(A free translation of the original in Portuguese) B2W - Companhia Digital Financial statements at March 31, 2015 and independent auditor's report

Size: px
Start display at page:

Download "(A free translation of the original in Portuguese) B2W - Companhia Digital Financial statements at March 31, 2015 and independent auditor's report"

Transcription

1 (A free translation of the original in Portuguese) B2W - Companhia Digital Financial statements at and independent auditor's report

2 (A free translation of the original in Portuguese) Report on review of quarterly information To the Board of Directors and Shareholders B2W - Companhia Digital Introduction We have reviewed the accompanying interim accounting information of B2W Companhia Digital ( Company ), included in the Quarterly Information Form (ITR) for the quarter ended, comprising the balance sheet at that date and the statements of operations, comprehensive result, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the interim information Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM. PricewaterhouseCoopers, Av. José Silva de Azevedo Neto 200, 1º e 2º, Torre Evolution IV, Barra da Tijuca, Rio de Janeiro, RJ, Brasil T: (21) , F: (21) , PricewaterhouseCoopers, Rua da Candelária 65, 20º, Rio de Janeiro, RJ, Brasil , Caixa Postal 949, T: (21) , F: (21) , 2

3 Other matters Statement of value added We have also reviewed the parent company and consolidated statements of value added for the quarter ended. These statements are the responsibility of the Company's management, and are required to be presented in accordance with standards issued by the CVM applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which do not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have not been prepared, in all material respects, in a manner consistent with the parent company and consolidated interim accounting information taken as a whole. Rio de Janeiro, May 7, PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 "F" RJ Claudia Eliza Medeiros de Miranda Contadora CRC 1RJ087128/O-0 3

4 Balance sheet In thousands of reais (A free translation of the original in Portuguese) Parent Company ASSETS 3/31/ 12/31/2014 3/31/ 12/31/2014 CURRENT Cash and cash equivalents 148, , , ,349 Marketable securities 815,673 1,151,224 1,143,086 1,315,849 Accounts receivables 97,872 68, , ,640 Inventories 1,183,515 1,343,832 1,214,046 1,366,221 Recoverable taxes 134, , , ,594 Prepaid expenses 29,363 29,593 33,149 31,696 Other current assets 78,379 67,417 83,124 75,541 Total current assets 2,487,779 2,973,876 3,609,719 4,027,890 NON-CURRENT Long-term assets: Marketable securities 29,307 28, Recoverable taxes 580, , , ,957 Deferred income tax and social contribution 466, , , ,974 Judicial deposits 21,795 23,412 22,501 30,127 Related parties 112,886 44,645 16,914 5,736 Other non-current assets Investments 214, , Fixed assets 458, , , ,169 Intangible 1,905,592 1,838,439 2,342,350 2,071,241 Total non-current assets 3,789,875 3,553,183 4,075,265 3,607,075 TOTAL ASSETS 6,277,654 6,527,059 7,684,984 7,634,965

5 Balance sheet In thousands of reais (continued) Parent Company LIABILITIES AND SHAREHOLDERS' EQUITY 3/31/ 12/31/2014 3/31/ 12/31/2014 CURRENT Suppliers 1,582,492 2,084,955 1,636,169 2,145,347 Borrowings and financing 408, , , ,967 Debentures 6, , Salaries, provisions and social contributions 48,781 45,897 72,130 65,723 Taxes payable 15,934 12,115 27,097 29,279 Income tax and social contribution - - 8,782 5,361 Other current liabilities 130, , , ,070 Total current liabilities 2,192,927 2,704,792 2,546,149 3,107,329 NON-CURRENT LIABILITIES Long-term liabilities: Borrowings and financing 746, ,181 1,518,268 1,135,018 Debentures 200, , , ,000 Provisions for contingencies 42,329 40, ,179 40,375 Related parties Other non current liabilities 65,001 67,254 72,010 72,786 Total non-current liabilities 1,053, ,810 2,107,457 1,448,179 SHAREHOLDERS' EQUITY Capital 3,605,326 3,605,326 3,605,326 3,605,326 Capital reserve 14,886 12,671 14,886 12,671 Carrying value adjustments (306) (420) (306) (420) Accumulated losses (588,528) (538,120) (588,528) (538,120) Total shareholders's equity 3,031,378 3,079,457 3,031,378 3,079,457 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,277,654 6,527,059 7,684,984 7,634,965 The accompanying notes are an integral part of these financial statements. 2 of 69

6 Statement of operations Period ended In thousands of reais, except the (losses) earnings per thousand shares in reais (A free translation of the original in Portuguese) Parent Company 3/31/ 3/31/2014 3/31/ 3/31/2014 Net revenue 2,004,141 1,634,426 2,137,835 1,729,855 Cost of goods and services sold (1,569,407) (1,268,850) (1,665,466) (1,311,110) Gross profit 434, , , ,745 Operating income (expenses) Selling expenses (306,500) (264,623) (307,307) (288,537) General and administrative expenses (57,103) (29,798) (80,544) (46,198) Management fees (3,952) (1,604) (4,005) (1,660) Other operating income (expenses) (4,357) (5,409) (3,700) (6,282) Result before financial result 62,822 64,142 76,813 76,068 Finance income 82,750 58,752 86,787 89,965 Finance costs (223,768) (212,395) (240,939) (255,878) Finance result (141,018) (153,643) (154,152) (165,913) Equity accounting 1,093 1, Loss before income tax and social contribution (77,103) (88,045) (77,339) (89,845) Income tax and social contribution Current - (4,791) (1,489) Deferred 26,695 30,429 31,722 33,718 Loss for the period (50,408) (57,616) (50,408) (57,615) Loss per share at the end of the period, excluding treasury shares - R$ (0.1973) (0.3624) (0.1973) (0.3624) The accompanying notes are an integral part of these financial statements. 3 of 69

7 Statement of comprehensive result Period ended In thousands of reais, except the (losses) earnings per thousand shares in reais (A free translation of the original in Portuguese) Parent Company 3/31/ 3/31/2014 3/31/ 3/31/2014 Loss for the period (50,408) (57,615) (50,408) (57,615) Other comprehensive results Cumulative convertion adjustments 114 (252) 114 (252) Total comprehensive result (50,294) (57,867) (50,294) (57,867) The accompanying notes are an integral part of these financial statements. 4 of 69

8 Statement of changes in shareholders' equity Paren Company and In thousands of reais (A free translation of the original in Portuguese) Capital Stock Capital Reserv e Carrying value adjustm ents Acum ulated losses Balance at January 1, 3,605,326 12,671 (420) (538,120) 3,079,457 Total Comprehensive result Net loss for the period (50,408) (50,408) Foreign exchange variation of offshore investments Capital Transactions with partners Capital increase (0) (0) Stock option plan 2,215 2,215 Balance at 3,605,326 14,886 (306) (588,528) 3,031,378 T otal Balance at January 1, ,198,991 5,655 (166) (374,807) 829,673 Comprehensive result Net loss for the period (57,615) (57,615) Foreign exchange variation of overseas investment (252) (252) Contributions from shareholders and distributions to shareholders Capital increase (0) Stock option plan 1,424 1,424 Balance at ,198,991 7,079 (9) (432,422) 773,230 The accompanying notes are an integral part of these financial statements. 5 of 69

9 Statement of cash flows Period ended In thousands of reais (A free translation of the original in Portuguese) Cash flows from operating activities Parent Company 3/31/ 3/31/2014 3/31/ 3/31/2014 Loss for the period (50,408) (57,615) (50,408) (57,615) Adjustments to net income (loss): Depreciation and amortization 41,942 21,557 47,294 26,885 Deferred income tax and social contribution (26,695) (30,429) (31,722) (33,719) Interest and indexation and exchange variances 29,717 55,543 36,309 54,869 Equity accounting (1,093) (1,456) - Others (16,848) 14,123 (12,875) 15,274 Adjusted loss (23,385) 1,723 (11,402) 5,694 Decrease (increase) in operational assets: Accounts receivable 380,012 23, ,116 20,425 Inventories 172,431 (137,326) 164,289 (133,027) Recoverable taxes (66,373) (33,258) (66,561) (31,412) Prepaid expenses 230 2,296 (1,453) (2,500) Judicial deposits 1, , Accounts receivable related parties (68,241) 2,574 (11,178) - Other accounts receivable (current and non-current) (10,974) (36,216) (7,593) (31,834) 408,702 (178,334) 463,054 (177,890) Increase (decrease) in operational liabilities: Suppliers (505,006) (70,065) (511,720) (72,109) Payroll and related charges 2,884 (94) 6, Taxes and contributions (current and non-current) 6, , Other accoutns payable (current and non-current) (21,889) (10,227) (28,130) (9,228) (517,146) (80,266) (529,157) (80,613) Net cash provided by (used in) operational activities (131,829) (256,877) (77,505) (252,809) Cash flows from investing activities: Marketable securities 334, , , ,290 Investments in subsidiaries and jointly controlled companies - (1,070) - - Intangible (24,041) (31,561) (24,286) (32,834) Investments (99,162) (116,061) (111,857) (132,780) Value paid because of subisidiaries acquisition - - (40,199) - Net cash used in investment activities 211, ,190 (3,579) 122,676 Cash flows from financing activities: Borrowings and financing (current and non-current): Funding 336, , ,966 Debentures (current and non-current) 336, , ,966 Payments (50,193) (35,056) (59,119) (65,056) Total amortized borrowings and debentures (50,193) (35,056) (59,119) (65,056) Discount of receivables (405,446) 84,879 (312,202) (28,132) Capital increase in cash 2,215-2,215 - Valuation adjustment Net cash provided by financing activities (116,511) 49,823 46, ,778 Increase (decrease) in cash and cash equivalents (36,582) 26,136 (34,157) 21,645 Opening balance of cash and cash equivalents 185,353 80, ,349 89,501 Closing balance of cash and cash equivalents 148, , , ,146 Increase (decrease) in cash and cash equivalents (36,582) 26,136 (34,156) 21,645 The accompanying notes are an integral part of these financial statements. 6 of 69

