3Q12Earnings

Q
g
Presentation
November 07 2012
November07,2012

11

Forward Looking Statements

Thispresentationmaycontaincertainforwardlookingstatementsthatexpressmanagementsexpectations,
beliefsandassumptionsaboutfutureeventsandresults.Thesestatements,otherthanstatementsofhistorical
fact,arebasedoncurrentlyavailablecompetitive,financialandeconomicdataandinformation,andon
managementscurrentestimatesandprojectionsaboutfactorsrelatedtotheindustryinwhichBM&FBOVESPA
operates.Wordsasanticipate,believe,could,may,would,should,estimate,expect,predict,
intend,project,seek,targetandsimilarotherwordsareintendedtoidentifyforwardlookingstatements.
Therecanbenoassurancethatforwardlookingstatementswillprovetobeaccurate,astheyinvolverisksand
uncertaintiesthatcouldcauseourfutureperformanceandactualresultstodiffermateriallyfromthosethatare
anticipated,expressedorimpliedinsuchstatements.Factorsthatmayaffectourfutureperformanceinclude,
butarenotlimitedto:(i)marketacceptanceofourserviceofferings;(ii)volatilityrelatedto(a)theBrazilian
economyandthecapitalmarkets,and(b)thehighlycompetitiveindustryinwhichBM&FBOVESPAoperates;(iii)
changesin(a)domesticandforeignlegislationandtaxation,and(b)governmentpoliciesandtheirimpactonthe
financialandcapitalmarkets;(iv)freshcompetitionfromnewentrantstotheBrazilianmarkets;(v)ourabilityto
keepupwithrapidchangesintechnology,includingastotheimplementationofenhancedfunctionalities
promptedbycustomerdemand;(vi)ourabilitytosustainacontinuousandcompetitiveproductandservices
developmentprocess,whereasmaintainingthecompetitivenessofexistingofferings;(vii)ourabilitytoattract
newcustomers,whetherbasedinBrazilorelsewhere;(viii)ourabilitytoexpandourproductofferingstoother
countries.Theseforwardlookingstatementsspeakonlyasofthedateofthispresentation,andBM&FBOVESPA
undertakesnoobligationtopubliclyupdateorreviseanyoftheminlightofnewinformationorfuture
developments.Thispresentationdoesnotconstituteanoffertosellorasolicitationofanoffertobuyany
securitiesofthecompany,norshalltherebeanysaleofsecuritiesofthecompanyinanyjurisdictioninwhich
suchofferorsalewouldbeunlawfulpriortoregistrationorqualificationundertherelevantsecuritieslaw.No
offeringshallbemadeexceptbymeansofaprospectuspreparedpursuanttotherequirementsofBrazilian
SecuritiesCommission(CVM)Ruling400of2003,asamended.
22

Highlights3Q12vs.3Q11
Growthinallbusinesslinesandcostsundercontrol

FINANCIAL HIGHLIGHTS

OPERATINGHIGHLIGHTS

9 GrossRevenue: R$581.3million,+6.2%

9 Bovespa Segment:

Bovespa
Bo espa Seg.:R$263.4million,+5.9%
Seg R$263 4 million +5 9%

ADTV:+8.7%
ADTV +8 7%

BM&FSeg.:R$219.3million,+6.8%

Margin: flat

Otherrevenues:R$98.7million,+5.8%

9 BM&FSegment:
RPC:+14.7%
RPC: +14 7%

9 NetRevenue: R$521.6million,+5.7%

ADV:4.0%
9 Highgrowthproducts:

j
p
R$136.0 million,0.2%
,
9 AdjustedExpenses:

ETFs:+90.2%ADTV
Tesouro Direto:+45.6%AUM

9 Operating Income:R$346.8million,+7.0%

FII:stronggrowthinmarketcapitalizationand
numberofinvestors

9 EBITDA:R$375.6million,+8.1%

LCA:consistentincreaseofregistervolume
f
l

EBITDAMargin: 72.0%
9 Adj.NetIncome: R$400.6million,+0.3%,
9 Adj.EPS: R$0.208,+1.7%
9 Payout:
P
t R$221.2millionindividendsandintereston
R$221 2 illi i di id d
di t
t
capital,80%ofGAAPnetincomein3Q12

