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Earnings Release
Earnings Release
Earnings Release
announcesearningsforthesecondquarterof
2009.
GAAPNetincomereachedR$188.1million(EPSofR$0.09),a13.9%
riseoverproformanetincomeforthesameperiodoneyearago.
AdjustedNetincome,adjustedbyitemswithnoimpactoncash
flow,totaledR$325.4million(adjustedEPSofR$0.16)
GAAPNetincomeofR$188.1millionforthesecondquarterof2009wasup13.9%fromthesameperiodayear
earlier,whereasadjustednetincomeofR$325.4millionsoared32.1%fromadjustedproformanetincomefor
thethreemonthperiodtoJune2008.
2Q09netrevenuesofR$378.2milliondeclined14.7%fromthesamequarteroneyearago.Inthecomparisonof
thesixmonthstoJune,netrevenuesdropped17.3%toR$694.8million.
2Q09operationalexpensesreachedR$128.2million,a13.6%slumpfromoneyearago.Asadjustedbyitemswith
noimpactoncashflow,suchasdepreciationandtheemployeestockoptionsplan,operationalexpensesforthe
quarteramountedtoR$104.9million,a25.3%retreatfromadjustedexpensesforthesameperiodayearearlier,
andinlinewiththeR$450.0milliontargetfortheyear.
EBITDAtotaledR$259.9millionforthequarter,down14.2%from2Q08,andR$436.7millionforthesixmonthsto
June2009,ayearonyeardropof24.0%.EBITDAMarginwasstablebetween2Q09(68.7%)and2Q08(68.6%).
TheboardofdirectorsapprovedthedistributionofR$175millioncomposedbyinterestonshareholdersequityin
theamountofR$141.5millionanddividendsintheamountofR$33.5million.
FinancialHighlights:
GAAP Net income for 2Q09 amounted to R$188.1 million (EPS of R$0.09), a 13.9% yearonyear rise over pro
formanetincomeforthequartertoJune,2008.InthesixmonthperiodtoJune2009GAAPNetincometotaled
R$415.1million,climbing5.0%overproformaNetincomeforthesameperiodin2008.
Adjustednetincomeforthequarter,ofR$325.4million,32.1%higherthanadjustedproformanetincomeforthe
same period a year earlier, whereas for the six months to June, 2009 adjusted net income of R$571.1 million
representeda19.8%yearonyearincreaseoveradjustedproformanetincomeforthefirsthalfof2008.
Adjusted net income: adjustments to quarterly GAAP net income amounted to R$137.2 million,
comprisingthreeitemswithnoimpactoncashflow:additionofR$159.3millionderivedfromrecognitionof
deferredliabilitiesconnectedwithtaxamortizationofgoodwillinthe1H09(R$79.6millionof1Q09andR$
79.6million of2Q09);plusR$13.4millioninexpenseswiththestockoptionsplan;anddeductionofR$35.5
millionrelatedtocreditfromtaxlossesofformerBovespaHolding.
In the second quarter of 2008, the adjustment excluded the effects of amortization of goodwill in the
amountofR$81.1million.
1/13
NetIncomeReconciliation
BRLMillions
AdjustedNetIncome
Adjustments
Deferredliabilities
StockOptionProgram
RecognitionofTaxLosses
GoodwillAmortization
GAAPNetIncome
2Q09
325.4
2Q08
%Change
(ProForma) 2Q09/2Q08
246.3
32.1%
159.3
13.4
(35.5)
188.1
81.1
165.2
13.9%
Net revenues for 2Q09 dropped 14.7% from 2Q08, due to a decline in volumes traded on the cash market for
equitiesandthederivativesmarket.Onayearonyearbasis,netrevenuesforthe1H09fell17.3%.
Thedropinoperationalexpensesbetween2Q09and2Q08isdueprimarilytoreductionby50.8%inexpenseswith
data processing, followed by a 30.0% decrease in expenses with marketing and publicity. The Pro Forma
operationalexpensesfor2Q08wereadjustedforexpenseswiththeintegrationprocess.
Operational expenses amounted to R$128.2 million, whereas totaling R$104.9 after adjusted by items with no
impact on cash flow (depreciation and stock options plan). Adjusted operational expenses dropped 25.3%
betweenthe2Q09andthesameperiodayearearlier.
In the sixmonth period to June 2009, operational expenses amounted to R$277 million, whereas adjusted
expenses amounted to R$207.9 million, or a 21.8% slump from adjusted pro forma operational expenses of R$
265.9millionforthefirsthalfof2008.
Adjustedoperationalexpenses:
In2Q09theadjustmentsamountedtoR$13.4millionasrecognitionofthecostsofthestockoptionsplan
andtoR$9.9millionasdepreciation.In2Q08,itwasadjustedbythedepreciationexpensesofR$7.9million
intoaccount.
In1H09theadjustmentsamountedtoR$32.2millionasrecognitionofthecostsofthestockoptionsplan
(R$18.8millionin1Q09andR$13.4millionin2Q09),R$18.8millionasdepreciationexpensesandR$18million
related to severance costs in 1Q09. The adjustment in 1H08 amounted to R$15.7 million relating just to
depreciationexpenses.
