USD
Bolsa de Comercio de
Santiago shares in BRL
Share price in CLP
-50%
(2,413,601)
45.09
-25%
(1,217,885)
67.64
(24,074)
1,109,442
(11,829)
1,664,163
Impact
Probable
scenario (*)
(22,169)
90.18
25%
1,173,547
112.73
50%
2,369,263
135.27
417
2,218,884
12,662
2,773,605
24,908
3,328,326
(*) Share prices were calculated based on future price for the next three months obtained by Bloomberg.
The possible impacts shown by the sensitivity analysis would affect equity, net of taxes.
Interest rate risk
This risk arises from the possibility that fluctuations in interest rates could affect the fair value
of BM&FBOVESPA’s financial instruments.

Floating-rate position
As a financial investment policy and considering the need for immediate liquidity with the
least possible impact from interest rate fluctuations, BM&FBOVESPA maintains its financial
assets and liabilities substantially indexed to floating interest rates.
50% on the probable scenario for the CDI/Selic rate, for the next three months.
Risk factor
CDI
CDI rate
Risk factor
Selic
Selic rate
Scenario
-25%
57,223
Impact
Probable
scenario (*)
75,359
Scenario
25%
93,069
Scenario
50%
110,376
7.26%
10.88%
14.51%
18.14%
21.77%
Scenario
-50%
31,330
Scenario
-25%
46,393
Impact
Probable
scenario (*)
61,085
Scenario
25%
75,428
Scenario
50%
89,439
7.38%
11.06%
14.75%
18.44%
22.13%
Scenario
-50%
38,636
(*) CDI and SELIC indexes were calculated based on future interest rates for the next three months obtained by Bloomberg.
30
b)

Fixed-rate position
Part of BM&FBOVESPA’s financial investments and marketable securities bears fixed
interest rates, resulting in a net exposure to such rates. However, in terms of percentage,
their effects on the portfolio are not considered material.
Currency risk
This risk arises from the possibility of fluctuations in exchange rates on product, services and
financial instruments in foreign currency having an impact on the related amounts in local
currency.
In addition to the amounts payable and receivable in foreign currencies, including interest
payments on the senior unsecured notes in the next six-month period, BM&FBOVESPA has
third-party deposits in foreign currency to guarantee the settlement of transactions by foreign
investors, own funds abroad, and also shareholding interest in stock exchanges abroad (CME
Group and Bolsa de Comercio de Santiago).
50% on the probable scenario for forex, for the next three months.
-50%
-25%
(1,183,625)
1.9995
(562,553)
2.9993
Risk factor
USD
Exchange rate USD/BRL
Impact
Probable
scenario (*)
58,520
3.9990
25%
50%
679,592
4.9988
1,300,664
5.9985
(*) The USD/BRL exchange rate index was calculated based on the exchange rate for the next three months obtained by
Bloomberg.
The possible impacts shown by the sensitivity analysis would substantially affect equity, net
of taxes.
In view of the net amounts of other currencies, their impacts are not deemed material.
Liquidity risk
The following table shows the main financial liabilities of BM&FBOVESPA Group by maturity
(undiscounted cash flows basis):
31
b)
Collaterals for transactions
Debt issued abroad
Without
maturity
1,338,010
-
Within 1
year
133,626
From 1 to 2
years
133,261
From 2 to
5 years
338,812
More than 5
years
2,455,455
Credit risk
Approximately 95% of BM&FBOVESPA’s investments are linked to federal government
securities, with ratings set by Standard & Poor's and Moody's of "BBB-" and "Baa3",
respectively, for long-term issues in local currency.
Cash flow hedge
In January 2015, BM&FBOVESPA has allocated part of its cash in foreign currency to cover
foreign exchange impacts of certain firm commitments in foreign currency (cash flow hedge),
in accordance with IAS 39/CPC 38.The hedged cash flows refer to payments to be made until
December 31, 2015, even if the agreement terms exceed that date. In 2015, an amount
totaling R$3,879 was transferred from “Other comprehensive income” to income or loss, and
the amount of R$7,535, referring to payment flows hedged as from January 2015, was
transferred from “Other comprehensive income” to non-financial assets. Also in that year, an
amount totaling R$4,456 was not considered for cash flow hedging purposes due to review of
firm contracts, and such amount was transferred from “Other comprehensive income” to
financial income.
In December 2015, BM&FBOVESPA set up a new hedge, allocating part of its cash in foreign
currency to hedge exchange differences of firm commitments, referring to payments to be
made until December 31, 2016, even if the agreement terms exceed that date. At December
31, 2015, cash in foreign currency allocated to hedge such commitments amounts to
R$67,660 and the amount recorded under equity is R$1,466, net of tax effects.
In September 2015, due to discontinuance of the net investment hedge (Note 7 (a)),
BM&FBOVESPA structured a new hedge accounting (cash flow hedge) to protect part of the
currency risk of CME Group shares still held by BM&FBOVESPA, allocating debt securities
issued abroad in 2010 (Note 12) as hedging instrument. The amount of R$15,955, net of tax
effects, was recorded in equity, under “Other comprehensive income” for the year.
32
b)
Cash flow hedge (Continued)
BM&FBOVESPA has formally allocated the transactions, documenting: (i) hedge objective,
(ii) hedge type, (iii) nature of hedged risk, (iv) identification of hedged item, (v) identification of
hedging instrument, (iv) assessment of the correlation between hedge and hedged item
(retrospective effectiveness test), and (vii) prospective effectiveness assessment.
The application of the effectiveness tests described in the accounting practices (Nota 3(d) (v))
did not identify any ineffectiveness for the year ended December 31, 2015.
5. Accounts receivable
Breakdown of accounts receivable is as follows:
Fees
Annual fees
Vendors - Signal broadcasting
Trustee and custodial fees
Other accounts receivable
BM&FBOVESPA
2015
2014
13,157
10,487
1,198
2,684
16,787
11,433
34,048
27,251
12,342
9,049
Consolidated
2015
2014
13,157
10,487
1,198
2,684
16,787
11,433
34,048
27,251
13,198
10,023
Subtotal
77,532
60,904
78,388
61,878
Allowance for doubtful accounts
(3,259)
(4,307)
(3,259)
(4,307)
Total
74,273
56,597
75,129
57,571
Description
The amounts presented above are primarily denominated in Brazilian reais and approximately
90% falls due within 90 days. At December 31, 2015, the amounts overdue above 90 days
totaled R$3,123 (R$4,281 at December 31, 2014) at BM&FBOVESPA.
The provisioning methodology, as approved by management, is based on the analysis of
historical losses. Therefore, for defined ranges of days past due, and based on historical
behavior, a percentage is attributed to past-due amounts so as to reflect expected future losses.
33
5. Accounts receivable (Continued)
Changes in allowance for doubtful accounts:
BM&FBOVESPA
Balance at December 31, 2013
Additions
Reversals
Write-offs
Additions
Reversals
Write-offs
Consolidated
7,677
7,929
854
(349)
(3,875)
854
(349)
(4,127)
4,307
4,307
2,350
(704)
(2,694)
2,350
(704)
(2,694)
3,259
3,259
6. Other receivables
Other receivables comprise the following:
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
Current
Dividends receivable - CME Group
Receivables - related parties (Note 16)
Properties held for sale
Advance to employees
FX transactions (Banco BM&FBOVESPA)
Other
148,022
4,647
3,812
3,763
134
61,635
3,679
3,812
2,566
107
148,022
212
3,812
3,763
2,165
61,635
261
3,812
2,566
2,127
1,918
Total
160,378
71,799
157,974
72,319
Noncurrent
Brokers in court-ordered liquidation (1)
-
-
2,200
2,200
Total
-
-
2,200
2,200
(1) Balance of accounts receivable from brokers in court-ordered liquidation, which considers the guarantee represented by the equity
certificates pledged by the debtor.
34
7. Investments
a)
Investments in subsidiaries and associates
Investments in subsidiaries and associates comprise the following:
Companies
Subsidiaries
Banco BM&FBOVESPA de
Liquidação e Custódia S.A.
Bolsa de Valores do Rio de
Janeiro - BVRJ
Equity
72,903
Total
shares
Adjusted
%
Investment
P&L
Ownership
2015
Investment
2014
Equity
pickup 2015
Equity
pickup 2014
24,000
12,451
100
72,903
64,443
12,451
8,367
77,498
115
9,346
86.95
67,385
59,259
8,126
6,503
BM&F (USA) Inc.
1,829
1,000
218
100
1,829
1,095
218
(231)
BM&FBOVESPA (UK) Ltd.
2,345
1,000
106
100
2,345
144,462
1,605
126,402
106
20,901
127
14,766
5.0
-
3,729,147
136,245
131,195
-
3,729,147
136,245
80,965
212,160
144,462
3,855,549
157,146
226,926
Associate
CME Group, Inc. (1)
Recoverable income tax paid
abroad (2)
Total
Summary of key financial information of subsidiaries and associates at December 31, 2015:
Description
Banco
BM&FBOVESPA
Bolsa de Valores
do Rio de Janeiro BVRJ
BM&F (USA)
Inc.
84,919
1,960
BM&FBOVESPA
(UK) Ltd.
Assets
468,813
Liabilities
395,910
7,421
130
452
Revenues
35,159
11,076
1,538
1,826
35
2,797
7. Investments (Continued)
a)
Investments in subsidiaries and associates (Continued)
Changes in investments
Subsidiaries
Investments
Equity pickup
Exchange rate variation
Comprehensive income (loss) of
subsidiary
IOE received/receivable
Discontinued operations (Note 24)
Bolsa de
Valores
Bolsa
do Rio de
Banco
Brasileira de Janeiro –
BM&FBOVESPA Mercadorias
BVRJ
BM&F
BM&FBOVESPA
(USA) Inc.
(UK) Ltd.
Total
59,028
7,692
52,756
1,189
1,353
122,018
8,367
-
6,503
(231)
127
14,766
-
-
-
137
125
262
(2)
-
-
-
-
(2)
(2,950)
-
-
-
-
(2,950)
-
-
-
64,443
-
59,259
1,095
1,605
126,402
Equity pickup
12,451
-
8,126
218
106
20,901
Exchange rate variation
-
-
-
516
634
1,150
Comprehensive income (loss) of
subsidiary
9
-
-
-
-
9
(4,000)
-
-
-
-
72,903
-
67,385
1,829
2,345
IOE received/receivable
-
(7,692)
36
(7,692)
(4,000)
144,462
a)
Changes in investments (Continued)
Associate
Investments
CME Group, Inc.
3,312,606
Equity pickup
131,195
Exchange rate variation (3)
450,933
Comprehensive income (loss) of associate
(785)
Dividends received/receivable
(164,802)
3,729,147
Equity pickup
136,245
Exchange rate variation (3)
1,717,454
Comprehensive income (loss) of associate
7,774
Dividends received
(82,633)
Disposal of 20% of ownership interest (1)
(1,101,598)
Fair-value re-measurement of investments (1)
551,634
Reclassification into financial assets available for sale (1)
(4,958,023)
-
Associate
(1)
In order to rebalance the composition of the Company’s assets, BM&FBOVESPA disposed 20% of CME Group’s shares
(equivalent to 3,395,544 “Class A” common shares, or 1% of total shares issued by CME Group), thus decreasing its
interest held in that group to 13,582,176 shares (4% of total shares issued by CME Group), as disclosed by
BM&FBOVESPA on September 9, 2015, through a notice to the market.
With the consolidation of the strategic partnership made in 2010, and the natural development of the knowledge and
technology transfer process between the two companies, in addition to the disposal of part of the investment held by the
Company, management reviewed its assessment on the Company’s significant influence on CME Group, considering
current quantitative and qualitative factors, and concluded that it should no longer be characterized as a "significant
influence", as defined by CPC 18, on CME Group.
Such assessment made the Company reclassify its shareholding interest in CME Group, as from September 14, 2015
(date of the disposal financial settlement), from “Investments in associate”, measured by the equity method, to “Financial
investments and marketable securities – available for sale”, measured at fair value. The previous net investment hedging
structure was discontinued, and other comprehensive income of the hedged item and instrument was recorded in income
or loss for the period.
Below are the gross effects on income or loss due to partial disposal of ownership interest in CME Group, and
discontinuance of the equity method and net investment hedge:
37
a)
BM&BOVESPA
and Consolidated
12/31/2015
Description
Divestiture
107,065
Gains on divestiture
600,793
Exchange gains (losses) reclassified from other comprehensive income
Comprehensive income (loss) of foreign associate reclassified into other comprehensive income
16,596
(459)
Other
Gross proceeds from divestiture in associate
723,995
Equity method discontinuance
Exchange gains (losses) reclassified from other comprehensive income
Exchange gains (losses) of hedged item reclassified from other comprehensive income
Exchange gains (losses) of hedged instrument reclassified from other comprehensive income
Comprehensive income (loss) of foreign associate reclassified into other comprehensive income
Re-measurement of investment in CME Group at fair value
Gross proceeds from equity method discontinuance
b)
1,116,871
1,286,302
(1,286,302)
66,384
551,634
1,734,889
(2)
Refers to recoverable tax paid by the foreign associate, according to Law No. 9249/95 and Revenue Procedure No.
1520/14 of the Brazilian Internal Revenue Service. Law No. 12973, of May 13, 2014, amended taxation rules referring to
increase in equity, on income received from foreign country by means of subsidiaries and associates, as from January 1,
2015, as well as in relation to offsetting of tax paid abroad. By virtue of Law No. 12973, which amended the criteria for
taxation on income provided by associates abroad, equity pickup is now calculated based on the respective associate's
income after taxes.
(3)
In July 2010, BM&FBOVESPA issued securities in US dollars to hedge part of the currency risk of investments in CME
Group (hedge of net investment) through the allocation of a non-derivative financial instrument (debt issued abroad) as
hedge, as described in Note 12. Due to discontinuance of the equity method, the net investment hedge was replaced by a
cash flow hedge, as detailed in Note 4.
Investment properties
This category comprises properties owned by subsidiary Bolsa de Valores do Rio de Janeiro
(BVRJ) for rent, which are carried at cost and depreciated at the rate of 4% per annum. There
were no additions or write-offs during the year and depreciation totaled R$1,518 (R$1,518 in
2014). Rental income for the year ended December 31, 2015 amounted to R$9,751
(R$10,480 in 2014).
38
8. Property and equipment
BM&FBOVESPA
Furniture
and fixtures
Changes
Buildings
113,501
16,756
Additions
Write-offs
Reclassification (Note 9)
Transfer (1)
Depreciation
3,494
131,011
(3,356)
244,650
Additions
Write-offs
Transfer
Depreciation
458
(1,107)
(35)
41,492
(5,298)
Computer
devices and
equipment
Construction
in progress
Facilities
Other
Total
68,740
49,981
29,955
139,921
418,854
2,947
(408)
(3,531)
12,136
(13)
101
(36,276)
4,475
171
(7,389)
1,593
(815)
(3,318)
29,765
344
(131,283)
-
54,410
(1,236)
344
(53,870)
15,764
44,688
47,238
27,415
38,747
418,502
2,602
(2,188)
1,940
(2,677)
65,170
(4,524)
25,384
(26,607)
12,093
(1)
(28,615)
(4,278)
1,969
(2,853)
(1,692)
(2,193)
1,097
(6)
(38,509)
-
83,389
(10,673)
(41)
(41,053)
1,329
280,160
15,441
104,111
26,437
22,646
Cost
Net book balance
405,886
(125,726)
280,160
48,392
(32,951)
15,441
347,172
(243,061)
104,111
53,133
(26,696)
26,437
63,752
(41,106)
22,646
1,329
1,329
919,664
(469,540)
450,124
Cost
Net book balance
349,187
(104,537)
244,650
48,908
(33,144)
15,764
344,942
(300,254)
44,688
85,630
(38,392)
47,238
77,845
(50,430)
27,415
38,747
38,747
945,259
(526,757)
418,502
39
450,124
8. Property and equipment (Continued)
Consolidated
Changes
Buildings
Furniture
and fixtures
Computer
devices and
equipment
Facilities
Other
114,849
16,779
68,810
50,272
32,519
Additions
Write-offs
Transfer (1)
Depreciation
Discontinued operation (Note 24)
3,494
131,011
(3,356)
(1,348)
2,982
(443)
(3,532)
(22)
12,186
(62)
101
(36,297)
(50)
4,475
171
(7,458)
(7)
1,737
(864)
(3,363)
(145)
244,650
15,764
44,688
47,453
29,884
2,706
(2,291)
1,939
(2,677)
65,403
(4,757)
25,384
(26,607)
12,093
(1)
(28,615)
(4,348)
2,406
(2,930)
(1,691)
(2,198)
Additions
Write-offs
Transfer
Depreciation
458
(1,107)
(35)
41,492
(5,298)
Construction
in progress
Total
139,921
423,150
29,765
344
(131,283)
-
54,639
(1,369)
344
(54,006)
(1,572)
38,747
421,186
1,097
(6)
(38,509)
-
84,163
(11,086)
(41)
(41,128)
280,160
15,441
104,111
26,582
25,471
1,329
453,094
Cost
Net book balance
405,886
(125,726)
280,160
48,670
(33,229)
15,441
347,452
(243,341)
104,111
54,154
(27,572)
26,582
66,633
(41,162)
25,471
1,329
1,329
924,124
(471,030)
453,094
Cost
Net book balance
349,187
(104,537)
244,650
49,112
(33,348)
15,764
345,271
(300,583)
44,688
86,651
(39,198)
47,453
80,399
(50,515)
29,884
38,747
38,747
949,367
(528,181)
421,186
(1) Refers to transfer as a result of completion of the new data center building.