MAINPROJECTSFOR4Q12
9 Crosslisting:listingofS&P500minicontractsatBVMF
l
l
f
andIbovespa atCME
9 PUMATradingSystem:equitiesmodule
9 RegistrationPlatforms
g

1Excludesstockoptionsplan,depreciation,provisionsandtaxondividendsfromCMEGroup.2

Excludesdeferredliabilityrecognizedincorrelationwithtemporarydifferencesfromamortizationofgoodwillfortax
purposes,theimpactofthestockoptionsplan,theinvestmentinassociate(CMEGroup)accountedforundertheequitymethod of accounting,netoftaxesrelatedtodividendsandrecoverabletaxespaidoverseas
tobecompensated.
3

BovespaSegment
ADTVgrowthandflatmargins
OPERATINGHIGHLIGHTS
ADTVandmargininbasispoints

93Q12 3Q11
93Q12x3Q11:
5.71

5.58

5.91

5.50

5.73

6.6

6.4

7.2

7.6

7.2

2Q12
Margin(bps)

3Q12

3Q11

4Q11
1Q12
ADTV(R$billions)

Averagemarketcap andturnovervelocity
69.3%

66.6%

66.2%

75.0%

+8.7%ADTV=>9.8%growthofcashequities
ADTV
foreign
foreigninvestorsADTVwentup26.2%
investors ADTV went up 26.2% =>>foreign
foreign
HFTsADTVrose24.9%
alltimehighmonthlyADTVofR$8.4billionin
Sep12
recordof1.5milliontradesin9/14
record of 1 5 million trades in 9/14

70.4%

stabletradingmarginsat5.7bps
higherturnovervelocityof70.4%

22
2.2

22
2.2

25
2.5

24
2.4

24
2.4

3Q11

4Q11

1Q12

2Q12

3Q12

6.6%growthintheaveragemarketcapitalization
6 6% growth in the average market capitalization

AverageStockMarketCapitalization(BRLtrillions)

TurnoverVelocity(%)

HFTs:ADTV(R$millions)
s:
( $
o s) aandparticipationofvolume(%)
d pa t c pat o o o u e (%)
10.3%

10.3%

8.5%

1,329.1

1,311.9

174.6
319.3

146.0
249.2

835.1

916.7

873.9

3Q11

4Q11

1Q12

Foreigners

Individuals

1,199.1

325.3

Institutionals

9.4%

9.8%

1,454.1
0,2
268.3

1,368.9

1,185.6

1,043.5

2Q12

3Q12

73,8
251.6

%ofoverallmarket

93Q12x2Q12:
ADTV
ADTV6.1%downcomparedtotheprevious
6.1% down compared to the previous
recordofR$7.6billionin2Q12
margins4.2%higher=>lowerparticipationof
institutionalinvestorsanddaytrades,whichpay
lower fee rates
lowerfeerates

44

BM&FSegment
AverageRPCgrowth
OPERATINGHIGHLIGHTS
ADV(millionsofcontracts)andRPC(R$)
1.106

1.157

1.172

2.5

2.7

2.8

3.4
0.3
0.5

0.3
0.5
15
1.5

0.3
0.5
1.7

2.3

0.4
0.5
1.8

3Q11

4Q11

1Q12

2Q12

3Q12

FX

Indices

Others

+14.7%RPC

2.7

0.3
0.5
1.8

Int.RateBRL

93Q 2 3Q
93Q12x3Q11:

1 269
1.269
1.133

=>depreciationofR$/US$rateimpactingRPC
ofFX(+36.2%)andUSDint.rates(+25.3%)
of
FX (+36 2%) and USD int rates (+25 3%)
contracts;
=>10.1%increaseinRPCforBRLint.ratedueto
concentrationoftradinginlongermaturities
contracts (4th and 5th)
contracts(4thand5th)

RPC(BRL)

BRLInt.Rates volumesbymaturities(%)
57%
8%
16%
15%

65%

4%
7%
7%
3%
2Q12

3Q11
1stMaturity

68%

86%

79%

2ndMaturity

4%

3rdMaturity

2%
4thMaturity

22%
6%
3Q12

4.0%ADV=>dropinADVofBRLint.rate(
2.4%),indices(17.3%)andFX(13.8%)went
down

90%

Lower
LowerparticipationofHFTs,duemainlytoa
participation of HFTs due mainly to a
reductioninADVofFXandindicescontracts