EBITDA for 2Q09 was R$259.9 million, and margin of 68.7%, which gave back 14.2% from pro forma EBITDA of
R$302.9 million, and margin of 68.6% in 2Q08, which excludes the integration costs. In the six months to June
EBITDA declined by 24% yearonyear, and EBITDA margin dropped to 62.8% in 1H09 from 68.3% in the same
periodoneyearearlier.
SummaryofIncomeStatements
(inBRLthousands)*
Netoperationalrevenues
Operationalexpenses
Interestincome,net
GAAPNetincomefortheperiod
378,242
2Q08
(Proforma)
443,307
(128,198)
(148,297)
13.6%
(276,958)
(281,594)
1,6%
54,857
77,244
29.0%
122,716
155,036
20.8%
188,130
165,206
13.9%
415,110
395,479
5.0%
2Q09
2/13
Variation
2T09/2T08
14.7%
1H09
694,790
1H08
(Proforma)
840,085
Variation
1H09/1H08
17.3%
EBITDA
Earningspershare
259,931
302,933
14.2%
436,670
574,191
24.0%
0.09
0.08
13.9%
0.21
0.20
5.0%
(265,894)
21.8%
Adjustedoperationalexpenses
Adjustednetincome
(104,865)
(140,374)
25.3%
(207,915)
325,363
246,311
32.1%
571,102
476,584
19.8%
32.1%
0.29
0.24
19.8%
Adjustedearningspershare
0.16
0.12
*exceptforEarningsperShareandAdjustedEarningsperShare.
Quotes:
Goodnewsinthesecondquarterof2009goesbeyondgrowthinvolumestradedinourmarkets.IntheBM&F
segment, increase in the number of orders routed through the CME Globex system, which has gone over two
million trades, coupled with trading steadily growing activities by algotraders and our offerings of colocation
services, represent the first results of our continuing investments in our trading environments. In the Bovespa
segment,asoaringstockpricesandrenewedactivitiesintheIPOmarket,whichincludethelargestinitialpublic
offeringofourhistory,showrecoveryinthelevelofconfidenceofinvestorsandissuerssaidEdemirPinto,our
ChiefExecutiveOfficer.
Inaddition,theCFOandinvestorrelationsofficer,CarlosKawall,highlightedthenetflowofforeigninvestments
totheBovespaSegment,of10.7billionreaisinthesecondquarterof2009,andthesurgeinturnovervelocity,
whichinthesecondquarterreached70.6%.Moreover,onanalyzingoperationalexpenses,henotedtheCompany
isverymuchinlinewithitstargetfor2009.
Otherfinancialhighlights:
Cash position: cash and cash equivalents (short and longterm) at the end of the quarter to June 2009,
amounted to R$2.9 billion, comprised of collaterals worth R$789.0 million deposited with our
clearinghouses, and R$449.6 million in own financial resources deposited in restrict funds. The cash and
cashequivalentsretreat8.0%between2Q09and1Q09,isdueto30.5%inthedepositedcollateralsbythe
marketparticipants.
Interestincome,net:forthe2Q09wasR$54.9million,a29.0%dropwhencomparedto2Q08,primarilydue
toyearonyeardecreaseinfinancialrevenuestoR$68.0millionin2Q09fromR$92.4millionin2Q08,thus
reflectingthecutintheinterestratesthatremuneratefinancialinvestments.Inthecomparisonforthesix
months to June, net interest income declined 20.8% from 2008. Financial expenses for the quarter fell
13.2%,toR$13.1millionfromR$15.1millioninthesameperiodoneyearago,whereasinthecomparison
with the first quarter of 2009 (R$ 6.4 million), financial expenses increased by 103.6%, primarily due to
negativeimpactfromfluctuationsintheBrazilianreal.
Effects of the switch to IFRS: as a result of the change in Brazilian accounting principles and reporting
standards, which are in line with the standards adopted by the Brazilian Committee of Accounting
Standards (Comit de Pronunciamentos Contbeis), or CPC, we recognized 2Q09 expenses amounting to
R$13.4 million related to adjustments to the stock options plan adopted by BM&FBOVESPA and R$ 0.2
millionrelatedtoexpensesreversionswithleases.
2Q08ProFormaIncomeStatement:inpreparingtheproformaincomestatementwemadethefollowing
adjustments: elimination of expenses incurred with respect to the goingpublic and the integration
3/13
processesofbothFormerBM&FandFormerBovespaHolding,intheamountofR$90.5million,theeffects
of which, in terms of income and social contribution taxes, was R$66.2 million under net income for the
period.
Deferred liabilities: as a result of deferral of R$159.3 million related to a transitory differences of the tax
benefitderivedfromtaxamortizationofgoodwillinthesixmonthstoJune(R$79.6millionof1Q09andR$
79.6millionof2Q09),withnoimpactoncashflow.
Recognition of tax losses: we recognized R$35.5 million in tax losses derived from offsetting against tax
lossescarriedforwardregisteredbyFormerBovespaHoldingupuntilNovember2008.
Cash distributions: on August 11, 2009, the board of directors approved a R$175 million distribution of
dividendsandinterestonshareholdersequity,equivalenttoR$0.08738pershare,whichnetofwithholding
incometaxamountstoR$0.07678.ThiscashdistributionwillbepaidtoshareholdersonAugust26th,2009
basedonownershippositionsasofAugust14th,2009.
