BM&FBOVESPA Announces Results For The Third Quarter 2012
BM&FBOVESPA S.A. (BVMF3) today reported third quarter earnings ending September 30, 2012. The Bovespa segment recorded its second strongest performance to-date. This performance together with higher Rate per Contract (RPC) for derivatives and growth in non- trading and settlement segments delivered solid revenue increase. Also, expense control in the quarter contributed to improve operating performance.
- 3Q12 gross revenues reached R$581.3 million, up 6.2% over 3Q11, reflecting growth across all segments;
- Adjusted expenses were R$136.0 million, roughly flat compared to 3Q11. Adjusted expenses rose by 6.4% over the previous quarter in line with the Company’s budget for the year;
- Operating income reached R$346.8 million, up 7.0% over 3Q11 and operating margin increased by 84 bps;
- EBITDA grew 8.1% and EBITDA margin increased by 162 bps compared to 3Q11;
- Adjusted net income totaled R$400.6 million, increasing by 0.3% over 3Q11 as operating income growth was offset by a reduction in financial income and higher non-cash taxes;
- Adjusted earnings per share rose 1.7%, to R$0.21;
- Average Daily Trading Value (ADTV) for the Bovespa segment reached an all-time-high of R$8.4 billion in September 2012;
- ADTV of Exchange Traded Funds (ETFs) was up 90.2% year-over-year. Average assets under custody of Tesouro Direto rose by 45.6%;
- Average RPC in the BM&F Segment increased 14.7% year-over-year, offsetting the 4.0% reduction in the Average Daily Volume (ADV) for the segment;
- R$221.2 million in dividends and interest on capital, comprising 80% of 3Q12 GAAP net income.
“We maintained focus on delivering our strategy to grow and diversify revenues and drive operational excellence,” said BM&FBOVESPA Chief Executive Officer Edemir Pinto. “We are also making significant advances in building state-of-the-art technological capabilities which will place our trading technology and capacity at the forefront of global best practices.”
“In this way, we are ready to capture and optimize the opportunities presented by Brazilian capital markets and this new era of low interest rates. We are making infrastructure investments, focusing on market integrity, developing markets and products, and strengthening relationships with market participants” Mr. Pinto added.
Chief Financial, Corporate Affairs and Investor Relations Officer, Eduardo Refinetti Guardia, said: “BM&FBOVESPA achieved solid results and strong operating leverage in the third quarter, consistently expanding margins and cash generation.”
Expenses adjusted to Company´s depreciation, stock options plan costs, tax on dividends from the CME Group and provisions.
Net income adjusted to eliminate deferred liability recognized in correlation with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan, the investment in associates (CME Group) accounted for under the equity method net of taxes and taxes paid overseas to be compensated.