Professional Documents
Culture Documents
BVMF Presentation - December 2010
BVMF Presentation - December 2010
BVMF Presentation - December 2010
Brazilian per capita income will rise from US$7,900 to US$10,900 in 2011 (Bank of America Merrill Lynch)
(1)
Brazil will have the 6th highest world purchasing power by 2013 (Price Coopers) (1)
Entrepreneurial Stimulus
(1) As of Jan/10.
4
Brazilian Capital Markets: high growth potential High Growth Potential Number of Custody Accounts(1)
Nov10 644,055
Stable and low interest rate environment would encourage exposure in securities Recent growth in the number of retail investors, but still low compared to other markets
128,615
Futures
35%
3540%
3540%
3,019 2,792
2,335
5-10%
5-10%
US
EUR
BR
US
EUR
BR
ndia
USA
Canada
Spain
Japan
Australia
Korea
Brazil
(1) Updated until Oct/2010; (2) HFT: High Frequency Trading - Source: Rosemblatt Securities Inc.;
Source: WFE
5
Launching of the Turma da Bolsa, a financial education web site for kids;
Beginning of the second season of the Educao Financeira program, with 42 episodes to be exhibited from March to December 2010 ENEF printing and distribution of books for the schools which participate of the pilot project, and beginning of the development of the contents for school Fica Mais mileage and member get member program for investors
7
BOVESPA Segment: capital raising activity Increasing the Sales Activity: attracting more companies to be listed
Separate Listing from Issuer Development activities (regulation and sales) Public Offerings in 2009/2010 24 public offerings in 2009 (6 IPOs and 18 Follow-Ons), raised more than BRL 46.0 bi 20 public offerings in 2010 (10 IPOs and 10 Follow-Ons), raised BRL 72.9 bi* Pipeline Also, there are 6 additional offerings in the pipeline IPOs (5): Sonae Sierra Brasil S/A, Autometal, Raia, Desenvix Energias Renovveis and QGEP Participaes Follow-Ons (1): Anhanguera Educacional Participaes
Public Offerings (BRL billions)
IPO Follow-On
14.5
62.4
55.6
26.8
8.5 5.4
2005
15.4
2006 2007
23.8 7.5
2008 2009
10.5
2010*
* Updated until Dec 6th excluding capitalization with barrels reserves by federal government.
New Developments
BM&FBOVESPA and Chi-X Global Term Sheet for joint development of software
Trading of stocks listed in Brazil with simultaneous FX execution - allows non residents to match stocks in US$ and other currencies Legal requirements to invest in Brazil keep unchanged
Deutsche Bank will be the first depository institution and will list 10 large cap stocks listed in the US (Start of trading in October 5, 2010) Citibank was chosen to list 10 other large cap stocks (Start of trading in October 5, 2010)
Only 7 ETFs listed on the Exchange Financial Index ETF to be launched in 4Q10 Other ETFs under development: Dividends,
Utilities and IBRX-20
33.1 32.733.1 27.1 30.8 29.1 25.3 27.2 22.2 26.7 24.5
Apr-09
Feb-09
Sep-09
Apr-10
Mar-09
Dec-09
Mar-10
Sep-10
Feb-10
Jun-09
Jun-10
Oct-09
Jul-10
Jul-09
Aug-09
Nov-09
Aug-10
Oct-10
Jan-09
Jan-10
May-09
May-10
Nov-10
Globally preferred strategic partners Development of new multi-class trading platform Reciprocal participation in CME and BVMF Board of Directors Increase of BVMF stake in CME from 1.8% to 5.0%
Order routing
International market data distribution Nasdaq OMX product licensing to Brazilian companies High frequency international link and greater capability to support trading
10
11
Capacity: phase II implemented in Jul10; Bovespa Segment: launched in Sep10 Market Data Distribution: Unified Market Data Feed - UMDF for both segments (by 4Q10) EntryPoint: unified order entry interface for both segments (by 2Q11) ISVs: Trading Technologies (TT) will provide screens for BM&F Segment in 1Q11 Brazil Easy Investing (partnership with Chi-X): order book in USD and other currencies