DiscussionofBM&FBOVESPAsactualandproformafinancialresults:
Grossrevenues
GrossrevenuesforthequartertotaledR$420.6millionindicatinga14.6%reductionvs.2Q08.Asapercentage,
revenues from trading/settlement systems in the BM&F and the Bovespa segments, which comprise the
Companysprimarysourceofrevenues,equaled83.3%oftotalgrossrevenuesfor2Q09,ascomparedto86.6%
forthesamequarterayearearlier.InthesixmonthstoJune2009,grossrevenuesofR$772.5milliondeclined
17.3%fromthepreviousyear.
GrossRevenuesComposition 2T09
R$420.6million
Others
Revenues
17%
GrossRevenuesComposition 2Q08
R$492.8million
Others
Revenues
13%
Trd/Sttlmnt
BM&F
Segment
35%
Trd/Sttlmnt
BM&F
Segment
32%
Trd/Sttlmnt
Bovespa
Segment
55%
Trd/Sttlmnt
Bovespa
Segment
48%
Source:BM&FBOVESPA
Nontradingrevenues(excludingthedividendsofCME)represented16.1%oftotalrevenues,amountingtoR$68
millioninthe2Q09,10.5%higherthan2Q08whenamountedtoR$61.5million(12,5%fromtotal).
NonTradingRevenuesinclude:
Participant access fees: revenues of R$10.2 million for the second quarter represented 2.4% of total
revenues,havingclimbed204.1%ascomparedtoR$3.4millionforthesamequarterayearago.Inthesix
monthstoJune2009theserevenueswereup194.8%fromthesameperiodayearearlier, amountingto
R$19.7millionfromR$6.7millionayearearlier.Thisgrowthcorrelatesprimarilywithournewparticipant
accesspolicyineffectbothintheBM&FandtheBovespasegments;
4/13
Vendors:revenuesforthesecondquarteramountedtoR$17.5million,or4.2%oftotalrevenues,ariseof
59.6%overthesamequarterinthepreviousyear.InthesixmonthstoJune2009theserevenuesreached
R$29.0 million, up 40.5% from the same period a year earlier. This increase correlates mainly with
implementationofournewpricingpolicystartedfromApril2009;
Listingfees:2Q09revenuesofR$9.3millionrepresent2.2%oftotalrevenues,anda30.4%surgeoverthe
samequarterayearearlier.InthesixmonthstoJune2009theserevenuesreachedR$20million,up39.7%
from the same period a year earlier. This growth in revenues is due mainly to the new pricing policy
adopted in connection with listing fees charged from issuers, and to a gradual reduction of discounts
grantedinrecentyearstocompanieslistingsecuritiestotradeonourspeciallistingsegments;
Depository/Custody/BackOffice:2Q09revenueswereup8.0%fromthesamequarteroneyearago,to
R$16.2millionfromR$15.0million,representing3.9%oftotalrevenues,showingthefirsteffectsofthenew
pricing policy adopted by our depository center. In the six months to June 2009 these revenues reached
R$32.3million,up10.1%fromthesameperiodayearearlier;
Securities lending: 2Q09 revenues of R$7.5 million represent 1.8% of total revenues, and a 48.1% drop
whencomparedtoR$14.4millionforthesamequarterinthepreviousyear.InthesixmonthstoJune2009
theserevenuesdropped54.3%fromthesameperiodayearearlier.
OperationalExpenses:
Adjusted operational expenses of R$104.9 million in 2Q09 declined 25.3% from R$140.4 million in the same
quarter a year earlier, showing more significant results from synergies captured from the integration process.
Mainhighlightsinclude:
Personnel:expenseswithpersonnelofR$66.3millionin2Q09wereup16.5%fromR$57.0millioninthe
samequarterone yearago. If adjusted foreliminationoftheimpactofR$13.4million relatedto2Q09
expenseswiththestockoptionsplan,expenseswithpersonneltotalR$52.9million,a7.2%over2Q08.In
2Q09,severancecostswereR$4.4million.
Dataprocessing:dropof50.8%,toR$20.5millionin2Q09fromR$41.6millionin2Q08,duemainlytoa
reductioninnumberofoutsourcedITproviders.Dataprocessingexpensesaccumulatedinthesixmonths
toJune2009totaledR$47.2million,a38.9%declinefromthesameperiodoneyearago.
Marketingandpublicity:slumpof30.0%in2Q09,toR$5.5millionfromR$7.8millionin2Q08.Intheyear
onyearcomparison,marketingandpublicityexpensesforthesixmonthstoJune2009dropped48.1%.
Shutdown of the trading floor of the BM&F segment should further reduce operational expenses by
approximatelyR$2.9millionbyyear.
Maindevelopments:
Developmentsintradingenvironments
Thecontinuingimprovementstoourelectronictradingplatformsandchannelsofaccesstotheseplatformshave
positioned our trading platforms amongst the most advanced across the world. Implementation of our
developmentprojectin2Q09andbeyondfollowsthetimelinesetforthbelow.
BM&Fsegment
5/13
BloombergTradebookwasauthorizedinMaytooperateasaDMAproviderbyroutingorderstoourGlobal
TradingSystem(GTS)viathetechnologyinfrastructureprovidedbyBloomberg.
Starting from June 1, 2009, the GTSLine tool, a pretrade risk management and exposure control
mechanism, which may be used for control of the order flow, is offered to brokers for any type of
connectiontotheGTS.