2%

5thMaturity

HFTs: ADV (thd contracts)andparticipationofvolume

HFTs:ADV(thd
contracts) and participation of volume (%)
7.8%
419.5

7.2%

24.4

335.2

178.7

24.8
139.6
139.6

148.3

8.0%
412.2
101.4

6.3%
442.5

6.7%

9.8

342.2

224.0

0.9

134.8
134.8

500,0

209 1
209.1

68.2

119.9
50.9

129.5
46.5

140.0
68.7

73.8
58.3

3Q11

4Q11

1Q12

2Q12

3Q12

Equities

FX

Minicontracts

Others

%inOverallVolume

400,0
300,0
200,0
100,0

93Q12
3Q12x2Q12:
x 2Q12:
+12.0%RPC=>reflectingthedepreciationof
R$/US$rate(6.5%)andreductionofdaytrade
operationsofBRLint.rates
19.8%ADVcomparedtothepreviousrecordof
19 8% ADV
d t th
i
d f
R$3.4millioncontractsin2Q12

55

BM&FSegment
LongermaturityofBRLinterestratecontracts
BRLINT.RATE:ADVPERMATURITY(MILLIONSOFCONTRACTS)
1.8

1.7

CAGR: +3%
CAGR:+3%
1.0

0.7

0.8

0.5
0.2

0.4
0
4
0.3

3Q08

3Q09

0.8
0.8

1.8

0.8

1.2

CAGR:+19%
0.6

CAGR:16%

3Q10
1st4thMaturity

5thMaturity

3Q11

3Q12

Total

BRLINT.RATES:REVENUES(INR$MILLION)
114.8

119.6

89.9

96.1

25.8

24.9

23.5

3Q10

3Q11

3Q12

101.1

CAGR:+9%
CAGR:+13%

75.3

59.1
47.2

51.7
40.7

11.9

11.0

3Q08

3Q09
1st4thMaturity

5thMaturity

CAGR:5%

Total

66

RevenueBreakdownin3Q12
Diversifiedrevenuesourcesasadifferential
REVENUEBREAKDOWN(3Q12)
39.3%:CashEquities
9.2%:Trading
30.1%:Posttrading

9 2%
9.2%
18.5%

5.2%:DerivativesonStocksandIndices
1.4%:Trading
3.8%:Posttrading

GrossRevenue:
R$581.3million
22.7%

37.0%:Financial/CommoditiesDerivatives
30.1%

14.3%:Trading
22.7%:Posttradingg

18.5%:Otherrevenues
1.4%
3.8%
14.3%

4.5%:Depository,Custodyandbackoffice
3 2%: Securities Lending
3.2%:SecuritiesLending
3.1%:Vendors
2.2%:TradingAccess(brokers)
1.9%:Listing
3 6%: Others
3.6%:Others

77

HighGrowthProducts
Increasedsophisticationofmarketparticipants
HIGHGROWTHPRODUCTS
9 Focusonproductandmarketdevelopment,supporting
higher sophistication of market participants
highersophisticationofmarketparticipants

9 Ibovespaindexrelatedproducts(optionson
Ib
Ibovespa,stockindicesfuturesandETFs)were
t k i di
f t
d ETF )
negativelyimpactedbyreducedvolatilitywhen
comparedto3Q11

9 Selectedfastgrowthproductsaccountedfor7.6%of
totalrevenuesin3Q12(7.3%in3Q11)

Optionsonstocks/indices(ADTV R$MM) Stockindexfutures(ADV thd contracts) SecuritiesLending(OpenInterest)

(R$billion)
75.3

14.5%

212.5

12.3%

17.3%

CAGR:+24.1%
64 4
64.4

186.3
80

3Q11

3Q12

Petr+Vale

89

2010

119
12.7

2009

3Q11 3Q12

30.2

30.9

31.6

29.5

2011

9M12

3Q11

3Q12

20.5

2010

TesouroDireto(custody R$Bn)
+90.2%

118.5

2009

143

Others

CAGR:+85.3%

28.5

153

2009 2010 2011 9M12

ETFs (ADTV R$MM)