Trading Systems (Mega Bolsa and GTS) New Trading System: project commenced in Feb10
Schedule: Derivatives and cash FX (1Q11), Equities (1Q12) and Fixed income (2Q12) Capacity Increasing BOVESPA Segment: from 1.5 million to 3 million trades / day (by 4Q10) BM&F Segment: from 200 thousand to 400 thousand trades / day (completed in the 3Q10) Performance: improving performance in both systems (one digit latency by YE10)
Post-trading Developments Data Center: rent of a facility for the new back up site and the construction of the main site
Clearing Integration: ongoing delivery of some integration basics and project planning for
2011 new clearing infrastructure
Traditional DMA
NET
NET
NET
Provider of DMA
Direct Connection
NET
Application of Co-location
13
1100
19.7% 17.6% 16.0% 20.1% 84 164 279 161 204 214 13.5% 16.6%
900 700
13.9% 21 14.4% 176 156 327 11.3% 7.5% 3 20 51 71 30 195 197 13 92 129 216
20.4%
17.7% 162 270 204 46 290 51 203
161 317
16.9%
162
151 254
156 262
47
189
70 451
48 367
40
353
5.5% 4
157
380
337
416
276
551
350
4%
0%
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Traditional DMA
CME Globex
DMA Provider
CoLocation
14
Differentiated fees by tier only for day trades transactions executed by a registered HFT A HFT Committee created to approve and monitor the HFTs The new pricing policy is being implemented in two steps: Nov10 and Jan11 (consolidated volume executed in more than one broker)
Bovespa Segment
In the Bovespa Segment, different tiers were created for individuals and non-individuals HFT investors
Individuals ADTV tier (BRL millions) Up to 4 (inclusive) From 4 to 12.5 (inclusive) From 12.5 to 25 (inclusive) From 25 to 50 (inclusive) Above 50 Non-individuals ADTV tier (BRL millions) Trading Fee (%) Up to 20 (inclusive) 0.019 From 20 to 50 (inclusive) 0.017 From 50 to 250 (inclusive) 0.014 From 250 to 500 (inclusive) 0.012 Above 500 0.010
BM&F Segment
In the BM&F Segment, the 70% flat discount was replaced by a volume tiered based discount, only for day trades
15
6.0%
3.8%
77 41 69
93
50 155
4.4%
90 43 74
6.4%
125 45
5.3%
59 92
4.8% 2.8%
0.3%
4 4
23.7%
10.3%
1.0%
7 20
22 18 5 41
53 44 50
38
89
75
Interest Rates
FX contracts
Index-based contracts
Mini contracts
Co-location
BM&F Segment (thousands of contracts)
4.8% 203
2.9% 161
12
15
13
17
20
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
2007 450
2008 300
2009 10
Derivatives Market
70
25
10
One digit
Network Carrier
8 Networks (RCB)
Throughput in thousands of trades Equity Market Average Capacity Daily Average Market peaks 390 153 343 770 245 414 1,500 332 591 3,000 432 800
55
23 42
200
29 49
200
39 76
400e
68 152
17
OPERATIONAL HIGHLIGHTS
18
5.5
5.3
6.5
6.8
6.6
6.5
6.9
7.3
5.8
6.7
7.8 6.3
5.4
5.6
1.6
2.4
2.005
2.006
2.007
2.008
2.009
YTD*
409
393
405
399
395
408
448
511
463
153 54 2.004 62
87
2.005
2.006
2.007
2.008
2.009
YTD*
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
Oct10 Nov10
2001
2002
2003
2004
2005
2006
2007
2008
2009
**Relation of the trading value in the cash market and the market cap of the exchange
19
Market Overhang
Impacts from the Petrobrs offering
22 1921 21 2021
25 24 22 2124 19 21 18 20 16
2929 2122 20 21 20 15 17 20
29
16
100%
80%
60%
40% 20%
0%
VALE
PETR
Total do Mercado
Vale
Petr
1,8
1,6 6.6
1,4
6.9 6.5
8,0
1,2
6.7
1.3 0.8
7.3
5.8 5.6
1.3
6.7
160 7,0
6,3 6,0 140
5,0 120 4,0 3,0 2,0
0.9 0.9 0.90.9 0.9 0.9 0.8 0.8 0.8 0.7 0.8 0,8 0.7 0.7 0.7
1,0
0,6
0,4
1.2 1.0
0,8 0,8
100
80
0,2 -
1,0 60 -
VALE
PETR
Overall Volume
Petr3
Petr4
Vale3
Vale5
Ibovespa
* For the overall market, it is the result of the annualized monthly value traded in the cash market on the average market capitalization. For VALE and PETR , it is the result of the annualized monthly number of shares traded in the Brazilian cash market on the average outstanding sharecount.