In the period, BM&FBOVESPA absorbed as part of the project development cost the amount of
R$4,330 (2014 – R$1,323) related to the depreciation of equipment used in developing these
projects.
BM&FBOVESPA’s properties with a carrying amount of approximately R$93,894 (2014 –
R$37,169) were pledged as collateral in lawsuits. BM&FBOVESPA is not allowed to assign these
assets as collateral for other lawsuits or sell them.
40
8. Property and equipment (Continued)
Property and equipment are depreciated over their estimated useful lives. Annual depreciation
rates of property and equipment items at December 31, 2015 and 2014 are as follows:
Buildings
Furniture and fixtures
Computer devices and equipment
Facilities
Other
2.5%
10%
10 to 25%
10%
11% to 33%
9. Intangible assets
Goodwill
Changes in goodwill
16,064,309
(1,662,681)
14,401,628
The goodwill originated from the acquisition of Bovespa Holding is based on the expected future
profitability, supported by an economic and financial valuation report of the investment.
The assumptions adopted for future cash flow projections of BM&FBOVESPA, in the BOVESPA
segment (Cash Generating Unit [CGU]), were based on analysis of performance over the past
years, growth analyses and expectations in the market and management’s expectations and
strategies.
The deterioration in the macroeconomic scenario over 2015, especially in the last quarter,
affected the Bovespa segment, causing a decrease in the listed companies’ market value and,
consequently, in traded volumes. Associated with the downturn in the current scenario, the
interest rate and country risk projections for the short and long terms also caused a decrease in
the CGU’s value in use.
Based on the growth expectations of the Bovespa segment, the projected cash flow considers
revenues and expenses related to the segment’s activities. The projection period of these cash
flows covers the period from December 2015 to December 2025. The perpetuity was determined
by extrapolating the 2025 cash flow at a growth rate corresponding to that expected for the
nominal GDP in the long term, of 7.11% p.a.
41
9. Intangible assets (Continued)
Goodwill (Continued)
Management understands that a projection period of ten years (and not five) is based on the
perception that the Brazilian capital markets, in the equities segment, should experience a
prolonged growth, reflecting the necessary timing for certain indicators - such as the participation
of stocks in investors’ portfolio and the relation Market Cap/Brazilian PIB, among others - can
reach the same levels observed in other countries, indicating that a long-term growth maturity has
been reached.
To determine the present value of the projected cash flow, an average after-tax discount rate of
15.6% p.a. was used, which is equivalent to a 17.4% rate before taxes. (2014 – equivalent to
14.1% and 15.6%, respectively).
BM&FBOVESPA uses an expert independent specialist to assist it in measuring the recoverable
amount of the asset (value in use). The report presented by the specialist reveal a negative
adjustment to the goodwill book value at December 31, 2015, in the amount of R$1,662,681.
The three most significant variables that affect the calculated value in use are the discount rates,
net revenue growth rate, and perpetuity growth rate. BM&FBOVESPA management analyzed
sensitivity in order to determine the impacts of changes in those variables on the calculated value
in use: increase by 120bps in discount rate of taxes (standard deviation of discount rates in the
past five years); decrease by 190bps in annual average revenue growth rate for the period from
2016 to 2025 (15% reduction); and decrease by 50bps in perpetuity growth rate (standard
deviation of average 10-year series of Brazilian actual GDP). Sensitivity scenarios reveal values
in use of the CGU between 3% and 14% lower than the value in use estimated in the independent
specialist report.
Management will continue to monitor over the next year the latest external and internal indicators
in order to identify any deterioration that could result in losses due to impairment of assets.
BM&FBOVESPA management reaffirms that the projection for the CGU’s future cash flows
contains its best estimates and perceptions regarding the BOVESPA segment and the current
macroeconomic scenario.
42
BM&FBOVESPA and Consolidated
Changes
Cost of internally
generated
software under
development
Software internally
generated projects
completed
Software
Total
274,154
272,455
61,407
608,016
146,020
(2,208)
(344)
(290,014)
-
290,014
(48,218)
31,003
(25,362)
177,023
(2,208)
(344)
(73,580)
127,608
514,251
67,048
708,907
Additions
Write-offs
Transfer
Amortization
152,982
(6,463)
(1,778)
-
1,778
(54,422)
11,074
41
(23,793)
164,056
(6,463)
41
(78,215)
272,349
461,607
54,370
788,326
Cost
Net book balance
272,349
272,349
611,133
(149,526)
461,607
339,881
(285,511)
54,370
1,223,363
(435,037)
788,326
Cost
Net book balance
127,608
127,608
609,356
(95,105)
514,251
328,766
(261,718)
67,048
1,065,730
(356,823)
708,907
Additions
Write-offs
Transfer (1)
Amortization
(1) Refers substantially to transfer as a result of completion of the first phase of the Post-Trade Integration Project.
These refer to system and software development and license acquisition costs with amortization
rates ranging from 6.67% to 33% p.a., with implementation and development of new systems and
software in progress.
In the year, BM&FBOVESPA absorbed as part of the project development cost the amount of
R$5,674 (2014 – R$8,648) related to the amortization of software used in developing these
projects.
43
Software and projects (Continued)
The ongoing projects refer mainly to the development of a new electronic trading platform for
different kinds and classes of assets, the construction of a new business and IT architecture to
support integration of the post-trade infrastructure and development of a new OTC Derivatives
Recording Platform.
10. Earnings and rights on securities in custody
These comprise dividends and interest on equity received from listed companies, which will be
transferred to the custody agents and by them to their customers, who are the owners of the listed
companies’ shares.
11. Provision for taxes and contributions payable
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
Taxes and contributions withheld at
source
PIS and COFINS payable
ISS payable
10,420
19,497
2,595
7,134
14,805
2,177
12,177
19,768
2,606
8,184
15,036
2,193
Total
32,512
24,116
34,551
25,413
Description
12. Debt issued abroad
In July 2010, BM&FBOVESPA issued senior unsecured notes, with a total nominal value of
US$612 million, priced at 99.635% of the nominal value, resulting in a net inflow of US$609
million (equivalent at that time to R$1,075,323). The interest rate is 5.50% per year, payable halfyearly in January and July, and the principal amount is due on July 16, 2020. The effective rate
was 5.64% per year, which includes the discount and other funding related costs.
The restated loan balance at December 31, 2015 amounts to R$2,454,265 (R$1,666,491 at
December 31, 2014), which includes the amount of R$70,181 (R$47,368 at December 31, 2014)
referring to interest incurred until the reporting date. The proceeds from the offering were used to
purchase shares in the CME Group on the same date.
44
12. Debt issued abroad (Continued)
The notes have a partial or total early redemption clause, at the option of BM&FBOVESPA, for the
greater of: (i) principal plus interest accrued up to the date and (ii) interest accrued up to the date
plus the present value of the remaining cash flows, discounted at the rate applicable to U.S.
Treasuries for the remaining term plus 0.40% per year (40 basis points per year).
These notes have been designated as a hedging instrument for the portion corresponding to
US$612 million (notional) of the investment in CME Group Inc.(net investment hedge) until the
use of the equity pickup method is discontinued for the related investment (Note 7), when it was
replaced by cash flow hedge (Note 4).
The fair value of the debt, calculated using market data, is R$2,380,489 at December 31, 2015
(R$1,737,987 at December 31, 2014) (Source: Bloomberg).
13. Other liabilities
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
Current
Payables – CME
Payables to related parties (Note 16)
Purchase of treasury shares payable
Custody agents
Amounts to be transferred - Direct Treasury
Advance received for the sale of property
Outsourced services
Preferred shares payable
Demand deposits (1)
FX transactions (Banco BM&FBOVESPA)
Other
15,632
8,918
3,121
17,271
8,192
1,838
7,661
10,249
15,763
5,455
5,361
8,192
1,838
9,219
15,632
8,696
3,121
17,271
8,192
1,838
90,922
283,157
8,395
10,249
15,763
5,455
5,361
8,192
1,038
1,838
106,400
141,296
4,252
8,654
Total
62,633
56,077
437,224
308,498
Noncurrent
Payables – CME
58,361
48,238
58,361
48,238
Total
58,361
48,238
58,361
48,238
(1)
Refer to demand deposits held by corporations at Banco BM&FBOVESPA for the sole purpose of settlement of adjustments and positions of
transactions carried out within BM&FBOVESPA and the Special System for Settlement and Custody (SELIC) pursuant to BACEN Circular Letter No.
3196 of July 21, 2005.
(2)
Refer to open market funding made by Banco BM&FBOVESPA, comprising repurchase agreements maturing on January 4, 2016 (2014 - January 2,
2015) and backed by National Treasury Notes – B Series (NTN-B) and National Treasury Bills (LTN).
45
14. Provisions for tax, civil and labor contingencies, contingent assets and
liabilities and judicial deposits
a)
Contingent assets
BM&FBOVESPA has no contingent assets recognized in its balance sheet and, at present,
no lawsuits which are expected to give rise to significant future gains.
b)
Provisions for tax, civil and labor contingencies
BM&FBOVESPA and its subsidiaries are defendants in a number of legal and administrative
proceedings involving labor, tax and civil matters arising in the ordinary course of business.
The legal and administrative proceedings are classified by their likelihood of loss (probable,
possible or remote), based on the assessment by BM&FBOVESPA’s legal department and
external legal advisors, using parameters such as previous legal decisions and the history of
loss in similar cases.
The proceedings assessed as probable loss are mostly comprised as follows:
 Labor claims mostly relate to claims filed by former employees of BM&FBOVESPA and
employees of outsourced service providers, on account of alleged noncompliance with labor
legislation;
 Civil proceedings mainly relate to aspects of civil liability of BM&FBOVESPA and its
subsidiaries;
 Tax proceedings mostly relate to PIS and COFINS levied on (i) BM&FBOVESPA revenues
and (ii) receipt of interest on equity.
c)
Legal obligations
These are almost entirely proceedings in which BM&FBOVESPA seeks exemption from
additional social security contribution on payroll and payments to self-employed
professionals.
46
liabilities and judicial deposits (Continued)
d)
Changes in balances
Changes in provisions for contingencies and legal obligations are detailed as follows:
Provisions
Provision expenditure
Reversal of provisions
Reassessment of risks
Monetary restatement
Provisions
Civil
proceedings
8,242
8
(151)
(139)
831
8,791
898
9,689
Labor
claims
24,576
5,630
(2,405)
(1,143)
738
3,279
BM&FBOVESPA
Legal
Tax
obligations proceedings
Total
35,064
15,489
83,371
4,548
(672)
(52)
3,196
622
10,186
(3,228)
(1,334)
738
7,928
30,675
42,084
16,111
97,661
2,589
(3,876)
(1,412)
463
4,277
7,193
3,988
1,341
9,782
(3,876)
(1,412)
463
10,504
32,716
53,265
17,452
Labor
claims
25,072
Legal
obligations
35,064
Tax
proceedings
15,489
113,122
Consolidated
Provisions
Provisions
Civil
proceedings
12,967
8
(151)
(139)
1,366
-
5,650
(2,478)
(1,200)
683
3,298
(282)
4,548
(672)
(52)
3,196
-
622
-
14,051
30,743
42,084
16,111
1,516
2,589
(3,876)
(1,433)
462
4,285
7,193
3,988
1,341
15,567
32,770
53,265
17,452
Total
88,592
10,206
(3,301)
(1,391)
683
8,482
(282)
102,989
9,782
(3,876)
(1,433)
462
11,130
119,054
Considering the characteristics of the provisions, the timing of the cash disbursements, if any,
cannot be predicted.
47
e)
Possible losses
The proceedings assessed as possible loss are so classified as a result of uncertainties
surrounding their outcome. They are legal or administrative proceedings for which case law
has not yet been established or which still depend on check and analysis of the facts, or even
involve specific aspects that reduce the likelihood of loss.
BM&FBOVESPA and its subsidiaries are parties to tax, civil and labor lawsuits involving risks
of loss assessed by management as possible, based on the evaluation of their legal area and
outside legal advisors, for which no provision has been recorded. These proceedings
comprise mainly the following:
 Labor claims mostly relate to claims filed by former employees of BM&FBOVESPA and
employees of outsourced service providers, on account of alleged noncompliance with labor
legislation. The lawsuits assessed as possible losses at December 31, 2015 total R$47,558
in BM&FBOVESPA (R$41,822 at December 31, 2014) and R$54,812 on a consolidated
basis (R$43,328 at December 31, 2014);
 Civil proceedings mainly relate to aspects of civil liability for losses and damages. The amount
involved in civil proceedings classified as possible losses at December 31, 2015 totals
R$165,917 in BM&FBOVESPA (R$134,264 at December 31, 2014) and R$355,700 on a
consolidated basis (R$354,533 at December 31, 2014);
48
e)
Possible losses (Continued)
The amount at December 31, 2015 and December 31, 2014 is almost entirely related to
three legal proceedings. The first one refers to the possibility of BM&FBOVESPA being
required to deliver its shares (surviving company of the merger with BM&F S.A.),
corresponding to the shares resulting from the conversion of the membership certificates of
a commodities broker in the former BM&F, or indemnify the corresponding amount, if the
cancellation of the certificates in the former BM&F is found to be illegal, as alleged by a
commodities broker in bankruptcy. The second administrative proceeding arises from the
possibility of BVRJ being required to indemnify an investor for alleged omission in an audit
report, brought before the Special Guarantee Fund Commission of BVRJ, of shares that
allegedly resulted from transactions carried out by the investor through a broker, which were
not included in the custody account. The third proceeding involves the possibility of
BM&FBOVESPA being sentenced, jointly with BVRJ, to indemnify the broker, which, for not
meeting the requirements, was not authorized to exchange the membership certificates of
BVRJ which it alleged to own, with membership certificates of the then São Paulo Stock
Exchange, which, in turn, would entitle to issue of BM&FBOVESPA shares.
 The total amount involved in the tax proceedings classified as possible loss at
BM&FBOVESPA and on a consolidated basis is R$671,320 (R$627,470 at December 31,
2014). The main tax proceedings of BM&FBOVESPA and its subsidiaries refer to the
following matters:
(i)
Classification of the former BM&F and Bovespa, in the period prior to the demutualization,
as taxpayers of the Contribution Tax on Gross Revenue for Social Security Financing
(“COFINS”), which is the subject matter of two declaratory judgment actions pleading the
declaration that the plaintiffs have no tax obligations owed to the federal tax authorities
and seeking non-levy of COFINS on revenue arising from the exercise of the activities for
which they were established, the revenue of which does not fall under the concept of
billing. The amount involved in the aforementioned proceedings as of December 31, 2015
is R$59,693 (R$56,134 at December 31, 2014).
(ii) Collection of Withholding Income Tax (IRRF) relating to the calendar year 2008, since
the Brazilian IRS understands that BM&FBOVESPA would be responsible for
withholding and paying IRRF on the alleged capital gains earned by non-resident
investors in Bovespa Holding S.A., due to the merger of shares of Bovespa Holding S.A.
into BM&FBOVESPA. The amount involved in this administrative proceeding at
December 31, 2015 is R$197,935 (R$180,117 at December 31, 2014).
49
e)
(iii) Alleged levy of social security tax on options granted under the Stock Option Plan of
BM&F S.A., assumed by BM&FBOVESPA and exercisable by the beneficiaries of the
Plan, in 2007 and 2008, as well as one-time fine due to the non-withholding at source
of income tax allegedly due on those options. The inquiries of the Brazilian IRS are
based on the understanding that the stock options were granted to employees in the
nature of salary as they represent compensation for services rendered. On July 6,
2015, BM&FBOVESPA was informed of CARF’s decision, already declared res
judicata, which granted the Voluntary Appeal filed in the administrative proceeding that
challenges the tax assessment notice on the levy of social security contributions, with
consequent cancellation of the tax assessment notice. The tax assessment notice
cancelled was assessed as possible loss and the amount involved at June 30, 2015
totaled R$99,286 (R$94,828 at December 31, 2014). The amounts involved in such
administrative proceeding that addresses the fine for the non-withholding at source of
income tax, at December 31, 2015, totals R$55,689 (R$50,504 at December 31, 2014),
assessed as remote loss.