Starting from June 15, 2009, we offer colocation services for connectivity to the GTS system. In a co
locationarrangement,we providecustomerswith spaceand connectivityinourdatacenter,whichhosts
thecustomercoloserverthroughwhichbidandofferordersaregeneratedandtransmitted.Alreadyorders
arebeingtransmittedbasedonthesecolocationarrangements.
Starting from July 1, 2009, following the shutdown of the BM&F trading floor on June 30, 2009, all
derivativescontractsarebeingtradedviaourGTSsystem.
Scheduledfor3Q09
GL Trade (GL Net) will connect to the Exchange GTS system to provide customers with an international
orderroutingsystem.
Bovespasegment
ImplementationoftheV900versionofthesoftwareonwhichtheMegaBolsaelectronictradingsystemruns
in May, permitted reducing round trip latency to 153 milliseconds, as compared to 299 milliseconds
previously.
Scheduledfor3Q09and4Q09
With the implementation of the new low latency multilevel communication interface (the new Multi
Gateway),scheduledforOctober2009,theroundtimetrip(RTT)shoulddroptoestimated16milliseconds,
which additional improvements in the course of this year should cut to estimated 10 milliseconds, or an
around95%reductionwhencomparedtoearly2009.
OperatingauthorizationfordirectmarketaccessviaDMAprovider(DMAmodel2)intheMegaBolsatrading
system(subjecttoapprovalbytheBrazilianSecuritiesCommission,orCVM).
AvailabilityoftheMegaLinetool,apretraderiskmanagementtoolandexposurecontrolmechanism,which
functionalitiesareverysimilartothoseoftheGTSLinetoolofferedinthederivativessegment;
OfferingofcolocationservicesforconnectivitytotheMegaBolsasystem,similarlytotheservicesofferedin
thederivativessegment,scheduledforOctober2009.
Completion of the project to increase system capacity of the equities clearinghouse (CBLC) to 1.5 million
dailytrades,whichisscheduledforOctober.
BM&FandBovespasegments
6/13
between market participants and the Exchange electronic trading systems, which gives participants the
ability to make choices as to alternative telecommunications providers, data transmission technologies,
networkcapacityandvelocity,andcontingencyresources.
November
Implementationof theintegratedexternal communicationinterfaceforboththeMegaBolsa and theGTS
systems,whichwillallowformarketdatatransmissionfromeithersystemviaasinglechannel.
Newpricingpolicy
During the secondquarter we continued to implement changes to our pricing policy forproducts and services.
The primary objective of these changes includes reducing or eliminating cross subsidies between trading and
other services we provide, driving liquidity and better balancing our sources of revenues. Moreover, these
changes imply more competitive products and services visvis other international exchanges, which should
encouragenewbusinessbycurrentmarketparticipantsandattractnewones.
Bovespasegment:
ThefeeswechargeinequityoptionsmarketonordersenteredbutnotmatchedintheMegaBolsatrading
systemhavebeenloweredtoR$0.02,fromR$0.05.
Starting from May, we launched a new pricing policy for our depositary services and clearing/settlement
services.Thenewpricegridwillbeimplementedgradually,inthreestages,suchthatbetweenMay4and
September 30, 2008, a 67% discount will be granted on the fee rate for custody services; then, between
October1,2009andJanuary29,2010,a33%discountwillapplyand,startingfromFebruary1,2010,we
willbechargingthefullfee(thechargeofR$6.90byactivecustodyaccountwillbemaintained).Similarly,
the new price grid related to trading fees and settlement fees charged on the cash market will be
implementedgradually,suchthatwithinthesameimplementationperiodsfeereductionswillapplyof0.05
basispoints,0.10basispointsand0.15basispoints,respectively.
AlsostartingfromMay,inanefforttodrivegrowthinthesecuritieslendingmarket,weestablished5basis
points rebate aimed for grantors (except nonresident grantors) relative to fees charged to borrowers
transactinginoursecuritieslendingsystem.
Just recently, in August, the fees we charge on offers not matched in the MegaBolsa trading system
droppedtoR$0.04,fromR$0.05earlier,whereasthelimitofoffersentriespermatchedorderincreasedto
sixfromfourentriespreviously.
Analysisofoperatingdata:
BM&Fsegment:
Average daily traded contracts: contracts traded in the 2Q09 fell by 7.4% from the same quarter a year
earlier, whereas in the comparison of the six months to June, average daily traded contracts gave back
11.8%fromtheyearbefore.ThehighpointwasthevolumeofBRLinterestratefuturescontracts,whichkept
a steady line in the yearoveryear comparison for the quarter and the sixmonth period, in addition to
havingclimbed11.3%fromthepreviousquarter.
Averagerevenuepercontract(RPC):averagerevenuepercontractfor2Q09keptasteadylineintheyear
overyear comparison, with drop in revenues from BRL interest rate futures contracts due to greater
7/13
concentration in shortterm contracts, counterbalanced however by increase in USD interest rate futures
contractsandUSDforexcontractswhichcorrelateswithappreciationoftheU.S.dollaragainsttheBrazilian
real during the period. In the yearoveryear comparison of the six months to June, average revenue per
contractpresentedasteadylineretreatingmoderate1.8%.