18.6

123

6.5%

CAGR:+34.5%

2011

102.3
53.8

48.7
9M12

3Q11

3Q12

+45.6%

CAGR:+43.8%

2.9

3.9

2009

2010

6.1
2011

8.6

9M12

9.3
6.4
3Q11

3Q12

88

HighGrowthProducts
RealEstateFunds(FII)andAgribusinessCreditBills(LCA)

FIXEDINCOMEANDREALESTATEPRODUCTS
9 EstimatedannualizedrevenuesforFIIsandLCAsin3Q12aroundR$10million

RealEstateFunds(FIIs)

AgribusinessCreditBills(LCAs)

25

25.4

350
300

20

250
15

200

10

150
100

0.1

Mkt.Cap(R$billions)

Sep12

Jul12

Aug12

Jun12

Apr12

May12

Feb12

Mar12

Jan12

Dec11

Nov11

Oct11

Sep11

Jul11

Aug11

Jun11

Apr11

May11

Feb11

Mar11

Jan11

50

Assetsundercustody(R$billions)

Monthlyvolume(R$millions)

54.6

40%

60%

#ofinvestors(thds)

Sep12

Aug12

Jul12

Jun12

May12

Apr12

Mar12

Jan12

Feb12

Dec11

Oct11

Nov11

Sep11

Aug11

Jul11

Jun11

Apr11

May11

Mar11

Jan11

Feb11

19.7

Mkt.ShareBVMF

Other

99

Expensesin3Q12
Focusoncostcontrolandhigheroperatingefficiency
TOTALEXPENSESBREAKDOWN(3Q12)

ADJUSTEDEXPENSES
(R$million)

0.2%

Other

163.9

15%

Marketing

136.3

2%
Third
Party

8%

Expenses:
R$174.8MM

47%

125.4

127.9

136.0

1Q12

2Q12

3Q12

Personnel

14%
Depr./
Amort.

14%

3Q11

4Q11

Data. Proc.

ADJUSTEDEXPENSES:2Q12vs.3Q12

ADJUSTEDEXPENSES:3Q11vs.3Q12
(R$million)

(R$million)
2.4

1.5
(0.7)

4.8

0.1
(1.1)

2.5

(2.5)

1.7

0.1
(0.8)

(0.3)

3Q11Adj. Personnel Dataproc. ThirdParty Commun. Marketing

Exp.

136.0

136.0

136.3

127.9

Others

3Q12Adj.
Exp.

2Q12Adj. Personnel Dataproc. ThirdParty Commun. Marketing

Exp.

Others

3Q12Adj.
Exp.

10
10

AdjustedExpensesin3Q12
Focusonmarketintegrity
2012ADJUSTEDOPEXBUDGET
9Nominalreductioninexpenses
FFocusoncostcontrol:inflationarygrowthinexpenses
l i fl i
hi
fullycounterbalancedbygreateroperatingefficiency
9Budgetrange:R$560580million

(R$million)

544

585

Budget
BudgetincludesplannedtransferofresourcestoBSM
includes planned transfer of resources to BSM
ofapproximatelyR$15million in4Q12

560580

9M12:
389

2010

2011

2012

BM&FBOVESPAMARKETSURVEILLANCE(BSM)
9 Establishedin2007,BSMisresponsibleforthesecuritiesmarketsurveillanceandselfregulationof
allmarketsmanagedbyBVMF,seekingtostrengthentheirintegrity,pursuanttoCVMrule461/07
9A~R$15milliontransfertostrengthenthecashpositionofBSMandsupplementthefundingofits
activities over 2013 is in line with one of the primary objectives of BVMF which is to ensure
activitiesover2013isinlinewithoneoftheprimaryobjectivesofBVMF,whichistoensure
sustainedmarketintegrity

11
11

Netincome
Netincomeimpactedbyafallinfinancialincome
ADJUSTEDNETINCOME

EBITDA

Adjustednetincomedidnotfullycapturetherevenuegrowthduetoaplungein
interestincome
(R$million)

EBITDAgrowthinlinewithoperatingincome
growth
(R$million)

27.9
14.1

(3.9)

347.5

+8.1%

375.6

(37 1)
(37.1)
400.6

399.6

3Q11
N t
Netrevenues
E
Expenses*
*
Adjustednet
income

Financial
Fi
i l
Income

I
Incometax
t

3Q12
Adjustednet
income

FinancialIncome:3Q12vs.3Q11
9 R$45.5million, down44.9%
,
y
FinancialRevenue:R$67.6million,down33.7%duemainly
tolowerinterestrates

3Q11

3Q12

OPERATING INCOME
OPERATINGINCOME
(R$million)

+7.0%

324 1
324.1

346 8
346.8

3Q11

3Q12

FinancialExpenses:R$22.1million,a14.0%growthdueto
depreciationof24.0%inR$/US$

*Excludesstockoptionsplan andtaxondividendsfromCMEGroup.