(iv) Alleged levy of social security taxes on options granted under the Stock Option Plan of
BM&F S.A., assumed by BM&FBOVESPA, and of BM&FBOVESPA itself, exercised by
the beneficiaries of the Plan in 2009 and 2010, as well as one-time fine due to the nonwithholding at source of income tax allegedly due on those options. The inquiries of the
Brazilian IRS are based on the understanding that the stock options were granted to
employees in the nature of salary as they represent compensation for services
rendered. The amounts involved in these administrative proceedings at December 31,
2015 are: (i) R$137,349 (R$123,486 at December 31, 2014), relating to social security
contributions allegedly due, assessed as possible loss, and (ii) R$55,046 (R$49,490 at
December 31, 2014), relating to one-time fine for the non-withholding of income tax,
assessed as remote loss.
50
e)
(v) Alleged levy of social security taxes on options granted under the Stock Option Plan of
BM&F S.A., assumed by BM&FBOVESPA, and of BM&FBOVESPA itself, exercised by
the beneficiaries of the Plan in 2011 and 2012, as well as one-time fine due to the nonwithholding at source of income tax allegedly due on those options. The inquiries of the
Brazilian IRS are based on the understanding that the stock options were granted to
employees in the nature of salary as they represent compensation for services
rendered. The amounts involved in these administrative proceedings at December 31,
2015 are: (i) R$79,094 (nonexistent proceeding at December 31, 2014), relating to
social security taxes allegedly due, assessed as possible loss, and (ii) R$31,750
(nonexistent proceeding at December 31, 2014), relating to one-time fine for the nonwithholding of income tax, assessed as remote loss.
(vi) Alleged differences in payment of IRPJ and CSLL stemming from questioning of the
limits of deductibility of interest on equity paid by BM&FBOVESPA to its shareholders in
calendar year 2008. The total amount involved in this administrative proceeding is
R$144,088 (R$130,674 at December 31, 2014), including late-payment interest and
automatic fine.
f)
Remote losses
On November 29, 2010, BM&FBOVESPA was served a tax deficiency notice from the
Brazilian IRS challenging the amortization, for tax purposes in 2008 and 2009, of goodwill
generated upon the merger of Bovespa Holding S.A.’s shares into BM&FBOVESPA in May
2008. In October 2011, the Brazilian IRS Judgment Office in São Paulo handed down a
decision on the challenge presented by BM&FBOVESPA, upholding, in substance, the tax
deficiency notice. In December 2013, the Administrative Board of Tax Appeals (CARF)
handed down a decision denying the voluntary appeal filed by BM&FBOVESPA, thus
upholding the tax deficiency notice. On March 25, 2015, CARF denied the motions for
clarification filed by BM&FBOVESPA. Currently, BM&FBOVESPA awaits the analysis of the
special appeal filed. BM&FBOVESPA understands that the risk of loss associated with this
tax matter is remote and will continue to amortize the goodwill for tax purposes as provided
for by prevailing legislation. The amount involved in this administrative proceeding at
December 31, 2015 is R$1,083,566.
51
f)
On April 2, 2015, BM&FBOVESPA was served a tax deficiency notice from the Brazilian IRS
challenging the amortization, for tax purposes in 2010 and 2011, of goodwill generated upon
the merger of Bovespa Holding S.A.’s shares into BM&FBOVESPA in May 2008, and filed an
administrative appeal on April 30, 2015. BM&FBOVESPA considers that the likelihood of loss
in this tax procedure is remote and will continue to amortize the goodwill for tax purposes as
provided for by prevailing legislation. The amount involved in this administrative proceeding at
December 31, 2015 is R$2,111,622.
BM&FBOVESPA, as successor of the former BOVESPA, and subsidiary BVRJ figure as
defendants in a claim for property damages and pain and suffering filed by Naji Robert
Nahas, Selecta Participações e Serviços SC Ltda., and Cobrasol - Companhia Brasileira de
Óleos e Derivados, on the grounds of alleged losses in the stock market sustained in June
1989. The amount attributed to the cause by the plaintiffs is R$10 billion. In relation to
property damages and pain and suffering claimed, the plaintiffs ask that BM&FBOVESPA and
BVRJ be sentenced in proportion to their responsibilities. A decision was handed down
whereby the claims by the plaintiffs were considered completely unfounded. This decision
was confirmed by the High Court of Justice of Rio de Janeiro State by means of a decision
published on December 18, 2009. The plaintiffs filed special and extraordinary appeals, both
of which were denied. Interlocutory appeals were filed with the High Court of Justice and with
the Federal Supreme Court of Brazil, and the appeal was granted for appreciation by the High
Court of Justice, so that the special appeal lodged by the plaintiffs may be examined by a
higher court. The special appeal was partially disclosed and was unanimously denied in
connection with this portion. The plaintiffs lodged motions for clarification against this
decision, which were unanimously denied, then they lodged motions for reconsideration,
which are currently awaiting admissibility at the High Court of Justice. Considering this
decision, the plaintiffs filed request for reconsideration and, alternatively, a special appeal.
The High Court of Justice considered the request for reconsideration as a special appeal and
dismissed it, against which the plaintiffs lodged motion for clarification. The proceeding is
currently awaiting decision on the motion for clarification. BM&FBOVESPA understands that
the likelihood of loss in this suit is remote.
52
f)
BM&FBOVESPA, as the successor of Bolsa de Mercadorias e Futuros - BM&F ("BM&F") and as
disclosed in its Form of Reference (item 4.3), figures as a defendant in civil public actions and
class actions filed in order to investigate the practice of possible acts of administrative
impropriety, and to receive compensation for alleged damages to the federal treasury as a result
of transactions conducted by the Central Bank of Brazil in January 1999 in the US dollar futures
market run by the former BM&F. On March 15, 2012, those proceedings were deemed valid in
the trial court and sentenced most of the defendants, among them, BM&F. The total amount
arising from this unfavorable decision is R$7,005 million, and, according to one of the decisions
handed down, the gains that the Central Bank of Brazil obtained by reason of the non-use of
international reserves, amounting to R$5,431 million, may be deducted. BM&FBOVESPA was
also sentenced to pay a civil penalty of R$1,418 million. The figures were measured in January
1999 and should be adjusted for inflation, plus interest and burden of defeat. BM&FBOVESPA
believes that these actions are fully groundless and will not recognize in its financial statements
any provision for such lawsuits as the risk of loss is remote. Appeals were filed, which have
caused the execution of the trial court judgment to be suspended. Currently, BM&FBOVESPA
awaits the analysis of these appeals by the Federal Court of Appeals of the 1st Chapter.
g)
Judicial deposits
Description
Legal obligations
Tax proceedings
Civil proceedings
Labor claims
Total
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
52,989
73,895
5,577
7,658
40,133
69,022
5,236
5,479
52,989
74,185
5,577
7,816
40,133
69,286
5,236
5,630
140,119
119,870
140,567
120,285
Out of the total judicial deposits, the following are highlighted: (i) R$54,149 (R$50,431 at
December 31, 2014) relates to the disputes over the classification of the exchanges as
subject to the payment of COFINS, which are assessed as possible loss by BM&FBOVESPA,
as described in item “e” above; and (ii) R$13,127 (R$12,212 at December 31, 2014) refers to
cases regarding PIS and COFINS on interest on equity received. Of the total deposits relating
to legal obligations, R$52,541 (R$39,693 at December 31, 2014) relates to the processes in
which BM&FBOVESPA claims non-levy of additional social security contribution on payroll
and payments to self-employed professionals, and challenges the legality of FAP (an index
applied to calculate the occupational accident insurance owed by employers).
53
g)
Judicial deposits (Continued)
Due to the existence of judicial deposits related to tax proceedings classified as possible
losses, the total tax contingencies and legal obligations are less than the total deposits
related to tax claims.
15. Equity
a)
Capital
At the meeting held on February 10, 2015, the Board of Directors approved the cancellation
of 85,000,000 shares (Note 15 (b)) issued by BM&FBOVESPA, held in treasury, which were
purchased under the share buyback program. Due to such cancellation, the capital of
BM&FBOVESPA of R$2,540,239 is now represented by 1,815,000,000 registered common
shares with voting rights and no par value, of which 1,782,094,906 common shares are
outstanding at December 31, 2015 (1,808,178,556 common shares at December 31, 2014).
At the Special Shareholders’ Meeting held on April 13, 2015, the shareholders resolved on
amendment of Company’s Articles of Incorporation in order to reflect the new number of
shares representing the capital.
BM&FBOVESPA is authorized to increase its capital up to the limit of 2,500,000,000 common
shares, through a resolution of the Board of Directors, without any amendment to its Articles
of Incorporation.
b)
Treasury shares
Share buyback program
At a meeting held on December 11, 2014, the Board of Directors approved the Company´s
Share Buyback Program, starting on January 1, 2015 and ending on December 31, 2015.
The limit of shares that could be repurchased by BM&FBOVESPA was 60,000,000 common
shares. In 2015, BM&FBOVESPA acquired 26,187,400 shares, representing 43.6% of the
total shares in the share buyback program.
54
15. Equity (Continued)
b)
Treasury shares (Continued)
Share buyback program (Continued)
At the meeting held on December 10, 2015, the Board of Directors approved the new Share
Buyback Program, starting on January 1, 2016 and ending on December 31, 2016. The limit
of shares that can be repurchased by BM&FBOVESPA is 40,000,000 common shares.
The shares acquired under the Share Buyback Program may be canceled or used to meet
the exercise of options to purchase shares by the beneficiaries of the Stock Option Plan, or
transfer of shares to beneficiaries of the Share Plan.
The changes in treasury shares for the year are as follows:
Number
Purchase of shares - Share buyback program
Shares cancelled
Shares sold - stock options (Note 18)
Purchase of shares - Share buyback program
Shares cancelled (Note 15(a))
Shares sold - stock options (Note 18)
Average cost of treasury shares (R$ per share)
Market value of treasury shares
c)
Amount
86,417,144
955,026
89,961,600
(80,000,000)
(4,557,300)
937,600
(859,793)
(49,559)
91,821,444
983,274
26,187,400
(85,000,000)
(103,750)
287,030
(903,975)
(1,094)
32,905,094
365,235
11.100
358,336
Revaluation reserves
Revaluation reserves were established as a result of the revaluation of works of art in
BM&FBOVESPA and of the properties of the subsidiary BVRJ in 2007, based on independent
experts’ appraisal reports.
55
d)
Capital reserve
This refers substantially to amounts originated in the merger of Bovespa Holding shares in
2008, and other corporate events allowed by the Brazilian Corporation Law, such as (i) capital
increase through merger, (ii) redemption, repayment or purchase of shares, and (iii) events
associated with the stock option plan.
e)
Income reserves
(i)
Legal reserve
Legal reserve is annually set up with allocation of 5% of net income for the year, capped
at 20% of capital. The legal reserve aims at ensuring integrity of capital and may only be
used to absorb losses and increase capital. The legal reserve is not required to be set up
considering that its amount plus the capital reserves exceed 30% of the Company
capital.
(ii) Statutory reserves
Represent funds and safeguard mechanisms required for the activities of
BM&FBOVESPA, in order to ensure the proper settlement and reimbursement of losses
arising from the intermediation of transactions carried out in its trading sessions and/or
registered in any of its trading, registration, clearing and settlement systems, and from
custody services.
Pursuant to the Articles of Incorporation, the Board of Directors may, when the amount of
the statutory reserve is sufficient to meet the purposes for which it was originally
established, propose that part of the reserve be distributed to the shareholders of the
Company.
f)
Other comprehensive income
The purpose is to record the effects of (i) exchange variation of the investments abroad, (ii)
hedge accounting on net foreign investment (Note 12), (iii) cash flow hedge (Note 4), (iv)
comprehensive income of subsidiaries,(v) actuarial gains/losses on post-retirement health
care benefits, (vi) mark-to-market of financial assets available for sale.
56
g)
Dividends and interest on equity
As provided for in the Articles of Incorporation, shareholders are entitled mandatory minimum
dividends of 25% of net income for the year, adjusted under Brazilian Corporation Law.
2015
2014
2,202,238
977,053
Dividends
Interest on equity
223,581
1,019,033
781,642
-
Total approved for the year
1,242,614
781,642
The dividends approved in relation to P&L for the period are as follows:
Description
Dividends
Interest on equity
Interest on equity
Interest on equity
Date
approved
Date of
payment
Gross amount
per share (R$)
Total gross
amount
05/14/2015
08/13/2015
11/12/2015
12/10/2015
05/29/2015
09/08/2015
12/04/2015
12/29/2015
0.124110
0.142749
0.176557
0.252512
223,581
254,392
314,641
450,000
Total proposed/approved for 2015
Dividends
Dividends
Dividends
Dividends
1,242,614
05/08/2014
08/07/2014
11/13/2014
02/10/2015
05/30/2014
08/29/2014
11/28/2014
04/28/2015
Total proposed/approved for 2014
0.111538
0.109381
0.104814
0.103163
204,914
200,061
190,726
185,941
781,642
57
h)
Earnings per share
Basic
2015
Consolidated
2014
Numerator
Net income from discontinued operations
2,202,238
-
984,745
(7,692)
Net income available to shareholders of BM&FBOVESPA
2,202,238
977,053
1,791,892,507
1,837,383,111
1.229001
0.531763
Denominator
Weighted average number of outstanding shares
Basic earnings per share (in R$)
Diluted
2015
Consolidated
2014
Numerator
Net income from discontinued operations
2,202,238
-
984,745
(7,692)
Net income available to shareholders of BM&FBOVESPA
2,202,238
977,053
Denominator
Weighted average number of outstanding shares adjusted
by effects of stock options plans
1,805,320,708
1,841,030,654
1.219860
0.530710
Diluted earnings per share (in R$)
58
16. Transactions with related parties
a)
Transactions and balances with related parties
Assets/(liabilities)
2015
2014
Description
Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A. (1)
Accounts receivable
Interest on equity receivable
Recovery of expenses
Income from fees
Interest on equity
1,033
3,400
-
Bolsa Brasileira de Mercadorias (Note 24)
Accounts receivable
Accounts payable
Suppliers
Minimum contribution on membership certificates (fees)
Data processing
Property rental
-
BM&F (USA) Inc. (1)
Accounts payable
Sundry expenses
BM&FBOVESPA (UK) Ltd. (1)
Accounts payable
Sundry expenses
Income/(expense)
2015
2014
909
2,508
2
(99)
(2,464)
-
11,456
14
4,000
-
10,407
18
2,950
(1,193)
(2,464)
25
78
(80)
-
-
(1,529)
(1,026)
(142)
-
-
(1,836)
(1,424)
Bolsa de Valores do Rio de Janeiro (1)
Accounts receivable
2
-
CME Group
Dividends receivable
Accounts payable
Financial expenses
Expenses with fees
Income from fees
-
1
-
21
22
61,635
(48,245)
-
(781)
(1,895)
66
(898)
(2,111)
50
196
(8,695)
-
245
(9,904)
-
(12,690)
2,721
(15,466)
3,035
Associação BM&F
Accounts receivable
Accounts payable
Expenses with courses
Donation
Sponsorship
6
(1)
-
4
(239)
-
105
(1,270)
(1,757)
(3,200)
186
(1,458)
(239)
-
Other related parties
Accounts receivable
Donation
Sundry expenses
10
-
(125)
136
-
(63)
125
(163)
BM&FBOVESPA Supervisão de Mercados
Accounts receivable
Accounts payable
Donation/Contribution
(1)
Subsidiaries included in the consolidation process.
59
10
-
16. Transactions with related parties (Continued)
a)
Transactions and balances with related parties (Continued)
BM&FBOVESPA follows a policy on transactions with related parties, approved by the Board
of Directors, which aims to establish rules to ensure that all decisions involving related-party
transactions and other situations of potential conflict of interest are taken to the interests of
BM&FBOVESPA and its shareholders.
The main recurring transactions with related parties are described below and were carried out
under the following conditions:
 The amounts owed by Banco BM&FBOVESPA to BM&FBOVESPA refer to the Company’s
funds used by Banco BM&FBOVESPA in performing its activities under a formal agreement
signed by the parties.
 Accounts payable to CME Group refer to the remaining portion for the acquisition of the
perpetual license of modules related to the multi-asset class electronic trading platform,
PUMA Trading System, which was developed together with the CME Group. In September
2015, CME Group ceased to be a related party to BM&FBOVESPA given the
disqualification of its significant influence and consequent discontinuance use of the equity
method of accounting (Note 7).