20
Nov10
30.0%
43.3%
13.3%
Apr-10
1997
2000
2001
2004
2007
1996
1998
1999
2002
2003
2005
2006
2008
2009
Mar-10
Sep-10
Jun-10
Jul-10
Aug-10
Oct-10
Jan-10
Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )
2001 14 14 -
Public Offerings in Number of Companies 2002 2003 2004 2005 2006 2007 2008 1 7 9 26 64 4 5 8 8 10 16 12 8 6 8 15 19 42 76 12 2 1 1 -
May-10
Nov-10
2,863 2,479
2,442
1,906
90 548
162 112 88 150 80 473 124 447 535 68 109 1,633 187 74 266 86 168 988 110 843 789 711 501 422
jul-05 YTD*
1,980 189 2,063 75 176 96 202 75197 603 79 611 220 477 97218 467 106 181 228 159 106 168 479 96 670 80 104 78 642 530 540 489 525 2,270 2,171 2,121 1,988 1,669 1,483 1,278 1,193 1,267 1,135 1,255 2,184
170
Jul-10 Aug-10 Sep-10 Oct-10 nov-10
2,138
2,738
FX (Thousands)
Index (Thousands)
Others (Thousands)
1.000
800
600
400
200
-
2007
2008
2009
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
2nd. Maturity
3rd Maturity
4th. Maturity
5th Maturity
500
400 300 200 100 0 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10
200 100 0
Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10
23
1,604
21%
11%
1,597 21%
11%
1,633 21%
11%
1,654
1,190
770 10% 815 11% 972 12% 13%
10%
14%
16%
1,222 18%
10%
21%
12%
21%
11%
28% 55%
2003
8%
29% 52%
2004
8%
17% 63%
2005
8%
23%
24%
47%
2007
23%
24%
23% 45%
23% 45%
24%
24%
54%
2006
48%
2008
44%
44%
44%
2009
Jul-10
Aug-10
Sep-10
Oct-10
Fixed Income
Multimarkets
Equities
Others*
* Others include: Asset backed securities, real estate, FX, off-shore and retirement funds
368
363
389
400
174
180
181
2003
* Brazilian Hedge Funds
Source: Anbima
2004
2005
2006
2007
2008
2009 Equities
Jul-10
Aug-10
Sep-10
Oct-10
Multimarkets
24
40,0
Nov/10 41.5MM
35,0
Nov/10 34.1MM
30,0
25,0
20,0
15,0
10,0
5,0
0,0 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
25
BUSINESS MODEL
26
Others Services
Custody (services provided for funds and other market participants) Market Data
Trading (stocks, derivatives, corporate and government Bonds, funds, spot US Dollar, among others)
Commodities Certification
Indices Licensing Central Depository (stocks and corporate bonds) Software Licensing (used by brokerage Houses and other market participants) OTC Derivatives (registration and collateral management)
27
Regulation prohibits internalization of orders, dark pools and ATS/MTFs, stocks trading in both exchange and OTC simultaneously Settlement and clearing of stocks trading must be done through a CCP Settlement and clearing at the beneficial owner level make the Brazilian market safer and more resilient
Trading
Under the regulation in place, potential competitors would be obliged to provide the same integrated solution, with the same rules and transparency
Other exchanges have been seeking integrated models (self clearing models) Naked access is not allowed Naked short selling is not possible
28
Business Model
80.2%
71.3% 64.9%
25 20
15 10 5
48.7%
39.0%
60,0% 50,0%
40,0% 30,0%
25.6
20.8
16.3
12.8
Deutsche Boerse
20,0%
8.5
ICE
7.6
Nyse Euronext
7.1
SGX
6.6
ASX
4.5
Nasdaq
3.4
LSE
10,0%
2.6
TMX
2.1
BME
0,0%
Source: Bloomberg
Derivatives
29
Brasil
USA
Stock Exchange
Trading Clearing
Trading
Central Counterparty (CCP) Intermediary in the trading activity Clearing Securities Lending s activity
Brokerage House
23.7%
27.6% 10.9%
11.5% 36.3%
34.4%
28.6%
Broker trading Fee Exchange Trading fee Exchange Clearing fee
27.2%
(1) Not allowed according to Brazilian regulation. Assumptions: 3 months holding period; Brazilian Investment fund trade; 1.5 Bp Broker Fee; and Securities lending not considered.