10 Statement of value added Period ended In thousands of reais (A free translation of the original in Portuguese) Parent Company 3/31/ 3/31/2014 3/31/ 3/31/2014 Revenues Sales of goods and services 2,290,939 1,851,868 2,469,940 2,001,246 Other revenues ,249 Reversal (allowance) for doubtful accounts (4,701) (2,691) (8,814) (4,342) 2,286,347 1,849,443 2,461,235 1,998,153 Goods acquired from third parties Costs of goods and services sold (1,810,121) (1,483,636) (1,946,771) (1,572,376) Materials, energy, third party services and others (180,045) (170,615) (170,592) (196,040) (1,990,166) (1,654,251) (2,117,363) (1,768,416) Gross value added 296, , , ,737 Depreciation and amortization (41,942) (21,557) (47,294) (26,885) Net value added generated by the Company 254, , , ,852 Value added received in transfer Equity result 1,093 1, Finance income 82,750 58,752 86,787 89,965 83,843 60,208 86,787 89,965 Total value added to distribute 338, , , ,817 Distribution of value added Employees Direct compensation 81,748 58,355 97,317 62,772 Benefits 18,257 11,397 20,125 11,836 Guarantee fund for years of service 5,468 4,965 6,686 5, ,473 74, ,128 79,917 Taxes and contributions Federal (8,643) (22,033) (5,839) (17,966) State 40,637 7,464 42,946 12,796 Municipal ,359 1,091 32,595 (14,182) 39,466 (4,079) Compensation of third party capital Interest 223, , , ,878 Rentals 26,566 18,458 29,154 18,647 Others , , , ,594 Remuneration of capital Loss for the period (50,408) (57,615) (50,408) (57,615) (50,408) (57,615) (50,408) (57,615) Total value added to distribute 338, , , ,817 The accompanying notes are an integral part of these financial statements. 7 of 69

11 Press Release 1Q15 EARNINGS RELEASE 1Q15 B2W DIGITAL ANNOUNCES CONSOLIDATED GMV GROWTH OF 29.1%. IN 1Q15, CONSOLIDATED GROSS REVENUE REACHED R$ 2.5 BILLION, GROWING BY 25.1%. Rio de Janeiro, May 7, B2W Companhia Digital (BOVESPA: BTOW3), the leading e-commerce company in Latin America, announces today its results for the 1 st quarter of (1Q15). The accounting information that serves as basis for the comments that follow are presented according to the international financial reporting standards (IFRS), to the rules issued by the Brazilian Securities Exchange Commission (CVM), to the Novo Mercado listing rules and in Reais (R$). The following analysis refers to the consolidated results and the comparisons refer to the 1 st quarter of 2014 (1Q14), except where otherwise indicated. Gross Revenue (R$ MM) 1,974 1Q14 Traffic via mobile devices (%) 14% Adjusted EBITDA (R$ MM) Net Debt (R$ MM) / Net Debt/EBITDA 8 of 69 2,470 1Q15 32% 1Q14 1Q Q ,429 1Q14 +25% +18 p.p. +17% 128 1Q Q15 FINANCIAL AND OPERATIONAL HIGHLIGHTS Executive Summary 1Q15 Comparison to 1Q14 Financial Highlights (R$ million) 1Q15 1Q14 Var. (%) Net Revenue 2, , % Gross Profit¹ % Adjusted EBITDA % Net Result (50.4) (57.6) -12.5% Net Margin (%NR) -2.4% -3.3% +0.9 p.p. ¹ Verify the effects related to the consolidation on page 4. B2W Digital reached 32% of traffic and 16% of orders placed through mobile devices in 1Q15 Access to B2W Digital s websites through mobile devices reached 32% of traffic and 16% of orders placed in 1Q15. This evolution reflects recent efforts in conjunction with the technology companies acquired, Uniconsult and Ideais, which have significant expertise on this platform. B2W Digital announces important new partnerships in Marketplace: Centauro, Tricae, Ultrafarma and Camisaria Colombo The new stores offer an even more complete assortment for the customer. In the last 12 months B2W Digital increased the number of available items within its Marketplace by a multiple of 10. B2W Digital announces the acquisition of e-smart E-smart is the main developer of the e-commerce platform Magento. The acquisition of e-smart contributes to the acceleration of [B] Seller and Marketplace. B2W Digital launches online stores for BR Foods, Drinkfinity and the 2016 Rio Olympic and Paralympic Games B2W Digital was chosen to operate the online stores for BRF and Drinkfinity (PepsiCo). In addition, B2W Digital was chosen as the Official Online Retail Operator of the 2016 Rio Olympic and Paralympic Games. B2W Digital announces the expansion of the In-store delivery service for 200 additional Lojas Americanas stores by the end of After the success of the pilot project that started in 2014, B2W Digital will expand the In-store delivery service. With this service the customer can buy online and collect the product in the most convenient store. GMV (Gross Merchandise Volume Gross sales of own merchandise, other revenue and sales in the marketplace platform after returns and including taxes). Adjusted EBITDA (Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting). Orders Placed through mobile devices (Share of the value of the orders placed through mobile devices on Americanas.com, Submarino, Shoptime and SouBarato).

12 Press Release 1Q15 COMPANY STRUCTURE B2W Digital is the leading e-commerce company in Latin America. The Company operates through a digital platform, with businesses that present a strong synergy and a unique model, multichannel, multibrand and multibusiness. B2W Digital has a portfolio with the brands Americanas.com, Submarino, Shoptime, SouBarato, Digital Finance, Submarino Finance, Ingresso.com and B2W Viagens, that offer more than 40 categories of products and services through the internet, telesales, catalogs, TV and kiosks distribution channels. The following chart presents an integrated vision of B2W: 9 of 69

13 Press Release 1Q15 MESSAGE FROM THE MANAGEMENT In the first quarter of, B2W Companhia Digital presented GMV growth of 29%, combined with a 25% gross revenues growth, which reached R$ 2.5 billion. With these results, the Company recorded, for the eleventh consecutive quarter, growth above the market, which in this quarter, according to the e-bit consultancy, was up by 13%, registering market share gains and consolidating its position of market leadership. Investments made by the Company in recent years, especially the acquisitions of Uniconsult and Ideais, also led to a large evolution in sales platforms for mobile devices, which at the end of the first quarter already accounted for 32% of traffic and 16% of the orders placed with the Company. Another achievement at the beginning of the year was the launch of Marketplace by Shoptime. The Marketplace, which was already available on Americanas.com and Submarino websites, completed its first year of operation with significant evolution and the development of a single platform to meet all the needs of vendors in the areas of technology and logistics. This will allow B2W to speed up the growth of this business model. Recently, new partnerships have been established with: Centauro, Ultrafarma, Camisaria Colombo and Tricae, allowing the Company to offer an even wider product assortment to the customers. In the last 12 months, B2W Digital s Marketplace boosted the number of available items by 10 times. Aiming to reinforce the growth strategies of [B] Seller and Marketplace, B2W Digital acquired e-smart, which is the main developer of the e-commerce platform Magento and the only company in this segment with the Magento s Gold Partner certification in South America. Also new for was the choice of B2W Digital to operate all the online platforms for BRF and Drinkfinity (PepsiCo) stores. In addition, B2W was elected as the Online Retail Operator for the 2016 Rio Olympic and Paralympic Games. The choice of the Company by major brands to run their online platforms reflects the investments made to shore up technology and logistics. Other major companies such as Ambev, Ipiranga petrol stations (KM Loyalty Program Benefits) and Motorola already use B2W's online solutions. Also in early, B2W Digital extended its Shipping Menu into 100% of Brazilian cities, providing deliveries in up to half the conventional time for more than 60% of the product assortment. Now we have announced an offer to the customer for another delivery service, "In-Store Delivery", which by the end of the year will be available in 200 Lojas Americanas locations, allowing the customer to purchase on the Americanas.com web site and pick up the merchandise at the most conveniently located store. So we would like to express our gratitude for the dedication of all our associates, who again made the difference and are part of the best and most successful digital team in Latin America. We also would like to thank our suppliers for their partnering, our shareholders for their confidence and, especially, to our customers for their preference. THE MANAGEMENT 10 of 69