 BSM has entered into an agreement with BM&FBOVESPA for the transfer and recovery of
costs, which establishes the reimbursement to BM&FBOVESPA for expenses incurred for
resources and infrastructure made available to BSM to assist in the performance of its
supervision activities. Such costs are determined on a monthly basis using the methodology
specified in the agreement signed by the parties and also include the activities related to the
Mecanismo de Ressarcimento de Prejuízos (Loss Recovery Mechanism), as this
mechanism is administered by BSM.
BM&FBOVESPA makes transfers in order to supplement financing for the activities of BSM
and regular transfers of fines for failure to settle debts and deliver assets by BSM, as set out
in Circular Letter 044/2013 of BM&FBOVESPA.
 BM&FBOVESPA monthly pays BM&F (USA) Inc. and BM&FBOVESPA (UK) Ltd. for
representing it abroad by liaising with other exchanges and regulators and assisting in
bringing new clients to the Brazilian capital market.
 Associação BM&F, Associação Bovespa, Instituto BM&FBOVESPA and Associação
Profissionalizante BM&FBOVESPA periodically reimburse BM&FBOVESPA for expenses
associated with the resources and infrastructure provided by BM&FBOVESPA to assist
them in performing their activities.
60
16. Transactions with related parties (Continued)
a)
Transactions and balances with related parties (Continued)
 BM&FBOVESPA pays the cost of courses taken by its employees directed to the financial
and capital markets offered by Instituto Educacional BM&FBOVESPA, administered by
Associação BM&F.
b)
Key management personnel compensation
Key management personnel include Members of the Board of Directors, Executive Officers,
Internal Audit Officer, Corporate Risk Officer, Officer of Banco BM&FBOVESPA and Human
Resources Officer.
Management fees
Short-term benefits (salaries, profit sharing, etc.)
Share-based payment (1)
Consideration - cancellation of Stock Options and labor
and social security charges (Note 18)
2015
2014
30,695
31,127
29,881
13,306
35,093
-
(1) Refers to expenses computed in the year relating to share-based payment, increased by labor and social security charges,
and stock options of key management personnel. These expenses were recognized according to the criteria described in
Note 18.
17. Collateral for transactions
BM&FBOVESPA operating as a central counterparty (CCP) manages four clearinghouses
considered systemically important by the Central Bank of Brazil: BM&FBOVESPA (former
Derivatives Clearinghouse), Foreign Exchange, Assets, and the Equities and Corporate Bonds
Clearinghouse (CBLC).
In its Circular Letter 046/2014, dated August 7, 2014, the Central Bank of Brazil granted
BM&FBOVESPA authorization to operate its new clearinghouse, the BM&FBOVESPA
Clearinghouse. The new clearinghouse is part of the post-trade integration (IPN) project, an
initiative adopted by BM&FBOVESPA to start an integrated clearinghouse that will consolidate the
activities performed by the four clearinghouses.
The activities of BM&FBOVESPA Clearinghouse will be limited, in this first phase of the project, to
the financial derivatives and commodities market and the gold market, including not only both
exchange-traded but also OTC contracts.
61
17. Collateral for transactions (Continued)
The activities carried out by the clearinghouses are governed by Law No. 10214/01, which
authorizes the multilateral clearing of obligations, establishes the central counterparty role of the
systemically important clearinghouses and permits the utilization of the collateral obtained from
defaulting participants to settle their obligations in the clearinghouse environment, including in
cases of civil insolvency, agreements with creditors, intervention, bankruptcy and out-of-court
liquidation.
Through its clearinghouses, BM&FBOVESPA acts as a central counterparty in the derivatives
market (futures, forward, options and swaps), spot foreign exchange market, government
securities market (spot, forwards, repurchase operations, futures and lending of securities),
variable income (spot, forward, option, futures and lending of securities) and private debt
securities (spot and lending of securities). In other words, by assuming the role of a central
counterparty, BM&FBOVESPA becomes responsible for the proper settlement of trades carried
out and/or registered in its systems, as established in the applicable regulations.
The performance of BM&FBOVESPA as a central counterparty exposes it to the credit risk of the
participants that utilize its settlement systems. If a participant fails to make the payments due, or
to deliver the assets or commodities due, it will be incumbent upon BM&FBOVESPA to resort to
its safeguard mechanisms, in order to ensure the proper settlement of the transactions in the
established time frame and manner. In the event of a failure or insufficiency of the safeguard
mechanisms of its Clearinghouses, BM&FBOVESPA might have to use its own equity, as a last
resort, to ensure the proper settlement of trades.
The clearinghouses are not directly exposed to market risk, as they do not hold net long or net
short positions in the various contracts and assets traded. However, an increase in price volatility
can affect the magnitude of amounts to be settled by the various market participants, and can also
heighten the probability of default by these participants. Furthermore, as already emphasized, the
clearinghouses are responsible for the settlement of the trades of a defaulting participant, which
could result in losses for BM&FBOVESPA if the amounts due surpass the amount of collateral
available. Accordingly, despite the fact that there is no direct exposure to market risk, this risk can
impact and increase the credit risks assumed.
Each clearinghouse has its own risk management system and safeguard structure. The safeguard
structure of a clearinghouse represents the set of resources and mechanisms that it can utilize to
cover losses relating to the settlement failure of one or more participants. These systems and
structures are described in detail in the regulations and manuals of each clearinghouse, and have
been tested and ratified by the Central Bank of Brazil (BACEN), in accordance with National
Monetary Council (CMN) Resolution No. 2882/01 and BACEN Circular No. 3057/01.
62
The safeguard structures of the clearinghouses are based largely on a loss-sharing model called
defaulter pays, in which the amount of collateral deposited by each participant should be able to
absorb, with a high degree of confidence, the potential losses associated with its default.
Consequently, the amount required as collateral for participants is the most important element in
our management structure of the potential market risks arising from our role as a central
counterparty.
For most contracts and operations involving assets, the required value as collateral is sized to
cover the market risk of the business, i.e. its price volatility during the expected time frame for
settlement of the positions of a defaulting participant. This timeframe can vary depending on the
nature of contracts and assets traded.
The models used for calculating the margin requirements are based, in general, on the concept of
stress testing, in other words, a methodology that attempts to measure market risk into account
not only recent historical volatility of prices, but also the possibility of the occurrence of
unexpected events that modify the historical patterns of behavior of prices and the market in
general.
The main parameters used for margin calculation models are the stress scenarios, defined by the
Market Risk Committee for the risk factors that affect the prices of contracts and assets traded on
our systems. For the definition of stress scenarios, the Market Risk Committee uses a
combination of quantitative and qualitative analysis. The quantitative analysis is done with the
support of statistical models for estimating risk, such as EVT (extreme value theory), estimate of
implied volatilities, GARCH (Generalized Autoregressive Conditional Heteroskedasticity) models,
and historical simulations. The qualitative analysis considers aspects related to domestic and
international economic and political conditions and their impacts on the markets managed by
BM&FBOVESPA.
On March 5, 2014, according to BM&FBOVESPA Circular Letter No. 003/2014, new versions of
BM&FBOVESPA Clearinghouses rules became effective, aiming towards convergence with
international capital requirement rules under Basel III Accord by financial institutions subject to
credit risk of clearinghouses. These changes were approved by BACEN in January 2014.
63
The operations in the BM&FBOVESPA markets are secured by margin deposits in cash,
government and corporate securities, letters of guarantee and shares among others. The
guarantees received in cash, in the amount of R$1,338,010 (R$1,321,935 at December 31, 2014),
are recorded as a liability under “Collateral for transactions” and other non-cash collaterals, in the
amount of R$303,824,243 (R$240,757,242 at December 31, 2014), are recorded in memorandum
accounts. At December 31, 2015, collaterals amounted to R$305,162,253 (R$242,079,177 at
December 31, 2014), as follows:
a)
Collaterals deposited by participants
2015
BM&FBOVESPA
Clearinghouse
Equities and
Corporate
Bonds
Clearinghouse
(CBLC)
Foreign
Exchange
Clearinghouse
Letters of guarantee
Shares
International securities (1)
Bank Deposit Certificates (CDBs)
Cash amounts deposited
Gold
Other
216,955,868
3,552,464
3,458,610
1,394,602
1,027,657
12,012
176,345
37,116,275
397,000
27,241,604
4,151,480
277,305
134,437
3,162
163,372
8,644,122
175,716
-
280,222
-
Total
226,577,558
69,484,635
8,819,838
280,222
Assets
Clearinghouse
2014
Equities and
Corporate
Bonds
BM&FBOVESPA Clearinghouse
Clearinghouse
(CBLC)
Foreign
Exchange
Clearinghouse
Assets
Clearinghouse
Shares
International securities (1)
Gold
Other
156,814,586
2,542,590
4,696,902
1,177,107
815,294
31,264
136,110
34,636,888
572,310
33,007,191
1,800,371
245,456
121,288
120,835
4,470,253
385,149
-
505,583
-
Total
166,213,853
70,504,339
4,855,402
505,583
(1)
American and German government securities as well as ADRs (American Depositary Receipts).
64
b)
Other safeguard mechanisms
i)
BM&FBOVESPA Clearinghouse
 Joint liability for paying the broker and clearing member that acted as intermediaries, as
well as collaterals deposited by such participants.
 Minimum Non-operating Collateral, composed of collaterals transferred by
BM&FBOVESPA clearing members and by full trading participants, intended to
guarantee the transactions. By the close of business on August 15, 2014, the resources
that represent contributions by the clearing member to the Operating Performance
Fund were automatically allocated as Minimum Non-operating Collateral at the opening
of the BM&FBOVESPA Clearinghouse on August 18, 2014. Minimum Non-operating
Collateral is broken down as follows:
Breakdown
2015
2014
730,429
72,200
2,700
-
725,794
128,500
5,300
4
Amounts deposited
805,329
859,598
Amounts required of participants
600,000
672,000
Amount in excess of the minimum required
205,329
187,598
 Fundo de Liquidação (Settlement Fund), comprising collaterals transferred by clearing
members and BM&FBOVESPA funds. By the close of business on August 15, 2014,
the resources that represent contributions by the clearing member to the Settlement
Fund were automatically allocated to the Settlement Fund at the opening of the
BM&FBOVESPA Clearinghouse on August 18, 2014. The Settlement Fund is broken
down as follows:
Breakdown
2015
2014
851,458
18,000
776,632
34,000
Amounts deposited
869,458
810,632
Amount required of BM&FBOVESPA (1)
308,000
308,000
344,000
344,000
253,458
122,632
(1) Comprising government securities.
65
b)
Other safeguard mechanisms (Continued)
i)
BM&FBOVESPA Clearinghouse (Continued)
 Patrimônio Especial (Especial equity), in the amount of R$57,526 (R$50,752 at
December 31, 2014), in compliance with the provisions of Article 5 of Law No. 10214 of
March 27, 2001 and article 19 of BACEN Circular No. 3057 of August 31, 2001.
ii)
Equities and Corporate Bonds Clearinghouse (CBLC)
 Joint liability for paying the broker and clearing member that acted as intermediaries, as
well as collaterals deposited by such participants.
 Fundo de Liquidação (Settlement Fund), composed of collaterals transferred by
clearing members and BM&FBOVESPA funds, intended to guarantee the proper
settlement of transactions.
Breakdown
2015
2014
893,423
665,380
Amounts deposited
893,423
665,380
298,900
298,900
280,400
280,400
295,623
104,580
66
b)
Other safeguard mechanisms (Continued)
iii) Foreign Exchange Clearinghouse
 Fundo de Liquidação de Operações de Câmbio, formerly Fundo de Participação,
composed of collaterals transferred by Foreign Exchange Clearinghouse participants
and BM&FBOVESPA funds, intended to guarantee the proper settlement of
transactions.
Breakdown
2015
2014
364,804
200
306,762
200
Amounts deposited
365,004
306,962
105,650
105,650
104,650
104,650
153,704
97,662
iv) Assets Clearinghouse
 Fundo Operacional da Clearing de Ativos, in the amount of R$40,000 at March 31,
2015 and December 31, 2014, intended to hold funds from BM&FBOVESPA to cover
losses arising from participants’ operational or administrative failures.
67
18. Employee benefits
a)
Stock options - long-term benefit
Pursuant to the Notice to the Market published on February 4, 2015, BM&FBOVESPA
decided to offer to the beneficiaries of the Company’s Stock Options Plan (respectively
“Beneficiaries” and “Options”) the following choices: (i) remaining as holders of their Options,
or (ii) cancelling their outstanding Options and receiving an amount in cash with respect to
those Options which had already vested (“Vested Options”), or receiving shares of the
Company, to be transferred on future dates, with respect to those Options which had not yet
vested (“Non-vested Options”).
Nearly all of the beneficiaries opted for their share cancellation and the shares received with
respect to the cancellation of Non-vested Options were subject to the Stock Grant Plan
approved by the Company in an Extraordinary General Meeting on May 13, 2014.
BM&FBOVESPA believes that the resulting long-term incentive model will more effectively
align the interests of beneficiaries to those of BM&FBOVESPA and its shareholders in the
long term, as well as retain key personnel.
The amounts paid in cash and granted in shares for cancellation of the Options, as defined in
CPC 10 (R1) approved by CVM Rule No. 650/10, were calculated based on the fair value of
the Options on January 5, 2015, and the results of these calculations were reviewed and
validated by specialized external consultants.
The cancelled Vested Options resulted in cash payments equivalent to the Fair Value of
those Options. The cancelled Non-vested Options, meanwhile, resulted in the granting of a
number of Company shares which was calculated based on the Fair Value of the Non-vested
Options on January 5, 2015 and on the closing price of the shares on the same date
(R$9.22).
68
18. Employee benefits (Continued)
a)
Stock options - long-term benefit (Continued)
Programs
2008
2009
2010
2011
2012
2013
2011 additional
2012 additional
2013 additional
Total²
# of
Converted vested options
outstanding
options
Fair value
Total fair
(Dec/14)
(R$)
# of options ¹
value (R$)
178,412
4.48
173,412
776,886
621,780
3.72
581,780
2,164,222
7,183,875
1.94
6,498,875
12,607,818
6,484,900
3.37
3,971,275
13,383,197
7,728,386
3.45
3,391,618
11,701,082
9,755,809
4.09
2,414,578
9,875,624
2,113,241
4.90
1,025,300
5,023,970
1,936,513
4.34
2,971,880
4.87
38,974,796
18,056,838
55,532,798
Converted non-vested
options
# of options
2,257,375
4,228,018
7,243,731
1,025,280
1,919,785
2,971,880
19,646,069
# of shares
825,138
1,582,170
3,213,606
544,906
903,694
1,569,771
8,639,285
1) This does not include 1,259,389 options granted in the past to employees who have been recently terminated by
BM&FBOVESPA, which had term conditions and, therefore, fair values different from those described above. Out of these,
837,389 options were cancelled, resulting in payment in cash of R$665 while 422,000 options were not converted, since
there was no program enrollment by the terminated employees. Total cash payment was R$56,198.
2) 12.5 thousand options were not converted, since there was no enrollment by the beneficiaries.
The shares granted in exchange for the cancelled Non-vested Options will be subject to the
same rules in cases of dismissal, disablement, death or retirement. Furthermore, these
shares will have dates for transfer that are the same as the vesting periods established for
each Option program and will be transferred to the Beneficiaries in January each year:
3,139,275 in 2016; 3,192,082 in 2017; 1,523,046 in 2018; and 784,882 in 2019.
The guidelines and conditions for the cancellation of options, as well as the cash and equity
settlement, were approved by the Board of Directors of BM&FBOVESPA at a meeting held on
December 24, 2014, and all of the actions required for its implementation were approved by
the Compensation Committee of the Board of Directors at a meeting held on February 4,
2015.
BM&FBOVESPA recognized expenses related to grants of the Option Plan in the amount of
R$276 for the year ended December 31, 2015 (2014 - R$28,805), matched against capital
reserves in equity.
BM&FBOVESPA entered into commitments with beneficiaries to hold them harmless from
any potential liabilities related to assessment notices. At December 31, 2015, the potential
liabilities are recognized for R$24,300 (2014 - R$17,700).
69
a)
Stock Options – Summary/Changes
Program
Program 2008
Program 2009
Program 2010
Program 2011
Program 2012
Program 2013
Board of Directors grant
2013
Additional Program 2011
Total Programs
(1)
Vested
optionscash settled
Non-vested
options –
converted
into shares
Nonconverted
options
178,412
621,780
7,183,875
6,484,900
7,728,386
9,755,809
173,412
581,780
6,861,875
4,190,025
3,485,368
2,497,078
2,257,375
4,228,018
7,243,731
5,000
40,000
322,000
37,500
15,000
15,000
297,000
2,113,241
1,936,513
2,971,880
1,087,961
16,728
-
1,025,280
1,919,785
2,971,880
297,000
-
39,271,796 18,894,227
19,646,069
731,500
Outstanding
contracts at
12/31/2014
Exercised
at
12/31/2015
Outstanding
Lapsed at contracts at
12/31/2015 12/31/2015
(40,000)
(33,750)
(15,000)
(15,000)
(322,000)
-
(103,750)
(322,000)
Fair value
Dilution
of options percentage
on the
(1)
grant date
(R$ per
share)
5,000
3,750
-
3.71
2.93
4.50
2.79
5.55
3.43
297,000
-
2.98
4.19
6.98
4.33
305,750
The number of outstanding shares at December 31, 2015 is 1,782,094,906.