30
USA
Brokers can internalize orders
Broker
Dark Pools
BATS
NYSE
Direct Edge
Nasdaq DTCC
Clearing (CCP)
BVMF
BVMF
DTCC
Appendix
32
Nasdaq + BX
NYSE + Arca TRF (Adjusted) Dark Pools 27.4% BATS
8.9%
13.5% 18.2%
33
Brazilian Pension Funds: asset evolution (BRL billions) 515 510 515 513 509
480 479
469
485
491
499 498
506
504
59.3%
70.8%
Dec-08
Aug-09
Dec-09
Apr-09
Oct-09
Nov-09
Feb-09
Sep-09
May-09
Feb-10
Fixed Income
Equity
Others
13%
14%
14% 15%
16%
17%
15%
17%
18%
R$46.7 bi
30.4%
27.7%
2002 May/10
In September, 2009, the limit the pension funds are allowed to invest in stocks increased from 50% to 70% of their total portfolio
Source: ABRAPP
34
May-10
Jun-09
Mar-09
Jul-09
Mar-10
Total
Apr-10
Jan-09
Jan-10
Nov10 27.1%
Nov10 15.8%
0%
35
10.0
4.4 2.1
-1.0
-0.6
-2.1
-7.3
*Includes regular trades and public offering; updated until November 30th, 2010.
36
7%
12% 24%
2% 7% 15%
25%
2% 9%
3% 8% 19% 23%
3% 8% 20%
2% 5% 22%
3% 5% 23%
2% 3% 22%
2% 4%
24%
2% 4% 26%
1% 4%
25%
1% 3% 22%
1% 4% 23%
2% 4% 22%
2% 4% 22%
2% 4% 22%
17%
23%
24%
27%
26%
30%
26%
25%
29%
32%
29%
28%
31%
34%
56%
51%
49%
48%
45%
43%
43%
42%
44%
43%
40%
41%
42%
44%
40%
39%
2005
2006
2007
2008
2009
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Individuals Foreign Investors Institutional Investors Financial Institutions
Central Bank
Companies
2%
2%
8%
3% 7% 2% 34% 26%
9%
2%
9%
2%
9% 27% 30%
2%
9% 28%
35%
2% 2% 2% 3% 2% 2% 2% 7% 2% 7% 8% 8% 8% 7% 9%
33% 27%
35% 27%
28%
29%
28% 29%
30% 34%
28% 35%
28% 36%
28% 35%
31%
33% 32%
35%
35%
32%
25%
2005
25%
2006
23%
27%
31%
31%
32%
31%
25%
27%
26%
28%
27%
24%
23%
24%
2007 2008 2009 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Individuals Institutional Investors Foreign Investors Financial Insitutions Companies Others
37
Income Statement
Change 3Q10/3Q09 27,0% 41,5% 25,5% 6,0% 25,8% 27,1% 26,5% 27,5% 35,7% 36,5% 18,8% -4.2 pp 28,4% 0.7 pp 15,0% -8.4 pp 35,0% Change 3Q10/2Q10 2,8% 1,4% 6,0% -4,2% 2,6% 2,8% 16,8% -3,3% -0,2% 3,0% -4,7% -4.7 pp -1,5% -3.1 pp -8,7% -10.1 pp 17,2% Change 9M10/9M09 31,7% 34,0% 37,4% 12,7% 31,7% 31,7% 8,6% 45,9% 23,9% 43,9% 33,3% 0.8 pp 44,9% 6.5 pp 33,9% 1.4 pp 23,0%
(in thousands of BRL) Operational Revenues Trading / Clearing Systems - BM&F Trading / Clearing Systems-Bovespa Other Operational Revenues Revenue deductions Net Operational Revenues Operating Expenses Operating Income Equity account Financial Income Income before Taxes Net Income Net Margin EBITDA EBITDA Margin Adjusted Net Income Adjusted net Margin Adjusted Operational Expenses
3Q10 541.609 186.802 274.812 79.995 (54.743) 486.866 (167.561) 319.305 23.142 77.407 419.854 293.208 60,2% 336.375 69,1% 389.205 79,9% (145.846)
3Q09 426.505 132.017 219.019 75.469 (43.510) 382.995 (132.502) 250.493 57.042 307.535 246.795 64,4% 262.039 68,4% 338.377 88,4% (108.062)
2Q10 526.986 184.139 259.309 83.538 (53.365) 473.621 (143.494) 330.127 77.546 407.673 307.614 64,9% 341.671 72,1% 426.272 90,0% (124.418)
9M10
9M09