14 Press Release 1Q15 OPERATIONAL PERFORMANCE COMMENTS As a reward for the mobilization of the entire Company in the all-out effort to deliver Latin America s best digital experience, B2W Digital s service level indicators continue to progress, reflecting the extensive improvements in its operations and logistical processes that are the main pillars of sustainable growth. B2W DIGITAL ADDED TO THE CORPORATE SUSTAINABILITY INDEX PORTFOLIO (ISE) As a recognition of the commitment of the whole Company in applying the best sustainability practices, B2W joined the select portfolio of the Corporate Sustainability Index (ISE) of BM&FBOVESPA, which reflects the Company's strong commitment to sustainable growth by observing the impact on dimensions: economic, social and environmental. EVOLUTION OF CUSTOMER SERVICE RATINGS The four main brands of B2W Digital (Americanas.com, Submarino, Shoptime and SouBarato) have the best performance in customer service indicators website "Reclame Aqui", being the only brands that have the RA 1000 Seal, the highest reputation grade in the website. These achievements reflect the continuing evolution of our operations, consolidating B2W Digital as the leader in customer service. 12 Months Reclame Aqui * Base Date: 4/29/ B2W DIGITAL Competitors #2 #3 #4 Competitors Average RA 1000 Seal 4 of 4 Brands 0 of 3 Brands 0 of 1 Brand 0 of 1 Brand 0 of 5 Brands Average Grade Would Buy Again 80% 56% 46% 65% 56% EFFECTS RELATED TO THE CONSOLIDATION OF CLICK-RODO AND DIRECT ON GROSS PROFIT AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES IN THE CONSOLIDATED RESULT Click Rodo and Direct provide merchandise distribution services to the Company, generating an elimination effect in consolidated gross revenue and selling, general and administrative expenses (distribution expenses), according to the present accounting rules. The consolidated gross profit is reduced in an amount equal to the positive effect observed in the selling, general and administrative expenses, but with no effect on EBITDA and EBITDA Margin. As Click-Rodo and Direct continue to provide more services to the Company, this effect will become more relevant. The gross profit presented in 1Q15, without these consolidation effects, would be R$ million or 23.3% of net revenue. The selling, general and administrative expenses presented in 1Q15, without these consolidation effects, would be R$ million or 17.3% of net revenue. Adjusted EBITDA remains unchanged in the amount of R$ million or 6.0% of net revenue. 11 of 69

15 Press Release 1Q15 MOBILE DEVICES PARTICIPATION IN TRAFFIC AND ORDERS PLACED In 1Q15, the participation of mobile devices in overall traffic reached 32%, compared to 14% in 1Q14, which represents an increase of 18 percentage points. In 1Q15, the participation of mobile devices in orders placed reached 16%, compared to 7% in 1Q14, which represents an increase of 9 percentage points. 32% 16% 14% 7% 1Q14 Traffic 1Q15 1Q14 1Q15 Orders Placed Orders Placed through mobile devices (Share of the value of the orders placed through mobile devices on Americanas.com, Submarino, Shoptime and SouBarato). NET REVENUE In 1Q15, consolidated net revenue reached R$ 2,137.8 million, compared to R$ 1,729.9 million in 1Q14, representing a growth of 23.6%. 1,730 2,138 1Q14 1Q15 GROSS PROFIT AND GROSS MARGIN In 1Q15, consolidated gross profit reached R$ million, a growth of 12.8% in relation to the R$ million registered in 1Q14. In this period, the consolidated gross margin was 22.1%, when calculated as a percentage of net revenue. 12 of 69

16 Press Release 1Q Q14 1Q15 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES In 1Q15, consolidated selling, general and administrative expenses totaled R$ million, representing 16.1% of net revenue, a decrease of 1.8 p.p. compared to 1Q p.p. 17.9% 16.1% 1Q14 1Q15 ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN In 1Q15, consolidated adjusted EBITDA reached R$ million, a growth of 17.0% compared to R$ million in 1Q14. In this period, the consolidated adjusted EBITDA margin was 6.0%, when calculated as a percentage of net revenue Q14 1Q15 Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization and excluding other operating revenues/expenses and equity accounting) is presented as additional information because we believe it represents an important indicator of our operating performance besides being useful for maintaining comparability with previously reported results. 13 of 69

17 Press Release 1Q15 EBITDA (CVM 527/12) On October 4, 2012, Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, which regulates the voluntary disclosure of non-accounting information such as EBITDA. The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and make it comparable among publicly listed companies. To keep the consistency and the comparability between previous periods, we present the reconciliation of EBITDA in the following table. EBITDA Reconciliation - R$ MM 1Q15 1Q14 % Net Result (50.4) (57.6) -12.5% (+) Income Tax and Social Contribution % (+) Net Financial Result (154.2) (165.9) -7.1% (+) Depreciation / Amortization (47.3) (26.9) 75.8% (=) EBITDA (CVM 527/12) % (+) Other Operating Income (Expenses)* (3.7) (6.3) -41.3% (=) Adjusted EBITDA % * In the old accounting rules, considered as "non operating income". Adjusted EBITDA: Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting. EBITDA s (CVM 527/12) calculation takes into account the net income of the period plus income taxes, financial expenses net of financial revenues and depreciation and amortization. NET FINANCIAL RESULT In 1Q15, consolidated net financial expenses were R$ million, a decrease of 7.1% compared to the consolidated net financial expense of R$ million presented in 1Q14. Net Financial Result - R$ Million 1Q15 1Q14 Δ% Net Financial Result (154.2) (165.9) -7.1% The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested by the use of hedge instruments in foreign currencies, to offset eventual exchanges fluctuations, whether relative to financial liabilities or total cash position. These instruments offset the foreign exchange risk, transforming the cost of the debt to local currency and interest rates (as a percentage of CDI*). Similarly, it is worth mentioning that the Company s cash is invested with Brazil s largest financial institutions. *CDI - Certificado de Depósito Interbancário: average rate of borrowing in the interbank market. 14 of 69

18 Press Release 1Q15 NET RESULT In 1Q15, the consolidated net result was R$ million, compared to the R$ million obtained in 1Q14. In 1Q15, the consolidated net margin was -2.4%, when calculated as a percentage of net revenue, representing an evolution of 0.9 p.p. compared to 1Q14. Reconciliation of the Net Result - R$ Million 1Q15 1Q14 Δ% Adjusted EBITDA % (+) Depreciation / Amortization (47.3) (26.9) 75.8% (+) Net Financial Result (154.2) (165.9) -7.1% (+) Other Operating Income (Expenses)* (3.7) (6.3) -41.3% (+) Income Tax and Social Contribution % (=) Net Result (50.4) (57.6) -12.5% * In the old accounting rules, considered as "non operating income". Adjusted EBITDA: Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting. INDEBTEDNESS B2W uses its cash generation prioritizing investments that present better returns to shareholders. Thus, in 1Q15, the consolidated investments in plant, property and equipment and intangibles (development of websites and systems) totaled R$ million. B2W s cash balance at 3/31/ amounted to R$ 1,953.9 million, four times the Company's sum of short-term debt and debentures, which totaled R$ million. At 3/31/, the Company s net debt was R$ million, representing 0.6x the accumulated Adjusted EBITDA in the last 12 months. In order to face the uncertainties and volatility of the financial market, B2W Digital is guided to preserve cash and lengthen its debt profile. 15 of 69