CMEGlobex:adherencetointerconnectedtradingactivitiesbasedonthisorderroutingagreementsurgedto
1.2%ofthevolumetradedinJuneintheBM&Fsegment,withdailyaverageofapproximately45thousand
contracts, as compared to 0.3% in March and daily average of 12.4 thousand contracts. In July this
classificationclimbedto2.1%,reaching58thousandcontractsperday.
AlgorithmicTraders:whoinJanuary2009accountedfor0.1%ofthevolumetradedintheBM&Fsegment,
withdailyaverageof3.5thousandcontractstraded,inJuneaccountedfor1.2%ofthetotalvolumetraded,
withdailyaverage of 44.9thousandcontracts.In Julythisparticipationincreasedto2.1%, aaverage a 58
thousandcontractstradedperday.WeshouldnotethatuntilAugust2008,whenweimplementedtheDMA
(Direct Market Access) system, algorithmic trading was an impossibility, such that increasing adherence to
thistradingmodeistheresultofcontinuinginvestmentsonourelectronictradingplatformandaneffectof
ournewpricingpolicywhichwasdesignedtoattractthiskindofinvestor.
Bovespasegment:
Average daily volume: the fall in daily volume traded visavis 2008 and the increase from the previous
quarterfollowed,ineachcase,theevolutionofmarketprices.Dailyvolumetradedin2Q09fellby20.0%ona
yearoveryearbasis,andtheaverageIbovespaindexfell26.9%intheperiod.InthesixmonthperiodtoJune
2009,dailyaveragetradedtumbled26.7%andtheaverageIbovespaindexretreated30.9%,whencompared
tothesameperiodayearearlier.
Turnovervelocity:tradingvolumeshavebeenpositivelyaffectedbytheannualizedturnovervelocity,which
in 2Q09 reached 70.6% versus 62.0% in 2Q08. In the six months to June 2009 turnover velocity reached
66.6%, as compared to 57.5% in the same period one year ago. In addition, our recent investments to
increaseprocessingcapacityandlowerlatencyinourtradingsystemsareaimedtoboostthevolumeofhigh
frequencytradinginthesegment,whichwouldpositivelyinfluenceturnover.
Dailytrades:thedailynumberoftradesreachedrecordhighsbothforthequarterandthesixmonthstoJune
2009. The average daily number of trades in the 2Q09 was 325.8 thousand versus 230.0 thousand in the
secondquarterof2008.InthesixmonthperiodtoJune2009thisaveragewas302.0thousand,ascompared
to218thousandinthesecondhalfof2008.
Investors: the number of active custody accounts at the end of the quarter to June was 543 thousand,
virtuallyunchangedfromthenumberofactiveaccountsattheendofboth2Q08(540thousand)and1Q09
(548 thousand). The participation of foreign investors in the total volume traded in the second quarter
increasedto36.6%,ascomparedto35.3%inthesecondquarterof2008.
Foreign investments: the flow of foreign investments to the stock market netted R$10.7 billion in 2Q09,
77,4%higherthanthenetbalanceofR$6.0billionfor2Q08.
PublicOfferings:InJune,paymentprocessorVisanet,formallyknownasCompanhiaBrasileiradeMeiosde
Pagamento, made its highly anticipated debut on the stock exchange having floated R$8.4 billion. This
offeringmarkedBrazil'slargestinitialpublicofferingever.ItwasthefirstIPOconductedinBrazilsinceJune
2008,precededonlybytwofollowonofferings,onebyRedecard,inMarch,whichfloatedR$2.2billion,the
8/13
otherbyMRV,inJune,whichamountedtoR$722.1million.Inaddition,otherlistedcompanieseithermade
movestoconductnewofferingsinthethirdquarterorhavealreadycarriedoutfollowonofferings,suchas
Brasil Foods (R$4.6 billion), Hypermarcas (R$793.5 million), BR Malls (R$835.9 million), Light (R$707.0
million)andNatura(1.3billion),bytheendofJulyhavingamountedtoR$19.6billion.