Effects arising from the exercise of options
2015
Amount received from the exercise of options
(-) Cost of treasury shares disposed of
Effect from disposal of shares
2014
897
(1,094)
44,220
(49,559)
(197)
(5,339)
Pricing model
Stock Options
Major assumptions considered in pricing options are as follows:
a)
b)
Options were evaluated considering the market parameters in force on every grant date
of different Stock Option Programs;
To estimate the risk-free interest rate, the future interest contracts negotiated for the
maximum exercise period of each option were considered; and
70
0.02%
0.02%
a)
Pricing model (Continued)
Stock Options (Continued)
c)
The maximum exercise period of options granted in each Stock Option Program was
considered to be the maturity term.
Other usual assumptions related to option pricing models, such as inexistence of arbitrage
opportunities and constant volatility over time were also considered in the calculation.
Stock Grant - long-term benefit
The Special Shareholders’ Meeting held on May 13, 2014 approved the Stock Grant Plan,
which replaced the grant mechanism for the Stock Plan shares as a long-term benefit.
The Stock Plan vests the Board of Directors with power to approve stock grants and manage
them, through Stock Grant Plans, which should define, among other specific conditions: (i)
the beneficiaries; (ii) the total number of BM&FFBOVESPA shares under the grant program;
(iii) criteria for election of the beneficiaries and determining the number of shares to be
assigned; (iv) splitting shares into lots; (v) vesting periods for the transfer of shares; (vi) any
restrictions on the transfer of shares received by the beneficiaries; and (vii) any provisions on
penalties.
For each Stock Program, there should be a minimum total period of three (3) years from the grant
date of the shares in a given program and the last date of transfer of shares granted under the
same program. Moreover, a minimum vesting period of twelve (12) months should be observed
from: (i) the grant date of a program and the first date of transfer of any shares under that
Program, and (ii) between each of the transfer dates of shares of that program after the first
transfer.
71
a)
Stock Grant - long-term benefit (Continued)
The Stock Plan also defines a specific mechanism for granting shares to the members of the
Board of Directors, whereby: (i) the members of the Board of Directors are eligible to be
beneficiaries of the grant from the date the General Meeting elects them to office, or another
period as defined by the General Meeting; (ii) the beneficiaries members of the Board of
Directors as a whole may annually receive a total 172,700 shares of BM&FBOVESPA, which
will be distributed on a straight-line basis among the members of the Board of Directors, as
approved at the General Meeting; (iii) stock will be granted to members of the Board of
Directors in one single lot on the same dates the Programs approve stock grants to other
beneficiaries; (iv) the stock considered in the contracts with beneficiaries that are members of
the Board of Directors will be transferred two years after the end of term of each Board
member in which the contract was executed.
BM&FBOVESPA recognized expenses related to Stock Plan grants in the amount of
R$40,050 for the year ended December 31, 2015, matched with capital reserves in equity,
based on the fair value of the share at the grant date of the plans. BM&FBOVESPA also
recognized charges in the amount of R$26,442 as personnel expenses for the year ended
December 31, 2015, calculated based on the fair value of the share as at December 31,
2015.
BM&FBOVESPA will record the expenses relating to the Stock Grant Program which were
granted for replacement of unvested options of the Stock Option Plan, for the same fair value
of options previously granted, in accordance with CPC 10 (R1)/IFRS 2.
72
a)
Stock Grant – Summary/Changes
Program
Stock Grant – Converted Options
Stock Grant – Additional Converted Options
Stock Grant - Program 2014
Stock Grant – Additional Program 2014
Stock Grant - Board of Directors Grant 2014
Conversion/
grant date
Vesting
Number of
shares
1/5/2015
1/5/2015
1/5/2015
1/5/2016
1/5/2017
1/5/2018
2,687,425
1,862,287
1,071,202
(87,722)
(58,020)
(29,950)
2,599,703
1,804,267
1,041,252
5,620,914
(175,692)
5,445,222
451,850
1,329,795
451,844
784,882
(3,797)
-
451,850
1,325,998
451,844
784,882
3,018,371
(3,797)
3,014,574
930,290
930,278
930,272
930,265
(6,316)
(6,316)
(47,369)
(47,368)
923,974
923,962
882,903
882,897
3,721,105
(107,369)
3,613,736
384,968
384,968
384,954
(8,473)
(8,472)
384,968
376,495
376,482
1,154,890
(16,945)
1,137,945
1/5/2015
1/5/2015
1/5/2015
1/5/2015
1/2/2015
1/2/2015
1/2/2015
1/2/2015
1/2/2015
1/2/2015
1/2/2015
1/2/2015
1/5/2016
1/5/2017
1/5/2018
1/7/2019
1/4/2016
1/2/2017
1/2/2018
1/2/2019
1/4/2016
1/2/2017
1/2/2018
4/30/2017
Total
172,700
-
172,700
172,700
-
172,700
13,687,980
(1)
The number of outstanding shares at December 31, 2015 is 1,782,094,906.
73
Canceled at
12/31/2015
Outstanding
share
contracts at
12/31/2015
(303,803)
13,384,177
Fair value
of shares
on the
grant date
(R$ per
share)
Dilution
percentage
(1)
9.22
9.22
9.22
0.15%
0.10%
0.06%
9.22
9.22
9.22
9.22
0.03%
0.07%
0.03%
0.04%
9.50
9.50
9.50
9.50
0.05%
0.05%
0.05%
0.05%
9.50
9.50
9.50
0.02%
0.02%
0.02%
9.50
0.01%
0.75%
a)
Pricing model
Stock Grant
For options granted under the Stock Option Plan, the fair value corresponds to the option
closing price on the grant date.
b)
Supplementary pension plan
Pension plan “Fundo de Pensão Multipatrocinado das Instituições do Mercado Financeiro e
de Capitais (Mercaprev)” is structured as a defined contribution (DC) plan and is sponsored
by BM&FBOVESPA among other entities, with voluntary participation open to all employees.
c)
Post-employment health care benefit
BM&FBOVESPA maintains a post-retirement health care plan for a group of employees and
former employees. At December 31, 2015, the actuarial liabilities related to this plan
amounted to R$26,122 (R$28,371 at December 31, 2014), calculated using the following
assumptions:
Discount rate
Economic inflation
Medical inflation
Mortality table
2015
7.3% p.a.
5.0% p.a.
3.0% p.a.
AT-2000
2014
6.2% p.a.
5.0% p.a.
3.0% p.a.
AT-2000
Average life expectancy in years of a pensioner retiring at age 65 is as follows:
Retirement at balance sheet date (age 65)
Retirement in 25 years (age 40 today)
20 years
20 years
74
c)
Post-employment health care benefit (Continued)
Changes in defined benefit obligations for the year as shown below:
2015
2014
At beginning of year
28,371
25,940
Current service cost
Past service cost
Interest cost
Benefit paid by the plan
Effect of changes in financial assumptions
Effect of plan experience
33
288
3,202
(1,076)
(4,038)
(658)
46
1,110
2,883
(900)
642
(1,350)
At end of year
26,122
28,371
Amounts recognized in the income statement are as follows:
2015
2014
Current service cost
Interest on defined benefit obligations
Past service cost
33
3,202
288
46
2,883
1,110
Total recognized in income
3,523
4,039
Amounts recognized in the statement of comprehensive income are as follows:
Effect of changes in financial assumptions
Effect of plan experience
Tax effects
Total recognized in comprehensive income, net of
taxes
2015
2014
(4,038)
(658)
642
(1,350)
1,597
241
(3,099)
(467)
The sensitivity of the actuarial liability at December 31, 2015 to the changes in key
assumptions is as follows:
Increase of 0.5% Decrease of 0.5%
Discount rate
Medical inflation
(2)
2
2
(2)
Life expectancy
+1
Life expectancy
-1
1
(1)
Mortality table
75
19. Income and social contribution taxes
a)
Deferred income and social contribution taxes
The balances of deferred tax assets and liabilities are as follows:
2015
2014 (*)
Deferred tax assets
Tax, civil and labor contingencies
Tax loss carryforwards
Exchange variation on issue of debt abroad
Mark to market - CME
24,487
30,581
445,562
69,243
62,123
20,360
29,107
185,753
39,561
Deferred tax liabilities
Goodwill amortization (1)
Mark to market
Effect of exchange rate variation on shares abroad
Discontinued use of equity method - CME
(2,834,715)
(374)
(755)
(455,872)
(589,862)
(22,694)
(2,849,923)
(9,383)
Deferred taxes, net
(3,272,276)
(2,584,525)
(1) Deferred income and social contribution tax liabilities arising from temporary differences between the tax base of goodwill and its carrying
amount on the balance sheet, considering that goodwill is still amortized for tax purposes, but is no longer amortized for accounting purposes
as from January 1, 2009, resulting in a tax base smaller than the carrying amount of goodwill. This temporary difference may result in amounts
becoming taxable in future periods, when the carrying amount of the asset will be reduced or settled , this requiring the recognition of a
deferred tax liability.
Changes in deferred tax assets and liabilities during the year:
2014 (*)
Deferred tax assets
Tax, civil and labor contingencies
Deferred assets on tax loss carryforwards
Exchange variation on issue of debt abroad
Mark to market - CME
(1)
20,360
29,107
185,753
39,561
(Debit) credit in
(Debt) credit in the
comprehensive
income statement
income
4,127
1,474
437,343
22,562
(177,534)
69,243
-
2015
24,487
30,581
445,562
69,243
62,123
Deferred tax liabilities
Goodwill amortization (1)
Mark to market
Effect of exchange rate variation on shares abroad
Discontinued use of equity method - CME
(2,849,923)
(9,383)
15,208
(437,343)
(589,862)
(11,715)
(374)
(755)
(18,529)
(1,596)
(2,834,715)
(374)
(755)
(455,872)
(589,862)
(22,694)
Deferred taxes, net
(2,584,525)
(558,206)
(129,545)
(3,272,276)
Changes refer to the net amount between the reversal of R$565,312 in deferred tax liabilities arising from goodwill impairment
(Note 9), and deferred tax liabilities recognized in the amount of R$550,104 on the goodwill tax amortization.
76
19. Income and social contribution taxes (Continued)
a) Deferred income and social contribution taxes (Continued)
(*)
assets.
b)
Amounts related to deferred tax liabilities at December 31, 2014 are restated in the balance sheet net of deferred tax
Estimated realization period
Deferred income and social contribution tax assets arising from temporary differences are
recorded in the books taking into consideration their probable realization, based on
projections of future results prepared based on internal assumptions and future economic
scenarios that may, accordingly, not materialize as expected.
Deferred tax assets (including tax loss carryforwards of R$30,581) are expected to be
realized in the amount of R$47,209 within one year and R$584,787 after one year and
realization of deferred tax liabilities is expected to occur after one year. At December 31,
2015, the present value of the deferred tax assets, considering their expected realization, is
R$385,778.
Since the income tax and social contribution base arises not only from the profit that may be
generated, but also from the existence of nontaxable income, nondeductible expenses, tax
incentives and other variables, there is no immediate correlation between BM&FBOVESPA
net income and the income subject to income tax and social contribution. Therefore, the
expected use of tax assets should not be considered as the only indicator of future income of
BM&FBOVESPA.
The balance of goodwill that is deductible for income and social contribution tax purposes
amounts to R$3,156,980 at December 31, 2015 (R$4,774,932 at December 31, 2014).
The realization of the deferred tax liabilities will occur as the difference between the tax base
of goodwill and its carrying amount is reversed, that is, when the carrying amount of the asset
is either reduced or settled.
77
c)
Reconciliation of income tax and social contribution expense
Reconciliation of the income tax and social contribution amounts recorded in P&L (Company
and consolidated) and their respective amounts at statutory rates is as under:
BM&FBOVESPA
2015
2014
Continuing operations
Discontinued operations
Income before income taxes
2,800,221
2,800,221
Income tax and social contribution before additions
and exclusions computed at the statutory rate of 34%
1,642,148
(7,692)
1,634,456
2,807,222
2,807,222
1,646,680
(7,807)
1,638,873
(952,075)
(555,715)
(954,455)
(557,217)
Additions:
Stock Option Plan
Nondeductible expenses - permanent
Dividends received abroad
Income abroad
Adhesion to Refis
(44,119)
(94)
(14,056)
(29,860)
(109)
-
(177,812)
(9,794)
(35,866)
(81,020)
(51,132)
(41,774)
(94)
(11,711)
(29,860)
(109)
-
(175,900)
(9,794)
(33,954)
(81,020)
(51,132)
Exclusions:
Equity pickup
Interest on equity
398,541
52,070
346,471
76,100
76,100
-
(330)
Other
(597,983)
Income and social contribution taxes
d)
Consolidated
2015
2014
24
(657,403)
392,795
46,324
346,471
72,134
72,134
-
(330)
(603,764)
24
(660,959)
Taxes recoverable and prepaid
Taxes recoverable and prepaid are as follows:
Description
BM&FBOVESPA
2015
2014
2015
2014
Prepaid IRPJ/CSLL – current year
IRRF – Financial investments - current year
IRPJ and CSLL tax losses - prior years
Recoverable taxes paid abroad
PIS/COFINS recoverable
Other taxes
7,580
66,010
39,987
53,551
1,618
6,261
28
73,407
2,654
56,260
27,645
6,150
7,580
66,010
39,987
53,551
1,619
6,264
447
73,407
2,654
55,841
27,645
6,160
175,007
166,144
175,011
166,154
Total
78
Consolidated
e)
Transitional Taxation Regime (RTT)
Revenue Procedure No. 1397, published September 16, 2013, and Law No. 12973/2014,
published May 13, 2014, as passed from Executive Order No. 627/2013, significantly
changed the federal tax regulations, especially insofar as they refer to the adjustments
required for termination of the Transitional Taxation Regime introduced by Law No. 11941, of
May 27, 2009. Law No. 12973/2014 will be effective from calendar year 2015 (article 119),
with an option for early adoption as of calendar year 2014 (article 75).
Based on management's analysis on the potential tax impacts from the new provisions of Law
No. 12973/2014, BM&FBOVESPA opted for adopting the provisions of articles 1, 2 and 4 to
70th of said Law for calendar year 2014, under the terms and conditions established in the
regulation issued by Brazil’s IRS.
20. Revenue
BM&FBOVESPA
2015
2014
Trading and/or settlement system - BM&F
Derivatives
Foreign exchange
Assets
2015
Consolidated
2014
1,074,546
1,053,513
20,909
124
866,595
850,607
15,988
-
1,074,531
1,053,513
20,894
124
866,577
850.607
15.970
-
Trading and/or settlement system - Bovespa
Trading – trading fees
Transactions – clearing and settlement
Other
903,016
146,645
734,866
21,505
977,374
162,620
793,493
21,261
903,016
146,645
734,866
21,505
977,373
162,620
793,493
21.260
Other revenue
Securities lending
Securities listing
Depository, custody and back-office
Trading participant access
Vendors – quotations and market information
Banco BM&FBOVESPA – financial intermediation and
bank fees
Other
435,041
103,203
50,058
130,829
39,493
98,434
364,600
81,203
47,445
117,089
39,333
70,032
481,300
103,203
50,058
130,829
39,493
98,434
402,502
81,203
47,445
117,089
39,333
70,032
13,024
9,498
35,161
24,122
27,220
20.180
Deductions
PIS and COFINS
Service Tax
(239,137)
(208,062)
(31,075)
(242,213)
(210,591)
(31,622)
(216,019)
(186.770)
(29,249)
Revenue
2,173,466
79
(213,409)
(184,658)
(28,751)
1,995,160
2,216,634
2,030,433
21. Sundry expenses
Description
BM&FBOVESPA
2015
2014
Consolidated
2015
2014
Contributions and donations
Sundry provisions (1)
Electricity, water and sewage
Travel
Expenses with entities abroad
Rental
Consumption material
Minimum trading fees BBM
Insurance
Transportation
Discontinued project – intangible asset
Incentive program – cash market
Other
23,415
15,575
18,437
4,387
3,365
3,367
700
883
1,029
6,463
5,834
3,013
24,860
10,682
10,827
2,765
2,449
2,619
1,084
1,193
848
1,179
2,208
1,889
4,239
23,513
15,624
18,677
4,732
10
3,647
767
884
1,044
6,463
5,834
3,262
24,945
10,776
11,010
3,009
2,868
1,131
1,193
850
1,220
2,208
1,889
4,580
Total
86,468
66,842
84,457
65,679
(1)
Basically refers to the provision for tax, civil and labor contingencies (Note 14) and allowance for doubtful accounts.