19 Press Release 1Q15 Indebtedness - R$ MM 03/31/ 03/31/2014 Short Term Debt Short Term Debentures Short Term Indebtedness Long Term Debt 1, ,837.4 Long Term Debentures Long Term Indebtedness 1, ,335.7 Total Debt (1) 2, ,815.5 Cash and Equivalents 1, ,612.1 Credit Card Accounts Receivables Net of Discounts Total Cash (2) 1, ,386.7 Net Debt (Cash) (2) - (1) ,428.8 Net Debt (Cash) / Adjusted EBITDA LTM Average Maturity of Debt (days) 931 1,021 Adjusted EBITDA: Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting. Accounts receivable is mainly composed of credit card receivables, net of the discounted value, which have immediate liquidity and can be considered as cash. The breakdown of B2W s accounts receivable is demonstrated in the table below: Accounts Receivable Conciliation - R$ MM 03/31/ 03/31/2014 Gross Credit-Cards Receivable 2, ,314.0 Receivable Discounts (1,507.3) (1,539.4) Credit Card Accounts Receivables Net of Discounts Present Value Adjustment (3.9) (3.4) Allowance for Doubtful Accounts (28.1) (34.3) Other Accounts Receivable Net Accounts Receivable For the purposes of calculating working capital, the consolidated gross credit cards receivables, excluding FIDC at 3/31/ and 3/31/2014 were R$ 1,583.7 million and R$ 1,646.8 million, respectively. On June 11, 2013 the Board of Directors of the Company approved the expansion of the Receivables Investment Fund (FIDC) from R$ million, reaching approximately R$ 1.3 billion. The FIDC credit card model structured by the Company is a unique tool on the market and represents an important source of funding. Because of the adoption of the new CPCs/IFRS, in particular the CPC 38 and its corresponding IAS 39, the Company began to write off (derecognize) receivables from credit card administrators at the moment they are effectively discounted (as of the explanatory notes of the financial statements). However, to better demonstrate the volume of receivables discounted on the base-dates analyzed, in the table above the Company presents the accounts receivable adjusted by the discounts made until the base-dates under analysis. 16 of 69

20 Press Release 1Q15 INVESTMENT SUPPORT PROJECTS B2W Digital contracted financing of R$ 1.46 billion with the BNDES, in March of 2014, which aims to finance the Company's three-year investment plan (2013-) for logistics, technology and innovation. B2W Digital contracted financing of R$ 231 million with FINEP, in December of 2014, which aims to finance innovation projects. NO FOREIGN CURRENCY EXPOSURE At 3/31/, B2W Digital s balance sheet included foreign currency denominated debt. Such debt, however, is FULLY PROTECTED against any foreign exchange fluctuations through derivative operations (swaps) that replace the foreign exchange risk with the variation in the basic Brazilian interest rate (CDI). SALES BY MEANS OF PAYMENT Sales evolution by means of payment can be seen in the following table: Means of Payment 1Q15 1Q14 % Credit Card 56% 64% -8 p.p Other Means of Payment 44% 36% +8 p.p NET WORKING CAPITAL The consolidated net working capital at was 35 days, an evolution of 2 days versus 37 days at B2W Digital, confirming its commitment to maximizing shareholder value, continues to manage working capital variables. Opportunities for improvement in internal processes and relationships with suppliers continue to be implemented and we are certain that better levels can be achieved /31/ /31/ 17 of 69

21 Press Release 1Q15 INVESTMENT AND INNOVATION We have adopted an investment plan for which the main objective is to enable growth and improvements in operations. In 1Q15, B2W Digital invested R$ million, mainly concentrated in the areas of logistics, technology and innovation. Logistics and Distribution On June 14, 2014 B2W announced the acquisition of Direct, the biggest and best e-commerce logistics operator in Brazil, specialized in deliveries of small items (packets). The Administrative Council for Economic Defense (CADE) approved the acquisition on July 8, In 2013, the Company already had acquired Click-Rodo, a logistics operator also specialized in deliveries for e-commerce, focusing on large items (outsized packages). With these two acquisitions, B2W has enhanced its level of logistics services, counting on the two major Brazilian Internet last mile carriers. Aiming to be closer to the customer and provide the best delivery service, in October 2014 B2W Digital opened 4 new Distribution Centers (DCs): one in São Paulo, one in Pernambuco and the other two in Santa Catarina; and expanded the one in Rio de Janeiro. As a result, two smaller-capacity DCs, located in São Paulo and Pernambuco, were replaced. With these changes, B2W increased its total storage capacity by 50% and now has nine distribution centers located in São Paulo (4), Rio de Janeiro (1), Minas Gerais (1), Pernambuco (1) and Santa Catarina (2). In line with the announced investment plan, at least 3 new DCs will be opened by the end of. In addition, the Company established strategic alliances with the leading transportation companies of the country, ensuring the joint commitment to offer the best level of service to the customers. Technology In line with the investment plan and the strategy to be a reference in the technology and internet market, B2W Digital acquired, during 2013, three technology companies specialized in the development of systems and solutions for e-commerce. As a results, the Company doubled its technology/internet team, which is the largest in Latin America and nowadays has over 600 engineers. Below are the highlights of the acquired companies: Uniconsult: Optimization of orders control (shipping and returns) and systems for managing multiple distribution centers and development of specific systems for marketplace operation; Ideais Tecnologia; Development and optimization of online sales platforms, B2B/B2B2C and mobile systems; Tarkena: Optimization of search systems and algorithms for shipping management. The investments in technological platforms in the areas of operations and logistics, television, customer service and telephone sales seek to improve the quality and efficiency of the Company s operations, aiming to provide the customer with an even better purchasing experience. During 2014 and the first few months of, many projects have been implemented, ranging from structural improvements in the technology platform to new features. 18 of 69

22 Press Release 1Q15 OPERATIONAL HIGHLIGHTS B2W Digital, always seeking to strengthen its multibusiness, multichannel and multibrand strategy, continues investing in a digital platform with business that presents huge synergy. The Company has a portfolio with the most well-known and beloved brands in the internet. Americanas.com The largest Store. The lowest prices. Americanas.com (americanas.com) is the largest and most beloved online store in Latin America. The brand offers over a million products, distributed in 36 categories, which can be purchased through the website, telesales, apps or in more than 900 kiosks in brick and mortar stores, as well as products from other stores available in the Marketplace. In Americanas.com, clients find many deals and the best prices throughout the year. Submarino The products you like and the Internet's best service. Submarino (submarino.com.br) offers the latest in technology, entertainment, culture and innovation to its customers. The broad assortment of products is divided into 30 categories like electronics, computers, telephony, games, books, fashion, online services, among others. Submarino also has the exclusive areas coolstuff, where the most trendy and innovative products can be found, and wearable tech, where are the modern Internet connected devices that facilitate the daily lives of users. Shoptime Exclusive products and live demonstrations. Shoptime (shoptime.com.br) is the largest and most beloved Brazilian sales TV channel, and also operates on the Internet. With a specialized programming in product demonstrations, the channel joins the charisma of its presenters with the wide variety of categories to entertain, teach the use and sell the best products of the market. SouBarato SouBarato (soubarato.com.br) is the largest outlet in Latin America, which sells new products and also repacked in perfect conditions. The site, outlet of the brands Americanas.com, Submarino and Shoptime offers exclusive limited time offers, with prices below the market average. Submarino Finance Result of a joint venture with Cetelem, Submarino Finance offers the Submarino card Mastercard, which offers special advantages in Submarino website, as exclusive discounts and installments, differentiated credit limit and a loyalty program, the Léguas Program. In 2014, we surpassed the number of 1.3 million cards issued and participation of 37% in sales of Submarino. Digital Finance To provide an even better shopping experience to the customer, B2W established a new partnership with Cetelem, part of the BNP Paribas Group, creating Digital Finance, focusing on the provision of credit cards and other financial services in Americanas.com and Shoptime websites, replicating the model successfully developed by Submarino Finance. Ingresso.com Brazilian leader in ticket sales over the Internet, Ingresso.com (ingresso.com.br) provides technology and ticket purchasing services for movies, theaters, concerts, soccer matches and cultural events. With over 5 million registered customers, the company offers the convenience of the purchase of tickets online, apps for iphone, Android, Facebook and telesales. B2W Viagens B2W Viagens operates through the brands Americanas Viagens, Submarino Viagens, Shoptime Viagens, Submarino Viajes, H2W and Milevo. The company offers tourist packages sales, airline tickets, hotel reservations, cruises, travel insurance, car rental and packages of tourist attractions in Brazil and abroad through the internet, telesales and TV. 19 of 69