12
12

FinancialHighlights
Focusoncashgenerationandshareholdersreturn
OPERATING CASHGENERATION
(R$million)

CASHANDFINANCIALINVESTMENTS
(R$million)

3Q12

+6.9%

340.5

364.1

2Q12
1Q12
4Q11
3Q11

3Q11

3Q12

RETURNINGCAPITALTOSHAREHOLDERS

1,166
1,443
1 207
1,207
1,551
1,270
,

343 390

2,100

340 363
383 354
383
354

1,979
1 714
1,714
1,582

380 270
468 284

Marketparticipantscashcollateralandothers*
Subsidiaries**

3,999

,
1,487

4,125
3 658
3,658
3,782
,
3,508

Restrictedfunds
Availablefunds

CAPEXBUDGETFOR2012

9 Payout: R$221.2million,R$131.2millionindividends
and R$90 0 million in interest on capital 80% of
andR$90.0millionininterestoncapital,80%
of
GAAPnetincomein3Q12.

9Budgetrange:R$230260million

9 Sharebuybackprogram:upto60millionshares
authorizedforrepurchaseuntilJune28,2013

9Actual9M12:R$124.2million

9Actual3Q12:R$52.3million

*Includescollateralspledgedbyparticipantsintheformofcash,receivablesandrightsinsecuritiesundercustody,aswellaspayoutsstillundisbursed.
**IncludesthirdpartycollateralsandrestrictedfundsatBM&FSettlementBank(BancoBM&F).

13
13

MainProjects
Deliveriesalreadyimplementedandprogrammed
INTENSEDELIVERYPHASESTARTINGIN4Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

(...)

Migrationof
PUMATrading
System
System
(equities)

Fixedincome
registration
platform

Fixedincome
trading
platform
OTCDerivatives
Platform(Calypso)

Cross
listing
Newintegratedclearinghouse/CORE*

ConstructionoftheNewDataCenter

(...)

Feestructureredesigningandintroductionofincentiveprograms

(...)

( )
(...)

Developmentofnewproducts/markets:ETFs,marketmakingprogramsfortheoptionsmarket;duallistings
/

( )
(...)

*CORE,CloseoutRiskEvaluation.

14
14

FinalRemarks
BVMFbetterpreparedtocaptureopportunities
MAINTAININGMARKETINTEGRITY

OPPORTUNITIESINBRAZILIANMARKETS

Newrealityof lowerinterestrates
Capitalmarketssettobecomeamore
importantalternativeforlongterm
funding

Control,governance,transparencyand
market security
marketsecurity
StrengtheningtheintegrityofBrazilian
capitalmarketstargetinggrowth

WHATISBVMFDOING?

Investingintensivelyintradingandposttradingplatforms
l
d
d
d
l f
Increasingfocusoncustomers(brokersandinvestors):revisitingthefeestructure,investing
inproductdevelopment
Stringentcostcontrols
Stringent cost controls
EnsuringmarketintegritybyestablishingefficientcontrolsandstrengtheningBSM

WHATISALREADYHAPPENING!

Operatingleveragematerialization
Revenuegrowth,despitesloweconomicgrowthscenarioandinternationalinstability
R
th d it l
i
th
i
di t
ti
l i t bilit
Highpotentialproductshavebeenshowingstronggrowth
15
15

APPENDIX

16
16

FinancialStatements
ResumodaDemonstraodeResultados
SummaryofIncomeStatement(Consolidated)
SUMMARYOFINCOMESTATEMENT

(inR$millions)
GrossRevenues
Net Revenues
NetRevenues
Expenses
OperatingIncome
Operatingmargin
OperatingIncome
FinancialIncome
EBT
Net Income*
NetIncome
EBITDA
EBITDAMargin
AdjustedNetIncome
AdjustedEPS(inR$)
AdjustedExpenses