22. Financial income (expenses)
BM&FBOVESPA
2015
2014
Financial income
Income from financial assets measured at
fair value
FX gains
Other financial income
Dividends on foreign equity (1)
(-)PIS and COFINS on financial income (2)
Financial expenses
Interest and exchange variation on foreign
debt
FX gains
Other financial expenses
Financial income
Consolidated
2015
2014
466,232
91,943
21,469
174,769
(13,947)
740,466
317,408
26,008
15,043
358,459
471,552
91,942
21,513
174,769
(14,069)
745,707
320,667
26,008
15,086
361,761
(138,064)
(85,915)
(11,383)
(235,362)
(96,923)
(27,843)
(27,627)
(152,393)
(138,064)
(85,916)
(12,931)
(236,911)
(96,922)
(27,836)
(28,846)
(153,604)
505,104
206,066
508,796
208,157
(1) Given the disqualification of the significant influence and consequent discontinued use of the equity method of accounting for CME
Group (Note 7), dividends received have been recorded as financial income in the income statement.
(2) From July 2015, pursuant to Decree No. 8426, of April 1, 2015, which reinstated PIS and COFINS rates levied on financial income
earned by legal entities subject to the related noncumulative tax computation.
80
23. Segment information
We present below consolidated information based on reports used by the Executive Board for
making decisions, comprising the following segments: Bovespa, BM&F, Institutional and
Corporate Products. Due to the nature of the business, the Executive Board does not use any
information on assets and liabilities by segment to support decision-making.
BM&F Segment
The BM&F segment covers the main steps of the cycles of trading and settlement of securities
and contracts: (i) trading systems in an environment of electronic trading and trading via internet
(WebTrading), (ii) recording, clearing and settlement systems, integrated with a risk management
system to ensure the proper settlement of the transactions recorded, and (iii) custodian systems
for agribusiness securities, gold and other assets.
In addition, this segment includes the trading of commodities, foreign exchange, and public debt,
and services provided by BM&FBOVESPA Bank.
Bovespa Segment
Bovespa Segment covers the various stages of the trading cycle of fixed and variable income
securities and equity securities on stock and over-the-counter (OTC) markets. BM&FBOVESPA
manages the national stock exchange and OTC markets for trading of variable income securities,
including stocks, stock receipts, Brazilian Depository Receipts, stock derivatives, subscription
warrants, various types of closed-end investment fund shares, shares representing audiovisual
investment certificates, non-standard options (warrants) to purchase and sell securities and other
securities authorized by the CVM.
Institutional and Corporate Products Segment
Mainly refers to services provided as depository of securities, as well as lending and listing of
securities (registration in BM&FBOVESPA systems of issuers of securities for trading), data
services and classification of commodities, and technological products.
81
23. Segment information (Continued)
Institutional and Corporate Products Segment (Continued)
2015
Consolidated
Institutional and
Corporate Products
Segment
481,300
(44,852)
436,448
BM&F
Segment
1,074,531
(105,263)
969,268
Bovespa
Segment
903,016
(92,098)
810,918
Adjusted expense
Stock Options and Stock Grant
Allowance for doubtful accounts and other
provisions
Transfer of fines
(212,209)
(45,030)
(35,123)
(204,355)
(40,860)
(31,961)
(197,785)
(24,967)
(31,898)
(614,349)
(110,857)
(98,982)
(7,959)
-
(10,356)
-
(2,662)
(5,491)
(20,977)
(5,491)
Total expenses
(300,321)
(287,532)
(262,803)
(850,656)
668,947
523,386
173,645
Deductions
Revenue
Income (loss)
Total
2,458,847
(242,213)
2,216,634
1,365,978
136,245
Equity pickup
(1,662,681)
Discontinued use of equity method
1,734,889
Proceeds from investment disposal
723,995
Financial income (expense)
508,796
(603,764)
668,947
82
523,386
173,645
2,203,458
23. Segment information (Continued)
Institutional and Corporate Products Segment (Continued)
2014
Consolidated
Institutional and
Corporate Products
Segment
402,502
(33,664)
368,838
BM&F
Segment
866,577
(84,658)
781,919
Bovespa
Segment
977,373
(97,697)
879,676
Adjusted expense
Stock Options
Allowance for doubtful accounts and other
provisions
Transfer of fines
Other
(211,063)
(52,308)
(10,175)
(191,526)
(39,818)
(9,164)
(183,505)
(27,007)
(9,466)
(586,094)
(119,133)
(28,805)
(4,499)
(2,405)
(19,385)
(5,893)
(3,023)
(24,364)
(4,102)
(703)
(5,664)
(14,494)
(6,131)
(49,413)
Total expenses
(299,835)
(273,788)
(230,447)
(804,070)
482,084
605,888
138,391
Deductions
Revenue
Income (loss)
Total
2,246,452
(216,019)
2,030,433
1,226,363
Equity pickup
212,160
Financial income (expense)
208,157
(660,959)
(7,807)
482,084
605,888
138,391
977,914
24. Discontinued operations
BM&FBOVESPA had been considering its interest in Bolsa Brasileira de Mercadorias over the
past few years and determined that the assumptions regarding the expected supplementation of
activities performed by Bolsa Brasileira de Mercadorias in the commodities market and activities
performed by BM&FBOVESPA (then BM&F) in the futures market would represent opportunities
to both entities did not materialize. In this context, BM&FBOVESPA put forward some proposals
for discussion with the Board of Directors of Bolsa Brasileira de Mercadorias with a view to
realigning the structure of Bolsa Brasileira de Mercadorias. Given that those proposals did not
evolve as expected by BM&FBOVESPA, it decided to dispose of its interest in Bolsa Brasileira de
Mercadorias, having ceased to act in the capacity of Founding Member.
83
24. Discontinued operations (Continued)
This decision was informed to the Extraordinary General Meeting held by Bolsa Brasileira de
Mercadorias on December 16, 2014, when the matter was deliberated upon and approval was
given to the conditions required of BM&FBOVESPA to cease to act in the capacity of Founding
Member and to waive its rights and duties. Moreover, an agreement was entered into by Bolsa
Brasileira de Mercadorias and BM&FBOVESPA, whereby the former irrevocably and
unconditionally relieves the latter from its obligations as a member, and from any responsibility for
the liabilities and contingencies of Bolsa Brasileira de Mercadorias, whether currently known or to
exist in the future, except in case of malicious intent or gross negligence by BM&FBOVESPA, fully
acknowledged in a final judgment. With the waiver to the equity securities issued by Bolsa
Brasileira de Mercadorias owned by BM&FBOVESPA and related disassociation from Bolsa
Brasileira de Mercadorias, BM&FBOVESPA recognized the investment disposal in the amount of
R$ 7,539, based on its book value as at November 30, 2014.
The results from discontinued operations for 2014 are summarized below:
Result from discontinued operations
BBM
11/30/2014
Operating revenue
Members’ contributions - BM&FBOVESPA
Members’ contributions - Other
3,326
1,094
1,132
Net operating revenue
5,552
Provision for contingencies/Allowance for
doubtful accounts
Financial income
Deficit for the period
(6,366)
(110)
(302)
958
(268)
Investment disposal
(7,539)
Net income from discontinued
operations, net of taxes
(7,807)
84
24. Discontinued operations (Continued)
Balance sheet
BBM
11/30/2014
Assets
Current assets
Noncurrent assets
Total
15,089
1,488
16,577
Current liabilities
Equity
2,103
398
14,076
Total
16,577
Cash flow from discontinued operations
BBM
11/30/2014
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net cash generated
119
(25)
(92)
2
25. Other Information
a)
BM&FBOVESPA seeks advice from insurance brokers to ensure that it has a sufficient level
of insurance cover for its size and operations. The main coverage in its insurance policies at
December 31, 2015 is shown below:
Insurance line
Amounts insured
Amounts at risk, property damages, buildings and equipment
Civil liability
Works of art
85
569,869
134,000
16,133
25. Other information (Continued)
b)
Associação Profissionalizante BM&FBOVESPA (APBM&FBOVESPA) is a not-for-profit entity
engaged in promoting educational, social welfare and sports activities. The sports-related
initiatives included offering support to the BM&FBOVESPA Athletics Club and sponsorship to
athletes (these activities were incorporated by specific association, known as Clube de
Atletismo BM&FBOVESPA in July 2013). APBM&FBOVESPA is supported by the
BM&FBOVESPA Institute, a not-for-profit association that has BM&FBOVESPA as its
founding member.
APBM&FBOVESPA figures as a defendant in legal and administrative proceedings involving
tax matters, classified as probable loss, most of which are related to challenges by Brazilian
IRS about social security contributions allegedly owed by APBM&FBOVESPA on payments
made to third parties and on sponsorships to athletes of the BM&FBOVESPA Athletics Club.
If the outcome of these proceedings is not favorable to APBM&FBOVESPA, BM&FBOVESPA
may have to provide funds to maintain the activities of such club. The amount involved in said
proceedings at December 31, 2015 is R$18,912.
86
Audit Committee Report
Initial information
The Audit Committee of BM&FBOVESPA S.A. is the statutory advisory body directly linked to
the Board of Directors. It consists of two directors and four other members, one of whom is a
financial specialist and all of them independent, appointed every two years by the directors,
who take into account the criteria provided for in the applicable legislation and regulations, as
well as best international practices.
Duties and responsibilities
The Management of BM&FBOVESPA S.A. (hereinafter referred to as “BM&FBOVESPA”) is
responsible for defining and implementing processes and procedures aimed at collecting data
for preparing the financial statements, in compliance with corporate legislation, the
accounting practices adopted in Brazil and the rules and applicable regulations issued by the
Brazilian Securities Commission.
Management is also responsible for the internal control processes, policies and procedures
that ensure the integrity of the assets, timely recognition of liabilities and the elimination or
reduction of the company’s risk factors to acceptable levels.
The Department of Internal Controls, Compliance and Corporate Risk is responsible for
overseeing the respective environments of these three areas of the company. Furthermore, it
is in charge of providing information to support the work of the Audit Committee and the Risk
Committee of BM&FBOVESPA.
The duties of the internal audit department are to verify the quality of the internal control
systems of BM&FBOVESPA and compliance with the policies and procedures defined by the
Management, including those employed when preparing the financial reports.
The independent auditors are responsible for examining the financial statements so as to issue
an opinion regarding the latter’s compliance with the applicable rules. As a result of their work,
the independent auditors issue reports with recommendations about accounting procedures
and internal controls, without prejudice to other reports it is charged with preparing, such as
special quarterly reviews.
The Audit Committee’s functions are described in its Internal Rules and Regulations (available
on www.bmfbovespa.com.br, tab "Relações com Investidores", "Governança Corporativa" in
"Estatutos, Códigos e Políticas"), which provides for the duties defined in CVM Instruction
509/11.
The Audit Committee bases its judgments and forms its opinions taking into account the
information received from the Management, the representations made by the Management
about information systems, financial statements and internal controls, and the outcome of the
work of the Department of Internal Controls, Compliance and Corporate Risk, the Internal
Auditors and the Independent Auditors.
Activities of the Audit Committee
The Audit Committee convened at 9 ordinary and 1 special session, at which there were 96
meetings with members of the Executive Board, internal and independent auditors and other
stakeholders. As a member of the Board of Directors, the Committee Coordinator narrates
relevant facts to the Board of Directors whenever applicable.
Meetings with the Central Bank of Brazil
During the Central Bank’s inspection of the company in 2015, the Audit Committee met with
the leadership of the inspection team, and discussions involved primarily:
- corporate governance issues;
- information technology controls and procedures;
- internal controls on corporate risks;
- operation of the Audit Committee.
Meetings with the Executive Board
The Committee met with the Ombudsman and with the executive officers and their respective
teams to discuss the structures, the workings of the respective areas, their work processes,
occasional shortcomings in the control systems and the enhancement plans.
Among the subject matters requiring special attention from the Committee, the highlights
were:
IT and Information Security – During 2015, the Audit Committee continued to give priority
attention to the advances in information technology processes and controls and the mediumand long-term action plans.
A meeting with the Executive Officer for Information Technology and Security and his team
discussed matters involving information security processes, particularly improvements related
to access management and preventing information leakage. With the Audit Department, the
Committee discussed aspects involving Overarching Controls on Information Technology,
including Information Security.
The Committee was informed of the results of the business continuity tests carried out during
2015 and monitored by internal audit department.
Financial Management and Reports – Discussions with the Financial and Corporate
Department, the internal auditors and, when applicable, specialized outside consultants were
also dedicated to aspects concerning the evaluation of the premium in BOVESPA Holding and
the investment in CME, particularly the accounting treatment regarding the partial sale of
BVMF’s investment in this company.
The draft Reference Form, especially its section on corporate risks, was reviewed and
discussed with Management.
Contingencies – Joint discussions with Legal Department, Financial Department, the
Independent Auditors and the lawyers responsible involved the principal administrative and
legal proceedings and the respective judgments exercises with regard to the probability of
success.
Anticorruption Law and Anti-Money Laundering (AML) – Discussions with the Legal Office and
with the Executive Office for Operations, Clearing and Depository involved aspects relating to
the Anticorruption Law and Anti-Money Laundering (AML)
Human Resources – Discussions with Human Resources Department centered on matters
concerning management compensation and benefits, as well as the accounting and tax effects
of the new stock grant plan.
Internal Controls and Corporate Risks
The Committee monitored the works developed for dealing with compliance, and will go on
monitoring progress of this structure and its activities in 2016 through to completion of the
data survey and implementation stages.
The Committee reviewed the Corporate Risks Report that meets the requirements of CVM
Instruction 461/07 and the Internal Controls Report drawn up in accordance with section 3 of
CMN Resolution 2554/97.
The Committee regularly receives a summary of the notifications forwarded by the Regulatory
Agencies and the Judiciary concerning matters within the Committee’s scope.
The Audit Committee, with the support of Internal Audit, became aware of the policies and
procedures on related party transactions, use of the company’s assets by its management and
expenses incurred by management on behalf of the company, and no cases of non-compliance
were observed.
The Audit Committee is of the opinion that the procedures intended to raise the efficacy of the
internal control and risk management processes are appropriate.
Independent Auditors
The Committee met with the independent auditors to gather information about the policy for
maintaining independence when executing their work and decided that there were no conflicts
of interest in the work, over and above auditing the financial statements, which the Executive
Board may occasionally request. Also discussed by the Audit Committee and the independent
auditors were: risk analysis of the audit they carried out, work planning in order to establish
the nature, time and extent of the principal audit procedures chosen, possible attention points
identified and how these were to be audited. In addition, discussions with EY covered the
results of the audit it had carried out on Central Counterparty Risk and IT.
Upon conclusion of the special review work on the Quarterly Information (ITR) during 2015,
the main conclusions were discussed with the auditors. At the start of the preliminary and final
audit work on December 31, 2015, specific meetings were held to revisit the audit risk areas,
the respective procedures and the main findings.
All points deemed relevant were covered so as to assess the potential risks involving the
financial statements and how to mitigate those risks using audit and control procedures.
In January 2016, the Committee carried out a formal evaluation of the independent auditors,
having considered the quality and the volume of information provided sufficient.
No situations were detected that might compromise the independence of the external
auditors.
Internal Audit
At the end of 2015, the Internal Audit Office was given the Quality Certification by Instituto dos
Auditores Internos do Brasil (the Institute of Internal Auditors of Brazil), or IIA Brasil.
BM&FBOVESPA S.A. was found to be in compliance with the best practices and highest
international standards for Internal Audit.
The Audit Committee has technical oversight of the Internal Audit. In 2015 it approved the
Annual Internal Audit Plan and its modifications, and periodically accompanied its progress.
The audit reports were submitted and discussed with the Committee, which considers the
scope, methodology and results of the work carried out satisfactory.
The Audit Committee continues to monitor the Action Plans arising from the audit points
raised in all areas that were audited.
In January 2016, the Committee formally evaluated the internal audit, at which time significant
improvements in the quality of the work carried out were identified.
Audit Committee Recommendations
During 2015 the action plans resulting from previous years’ recommendations were properly
implemented, duly monitored by the Audit Committee.
Conclusion
The Audit Committee asserts that all relevant facts which it was given in order to understand
the work carried out and described in this report are properly disclosed in the Management
Report and in the audited financial statements as at December 31, 2015, recommending their
approval by the Board of Directors.
São Paulo, February 18, 2016
Nelson Carvalho – Committee Coordinator, Financial Specialist and Representative of the
Board of Directors of BM&FBOVESPA S.A.
Luiz Antônio de Sampaio Campos – Representative of the Board of Directors of BM&FBOVESPA
S.A.