9/13
2Q09ConsolidatedIncomeStatementcomparedwith1Q09(GAAP)/2Q08(ProForma)UnauditedIncome
Statement(inBRLthousands)
2Q09
2Q08
(ProForma)
1H09
1H08
(ProForma)
GrossOperationalRevenues
420,581
492,753
14.6%
351,918
19.5%
772,499
934,419
17.3%
BM&FSegment
Derivativestrading/clearingfees
ForeignExchangetrading/clearingfees
Securitiestrading/clearingfees
BrazilianCommoditiesExchange
BM&FBank
149,512
140,678
5,463
69
1,250
2,052
161,321
152,412
4,780
82
3,173
874
7.3%
7.7%
14.3%
15.9%
60.6%
134.8%
130,547
121,434
5,692
44
1,406
1,971
14.5%
15.8%
4.0%
56.8%
11.1%
4.1%
280,059
262,112
11,155
113
2,656
4,023
316,259
301,076
9,400
189
4,105
1,489
11.4%
12.9%
18.7%
40.2%
35.3%
170.2%
BovespaSegment
Tradingfees
Clearingfees
SecuritiesLending
Listing
Depositaryandcustody
Tradingaccess(Brokers)
247,154
150,752
53,179
7,463
9,332
16,214
10,214
309,329
188,462
80,965
14,367
7,157
15,019
3,359
20.1%
20.0%
34.3%
48.1%
30.4%
8.0%
204.1%
200,503
113,732
44,464
6,127
10,621
16,084
9,475
23.3%
32.6%
19.6%
21.8%
12.1%
0.8%
7.8%
447,657
264,484
97,643
13,590
19,953
32,298
19,689
579,856
352,804
147,009
29,747
14,280
29,338
6,678
22.8%
25.0%
33.6%
54.3%
39.7%
10.1%
194.8%
OtherOperationalRevenues
Vendors
Commoditiesclassificationfees
Dividends
Others
23,915
17,490
1,285
2,459
2,681
22,103
10,961
207
4,548
6,387
8.2%
59.6%
520.8%
45.9%
58.0%
20,868
11,521
215
5,371
3,761
14.6%
51.8%
497.7%
54.2%
28.7%
44,783
29,011
1,500
7,830
6,442
38,304
20,649
378
4,548
12,729
16.9%
40.5%
296.8%
72.2%
49.4%
Revenuedeductions
PISandCofins
Servicetax
(42,339) (49,446)
(37,967) (44,504)
(4,372) (4,942)
14.4%
14.7%
11.5%
(35,370)
(31,066)
(4,304)
19.7%
22.2%
1.6%
NetOperationalRevenues
378,242
443,307
14.7%
316,548
OperationalExpenses
Personnel
Dataprocessing
Deprec.andAmortization
ThirdPartyServices
Maintenance
Communications
Leases
Supplies
Marketing
Taxes
BoardCompensation
Other
(128,198)
(66,337)
(20,494)
(9,887)
(9,703)
(2,566)
(5,249)
(665)
(580)
(5,475)
(339)
(1,572)
(5,331)
(148,297)
(56,966)
(41,618)
(7,923)
(9,962)
(3,270)
(4,984)
(1,096)
(1,200)
(7,824)
(1,685)
(2,020)
(9,749)
13.6%
16.5%
50.8%
24.8%
2.6%
21.5%
5.3%
39.3%
51.7%
30.0%
79.9%
22.2%
45.3%
(148,760)
(85,462)
(26,683)
(8,951)
(9,119)
(2,826)
(4,991)
(825)
(477)
(2,292)
(495)
(1,129)
(5,510)
GoodwillAmortization
(81,105)
FinancialIncome
FinancialRevenues
FinancialExpenses
54,857 77,244
67,979 92,364
(13,122) (15,120)
67,859
74,303
(6,444)
IncomebeforeTaxes
304,901
IncomeTaxandSocialContribution
IncomeTax
SocialContribution
(117,022) (124,973)
(86,379) (91,792)
(30,643) (33,181)
MinorityInterest
251
291,149
Variation
2Q09/2Q08
29.0%
26.4%
13.2%
1Q09
Variation
2Q09/1Q09
Variation
1H09/2H08
(77,709) (94,334)
(69,033) (84,948)
(8,676) (9,386)
17.6%
18.7%
7.6%
19.5%
694,790
840,085
17.3%
13.8%
22.4%
23.2%
10.5%
6.4%
9.2%
5.2%
19.4%
21.6%
138.9%
31.5%
39.2%
3.2%
(276,958)
(151,799)
(47,177)
(18,838)
(18,822)
(5,392)
(10,240)
(1,490)
(1,057)
(7,767)
(834)
(2,701)
(10,841)
(281,594)
(111,934)
(77,185)
(15,700)
(19,190)
(6,513)
(9,208)
(2,068)
(1,716)
(14,977)
(3,198)
(4,056)
(15,849)
1.6%
35.6%
38.9%
20.0%
1.9%
17.2%
11.2%
27.9%
38.4%
48.1%
73.9%
33.4%
31.6%
(81,105)
19.2%
8.5%
103.6%
122,716 155,036
142,282 175,332
(19,566) (20,296)
20.8%
18.8%
3.6%
540,548
14.5%
29.4%
632,422
4.7%
235,647
6.4%
5.9%
7.6%
(8,372)
(6,457)
(1,915)
1297.8%
1237.8%
1500.2%
(125,394) (236,336)
(92,836) (173,667)
(32,558) (62,669)
46.9%
46.5%
48.0%
(970)
125.9%
(295)
185.1%
(44) (607)
92.8%
NetIncome
NetMargin(variationinp.p)
188,130 165,206
49.7%
37.3%
13.9%
12.5p.p.
226,980
71.7%
17.1%
22.0p.p.
415,110 395,479
59.7%
47.1%
5.0%
12.7p.p.
EBITDA
EBITDAMargin(variationinp.p)
259,931 302,933
68.7%
68.6%
14.2%
0.1p.p.
176,739
55.8%
47.1%
12.9p.p.
436,670 574,191
62.8%
68.3%
24.0%
5.6p.p.
