BM&FBOVESPA S.A. announces earnings for the fourth quarter of 2010. Growth in revenues and net income mark the quarter. Following the main highlights of the period, including the 2010 results and the comparison of the preview year:
Adjusted EPS: R$0.185 / GAAP EPS: R$0.131
- Net revenues: 4Q10 net revenues of R$470.1 million increased 10.7% year-over-year. In 2010, net revenues totaled R$1,889.8 million, a 25.8% growth over 2009.
- Adjusted EBITDA (1) reached R$311.8 million, 6.8% higher than 4Q09, while the adjusted EBITDA margin stood at 66.3%. In 2010, the adjusted EBITDA was R$1,346.0 million, 30.1% higher than 2009 with an adjusted EBITDA margin of 71.2%.
- Adjusted net income (1) in 4Q10 rose 16.7% over 4Q09, reaching R$368.0 million (adjusted EPS of R$0.185). Year-over-year, the increase was 29.6% totaling R$1,586.4 million. (adjusted EPS of R$0.801)
- GAAP net income (2) in 4Q10 was 18.8% higher than 4Q09, reaching R$261.5 million (EPS of R$0.131). Year-over-year, the GAAP net income of R$1,144.6 million (EPS of R$0.578) in 2010 was 29.9% higher.
- Adjusted operating expenses (1): R$159.0 million in 4Q10, 19.0% higher than 4Q09, amounting to R$543.9 million in 2010 (21.8% higher than 2009).
- Operating performance: The 4Q10 highlight was the rebound of volumes traded in the Bovespa segment, up 15.0% over 3Q10. In the BM&F segment, the highlight was the record of 2.61 million contracts traded per day in 4Q10, a 67.8% increase over 4Q09.
In 2010, the highlight was the historic mark of R$74.3 billion offered via IPO and subsequent offerings, plus the milestone of 640 thousand investors by year end 2010.
High frequency traders accounted for 5.7% of the total traded volume in January 2011, in Bovespa segment. In addition, trading via co-location arrangements in the Bovespa segment has increased, reaching a daily average of R$125.6 million in the same month.
- Dividends: recommendation of R$406.1 million in dividends, amounting to R$1.14 billion in 2010 (100% payout of GAAP net income); and R$50 million of interest on capital related to 2011.
(1) Expenses were adjusted by the stock option plan, depreciation, provision for doubtful accounts, and taxes related to ownership equity; the EBITDA was adjusted by the stock option plan; and the Net Income was adjusted by the acknowledgement of deferred liabilities from goodwill amortization, stock call option plan, and ownership equity of the Company’s interest in the CME Group (net of taxes).
(2) attributable to BM&FBOVESPA shareholders.