23 Press Release 1Q15 CORPORATE GOVERNANCE AND CAPITAL MARKETS B2W Digital is listed on BM&FBOVESPA and Novo Mercado, the highest corporate governance level in Brazil, listing rules. These include an ownership structure exclusively comprised of common shares and the election of independent members to the Board of Directors. B2W Digital s Board of Directors is comprised of seven members, four of whom appointed by the controlling shareholders and another three independent members. The requests to be registered as a publicly-traded Company and the listing of its shares under the Novo Mercado were approved by the Brazilian Securities and Exchange Commission (CVM) and the BM&FBOVESPA on July, 25 and 26, 2007, respectively. B2W s common shares are listed on BM&FBOVESPA and have been traded under the ticker symbol BTOW3 (common) since August 8, Below is a short description of the main events occurred during the year: On April 30, the Company s General and Extraordinary Shareholders Meetings were held, at which the following resolutions were approved: 1- To take recognizance of the accounts prepared by the managers and related financial statements for the fiscal year ended December 31, 2014; 2- Reelection of the following members for the Company s Board of Directors: Celso Alves Ferreira Louro, Jorge Felipe Lemann, Miguel Gomes Pereira Sarmiento Gutierrez, Osmair Antônio Luminatti, Luiz Carlos Di Sessa Filippetti, Mauro Muratório Not and Paulo Antunes Veras to hold office until the 2017 General Shareholders Meeting; 3- Setting the global compensation to be paid to officers; 4- Fiscal Council installation and election of Messrs. Carlos Alberto de Souza, Pedro Carvalho de Mello and Peter Edward Cortes Marsden Wilson to the positions of full members and Messrs. Ricardo Scalzo, Luciano Mancini and André Pines to the positions of alternate members; 5- Inclusion in the social object of the Company of the programming of mass electronic communication by subscription, telesales or infomercial channel activities; 6- Amendment to the heading of Article 5 of the Company s Bylaws to reflect the capital increases approved by the Board of Directors on September 1, 2014, October 3, 2014, November 5, 2014, December 3, 2014 and January 7,, through the exercise of options granted under the Company s Stock Option Plan, approved on August 31, 2011, and the approval of the increase in the Company s capital, approved by the Extraordinary Shareholders Meeting held on June 5, 2014, such approval having been ratified at the Board of Directors meeting held on August 13, The minutes of the shareholders meeting and the reelection aforementioned, as well as other corporate and financial information of B2W Digital are available for consultation on our Investor Relations website (www.b2wdigital.com). 20 of 69

24 Press Release 1Q15 EXHIBIT I INCOME STATEMENT B2W - Companhia Digital Income Statements Period ended on March 31 (in million of Brazilian reais) 1Q15 1Q14 Variation Gross Sales and Services Revenue 2, , % Taxes on sales and services (332.1) (244.2) 36.0% Net Sales and Services Revenue 2, , % Cost of goods and services sold (1,665.4) (1,311.2) 27.0% Gross Profit¹ % Gross Margin (% NR)¹ 22.1% 24.2% -2.1 p.p. Operating Revenue (Expenses) (391.9) (336.4) 16.5% Selling expenses (307.4) (288.6) 6.5% General and administrative expenses (37.2) (20.9) 78.0% Depreciation and amortization (47.3) (26.9) 75.8% Operating Result before Net Financial Result and Equity Accounting % Net Financial Result (154.2) (165.9) -7.1% Financial revenues % Financial expenses (240.9) (255.8) -5.8% Other operating income (expenses)² (3.7) (6.3) -41.3% Income tax and social contribution % Net Result (50.4) (57.6) -12.5% Net Margin (% NR) -2.4% -3.3% 0.9 p.p. Adjusted EBITDA³ % Adjusted EBITDA Margin (% NR) 6.0% 6.3% -0.3 p.p. ¹ Verify the effects related to the consolidation on page 4. ² In the former accounting rules, considered as "non-operating income". ³ Adjusted EBITDA: Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting. 21 of 69

25 Press Release 1Q15 EXHIBIT II BALANCE SHEET B2W - Companhia Digital Balance Sheet (in million of Brazilian reais) ASSETS CURRENT ASSETS 03/31/ 03/31/2014 Cash and banks Marketable securities 1, ,501.0 Accounts receivable Inventories 1, ,221.9 Recoverable taxes Prepaid expenses and other accounts Total Current Assets 3, ,052.1 NON CURRENT ASSETS Deferred income tax and social contribution Recoverable taxes Escrow deposits and other receivables Plant, property and equipment Intangible assets 2, ,656.2 Total Non-Current Assets 4, ,671.9 TOTAL ASSETS 7, ,724.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Suppliers 1, ,819.2 Loans and financing Debentures Salaries and social contribution Taxes payable Deferred income tax and social contribution Other accounts payable Total Current Liabilities 2, ,447.5 NON-CURRENT LIABILITIES Long-term liabilities: Loans and financing 1, ,837.4 Debentures Provision for contingencies and other accounts payable Total Non-Current Liabilities 2, ,503.2 SHAREHOLDERS' EQUITY Capital 3, ,199.0 Capital reserves Equity valuation adjustment (0.3) (0.4) Accumulated income (losses) (588.5) (432.4) Total Shareholders' Equity 3, TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7, , of 69

26 Press Release 1Q15 EXHIBIT III CASH FLOW STATEMENT B2W - Companhia Digital Cash Flow Statement (in million of reais) Operating Activities 03/31/ 03/31/2014 Variation Net Result for the Period (50.4) (57.6) 7.2 Adjustment to the Net Result: Depreciation and amortization Deferred income tax and social contribution (31.7) (33.7) 2.0 Interest, monetary and currency changes (18.6) Others (12.9) 15.2 (28.1) Adjusted Net Result (11.4) 5.7 (17.1) Change in Working Capital: Accounts receivable Inventories (133.0) Suppliers (511.7) (72.1) (439.6) Change in Working Capital: 36.7 (184.7) Change in Assets: Prepaid expenses (1.5) (2.5) 1.0 Escrow deposits Recoverable taxes (66.6) (31.4) (35.2) Other accounts receivable (current and non-current) (18.7) (31.9) 13.2 Change in Assets: (85.4) (65.3) (20.1) Change in Liabilities Salaries and social charges security Recoverable taxes (current and non-current) Other liabilities (current and non-current) (28.1) (9.2) (18.9) Change in Liabilities: (17.4) (8.5) (8.9) Cash Flow from Operating Activities (77.5) (252.8) Investing Activities Marketable securities (115.5) Purchases of property, plant and equipment assets (24.3) (32.8) 8.5 Intangible assets (111.9) (132.8) 20.9 Value paid for the acquisition of subsidiaries (40.2) - (40.2) Cash Flow from Investing Activities (3.6) (126.3) Financing Activities Funding Payments (59.1) (65.1) 6.0 Discount of receivables (312.2) (28.1) (284.1) Capital reserves Valuation adjustments Cash Flow from Financing Activities (104.9) Change in cash balance (34.1) 21.6 (55.7) Beginning Cash Balance Ending Cash Balance of 69

27 Press Release 1Q15 INFORMATION ABOUT THE WEBCAST AND THE CONFERENCE CALL Conference calls with simultaneous translation into English, followed by a bilingual Q&A session will be held as follows: Adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization and excluding other operating revenues/expenses and equity accounting) is presented as additional information because we believe it represents an important indicator of our operating performance and in order to maintain comparability with the results previously reported. EBITDA (CVM 527/12): On October 4, 2012, the Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, which regulates the voluntary disclosure of not of non-accounting information as EBITDA. The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and making it comparable among the publicly listed companies. EBITDA s (CVM 527/12) calculation takes into account the net income of the period plus income taxes, net financial expenses of financial revenues and depreciation and amortization. We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations or that of our directors or executive officers. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond B2W ability to control or predict. 24 of 69

28 at 1 Operating context B2W - Companhia Digital ("B2W" or "Company, with head offices at Rua Sacadura Cabral, 102, in the City and State of Rio de Janeiro, incorporated through the merger of Americanas.com S.A. - Comércio Eletrônico (Americanas.com) and Submarino S.A., with shares traded on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA), under the ticker symbol BTOW3. B2W is controlled by Lojas Americanas S.A. ("LASA" and/or "Parent Company"), an also publicly held company with shares traded on BM&FBOVESPA under the ticker symbols LAME3 - ON and LAME4 - PN. The Company and its subsidiaries are engaged in retail marketing and as wholesalers of goods and products in general through various sales channels, particularly through the Internet; the rental of movies and related items; the intermediation and distribution of theater and cinema tickets, tickets for transportation and public events, entrance to theme parks and events in general; the import of products for resale; promotional services, marketing development and the offering of credit products; and various other products and services for the general consumer. B2W Digital is the leading e-commerce Company in Latin America and operates through a digital platform, with businesses that present a strong synergy and a unique model, multichannel, multibrand and multibusiness. B2W DIGITAL has a portfolio with the brands Americanas.com, Submarino, Shoptime and SouBarato that offer more than 40 categories of products and services through the internet, telesales, catalogs, TV and kiosks distribution channels. The Company also offers to its clients a lot of services, such as the tickets sales in Ingresso.com, the online travel agency in B2W Viagens and financial services in Submarino Finance and Digital Finance and movie rentals. The issue of these financial information was authorized by the Board on May 7,. 2 Summary of significant accounting policies 2.1 Intermediate financial information The quarterly information, individual and consolidated, are being presented in accordance with the Brazilian Securities Exchange Comission (CVM), with the technical pronouncement CPC 21 (R1) Intermediate Demonstration, issued by Brazilian Accounting Pronouncements Committee (CPC), and with the international rules IAS 34, issued by the International Accounting Standards Board (IASB). 2.2 Accounting Practices In the quarterly information the accounting practices are being presented consistently with the accounting practices adopted in the individual and consolidated financial statements as at December 31, Because of that the quarterly information should be read together with the information at disclosed in the financial statements for the year ended December 31, Presentation of segment information The Company's activities are concentrated in the marketing of products and delivery of services by various means of non-presence marketing, especially the Internet. Despite the diversity of products sold and services provided by the Company (retail and wholesale trade, movie rentals, sale and distribution of theater and cinema tickets, tickets for transportation and public events, entrance to theme parks and events in general, among others), such activities are not controlled and managed by the Management as independent operational segments, as their accompanying results are monitored, tracked and evaluated in an integrated manner. Thus, Management understands that the Company is organized, basically, in a single business unit. The Company also operates in the area of financial products through the subsidiary Submarino Finance Promotora de Crédito 25 of 69