1.579.255 1.199.004 541.154 403.930 790.615 575.534 247.486 219.540 (159.640) (121.219) 1.419.615 1.077.785 (444.839) (409.460) 974.776 668.325 23.142 222.649 179.758 1.220.567 848.083 882.643 661.949 62,2% 61,4% 1.012.672 698.709 71,3% 64,8% 1.217.945 909.523 85,8% 84,4% (384.846) (313.006)
38
Revenues
Growth due to the market recovery
Bovespa segment revenues In BRL thousands 3Q10 541,609 232,890 3Q09 426,505 210.117 % Change 3Q10/ 3Q09 27.0% 10.8%
274.8
219.0
25.5%
BOVESPA Others*
BM&F Trd. / Sttmnt
41,922
186,802
8,902
132,017
370.9%
41.5%
3Q09
BM&F segment revenues
3Q10
79,995 21,447
15,352 11,317 10,928 12,714 1,762 2,117 4,358 3Q10 2,428.1 1.167 5,905.8 6.162
75,469 17,235
16,082 11,491 9,562 8,866 3,535 2,194 6,504 3Q09 1,422.3 1.391 5,214.4 6.296
6.0% 24.4%
-4.5% -1.5% 14.3% 43.4% -50.2% -3.5% -33.0% % Change 3Q10/3Q09 70.7% -16.1% 13.3% -0.134bp
39
186.8 132.0
41.5%
3Q09
Other revenues
3Q10
80.0 75.5
6.0%
Operating performance BM&F ADTV (thousands) BM&F RPC (in BRL) BOVESPA ADTV (in BRL million) BOVESPA Margin (in bps)
3Q09
3Q10
BOVESPA Segment
Strong market recovery in the last two months
Revenue share Average Daily Traded Value (ADTV)
13.3%
51%
Average market capitalization 18.0% higher than 3Q09 52.7% growth in the ADTV of local institutional investors Turnover velocity decreased to 59.2% in 3Q10 from 62.6% in 3Q09 (it was 71% in Oct10 )
-0.13bp
Decrease to 6.16bps from 6.30bps, due mainly to the increase in the participation of local institutional investors in the overall volume, once this group of investors pay a lower fee in comparison with other investors
Recent recovery in the equity market ADTV (BRL billions) 31.7% 13.3% -11.6%
5.2
6.8
6.6
6.7
5.9
5.4
5.6
6.7
7.8
3Q09
4Q09
1Q10
2Q10
3Q10
Jul-10
Aug-10
Sep-10
Oct-10
40
BM&F Segment
Despite the reduction of uncertainty in the market, volumes are still high
Revenue share Average Daily Traded Volume ADTV
70.7%
Climb in interest rates in BRL volumes (119.8% growth) 4.0% increase of FX volume and 21.2% increase of index based contracts
Increase in the participation of interest rates in BRL contracts in the overall volume, to 68.4% from 53.1% Negative impact due to FX appreciation (FX, interest rates in USD and commodities contracts) The higher the volume, the lower the RPC (volume tier based pricing) Growth of HFT and DMA in the overall volume
-16.1%
3.1 3.1 1.4 1.3 1.9 1.7 1.6 1.5 1.4 1.4 1.5
1.7 1.4 1.6
1.9 2.2
2.5
2.9
2.1
2.4
2.0 2.1
2.1
Aug-09
Sep-09
Nov-09
Dec-09
Sep-10
2007
2008
2009
YTD*
Apr-09
Oct-09
Apr-10
Oct-10
Feb-09
Mar-09
Feb-10
Mar-10
Jul-09
May-09
May-10
Jan-09
Jun-09
Jan-10
Jun-10
Jul-10
Aug-10
41
3Q10
10% 7%
Operating Expenses
15%
Personnel
Data processing
43%
(27,400)
(15,067) (12,293) (6,622) (15,772)
(24,233)
(11,546) (9,370) (6,219) (5,841)
13.1%
30.5% 31.2% 6.5% 170.0%
9% 16%
Communication Marketing
Maintenance
Board compensation Other
(2,529)
(1,507) (14,684)
(2,750)
(1,184) (7,476)
-8.0%
27.3% 96.4%
3Q09
5%
7%
13%
Depreciation Stock option plans Tax related to equity accounting Provision for doubtful accounts Adjusted operating expenses