3Q12
581.3
521 6
521.6
(174.8)
346.8
66.5%
37.2
45.5
429.6
276 5
276.5
375.6
72.0%
400.6
0.208
(136.0)

Change
3Q12/3Q11
547.1
6.2%
493 7
493.7
5 7%
5.7%
(169.6)
3.1%
324.1
7.0%
65.7%
84bps
28.3
31.5%
82.7
44.9%
435.1
1.3%
292 0
292.0
5
5.3%
3%
347.5
8.1%
70.4%
162bps
399.6
0.3%
0.204
1.7%
(136.3)
0.2%

3Q11

Change
3Q12/2Q12
603.2
3.6%
541 2
541.2
3 6%
3.6%
(166.1)
5.2%
375.0
7.5%
69.3%
281bps
42.4
12.1%
54.7
16.8%
472.1
9.0%
300 1
300.1
7
7.9%
9%
403.8
7.0%
74.6%
261bps
422.9
5.3%
0.219
5.3%
(127.9)
6.4%

2Q12

*Attributable toBM&FBOVESPAshareholders.

17
17

BalanoPatrimonial
FinancialStatements
EmR$milhes

SummaryofBalanceSheet(Consolidated)

ASSETS

LIABILITIESANDSH.EQUITY

(in R$millions)
Currentassets

9/30/2012 12/31/2011
3,693.9

2,401.1

46.3

64.6

3,425.7

2,128.7

221.9

207.8

20,439.7

21,188.8

727.6

Financial investments
Financialinvestments
Others

(inR$millions)

1,610.4

1,929.9

1,110.9

1,501.0

499.5

428.9

2,898.8

2,402.5

Financing

1,234.1

1,138.7

1,767.4

DeferredInc.TaxandSocialContrib.

1,605.9

1,204.6

526.8

1,589.1

Others
Others

58.8

59.2

200.7

178.4

19,624.4

19,257.5

2,946.0

2,710.1

2,540.2

2,540.2

328.7

357.2

16,031.6

16,033.9

16,437.4

16,354.1

Others

1,052.6

683.4

Goodwill

16,064.3

16,064.3

Minorityinterestinsubsidiaries

16.2

16.5

TotalAssets

24,133.6

23,589.9

LiabilitiesandShareholders'Equity

24,133.6

23,589.9

Cashandcashequivalents
Financialinvestments
Others
Noncurrentassets
Longtermreceivables

Investments
Propertyandequipment
d
Intangibleassets

Currentliabilities

9/30/2012 12/31/2011

Collateralfortransactions
Others
Noncurrentliabilities

Shareholders'equity
Capital
Capitalreserve
l

18
18

FinancialStatements
ReconciliaodoLucroLquidoAjustado
1T12
ReconciliationofAdjustedNetIncomeandExpenses
RECONCILIATIONOFADJUSTEDNETINCOME
(i R$millions)
(in
R$ illi )
Gaapnetincome*
Stockoptionsplan
Deferredtaxliabilities
Equityinresultsofinvestees(netoftaxes)
Recoverabletaxespaidoverseas
Adjusted netincome

3Q12
276.5
7.8
134.8
(32.6)
14.1
400.6

Change
3Q12/3Q11
292.0
5.3%
8.5
8.3%
124.7
8.1%
(25.7)
26.9%
0.0

399.6
0.3%

3Q11

Change
3Q12/2Q12
300.1
7.9%
8.2
4.0%
134.8
0.0%
(37.6)
13.4%
17.5
19.4%
422.9
5.3%

2Q12

*AttributabletoBM&FBOVESPAshareholders.

RECONCILIATIONOFADJUSTEDEXPENSES
(inR$millions)
TotalExpenses
Total
Expenses
Depreciation
Stockoptionsplan
TaxondividendsfromtheCMEGroup
Provisions
AdjustedExpenses

3Q12
174.8
174
8
(24.1)
(7.8)
(4.7)
(2.1)
136.0

Change
3Q12/3Q11
169 6
169.6
3 1%
3.1%
(20.7)
16.4%
(8.5)
8.3%
(2.6)
76.1%
(1.4)
52.3%
136.3
0.2%

3Q11

Change
3Q12/2Q12
166 1
166.1
5 2%
5.2%
(24.0)
0.4%
(8.2)
4.0%
(4.7)
1.9%
(1.4)
57.2%
127.9
6.4%

2Q12

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