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GAAP Net income of R$188.1 million for the second quarter of 2009 was up 13.9% from the same period a year earlier, whereas adjusted net income of R$325.4 million soared 32.1% from adjusted pro forma net income for the three?month period to June 2008.
2Q09 net revenues of R$378.2 million declined 14.7 % from the same quarter one year ago. In the comparison of the six months to June, net revenues dropped 17.3% to R$694.8 million.
2Q09 operational expenses reached R$ 128.2 million, a 13.6% slump from one year ago. As adjusted by items with no impact on cash flow, such as depreciation and the employee stock options plan, operational expenses for the quarter amounted to R$104.9 million, a 25.3% retreat from adjusted expenses for the same period a year earlier, and in line with the R$450.0 million target for the year.
EBITDA totaled R$259.9 million for the quarter, down 14.2% from 2Q08, and R$436.7 million for the six months to June 2009, a year?on?year drop of 24.0%. EBITDA Margin was stable between 2Q09 (68.7%) and 2Q08 (68.6%).
The board of directors approved the distribution of R$175 million composed by interest on shareholders’ equity in the amount of R$141.5 million and dividends in the amount of R$ 33.5 million.
Financial Highlights:
GAAP Net income for 2Q09 amounted to R$188.1 million (EPS of R$0.09), a 13.9% year?on?year rise over pro forma net income for the quarter to June, 2008. In the six?month period to June 2009 GAAP Net income totalled R$415.1 million, climbing 5.0% over pro forma Net income for the same period in 2008.
Adjusted net income for the quarter, of R$325.4 million, 32.1% higher than adjusted pro forma net income for the same period a year earlier, whereas for the six months to June, 2009 adjusted net income of R$571.1 million represented a 19.8% year?on?year increase over adjusted pro forma net income for the first half of 2008.
- Adjusted net income: adjustments to quarterly GAAP net income amounted to R$137.2 million, comprising three items with no impact on cash flow: addition of R$159.3 million derived from recognition of deferred liabilities connected with tax amortization of goodwill in the 1H09 (R$ 79.6 million of 1Q09 and R$ 79.6 million of 2Q09); plus R$13.4 million in expenses with the stock options plan; and deduction of R$35.5 million related to credit from tax losses of former Bovespa Holding.
- In the second quarter of 2008, the adjustment excluded the effects of amortization of goodwill in the amount of R$ 81.1 million.
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