B2W - Companhia Digital (former B2W - Companhia Global do Varejo) Financial statements at December 31, 2014 and independent auditor's report

B2W - Companhia Digital (former B2W - Companhia Global do Varejo) Financial statements at December 31, 2014 and independent auditor's report (A free translation of the original in Portuguese) B2W - Companhia Digital (former B2W - Companhia Global do Varejo) Financial statements at December 31, 2014 and independent auditor's report (A free translation

More information

Time: 11:00 a.m. (US EDT) - 12:00 p.m. (Brazil) Webcast: www.b2winc.com/webcast2q11

Time: 11:00 a.m. (US EDT) - 12:00 p.m. (Brazil) Webcast: www.b2winc.com/webcast2q11 2Q11 and 1H11 Results Conference Call and Webcast August 5, 2011 (Friday) Time: 11:00 a.m. (US EDT) - 12:00 p.m. (Brazil) Phone: +1 (786) 924.6977 - Code: B2W Webcast: www.b2winc.com/webcast2q11 Replay:

More information

Lojas Americanas and Submarino propose to create B2W Companhia Global de Varejo a merger of Americanas.com and Submarino

Lojas Americanas and Submarino propose to create B2W Companhia Global de Varejo a merger of Americanas.com and Submarino Lojas Americanas and Submarino propose to create B2W Companhia Global de Varejo a merger of Americanas.com and Submarino Transaction will originate a retail company with various distribution channels,

More information

Estar Mais Próximo do Cliente. Earnings Release 3Q14

Estar Mais Próximo do Cliente. Earnings Release 3Q14 Estar Mais Próximo do Cliente Earnings Release 3Q14 FIRST ACHIEVEMENTS OF 2014 Capital Increase Announcement R$ 2.38 Bn Earnings Release 4Q13 +29% GR Earnings Release 1Q14 +30% GR Americanas.com Marketplace

More information

Earnings Release. Investor Relations HIGHLIGHTS. Brasil Insurance discloses its 4Q10 results

Earnings Release. Investor Relations HIGHLIGHTS. Brasil Insurance discloses its 4Q10 results Investor Relations Bruno Padilha de Lima Costa Investor Relations Officer (55 21) 3433-5060 ri@brasilinsurance.com.br 4Q10 Earnings Conference Call Thursday, March 31, 2010 Portuguese 10:00 a.m. (BR);

More information

2Q12 Results Conference Call and Webcast

2Q12 Results Conference Call and Webcast 2Q12 Results Conference Call and Webcast August 15th, 2012 (Wednesday) Time: 11:00 a.m. (US EDT) - 12:00 p.m. (Brazil) Phone: +1 (786) 924.6977 - Code: B2W Webcast: www.b2winc.com/webcast2q12 Replay: until

More information

(All financial figures are stated in Brazilian Reais and based on the consolidated financial statements of Embrapar) 2Q05 1Q06 2Q06

(All financial figures are stated in Brazilian Reais and based on the consolidated financial statements of Embrapar) 2Q05 1Q06 2Q06 Rio de Janeiro, RJ, Brazil, July 25, 2006 Embratel Participações S.A. ( Company or Embrapar ) (NYSE:EMT;BOVESPA:EBTP4, EBTP3) holds 99.0 percent of Empresa Brasileira de Telecomunicações S.A. ( Embratel

More information

Abril Educação S.A. Quarterly Information (ITR) at March 31, 2012 and Report on Review of Quarterly Information

Abril Educação S.A. Quarterly Information (ITR) at March 31, 2012 and Report on Review of Quarterly Information (A free translation of the original in Portuguese) Abril Educação S.A. Quarterly Information (ITR) at March 31, 2012 and Report on Review of Quarterly Information ABRIL EDUCAÇÃO S.A. QUARTERLY FINANCIAL

More information

Caixa Econômica Federal CAIXA Financial Statements at June 30, 2009 and 2008 and Report of Independent Auditors

Caixa Econômica Federal CAIXA Financial Statements at June 30, 2009 and 2008 and Report of Independent Auditors (A free translation of the original in Portuguese) Caixa Econômica Federal CAIXA Financial Statements and Report of Independent Auditors (A free translation of the original in Portuguese) Report of Independent

More information

Capmark Financial Group Inc. Announces Stand Alone Third Quarter 2014 Earnings Results for its Wholly Owned Subsidiary, Bluestem Brands, Inc.

Capmark Financial Group Inc. Announces Stand Alone Third Quarter 2014 Earnings Results for its Wholly Owned Subsidiary, Bluestem Brands, Inc. Capmark Financial Group Inc. Announces Stand Alone Third Quarter 2014 Earnings Results for its Wholly Owned Subsidiary, Bluestem Brands, Inc. Horsham, PA December 23, 2014 Capmark Financial Group Inc.

More information

B2W COMPANHIA GLOBAL DO VAREJO. Corporate Taxpayers ID (CNPJ/MF) 08.538.351/0001-62 Companies Registry (NIRE) 35300337638 MATERIAL FACT

B2W COMPANHIA GLOBAL DO VAREJO. Corporate Taxpayers ID (CNPJ/MF) 08.538.351/0001-62 Companies Registry (NIRE) 35300337638 MATERIAL FACT B2W COMPANHIA GLOBAL DO VAREJO Corporate Taxpayers ID (CNPJ/MF) 08.538.351/0001-62 Companies Registry (NIRE) 35300337638 MATERIAL FACT B2W Companhia Global do Varejo ( B2W ), in compliance with the provisions

More information

Interim Financial Information Usinas Siderúrgicas de Minas Gerais S.A. - USIMINAS. June 30, 2014 with independent auditor s review report.

Interim Financial Information Usinas Siderúrgicas de Minas Gerais S.A. - USIMINAS. June 30, 2014 with independent auditor s review report. Interim Financial Information Usinas Siderúrgicas de Minas Gerais S.A. - USIMINAS June 30, 2014 with independent auditor s review report. Edifício Phelps Offices Towers Rua Antônio de Albuquerque, 156

More information

Capital Stock. (units) Capital Stock Common 09/30/ ,362, ,842,829 1,022,205,493. Preferred Total. Treasury Stock Common

Capital Stock. (units) Capital Stock Common 09/30/ ,362, ,842,829 1,022,205,493. Preferred Total. Treasury Stock Common (Convenience translation into English from the original previously issued in Portuguese) ITR QUARTERLY INFORMATION 09/30/2016 SUL AMÉRICA S/A Capital Stock Shares Number (units) Capital Stock Common Preferred

More information

Icelandair Group hf.

Icelandair Group hf. Icelandair Group hf. Condensed Consolidated Interim Financial Information 1 January - 31 March 2010 ISK Icelandair Group hf. Reykjavíkurflugvöllur 101 Reykjavík Iceland Reg. no. 631205-1780 Contents Endorsement

More information

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin.

Media Contact: Mike Conway Director, Corporate Communications Sherwin-Williams Direct: 216.515.4393 Pager: 216.422.3751 mike.conway@sherwin. The Sherwin-Williams Company Reports First Quarter 2012 Financial Results Consolidated net sales increased 15.1% to a record $2.14 billion Diluted net income per common share increased 50.8% to a record

More information

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2014 and 2013 (Unaudited)

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2014 and 2013 (Unaudited) Interim Condensed Consolidated Financial Statements NOBLE IRON INC. MANAGEMENT S COMMENTS ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Verifone Reports Results for the Second Quarter of Fiscal 2016

Verifone Reports Results for the Second Quarter of Fiscal 2016 Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results

More information

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737

More information

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS

3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS 3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014

More information

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Condensed Interim Consolidated Financial Statements of THE BRICK LTD. For the three months ended March 31, 2013 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102,

More information

Staples, Inc. Announces First Quarter 2016 Performance

Staples, Inc. Announces First Quarter 2016 Performance Media Contact: Mark Cautela 508-253-3832 Investor Contact: Chris Powers/Scott Tilghman 508-253-4632/1487 Staples, Inc. Announces First Quarter 2016 Performance FRAMINGHAM, Mass., May 18, 2016 Staples,

More information

FURTHER PROFIT GROWTH IN FIRST-HALF 2015

FURTHER PROFIT GROWTH IN FIRST-HALF 2015 FURTHER PROFIT GROWTH IN FIRST-HALF 2015 Net sales of 37.7bn, up +5.2% (+2.9% on an organic basis) Growth in Recurring Operating Income: 726m, +2.6% at constant rates Strong growth in adjusted net income,