9% 18%
35.0%
42
Launch of a mass media campaign under the slogan Quer ser Scio? (Wanna be a partner?), which focuses on attracting new local retail investors Increase in personnel expenses, especially in IT and business development areas
Hiring brought forward to support IT initiatives undertaken by the company (development of new network structure and a new trading system) and to deal with other initiatives (market popularization programs, international partnership and products development) Also, due to the payment of variable compensation
Capex Review
Replacement from a single target to a range 2010 new Opex and Capex budgets Opex budget BRL millions
145,846 124,418
114,582
66,198 57,360
520
2010 old
27,400
540
2010e
54,718
24,642
9,870
32,546
2Q10
15,772 36,476
3Q10
272
2010 old
250
2010e
43
Others
Marketing
Data processing
Adjusted Personnel
Financial Highlights
Solid financial position with strong cash generation
Cash, cash equivalents and investments (BRL millions) Financial income
264
1,911
Financial revenues: BRL100.6 million in 3Q10, 52.7% increase compared to 3Q09, mainly due to the increase of the average interest rate than 3Q09, mainly due to the financial cost of debt
3Q10
1,022
491
3,688
309
BRL44.1 million in 3Q10: BRL36.2 million in IT and BRL7.9 million in other areas. The main projects were capacity increase and the new trading platform
9M10: BRL138.1 million
2Q10
939 487 1,924
3,659
Buyback program
Market participants cash collateral and others* Restricted f unds
Subsidiaries**
From Aug10 to Nov10, 26.4 million shares were bought within the program (BRL362 million) The company can buy up to 31 million shares until Dec10
BRL235.9 million as dividends, representing 80% of the GAAP Net income in 3Q10 To be paid on November 25, 2010, based on the ownership prevailing as of November 11, 2010
Available f unds
*Includes market participants cash collateral, earnings and rights on securities in custody and dividends and interest on capital pending payment ** Includes third-party deposits (BRL175 million in 2Q10 and BRL142 million in 3Q10) and restricted funds (BRL10 million in both 2Q10 and 3Q10) from BM&F Settlement Bank.
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Balance Sheet
In BRL thousands
ASSETS
Current assets Cash and cash equivalents Financial investments Others Non-current assets Long-term receivables Financial investments
Sep 10
3,143,141 42,890 2,917,792 182,459 19,217,204 1,099,771 727,517 372,254 1,643,962
Dec09
Sep'10
1,422,836 984,766 438,070 1,698,725 1,027,188 616,448 55,089 15,905
Dec09
1,142,076 810,317
3,295,356 Others
128,405 Non-current liabilities 17,383,299 Financing 973,305 Deferred Inc. Tax and Social Contrib. 605,648 Others 367,657 Minority interest in subsidiaries 39,723 Shareholders' equity
331,759
352,872 2,495 300,930 49,447 16,356
Others Investments
19,238,784 19,362,891
287,869
2,540,239
2,540,239
16,185,602 22,360,345
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