Paulo Roberto Simões da Cunha
Pedro Oliva Marcilio de Sousa
Sérgio Darcy da Silva Alves
Tereza Grossi
Demonstrações Financeiras
Netanya Empreendimentos e Participações
S.A.
31 de dezembro de 2015
com Relatório dos Auditores Independentes
sobre as Demonstrações Financeiras
Netanya Empreendimentos e Participações S.A.
Demonstrações financeiras
Índice
Relatório dos auditores independentes sobre as demonstrações financeiras ................................... 1
Demonstrações financeiras
Balanço patrimonial .......................................................................................................................... 3
Demonstração do resultado .............................................................................................................. 4
Demonstração das mutações do patrimônio líquido .......................................................................... 5
Demonstração dos fluxos de caixa ................................................................................................... 6
Notas explicativas às demonstrações financeiras ............................................................................. 7
Av. Presidente Juscelino Kubitschek, 1.909
Vila Nova Conceição
04543-011 - São Paulo – SP - Brasil
Tel: +55 11 2573-3000
ey.com.br
Relatório dos auditores independentes sobre as demonstrações financeiras
Aos Administradores e Acionistas da
São Paulo - SP
Examinamos as demonstrações financeiras da Netanya Empreendimentos e Participações S.A. (a
“Companhia”), que compreendem o balanço patrimonial em 31 de dezembro de 2015 e as
respectivas demonstrações do resultado, das mutações do patrimônio líquido e dos fluxos de caixa
para o período de 4 de dezembro (data de início das atividades) a 31 de dezembro de 2015, assim
como o resumo das principais práticas contábeis e demais notas explicativas.
Responsabilidade da Administração sobre as demonstrações financeiras
A Administração da Companhia é responsável pela elaboração e adequada apresentação dessas
demonstrações financeiras de acordo com as práticas contábeis adotadas no Brasil aplicáveis às
pequenas e médias empresas (NBC TG 1000), assim como pelos controles internos que ela
determinou como necessários para permitir a elaboração de demonstrações financeiras livres de
distorção relevante, independentemente se causada por fraude ou erro.
Responsabilidade dos auditores independentes
Nossa responsabilidade é a de expressar uma opinião sobre essas demonstrações financeiras com
base em nossa auditoria, conduzida de acordo com as normas brasileiras e internacionais de
auditoria. Essas normas requerem o cumprimento de exigências éticas pelos auditores e que a
auditoria seja planejada e executada com o objetivo de obter segurança razoável de que as
demonstrações financeiras estão livres de distorção relevante.
Uma auditoria envolve a execução de procedimentos selecionados para obtenção de evidência a
respeito dos valores e divulgações apresentados nas demonstrações financeiras. Os procedimentos
selecionados dependem do julgamento do auditor, incluindo a avaliação dos riscos de distorção
relevante nas demonstrações financeiras, independentemente se causada por fraude ou erro. Nessa
avaliação de riscos, o auditor considera os controles internos relevantes para a elaboração e
adequada apresentação das demonstrações financeiras da Companhia para planejar os
procedimentos de auditoria que são apropriados nas circunstâncias, mas não para fins de expressar
uma opinião sobre a eficácia desses controles internos da Companhia. Uma auditoria inclui também a
avaliação da adequação das práticas contábeis utilizadas e a razoabilidade das estimativas contábeis
feitas pela Administração, bem como a avaliação da apresentação das demonstrações financeiras
tomadas em conjunto.
1
Acreditamos que a evidência de auditoria obtida é suficiente e apropriada para fundamentar nossa
opinião.
Opinião
Em nossa opinião, as demonstrações financeiras acima referidas apresentam adequadamente, em
todos os aspectos relevantes, a posição patrimonial e financeira da Netanya Empreendimentos e
Participações S.A. em 31 de dezembro de 2015, o desempenho de suas operações e os seus fluxos
de caixa para o período de 4 de dezembro de 2015 a 31 de dezembro de 2015, de acordo com as
práticas contábeis adotadas no Brasil aplicáveis às pequenas e médias empresas (NBC TG 1000).
ERNST & YOUNG
CRC-2SP015199/O-6
Contadora CRC-1SP272354/O-1
2
Balanço patrimonial
Em 31 de dezembro de 2015
(Em reais)
Ativo
Notas
2015
Circulante
Disponibilidades
131
3
131
Total do ativo
131
Passivo e Patrimônio líquido
Patrimônio líquido
Capital social
Prejuízo acumulado
Total do passivo e patrimônio
líquido
2015
4
131
1.200
(1.069)
131
As notas explicativas são parte integrante das demonstrações financeiras.
3
Demonstração do resultado
Período de 4 de dezembro de 2015 (data de início das atividades) a 31 de dezembro de 2015
(Em reais)
Nota
Despesas
Serviços de terceiros
Impostos e taxas
Materiais de escritório
Outras despesas
Prejuízo do período
5
2015
(1.069)
(224)
(505)
(315)
(25)
(1.069)
4
Demonstração das mutações do patrimônio líquido
Período de 4 de dezembro de 2015 (data início das atividades) a 31 de dezembro de 2015
(Em reais)
Nota
Saldos em 31 de dezembro de 2014
Integralização de capital social
Saldos em 31 de dezembro de 2015
4
Capital
social
Prejuízo
acumulado
Total
-
-
-
1.200
-
(1.069)
1.200
(1.069)
1.200
(1.069)
131
5
Demonstração dos fluxos de caixa
Período de 4 de dezembro de 2015 (data de início das atividades) a 31 de dezembro de 2015
(Em reais)
Notas
2015
Fluxo de caixa das atividades operacionais
(1.069)
Caixa líquido utilizado nas atividades operacionais
(1.069)
Atividades de financiamento
Integralização do capital social
4
Caixa líquido proveniente das atividades de financiamento
1.200
Aumento líquido de caixa e equivalentes de caixa
131
Caixa e equivalentes de caixa no início do período
Caixa e equivalentes de caixa no final do período
3
6
1.200
131
Notas explicativas às demonstrações financeiras
(Em reais)
1. Contexto operacional
Constituída em 5 de novembro de 2015, a Netanya Empreendimentos e Participações S.A.
(Companhia) é uma sociedade anônima de capital fechado com sede na cidade de São Paulo, e
que tem como como objeto social a participação em empreendimentos imobiliários e em outras
sociedades civis ou comerciais, como sócia, acionista ou quotista (holding).
As presentes demonstrações financeiras foram autorizadas para emissão pela Diretoria da
Netanya em 11 de abril de 2016.
2. Resumo das principais práticas contábeis
As principais práticas contábeis aplicadas na preparação destas demonstrações financeiras
estão definidas abaixo. Essas políticas foram aplicadas de modo consistente no período
apresentado.
a)
Base de preparação
As demonstrações financeiras foram elaboradas e estão sendo apresentadas de acordo com
o Pronunciamento Técnico de Contabilidade para Pequenas e Médias Empresas (CPC
PME).
Os acionistas realizarão os aportes de capital necessários à continuidade dos negócios da
Companhia, sendo que aportes adicionais devem ser realizados diante da necessidade de
honrar compromissos e no evento de uma aquisição.
b)
Caixa e equivalentes de caixa
Os saldos de caixa e equivalentes de caixa para fins de demonstrações dos fluxos de caixa
incluem dinheiro em caixa e depósitos bancários.
3. Disponibilidades
As disponibilidades estão compostas por dinheiro em caixa e depósitos bancários.
7
Notas explicativas às demonstrações financeiras
(Em reais)
4. Patrimônio Líquido
O capital social da Netanya no montante de R$1.200 está representado por 1.200 ações
ordinárias nominativas e sem valor nominal.
A capitalização de lucros ou de reserva será obrigatoriamente efetivada sem a modificação do
número de ações. O agrupamento e o desdobramento de ações são também expressamente
proibidos, exceto se previamente aprovado em Assembleia Especial, por acionistas
representando a maioria das ações ordinárias.
5. Despesas
Estão compostas por despesas relacionadas à constituição da Netanya e referem-se
basicamente a honorários de serviços contábeis, impostos e taxas, materiais de escritório e
despesas com cartório.
6. Ativos e passivos contingentes e obrigações legais, fiscais e previdenciárias
Em 31 de dezembro de 2015, a Companhia não tem contabilizados ativos e passivos
contingentes e não é parte em processos envolvendo questões fiscais, cíveis e trabalhistas.
7. Evento subsequente
Em 8 de abril de 2016, a BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros
(BM&FBOVESPA) adquiriu a totalidade das ações ordinárias da Netanya pelo seu valor
patrimonial. Dessa forma, a partir desta data a Netanya passou a ser uma subsidiária integral da
BM&FBOVESPA.
* * *
8
SCHEDULE VI
PRO FORMA FINANCIAL STATEMENTS PREPARED FOR PURPOSES OF THE
TRANSACTION
20
Informações Financeiras Consolidadas
Pro Forma
BM&FBOVESPA S.A. – Bolsa de Valores,
Mercadorias e Futuros
Av. Presidente Juscelino Kubitschek, 1.909
Vila Nova Conceição
04543-011 - São Paulo – SP - Brasil
Tel: +55 11 2573-3000
ey.com.br
Relatório de asseguração emitido por auditor independente sobre a compilação
de informações financeiras consolidadas pro forma para atendimento à
Instrução CVM 565
Aos Administradores e Acionistas da
Concluímos nosso trabalho de asseguração para emissão de relatório sobre a compilação de
informações financeiras consolidadas pro forma da BM&FBOVESPA S.A. – Bolsa de Valores,
Mercadorias e Futuros (a “Companhia”), elaborada sob responsabilidade de sua administração, para
atendimento à Instrução nº 565, emitida pela Comissão de Valores Mobiliários (“CVM”). As informações
financeiras consolidadas pro forma compreendem o balanço patrimonial consolidado condensado pro
forma em 31 de dezembro de 2015, a demonstração do resultado consolidada condensada pro forma
para o exercício findo em 31 de dezembro de 2015 e as respectivas notas explicativas. Os critérios
aplicáveis com base nos quais a administração da Companhia compilou as informações financeiras
consolidadas pro forma estão especificados no Comunicado CTG 06 - Apresentação de Informações
Financeiras Pro Forma, e estão sumariados nas notas explicativas que integram as informações
financeiras consolidadas pro forma.
As informações financeiras consolidadas pro forma foram compiladas pela administração da Companhia
para ilustrar o impacto da aquisição da CETIP S.A. – Mercados Organizados apresentada na nota
explicativa 1 sobre o balanço patrimonial consolidado da Companhia em 31 de dezembro de 2015 e sua
demonstração do resultado consolidada para o exercício findo naquela data, como se a transação
tivesse ocorrido em 1º de janeiro de 2015. Como parte desse processo, informações sobre a posição
patrimonial e financeira e do desempenho operacional da Companhia foram extraídas pela
administração da Companhia das demonstrações financeiras consolidadas da Companhia para o
exercício findo em 31 de dezembro de 2015, sobre as quais emitimos relatório de auditoria sem
modificações em 18 de fevereiro de 2016. Adicionalmente, as informações sobre a posição patrimonial e
financeira e do desempenho operacional da CETIP S.A. - Mercados Organizados foram extraídas pela
administração da Companhia das demonstrações financeiras consolidadas da CETIP S.A. – Mercados
Organizados do exercício findo em 31 de dezembro de 2015, que foram auditadas por outros auditores
independentes, cujo relatório de auditoria não contem modificações e foi emitido em 3 de março de
2016.
1
Responsabilidade da administração da companhia pelas informações financeiras
consolidadas pro forma
A administração da Companhia é responsável pela compilação das informações financeiras
consolidadas pro forma com base no Comunicado CTG 06.
Responsabilidade dos auditores independentes
Nossa responsabilidade é expressar uma opinião, conforme requerido pela Comissão de Valores
Mobiliários, sobre se as informações financeiras consolidadas pro forma foram compiladas pela
administração da Companhia, em todos os aspectos relevantes, com base no Comunicado CTG 06 Apresentação de Informações Financeiras Pro Forma.
Conduzimos nosso trabalho de acordo com a NBC TO 3420 – Trabalho de Asseguração sobre a
Compilação de Informações Financeiras Pro Forma Incluídas em Prospecto, emitida pelo Conselho
Federal de Contabilidade, equivalente à Norma Internacional emitida pela Federação Internacional de
Contadores ISAE 3420. Essas normas requerem o cumprimento de exigências éticas pelos auditores e
que os procedimentos de auditoria sejam planejados e executados com o objetivo de obter segurança
razoável de que a administração da Companhia compilou, em todos os aspectos relevantes, as
informações financeiras consolidadas pro forma com base no Comunicado CTG 06 - Apresentação de
Informações Financeiras Pro Forma.
Para os fins deste trabalho, não somos responsáveis pela atualização ou reemissão de quaisquer
relatórios ou opiniões sobre quaisquer informações financeiras históricas usadas na compilação das
informações financeiras consolidadas pro forma.
A finalidade das informações financeiras consolidadas pro forma é a de exclusivamente ilustrar o impacto
do evento ou da transação relevante sobre as informações financeiras históricas da entidade, como se o
evento ou a transação tivesse ocorrido na data anterior selecionada para propósito ilustrativo. Dessa
forma, nós não fornecemos qualquer asseguração de que o resultado real da transação em 31 de
dezembro de 2015 e em 1º de janeiro de 2015 teria sido conforme apresentado.
2
Um trabalho de asseguração razoável sobre se as informações financeiras consolidadas pro forma foram
compiladas, em todos os aspectos relevantes, com base nos critérios aplicáveis, envolve a execução de
procedimentos para avaliar se os critérios aplicáveis adotados pela administração da Companhia na
compilação das informações financeiras consolidadas pro forma oferecem base razoável para
apresentação dos efeitos relevantes diretamente atribuíveis ao evento ou à transação, e para obter
evidência suficiente apropriada sobre se:
 os correspondentes ajustes pro forma proporcionam efeito apropriado a esses critérios; e
 as informações financeiras pro forma refletem a aplicação adequada desses ajustes às informações
financeiras históricas.
Os procedimentos selecionados dependem do julgamento do auditor independente, levando em
consideração seu entendimento sobre a Companhia, sobre a natureza do evento ou da transação com
relação à qual as informações financeiras consolidadas pro forma foram compiladas, bem como outras
circunstâncias relevantes do trabalho. O trabalho envolve ainda a avaliação da apresentação geral das
informações financeiras consolidadas pro forma.
Acreditamos que a evidência obtida é suficiente e apropriada para fundamentar nossa opinião sobre a
compilação das informações financeiras consolidadas pro forma.
Opinião
Em nossa opinião, as informações financeiras consolidadas pro forma foram compiladas, em todos os
aspectos relevantes, com base no Comunicado CTG 06 - Apresentação de Informações Financeiras Pro
Forma.