More information

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015

DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 For Immediate Release DATA GROUP LTD. ANNOUNCES SECOND QUARTER FINANCIAL RESULTS FOR 2015 SECOND QUARTER HIGHLIGHTS Second quarter 2015 ( Q2 ) Revenues of $73.4 million, a decrease of 4.3% year over year

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000)

Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) Ricoh Company, Ltd. INTERIM REPORT (Non consolidated. Half year ended September 30, 2000) *Date of approval for the financial results for the half year ended September 30, 2000, at the Board of Directors'

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

Caixa Econômica Federal - CAIXA Financial Statements at December 31, 2008 and 2007 and Report of Independent Auditors

Caixa Econômica Federal - CAIXA Financial Statements at December 31, 2008 and 2007 and Report of Independent Auditors (A free translation of the original in Portuguese) Caixa Econômica Federal - CAIXA Financial Statements and Report of Independent Auditors (A free translation of the original in Portuguese) Report of Independent

More information

Consolidated Balance Sheets March 31, 2001 and 2000

Consolidated Balance Sheets March 31, 2001 and 2000 Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note

More information

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability

Europe: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability 2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth

More information

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009 Monex Group, Inc. Consolidated Financial Summary under Japanese GAAP for the third quarter of the fiscal year ending March 31, 2009 (April 1, 2008-December 31, 2008) This is an English translation of Japanese

More information

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited)

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited) Interim Condensed Consolidated Financial Statements NOBLE IRON INC. MANAGEMENT S COMMENTS ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries

KYODO PRINTING CO., LTD. and Consolidated Subsidiaries KYODO PRINTING CO., LTD. and Consolidated Subsidiaries Interim Consolidated Financial Statements (Unaudited) for the, Interim Consolidated Balance Sheets, as compared with March 31, (Unaudited) ASSETS,

More information

Tower International Reports Solid Third Quarter And Raises Full Year Outlook

Tower International Reports Solid Third Quarter And Raises Full Year Outlook FOR IMMEDIATE RELEASE Tower International Reports Solid Third Quarter And Raises Full Year Outlook LIVONIA, Mich., November 3, 2011 Tower International, Inc. [NYSE: TOWR], a leading integrated global manufacturer

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10

IV. UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS. 6 VII. STATUTORY AUDITOR'S LIMITED REVIEW REPORT... 10 2015 INTERIM REPORT TABLE OF CONTENTS I. INTERIM MANAGEMENT REPORT.. 2 II. III. CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION.. 4 CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Nine months ended, Sep 28, Sep 27, Sep 28, Sep 27, 2014 2015 2014 2015 Net system sales 884.5 975.3 3,157.5 3,356.3

More information

Consolidated Interim Report

Consolidated Interim Report Consolidated Interim Report as of 31 March 2015 UNIWHEELS AG CONTENTS 1. Key performance data 2. Condensed group management report as of 31 March 2015 3. Condensed consolidated financial statements as

More information

Expressed in Canadian Dollars - Unaudited

Expressed in Canadian Dollars - Unaudited Hatch Interactive Technologies Corp. (Formerly Tosca Resources Corp.) Consolidated Interim Financial Report For the three and nine month periods ended August 31, 2015 Expressed in Canadian Dollars - Unaudited

More information

Consolidated Financial Statements

Consolidated Financial Statements Consolidated Financial Statements For the year ended February 20, 2016 Nitori Holdings Co., Ltd. Consolidated Balance Sheet Nitori Holdings Co., Ltd. and consolidated subsidiaries As at February 20, 2016

More information

WILLIAMS-SONOMA, INC.

WILLIAMS-SONOMA, INC. WILLIAMS-SONOMA, INC. 3250 Van Ness Avenue San Francisco, CA 94109 CONT: Julie P. Whalen EVP, Chief Financial Officer (415) 616-8524 Gabrielle L. Rabinovitch Vice President, Investor Relations (415) 616-7727

More information

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements.

Management s Review. For more details, please see the Management s Review in the Consolidated Financial Statements. Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United

More information

Consolidated Results 2011

Consolidated Results 2011 SAG GEST Soluções Automóvel Globais, SGPS, SA Listed Company Estrada de Alfragide, nº 67, Amadora Registered Share Capital: 169,764,398 euros Registered at the Amadora Registrar of Companies under the

More information

LEGEND ENTERTAINMENT LIMITED 傳 奇 娛 樂 有 限 公 司 (Incorporated in Hong Kong with limited liability)

LEGEND ENTERTAINMENT LIMITED 傳 奇 娛 樂 有 限 公 司 (Incorporated in Hong Kong with limited liability) LEGEND ENTERTAINMENT LIMITED (Incorporated in Hong Kong with limited liability) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2011 LEGEND ENTERTAINMENT LIMITED Reports and Contents

More information

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements

SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated

More information

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability

BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability NEWS RELEASE FOR IMMEDIATE RELEASE June 19, BlackBerry Reports 2015 Fiscal First Quarter GAAP Profitability Waterloo, ON BlackBerry Limited (NASDAQ: BBRY; TSX: BB), a global leader in mobile communications,

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative

More information

Thomas A. Bessant, Jr. (817) 335-1100

Thomas A. Bessant, Jr. (817) 335-1100 Additional Information: Thomas A. Bessant, Jr. (817) 335-1100 For Immediate Release ********************************************************************************** CASH AMERICA FIRST QUARTER NET INCOME

More information

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014

DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 For Immediate Release DATA GROUP LTD. ANNOUNCES FIRST QUARTER RESULTS FOR 2014 HIGHLIGHTS Q1 2014 First quarter 2014 ( Q1 ) Revenues of 77.9 million, Q1 Gross Profit of 18.8 million and Q1 Net Income of

More information

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS)

QUINSAM CAPITAL CORPORATION INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2015 (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if

More information

1Q06 Earnings Results Conference Call

1Q06 Earnings Results Conference Call 1Q06 Earnings Results Conference Call 0 Forward Looking Statements Notice Information and Outlook The material shown is a presentation of general information about Rossi Residencial S.A. s record until

More information

For Immediate Release Toronto Stock Exchange Symbol: RC

For Immediate Release Toronto Stock Exchange Symbol: RC For Immediate Release Toronto Stock Exchange Symbol: RC RDM Corporation Reports Third Quarter Financial Results Payment Processing Services Revenue grows 15% year over year WATERLOO, ON, July 26, 2012

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Mar 30, Mar 29, 2014 2015 Net system sales 1,030.0 1,246.5 Net service and field option sales 366.5 403.4 Total net

More information

Porto Seguro S.A. Independent Accountant s Report on Review of Quarterly Information - ITR Second Quarter - 2012

Porto Seguro S.A. Independent Accountant s Report on Review of Quarterly Information - ITR Second Quarter - 2012 (Convenience Translation into English from the Original Previously Issued in Portuguese) Porto Seguro S.A. Independent Accountant s Report on Review of Quarterly Information - ITR Second Quarter - 2012

More information

Consolidated and Non-Consolidated Financial Statements

Consolidated and Non-Consolidated Financial Statements May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,

More information

Net income per share Diluted net income per share 36.98

Net income per share Diluted net income per share 36.98 Summary Fields Corporation Summary of Financial Information and Business Results (Consolidated) for the Nine Months Ended (Japan GAAP) (Year Ending March 31, 2014) (Translation) Company Name: Fields Corporation

More information

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9

W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 W.W. Grainger, Inc. First Quarter 2015 Results Page 1 of 9 News Release GRAINGER REPORTS RESULTS FOR THE 2015 FIRST QUARTER Revises 2015 Guidance Quarterly Summary Sales of $2.4 billion, up 2 percent Operating

More information

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None

(2)Adoptions of simplified accounting methods and accounting methods particular to the presentation of quarterly financial statements: None Financial Statement for the Six Months Ended September 30, 2015 Name of listed company: Mipox Corporation Stock Code: 5381 (URL http://www.mipox.co.jp) Name and Title of Representative: Jun Watanabe, President

More information

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP]

Consolidated Financial Results for the Fiscal Year Ended March 31, 2016 [under Japanese GAAP] This English version is a translation of the original Japanese document and is only for reference purposes. In the case where any differences occur between the English version and the original Japanese

More information

Capital Stock. (units) 9/30/2015 512.362.664 509.842.829 1.022.205.493 6.522.831 13.045.663 19.568.494

Capital Stock. (units) 9/30/2015 512.362.664 509.842.829 1.022.205.493 6.522.831 13.045.663 19.568.494 (Convenience translation into English from the original previously issued in Portuguese) ITR QUARTERLY INFORMATION 9/30/2015 SUL AMÉRICA S/A Capital Stock Shares Number (units) Capital Stock Common Preferred

More information

BR INSURANCE CORRETORA DE SEGUROS S.A. ANNOUNCES 1Q16 RESULTS.