AdjustedNetIncome
325,363
246,311
32.1%
245,739
32.4%
571,102
476,584
EarningsperShare(EPS)
0.09
0.08
13.9%
0.11
17.1%
0.21
0.20
5.0%
AdjustedEarningsperShare(AdjustedEPS)
0.16
0.12
32.1%
0.12
32.4%
0.29
0.24
19.8%
10/13
19.8%
ConsolidatedBalanceSheet(inBRLthousands)
ASSETS
Currentassets
Cashandcashequivalents
Financialinvestments
Accountsreceivablenet
Otherreceivablesnet
Taxesrecoverableandprepaid
Deferredincometaxandsocialcontribution
Prepaidexpenses
Noncurrentassets
Longtermreceivables
Financialinvestments
Otherreceivablesnet
Deferredincometaxandsocialcontribution
Judicialdeposits
Prepaidexpenses
Investments
Otherinvestments
Propertyandequipment
Intangibleassets
Goodwill
Softwareandprojects
TOTALASSETS
LIABILITIESANDSHAREHOLDERS'EQUITY
Currentliabilities
Collateralfortransactions
Earningsandrightsonsecuritiesincustody
Suppliers
Salariesandsocialcharges
Provisionfortaxesandcontributionspayable
Incometaxandsocialcontribution
Financing
Dividendsandinterestonowncapitalpayable
Redemptionofpreferredsharestobesettled
Otheraccountspayable
UnearnedRevenues
Noncurrent
Financing
DeferredIncomeTaxandSocialContribution
Provisionforcontingenciesandlegalobligations
Otheraccountspayable
Minorityinterestinsubsidiaries
SHAREHOLDERS'EQUITY
Capital
Capitalreserve
Revaluationreserves
Legalreserve
Statutoryreserves
Treasurystock
RetainedEarnings
TOTALLIABILITIESANDSHAREHOLDERS'EQUITY
Consolidated
06/30/09
%
03/31/09
%
2,569,664 12.3% 2,814,573 13.3%
35,994
0.2% 14,524
0.1%
2,299,430 11.0% 2,577,550 12.2%
113,457
0.5% 138,094
0.7%
23,708
0.1% 19,854
0.1%
69,300
0.3% 16,886
0.1%
24,087
0.1% 41,357
0.2%
3,688
0.0% 6,308
0.0%
18,366,580 87.7% 18,389,706 86.7%
693,092
3.3% 730,230
3.4%
557,641
2.7% 553,643
2.6%
7,894
0.0% 6,519
0.0%
28,807
0.1% 73,476
0.3%
98,750
0.5% 96,396
0.5%
0.0% 196
0.0%
1,318,238
6.3% 1,318,279
6.2%
1,318,238
6.3% 1,318,279
6.2%
255,718
1.2% 246,680
1.2%
16,099,532 76.9% 16,094,517 75.9%
16,064,309 76.7% 16,064,309 75.8%
35,223
0.2% 30,208
0.1%
20,936,244 100.0% 21,204,279 100.0%
Consolidated
30/6/2009
31/3/2009
1,215,927
5.8% 1,677,230
7.9%
789,011
3.8% 1,135,943
5.4%
34,156
0.2% 36,368
0.2%
6,798
0.0% 12,237
0.1%
39,345
0.2% 29,764
0.1%
18,475
0.1% 18,017
0.1%
1,697
0.0% 1,339
0.0%
8,221
0.0% 3,570
0.0%
3,728
0.0% 185,098
0.9%
1,839
0.0% 4,132
0.0%
293,272
1.4% 218,689
1.0%
19,385
0.1% 32,073
0.2%
146,951
0.7% 47,538
0.2%
8,233
0.0%
90,257
0.4%
48,214
0.2% 47,224
0.2%
247
0.0% 314
0.0%
15,382
0.1% 15,632
0.1%
19,557,984 93.4% 19,463,879 91.8%
2,540,239 12.1% 2,540,239 12.0%
16,639,057 79.5% 16,625,612 78.4%
23,841
0.1% 23,986
0.1%
0.0% 3,453
0.0%
3,453
302,928
1.4% 302,928
1.4%
(243,658) 1.2% (257,973) 1.2%
292,124
1.4% 225,634
1.1%
20,936,244 100.0% 21,204,279 100.0%
11/13
Change(%)
8.7%
147.8%
10.8%
17.8%
19.4%
310.4%
41.8%
41.5%
0.1%
5.1%
0.7%
21.1%
60.8%
2.4%
100.0%
0.0%
0.0%
3.7%
0.0%
0.0%
16.6%
1.3%
Change(%)
27.5%
30.5%
6.1%
44.4%
32.2%
2.5%
26.7%
130.3%
98.0%
55.5%
34.1%
39.6%
209.1%
2.1%
21.3%
1.6%
0.5%
0.0%
0.1%
0.6%
0.0%
0.0%
5.5%
29.5%
1.3%
OPERATIONALSTATISTICSBM&FSEGMENT
Product
2Q09
BRLInt.ratecontracts
959.3
USDInt.ratecontracts
FXContracts
AVERAGEDAILYTRADEDCONTRACTS(THOUSANDS)
2Q09/1Q09
2Q09/2Q08
2Q08
1Q09
(%)Change
(%)Change
1H09
1H08
1H09/1H08
(%)Change
952.2
0.7%
861.8
11.3%
910.5
941.9
3.3%
73.9
94.9
22.1%
92.5
20.1%
83.2
94.8
12.2%
452.6
563.9
19.7%
378.6
19.6%
415.6
567.3
26.7%
Indexbasedcontracts
80.1
88.2
9.3%
72.8
10.0%
76.4
90.3
15.4%
Commoditycontracts
9.4
16.5
42.7%
10.1
6.6%
9.8
14.9
34.7%
OTCcontracts
9.8
14.2
30.9%
4.8
104.9%
7.3
14.1
48.2%
WebTrading
51.2
37.8
35.6%
51.2
0.1%
51.2
39.2
30.6%
Total
1,636.3
1,767.6
7.4%
1,471.7
11.2%
1,554.0
1,762.5
11.8%
1H09
1H08
Product
2Q09
AVERAGERATEPERCONTRACTRPC(BRL)
2Q09/2Q08
2Q09/1Q09
2Q08
1Q09
(%)Change
(%)Change
1H09/1H08
(%)Change
BRLInt.ratecontracts
0.941
1.064
11.5%
0.886
6.3%
0.915
1.082
15.5%
USDInt.ratecontracts
1.644
1.108
48.5%
1.559
5.5%
1.597
1.114
43.4%
FXContracts
2.333
1.785
30.6%
2.422
3.7%
2.373
1.818
30.6%
Indexbasedcontracts
1.779
2.453
27.5%
1.562
13.9%
1.676
2.291
26.9%
Commoditycontracts
2.358
3.892
39.4%
2.074
13.6%
2.211
3.624
39.0%
OTCcontracts
1.756
2.322
24.4%
2.192
19.9%
1.899
2.193
13.4%
WebTrading
0.196
0.161
22.2%
0.185
5.9%
0.191
0.158
20.6%
Total
1.389
1.383
0.4%
1.345
3.3%
1.368
1.393
1.8%
12/13
OPERATIONALSTATISTICSBOVESPASEGMENT
AVERAGEDAILYTRADEDVALUE(BRLMILLIONS)
2Q09/2Q08
2Q08
1Q09
(%)Change
2Q09/1Q09
(%)Change
2Q09
StocksandEquityDeriv.
