Cielo SA announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net operating revenue totaled BRL 2.1 billion, growing 14.9% or BRL 275.3 million year-on-year and 9.8% or BRL 190.2 million quarter-on-quarter. The increase in net revenue is strictly related to the ongoing business expansion and an increase in revenue generated by the subsidiary Merchant E-Solutions, also impacted by dollar appreciation. Managerial net revenue from Prepayment of Receivables totaled BRL 269.3 million, up 44.2% or BRL 82.5 million year-on-year and 12.2% or BRL 29.0 million quarter-on-quarter. EBITDA of BRL 924.6 million, up 1.3% or BRL 11.9 million year-on-year and decrease of 3.4% or BRL 32.7 million quarter-on-quarter. Net income totaled BRL 803.0 million, up 11.4% or BRL 82.3 million year-on-year and down 1.8% or BRL 14.4 million quarter-on-quarter; excluding BRL 37.2 million of expenses related to the joint venture with Banco do Brasil, he recurring net income reached BRL 827.6 million, up 14.5% year-on-year and 1.3% quarter-on-quarter. Net income attributed to shareholders of company was BRL 803.008 million compared to BRL 720.739 million in the same period last year. Operating expenses was BRL 412.396 million compared to BRL 313.549 in the same period last year.

For the full year, the company reported net operating revenue totaled BRL 7.7 billion, up 14.7% year-on-year, or BRL 991.3 million. EBITDA of BRL 3.8 billion, up 7.4%, or BRL 263.6 million year-on-year compared to BRL 3.6 billion a year ago. Net income attributed to shareholders of company was BRL 3,219.847 million compared to BRL 2,673.601 million in the same period last year. Operating income was BRL 4,807.868 million compared to BRL 4,038.658 million in the same period last year.