BR INSURANCE CORRETORA DE SEGUROS S.A. ANNOUNCES 1Q16 RESULTS. RELEASE OF RESULTS Investor Relations Marcelo Moojen Epperlein CEO and IRO (55 11) 3175-2900 ri@brinsurance.com.br Ana Carolina Pires Bastos Investor Relations (55 11) 3175-2920 BR INSURANCE CORRETORA

More information

Corus Entertainment Announces Fiscal 2016 Second Quarter Results

Corus Entertainment Announces Fiscal 2016 Second Quarter Results Corus Entertainment Announces Fiscal 2016 Second Quarter Results Consolidated revenues up 3% for the quarter and 2% for the year-to-date Consolidated segment profit (1) up 33% (10% adjusted (1)(2) ) for

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

Press release March 5, 2015

Press release March 5, 2015 2014 FULL YEAR RESULTS: GROWTH MOMENTUM CONFIRMED Acceleration of organic sales growth Further growth in Recurring Operating Income, up by +10.6% Net income from continuing operations up by +24.6% Increase

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

Pivot Technology Solutions, Inc.

Pivot Technology Solutions, Inc. Interim Condensed Consolidated Financial Statements Pivot Technology Solutions, Inc. For the Three Months Ended (Unaudited) (Expressed in Thousands of U.S. Dollars) INTERIM CONDENSED CONSOLIDATED STATEMENTS

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

HOSOKAWA MICRON CORPORATION AND CONSOLIDATED SUBSIDIARIES

HOSOKAWA MICRON CORPORATION AND CONSOLIDATED SUBSIDIARIES AND CONSOLIDATED SUBSIDIARIES Consolidated Financial Statements For the Years Ended December 2016 Consolidated Balance Sheets Current assets: Millions of yen Thousands of U.S. dollars (Note 1) Assets 2016

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

Consolidated Financial Review for the Second Quarter Ended September 30, 2014

Consolidated Financial Review for the Second Quarter Ended September 30, 2014 Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

MIDPOINT HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS. (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015

MIDPOINT HOLDINGS LTD. CONSOLIDATED FINANCIAL STATEMENTS. (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015 CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Canadian Dollars) FOR THE YEAR ENDED JUNE 30, 2015 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS INDEPENDENT AUDITORS REPORT PAGES 1-2 CONSOLIDATED STATEMENTS

More information

Empire Company Limited Consolidated Financial Statements May 7, 2016

Empire Company Limited Consolidated Financial Statements May 7, 2016 Consolidated Financial Statements CONTENTS Independent Auditor s Report... 1-2 Consolidated Balance Sheets... 3 Consolidated Statements of (Loss) Earnings... 4 Consolidated Statements of Comprehensive

More information

JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in 2Q15

JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in 2Q15 JBS S.A. (BVM&FBOVESPA: JBSS3; OTCQX: JBSAY) São Paulo, August 13 th, 2015 JBS reports R$3.6 billion in EBITDA and net revenue of R$38.9 billion in JBS S.A. announces results for its second quarter 2015

More information

SunGard Capital Corp. SunGard Capital Corp. II SunGard Data Systems Inc.

SunGard Capital Corp. SunGard Capital Corp. II SunGard Data Systems Inc. United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q (Mark One) Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period

More information

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P.

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. (Unaudited, in millions of Canadian dollars) Three months ended March 31, 2016 and 2015 Management s Comments on Unaudited Condensed

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES

COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES CONTACT: Michael C. Massi Investor Relations Tel: (813) 313-1786 Investor.relations@cott.com COTT ANNOUNCES FIRST QUARTER 2012 RESULTS AND SHARE REPURCHASE PROGRAM FOR UP TO $35 MILLION IN COMMON SHARES

More information

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars)

Holloway Lodging Corporation. Interim Consolidated Condensed Financial Statements (Unaudited) June 30, 2015 (in thousands of Canadian dollars) Interim Consolidated Condensed Financial Statements August 12, Management s Report The accompanying unaudited interim consolidated condensed financial statements of Holloway Lodging Corporation (the Company

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

Now, I will turn the conference over to the CEO, Mr. Carbonari, who will begin the presentation. Mr. Carbonari, you may begin your conference.

Now, I will turn the conference over to the CEO, Mr. Carbonari, who will begin the presentation. Mr. Carbonari, you may begin your conference. Operator: Good morning, ladies and gentlemen. At this time we would like to welcome everyone to Anhanguera Educacional s 1Q07 results conference call. Today with us we have Mr. Antonio Carbonari, CEO;

More information

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009

CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 CONSOLIDATED FINANCIAL REPORT FIRST QUARTER FISCAL 2009 (March 1, 2009 to May 31, 2009) July 9, 2009 F&A Aqua Holdings, Inc. is listed on the First Section of the Tokyo Stock Exchange under the securities

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS MANAGEMENT S STATEMENT OF RESPONSIBILITY FOR FINANCIAL REPORTING 65 INDEPENDENT AUDITOR S REPORT 66 CONSOLIDATED FINANCIAL STATEMENTS 67 Consolidated

More information

March 10, 2011 Company name:

March 10, 2011 Company name: Second Quarter Financial Results For the Six Months Ended January 31, 2011-[Japanese Standards]Consolidated March 10, 2011 Company name: Dr. Ci:Labo Co., Ltd. Shares listed on: The First Section of the

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information

interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited)

interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited) interim Consolidated financial statements For the nine months ended September 30, 2011 and 2010 (Unaudited) consolidated financial statements 2 Condensed Interim Consolidated Statements of Operations and

More information

Quarterly Information (ITR) - 06/30/2014 - AREZZO INDÚSTRIA E COMERCIO S/A Version: 1. Capital Breakdow... 1 Cash proceeds... 2

Quarterly Information (ITR) - 06/30/2014 - AREZZO INDÚSTRIA E COMERCIO S/A Version: 1. Capital Breakdow... 1 Cash proceeds... 2 Quarterly Information (ITR) - 06/30/2014 - AREZZO INDÚSTRIA E COMERCIO S/A Version: 1 Contents Company Data Capital Breakdow... 1 Cash proceeds... 2 Individual financial statements Balance Sheet - Assets...

More information

Village Farms International Announces Year End 2014 Results and Adoption of Advance Notice By-Law

Village Farms International Announces Year End 2014 Results and Adoption of Advance Notice By-Law March 18, 2015 TRADING SYMBOL: The Toronto Stock Exchange: Village Farms International, Inc. VFF Village Farms International Announces Year End 2014 Results and Adoption of Advance Notice By-Law Vancouver,

More information

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2

ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0 1,134.5 2,273.0 2,381.0

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

TransUnion Reports Third Quarter 2014 Results

TransUnion Reports Third Quarter 2014 Results TransUnion Reports Third Quarter 2014 Results Revenue of $338 million, an increase of 13 percent on a GAAP basis (14 percent on a constant currency basis) compared with the third quarter of 2013 Adjusted

More information

2015 Quarterly Report II

2015 Quarterly Report II 2015 Quarterly Report II 2 Key data Eckert & Ziegler 01 06/2015 01 06/2014 Change Sales million 69.0 61.9 + 11 % Return on revenue before tax % 16 % 9 % + 87 % EBITDA million 15.6 9.7 + 61 % EBIT million

More information

ASML - Summary US GAAP Consolidated Statements of Operations 1,2

ASML - Summary US GAAP Consolidated Statements of Operations 1,2 ASML - Summary US GAAP Consolidated Statements of Operations 1,2 (in millions EUR, except per share data) Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0

More information

FLEET MANAGEMENT SOLUTIONS INC.

FLEET MANAGEMENT SOLUTIONS INC. FLEET MANAGEMENT SOLUTIONS INC. (Formerly: Silverton Mining Corp.) CONSOLIDATED FINANCIAL STATEMENTS (unaudited prepared by management) March 31, 2013 (Expressed in US Dollars) 1 FLEET MANAGEMENT SOLUTIONS

More information

Financial Statement Analysis: An Introduction

Financial Statement Analysis: An Introduction Financial Statement Analysis: An Introduction 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Scope of Financial Statement Analysis... 3 3. Major

More information

News Release POLLARD BANKNOTE ANNOUCES STRONG GROWTH IN FIRST QUARTER 2013 RESULTS

News Release POLLARD BANKNOTE ANNOUCES STRONG GROWTH IN FIRST QUARTER 2013 RESULTS News Release POLLARD BANKNOTE ANNOUCES STRONG GROWTH IN FIRST QUARTER 2013 RESULTS WINNIPEG, Manitoba, May 8, 2013 /CNW/ Pollard Banknote Limited (TSX: PBL) ( Pollard ) today released its financial results

More information