Cashmarket
Derivatives
6,515.3
20.0%
3,906.2
33.4%
4,558.9
6,210.5
26.6%
4,916.1
6,051.4
18.8%
3,622.5
35.7%
4,269.3
5,780.5
26.1%
295.5
463.9
36.3%
283.7
4.2%
289.6
430.1
32.7%
71.5
235.9
69.7%
66.6
7.3%
69.1
232.9
70.3%
224.0
228.0
1.8%
217.1
3.2%
220.6
197.1
11.9%
0.9
3.3
71.8%
1.8
48.3%
1.4
7.1
80.7%
5,212.6
6,518.6
20.0%
3,908.1
33.4%
4,560.3
6,217.6
26.7%
Fixedincomeandotherspotsecurities
Total
2Q09
StocksandEquityDeriv.
Cashmarket
AVERAGEDAILYNUMBEROFTRADES
2Q09/2Q08
2Q08
1Q09
(%)Change
2Q09/1Q09
(%)Change
1H09
1H08
1H09/1H08
(%)Change
325,774
230,450
41.4%
278,324
17.0%
302,049
218,094
267,397
178,310
50.0%
216,645
23.4%
242,021
170,047
42.3%
58,377
52,140
12.0%
61,678
5.4%
60,028
48,047
24.9%
64.9%
Derivatives
Forwardmarket
38.5%
1,103
3,052
63.9%
937
17.8%
1,020
2,908
57,274
49,088
16.7%
60,742
5.7%
59,008
45,139
30.7%
34.8%
23.8%
28.9%
325,779
230,459
41.4%
278,331
17.0%
302,055
218,104
38.5%
1H09
1H08
Optionsmarket(stocks/indices)
Fixedincomeandotherspotsecurities
Total
1H09/1H08
(%)Change
1H08
5,211.6
Forwardmarket
Optionsmarket(stocks/indices)
1H09
OTHEROPERATIONALSTATISTICS
2Q09/2Q08
2Q08
1Q09
(%)Change
2Q09
2Q09/1Q09
(%)Change
1H09/1H08
(%)Change
EndofperiodMarketCap.(BRLbillions)
1,788
2,406
25.7%
1,486
20.3%
1,788
2,406
25.7%
AverageMarketCap.(BRLbillions)
1,713
2,450
30.1%
1,441
18.8%
1,577
2,392
34.1%
EndofperiodIbovespa
51,465
65,018
20.8%
40,926
25.8%
51,465
65,018
20.8%
AverageIbovespa
49,297
67,397
26.9%
39,682
24.2%
44,519
64,395
30.9%
Valueundercustody(BRLbillions)
844
1,133
25.6%
705
19.7%
844
1,133
25.6%
Numberofcustodyaccounts(thousands)
543
540
0.7%
548
0.8%
543
540
0.7%
45.2%
SecuritiesLending(EndofperiodofOpenInterestBRL
billions)
13
24
45.2%
10
31.2%
13
24
433
446
2.9%
432
0.2%
433
446
2.9%
TreasuryDirectstockofsecurities(BRLmillions)
2,809
1,552
81.0%
2,660
5.6%
2,809
1,552
81.0%
TurnoverVelocity(annualized)
70.6%
62.0%
8.6p.p.
61.8%
8.8p.p.
66.6%
57.5%
9.1p.p.
#Companieslisted
TRADINGMARGINS(basispoints)
Market
StocksandEquityDerivatives
2Q09
2Q08
1TQ9
6.4
6.7
6.5
CashMarket
5.9
6.1
5.9
Derivatives
14.4
14.5
14.0
ForwardMarket
13.0
13.0
13.0
OptionsMarket
14.8
16.0
14.3
6.4
6.7
6.6
TotalBOVESPA
13/13