ERNST & YOUNG
CRC-2SP015199/O-6
Contadora CRC-1SP272354/O-1
3
Balanço patrimonial consolidado condensado pro forma (não auditado)
(Em milhares de Reais, exceto quando indicado de outra forma)
Ativo
BM&FBOVESPA
8.673.786
Circulante
Disponibilidades
Aplicações financeiras e títulos e valores mobiliários
Contas a receber
Outros créditos
Tributos a compensar e recuperar
Despesas antecipadas
440.845
7.798.529
75.129
157.974
175.011
26.298
HOLDING
CETIP
-
Ajustes Pro Forma
Nota 2.1
Total Pro Forma
1.007.642
(6.016.077)
3.665.351
2.438
801.956
117.658
14.589
63.917
7.084
(6.008.993)
(7.084)
2.489.422
11.203.875
31.328.406
373.958
(2.659)
2.332.725
248.553
120.663
181
1.902
2.659
(2.659)
2.064.173
120.663
140.748
4.102
3.039
6.873
47.685
10.000
33.000
2.060.906
11.163.534
28.414.394
3.497.064
5.187.799
34.993.758
(a) e (c)
(b)
443.283
2.591.492
192.787
172.563
238.928
26.298
-
Não-circulante
Realizável a longo prazo
Aplicações financeiras e títulos e valores mobiliários
Instrumentos financeiros derivativos
Depósitos judiciais
Outros créditos
Despesas antecipadas
Investimentos
Imobilizado
Intangível
Total do ativo
4
17.635.109
1.961.426
1.815.620
140.567
2.200
3.039
30.635
453.094
-
15.189.954
26.308.895
-
(b)
(c)
(c)
(c) e (d)
47.508
533.779
Balanço patrimonial consolidado condensado pro forma (não auditado)
Passivo e patrimônio líquido
Circulante
Garantias recebidas em operações
Proventos e direitos sobre títulos em custódia
Fornecedores
Obrigações salariais e encargos sociais
Provisão para impostos e contribuições a recolher
Imposto de renda e contribuição social
Empréstimos e financiamentos
Instrumentos financeiros derivativos
Dividendos e juros sobre capital próprio a pagar
Receitas a apropriar
Outras obrigações
Não-circulante
Empréstimos e financiamentos
Imposto de renda e contribuição social diferidos
Provisões para riscos tributários, cíveis e trabalhistas
Benefícios de assistência médica pós-emprego
Receitas a apropriar
Outras obrigações
Patrimônio líquido
5
BM&FBOVESPA
HOLDING
CETIP
2.096.785
1.338.010
49.224
42.708
117.041
34.551
4.944
70.181
2.902
437.224
-
Ajustes Pro Forma
Nota 2.1
Total Pro Forma
340.198
1.966.347
4.403.330
54.416
68.411
18.183
8.435
28.544
11.572
110.261
40.223
153
120.747
841.824
887.000
107.000
(40.223)
50.000
1.338.010
49.224
97.124
185.452
173.481
855.203
985.725
11.572
220.163
487.377
(e)
(e)
(f)
(c)
(b) e (c)
(g)
5.859.897
-
2.384.084
3.272.276
119.054
26.122
58.361
-
1.273.868
136.465
5.933
36.739
8.046
1.771.000
735.394
(36.739)
-
18.352.213
-
1.695.815
751.797
-
1.695.815
-
751.797
-
20.789.711
10.114
-
3.497.064
5.187.799
34.993.758
Patrimônio líquido atribuído aos acionistas da controladora
Participação dos acionistas não-controladores
18.342.099
10.114
Total do passivo e patrimônio líquido
26.308.895
1.461.051
2.469.655
9.790.603
(c) e (f)
(c) e (h)
(b) e (c)
(i)
5.428.952
4.144.135
124.987
26.122
66.407
20.799.825
Demonstração do resultado consolidada condensada pro forma (não auditada)
Exercício findo em 31 de dezembro de 2015
Ajustes Pro
Forma
CETIP
Nota
Total Pro
Forma
BM&FBOVESPA
HOLDING
Receitas
2.216.634
-
1.125.430
-
3.342.064
Despesas
Administrativas e gerais
(850.656)
(1)
(447.712)
(426.423)
(1.724.792)
Pessoal e encargos
Processamento de dados
(443.006)
(122.020)
-
(203.325)
(18.370)
-
(646.331)
(140.390)
Depreciação e amortização
Serviços de terceiros
Manutenção em geral
Comunicações
(110.857)
(41.052)
(14.210)
(5.749)
-
(92.771)
(80.115)
(1.567)
(9.962)
(426.423)
-
Promoção e divulgação
Impostos e taxas
Honorários do conselho/comitês
Diversas
(11.944)
(8.212)
(9.149)
(84.457)
(1)
-
(4.602)
(1.238)
(2.268)
(33.494)
-
Redução ao valor recuperável de ativos
Resultado de equivalência patrimonial
(1.662.681)
136.245
-
965
(136.245)
(k)
(1.662.681)
965
Descontinuidade do uso do método de equivalência patrimonial
Resultado de alienação de investimentos em coligadas
1.734.889
723.995
-
-
(1.734.889)
(723.995)
(k)
(k)
-
Resultado financeiro
Receitas financeiras
Despesas financeiras
508.796
745.707
(236.911)
-
(111.428)
294.476
(405.904)
(591.544)
(178.561)
(412.983)
(k)
(l)
(194.176)
861.622
(1.055.798)
Resultado antes da tributação sobre o lucro
2.807.222
(1)
567.255
(3.613.096)
Imposto de renda e contribuição social
(603.764)
-
(69.649)
1.210.223
Lucro do exercício
2.203.458
(1)
497.606
(2.402.873)
298.190
Atribuído aos:
Acionistas controladores
Participação dos não-controladores
2.202.238
1.220
(1)
-
497.606
-
(2.402.873)
-
296.970
1.220
(j)
(630.051)
(121.167)
(15.777)
(15.711)
(16.546)
(9.451)
(11.417)
(117.951)
(238.620)
(m)
536.810
Lucro por ação atribuído aos acionistas (em R$ por
ação)
Lucro básico por ação
Lucro diluído por ação
Média ponderada de ações em circulação - Básico
Média ponderada de ações em circulação - Diluído
6
1,2290
1,2199
1.791.892.507
1.805.320.708
1,9054
1,8980
1.200
1.200
261.162.000
262.169.000
0,1444
0,1435
3.553.660
2.546.660
(n)
(n)
2.056.609.367
2.070.037.568
Notas explicativas às informações financeiras consolidadas pro forma (não auditadas)
1.
Descrição da transação e base para elaboração das informações financeiras consolidadas pro
forma
(a)
Descrição da transação
Em 8 de abril de 2016, os Conselhos de Administração da BM&FBOVESPA S.A. – Bolsa de
Valores, Mercadorias e Futuros (“Companhia” ou “BM&FBOVESPA”) e da CETIP S.A. –
Mercados Organizados (“CETIP”) aprovaram as bases financeiras para a combinação das
operações das duas companhias (a “Operação”). Tal Operação prevê a incorporação da totalidade
das ações de emissão da CETIP pela Companhia São José Holding (atual denominação da
Netanya Empreendimentos e Participações S.A. (a “Holding” ou “NETANYA”) ), cuja totalidade
das ações é de propriedade da BM&FBOVESPA, e a subsequente incorporação da Holding pela
BM&FBOVESPA, a ser submetida à apreciação de seus acionistas em Assembleias Gerais
Extraordinárias.
(b)
Base para elaboração das informações financeiras consolidadas pro forma
As informações financeiras consolidadas pro forma não auditadas relativas ao balanço patrimonial
consolidado condensado pro forma não auditado em 31 de dezembro de 2015 e a demonstração do
resultado consolidada condensada pro forma não auditada relativa ao exercício social findo em 31
de dezembro de 2015 foram elaboradas e apresentadas exclusivamente para ilustrar o balanço
patrimonial consolidado em 31 de dezembro de 2015 e a demonstração do resultado consolidada
da BM&FBOVESPA no exercício findo em 31 de dezembro de 2015, considerando como se a
Operação tivesse ocorrido na data do balanço patrimonial em 31 de dezembro de 2015 e na
demonstração do resultado em 1º de janeiro de 2015 em relação ao exercício social findo em 31 de
dezembro de 2015 e não devem ser utilizadas como indicativo de futuras demonstrações dos
resultados consolidadas ou interpretadas como demonstração do resultado ou balanço patrimonial
efetivo da BM&FBOVESPA.
As informações financeiras consolidadas pro forma não auditadas foram elaboradas a partir das
demonstrações financeiras consolidadas históricas da BM&FBOVESPA e da CETIP, e estão
sendo apresentadas conforme o Comunicado CTG 06 – Apresentação de Informações Financeiras
Pro Forma. Os ajustes pro forma foram determinados com base em premissas e estimativas, as
quais a Administração da BM&FBOVESPA acredita serem razoáveis, efetivamente sustentáveis e
diretamente relacionadas à Operação.
7
A reorganização societária envolvendo as Companhias descrita acima, será contabilizada como
uma combinação de negócios considerando o método de aquisição. As informações financeiras
consolidadas pro forma não auditadas, incluindo a alocação preliminar do preço de aquisição, são
baseadas nas estimativas preliminares do valor justo dos ativos adquiridos e passivos assumidos,
informações disponíveis nesta data e premissas efetuadas pela Administração da
BM&FBOVESPA, e serão revisadas após a alocação final do preço de aquisição. A alocação final
do valor justo irá refletir as avaliações a serem preparadas por avaliadores independentes que
serão contratados pela Administração da BM&FBOVESPA. A avaliação final será baseada nos
ativos tangíveis e intangíveis adquiridos e passivos assumidos na data efetiva da Operação.
Ajustes no preço de aquisição e na avaliação final poderão impactar na alocação do preço de
aquisição, poderão afetar o valor justo alocado aos ativos e passivos e resultar em uma alteração
relevante nas informações financeiras consolidadas pro forma não auditadas, incluindo, mas não
limitadas a, um aumento ou redução no ágio e alteração nas despesas de depreciação e
amortização, e os respectivos efeitos tributários.
As informações financeiras consolidadas condensadas pro forma não auditadas foram elaboradas
em base recorrente e, por isso, não incluem eventuais ganhos ou perdas não-recorrentes
decorrentes da Operação. Adicionalmente, tais informações financeiras pro forma não auditadas
não refletem, por exemplo: (i) qualquer sinergia, eficiência operacional e economia de custos que
possam decorrer da Operação; ou (ii) qualquer possível benefício gerado pelo crescimento
combinado das duas companhias.
As informações contábeis históricas referentes à BM&FBOVESPA utilizadas na elaboração destas
informações financeiras consolidadas pro forma foram obtidas a partir das demonstrações
contábeis consolidadas do exercício findo em 31 de dezembro de 2015, elaboradas de acordo com
as práticas contábeis adotadas no Brasil e IFRS, auditadas pela Ernst & Young Auditores
Independentes S.S., cujo relatório de auditoria datado de 18 de fevereiro de 2016 não contém
ressalva.
As informações contábeis históricas referentes à Holding utilizadas na elaboração destas
contábeis do exercício findo em 31 de dezembro de 2015, elaboradas de acordo com as práticas
contábeis adotadas no Brasil aplicáveis às pequenas e médias empresas, auditadas pela Ernst &
Young Auditores Independentes S.S., cujo relatório de auditoria datado de 11 de abril de 2016 não
contém ressalva.
8
As informações contábeis históricas referentes à CETIP utilizadas na elaboração destas
financeiras consolidadas do exercício findo em 31 de dezembro de 2015, elaboradas de acordo
com as práticas contábeis adotadas no Brasil e IFRS, auditadas pela PricewaterhouseCoopers
Auditores Independentes, cujo relatório de auditoria datado de 03 de março de 2016 não contém
ressalva.
O balanço patrimonial consolidado condensado pro forma não auditado e a demonstração do
resultado consolidada condensada pro forma não auditada da BM&FBOVESPA devem ser lidos
em conjunto com as demonstrações financeiras consolidadas históricas da BM&FBOVESPA e da
CETIP de 31 de dezembro de 2015.
2.
Ajustes pro forma
As informações financeiras consolidadas pro forma incluem os seguintes ajustes:
2.1
Ajustes no Balanço Patrimonial Consolidado Condensado Pro Forma (Não auditado) em 31
de dezembro de 2015
(a) Reflete (i) a entrada dos recursos decorrentes da alienação da participação na CME Group Inc.
para financiar parte da Operação no valor de R$4.490.642 cujo montante registrado em 31 de
dezembro de 2015 em aplicações financeiras e títulos e valores mobiliários era de
R$4.805.033; (ii) a utilização de R$5.811.602 dos recursos para financiar parte da Operação; e
(iii) efeito do exercício das opções de ações emitidas da CETIP em 31 de dezembro de 2015,
no montante estimado de R$117.000.
(b) Reflete a eliminação dos saldos históricos de despesas antecipadas e receitas a apropriar da
CETIP, nos montantes de R$9.743 e R$76.962, respectivamente, que não foram considerados
como ativos adquiridos e passivos assumidos na combinação de negócios.
9
(c) Reflete a alocação preliminar do preço de compra ao valor justo dos ativos adquiridos e
passivos assumidos, conforme sumariado abaixo:
Alocação preliminar do preço de compra estimado
CETIP – patrimônio líquido histórico
Baixa do ágio histórico
Baixa de ativos intangíveis
Ajuste de valor justo em aplicações financeiras (opções de ações)
1.695.815
(1.221.045)
(792.862)
117.000
Ajuste de valor justo em investimento em coligadas
10.000
Ajuste de valor justo em receitas a apropriar
16.000
Ajuste de valor justo em empréstimos
Dividendos e juros sobre capital próprio
Efeitos tributários dos ajustes acima
Alocação preliminar de valor justo ao ativo imobilizado e ativos intangíveis
Ativo imobilizado
Ativo intangível – marca (i)
Ativo intangível – plataforma (ii)
2.000
(107.000)
584.653
33.000
712.000
5.975.000
Efeitos tributários sobre o valor justo alocado
Ágio preliminar
(2.284.800)
6.555.707
Total do preço estimado de aquisição
11.295.468
(i) a vida útil estimada para a amortização da marca é de 30 anos.
(ii) a vida útil estimada para a amortização da plataforma é de 15 anos.
10
R$ mil
O preço estimado a ser pago aos acionistas da CETIP de R$11.295.468 foi determinado com base
na emissão de 264,72 milhões de ações pela Holding no valor estimado de R$42,67 (quarenta e
dois reais e sessenta e sete centavos) cada, sendo (i) 75% do montante em dinheiro, equivalente a
R$8.471.601, sujeito à correção pela taxa CDI até data do pagamento da parcela em dinheiro, o
que ocorrerá somente após a aprovação da Operação pelas autoridades governamentais; e (ii)
R$2.823.867 (25% do preço de aquisição) através de troca de ações por ações ordinárias da
BM&FBOVESPA. Além da correção pela taxa CDI, o preço de aquisição está sujeito a ajustes
decorrentes da flutuação do valor de mercado das ações da BM&FBOVESPA, e a dividendos
distribuídos e declarados pelas companhias até a data da conclusão da Operação. Uma correção
hipotética de 100 b.p. no CDI teria um impacto aproximado no montante de R$84.716 no preço de
aquisição. Considerando a relação de troca de referência de 0,8991 ação ordinária da
BM&FBOVESPA para cada ação CETIP, e tendo em vista os ajustes adicionais à relação de
troca, estabeleceu-se que, em nenhum caso, o valor a ser recebido pelos acionistas da CETIP
deverá ser menor do que R$11,25 (onze reais e vinte e cinco centavos) ou maior do que R$17,76
(dezessete reais e setenta e seis centavos) por ação de BM&FBOVESPA.
(d) Descontinuidade de projetos no montante de R$65.266 após a Operação.
(e) Reflete os impostos incidentes na alienação das ações da CME Group, Inc., nos montantes de
R$841.824 de imposto de renda e contribuição social e R$120.747 de PIS e Cofins.
(f) Reflete a captação de empréstimos e financiamentos no montante total estimado de
R$2.660.000 para financiar parte da Operação.
(g) Reflete a provisão dos custos estimados da transação no valor aproximado de R$50.000.
(h) Inclui os efeitos tributários da alocação preliminar do preço de compra estimado no valor de
R$1.700.147 e sobre a baixa do ativo fiscal diferido das receitas a apropriar no montante de
R$25.017 e reversão dos efeitos tributários sobre a alienação das ações da CME Group, Inc.
no montante de R$989.770.
(i) Reflete o valor estimado de R$2.823.867 decorrente da emissão de ações da
BM&FBOVESPA para os acionistas da CETIP, como parte da Operação; a eliminação do
valor histórico do patrimônio líquido da CETIP de R$1.695.815; e os efeitos dos ajustes
descritos acima.
11
2.2
Ajustes na Demonstração do Resultado Consolidada Condensada Pro Forma (Não auditada)
do exercício findo em 31 de dezembro de 2015
(j) Reflete o ajuste de depreciação e amortização decorrente da estimativa de alocação preliminar
do valor justo (i) no ativo imobilizado, principalmente imóveis e equipamentos e (ii) nos
ativos intangíveis, referentes à marca e plataforma da CETIP, gerando efeito adicional total na
despesa de depreciação e amortização de R$426.423.
(k) Reflete o expurgo dos efeitos da alienação da participação na CME Group, Inc. no resultado
do exercício, considerando que tal venda gerou parte dos recursos para a Operação: (i) de
equivalência patrimonial, (ii) da descontinuidade do uso do método de equivalência
patrimonial; (iii) do resultado de alienação parcial da participação, que ocorreu em setembro
de 2015; e (iv) de dividendos, que após a descontinuidade do uso do método de equivalência
patrimonial, passaram a ser reconhecidos em receita financeira.
(l) Reflete o aumento na despesa financeira decorrente dos juros da captação de empréstimos e
financiamentos para financiar parte da Operação, no montante estimado de R$2.660.000
considerando uma taxa de juros de 110% do CDI (15,5% a.a.). Uma alteração no valor dos
empréstimos e financiamentos a serem captados para financiar parte da Operação pode afetar o
montante de juros; e uma alteração de 100 b.p. na taxa do CDI mudaria a despesa financeira
pro forma em R$29.391.
(m) Reflete os efeitos tributários sobre os ajustes efetuados no resultado do exercício de 2015,
calculados aplicando-se as alíquotas previstas pela legislação fiscal vigente de 25% para
imposto de renda e 9% para contribuição social sobre o lucro tributável. Essa alíquota não
deve ser tomada como indicativo da taxa efetiva futura.
(n) Reflete a troca das ações ordinárias da CETIP por ações ordinárias da BM&FBOVESPA como
parte da Operação.
* * *
12

Cetip S.A. – Mercados Organizados Rio de Janeiro, April 15, 2016.

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