July 2010

Transcripción

July 2010

FISCAL YEAR 101º I ANNUAL REPORT AND FINANCIAL STATEMENTS I ROFEX
ANNUAL REPORT
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Company’s activity in the fiscal year
ROFEX positions itself in the derivatives world
Modification and harmonization of futures and options contracts on
financial and agricultural product Electronic trading platform
New products
ROFEX and MERVAROS initiate merging process
Cooperation Agreement with the Rosario Grain Broker Center
ROFEX launched its Direct Market Access platform (DMA)
Rofex 1909 – 2009 Centennial Celebration
Participation in national and international events
Corporate Social Responsability
Training
Distribution of fiscal year income
Outlook for next fiscal year
Acknowledgements
FINANCIAL STATEMENTS
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Board of Directors
Company´s Data
Balance Sheet
Income Statement
Statement of changes in shareholder’s equity
Statement of Cash Flows
Notes to the Financial Statements
Annex A. Fixed Assets
Annex B. Intangibles
Annex C. Investments, Stocks, other securities
and participation in other companies
Annex D. Other Investments
Annex G. Foreign currency Assets and Liabilities
Annex H. Expenses
Informative Report
Auditor’s Report
Syndic’s Report
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MERCADO A TÉRMINO DE ROSARIO S.A
In compliance with by-laws and legal regulations, the Board of Directors
submits for the shareholders´ consideration the Annual Report, Balance
Sheet, Income Statement, Statement of Changes in Shareholders´ Equity,
Statement of Cash Flows, Annexes and Notes, Informative Report, Syndic’s
Report and External Auditors´ Report corresponding to fiscal year ended on
July 31, 2010.
Company´s activity
During the fiscal year ended on July 31, 2010, the volume traded in ROFEX´s
Financial Derivatives Division (DDF) showed a significant increase as compared to previous fiscal year, reaching the amount of 56,613,692 contracts,
accounting for a 24% annual increase. The volume traded throughout last
fiscal year confirms the sustained financial derivatives growth experienced
by ROFEX since 2003.
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ROFEX I ANNUAL REPORT AND FINANCIAL STATEMENTS I FISCAL YEAR 101º
During the last fiscal year, the month of July registered a record with almost
5,750 million dollars traded. An average daily volume of 268,869 contracts
was traded during the last three months of the fiscal year (May, June and
July). Moreover, the Financial Derivatives Division open interest (number
of contracts that remain open at the end of a trading session) amounted to
1,539,637 contracts at year-end.
For several years, the Market also offers its participants the possibility to
take Euro exchange rate coverage. During the last fiscal year, 27,594,000
Euros were traded in Euro futures per peso. Other interesting and innovative product is ROFEX´s Rolling Forex. Basically, it consists of a derivative
instrument that replicates the economic effects of a spot exchange trade,
but in which the delivery of the underlying asset (US dollars) is not necessary. During the period between August-09 and July-10, Rolling Forex
trading volume was of USD 21,267,000. Given the volume growth in the
spot and forward exchange markets during the last months, we expect an
increase in this new contract’s trading volume in the future.
As regards the Agricultural Derivatives Division (DDA), futures and options
trading amounted to a total volume of 7,432,415 tonnes, up 85% in comparison to previous fiscal year. Last fiscal year’s strong recovery confirms
the growing trend of the last seven years, only interrupted in March 2008
by the conflict between the government and the agricultural sector related
to grain export duties.
ROFEX positions itself in the derivatives world
ROFEX´s total volume growth has had a great impact on its international
presence. In the annual report of the Futures Industry Association (FIA) on
derivatives contracts global volume, ROFEX® holds the 27th place in the
ranking (moving up two places as compared to previous ranking), above
markets of renowned prestige and history. Meanwhile, ROFEX holds the
second place in the Latin American context, region led by BM&FBOVESPA.
Moreover, ROFEX is one of the markets that show the biggest sustained
growth throughout the last five years. In line with this growth, ROFEX´s
Dollar Futures Contract is placed among the five most traded currency futures in the institutionalized markets worldwide.
Modification and harmonization of futures and options contracts on
financial and agricultural products
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In May 2010, the National Securities Commission (CNV) gave its consent to
the modification approved by the Board of Directors in March 2010 regarding the size of Futures and Options Contracts on Rosafe Soybean Index
(ISR), Futures and Options Contracts on Rosafe Corn Index (IMR), Futures
and Options Contracts on Rosafe Wheat Index (ITR), Futures and Options
Contracts on Soybean (SOJ), Futures and Options Contracts on Corn (MAI)
and Futures and Options Contracts on Wheat (TRI). Thus, the size of these
contracts was modified to 30 tonnes, adjusting them to the current logistic
practices. This contract size modification was applied to positions expiring
as from 2011.
New products
In January 2010, considering the particular conditions of grain production
in Argentina and the massive use of agreements concluded between buyer
and seller to determine the quality of the product to be delivered, and with
the purpose of facilitating the management of such agreements in the electronic trading system, ROFEX established the quality criteria that must be
complied with upon goods delivery of soybean contracts. From then on,
ROFEX offers the possibility to trade two contracts with different quality
delivery. “Chamber” Condition soybean will continue trading, with the addition of the Soybean “for crushing”. These quality criteria that must be
complied with upon goods delivery of soybean contracts are defined in the
“Instructions for Goods Delivery” of Argentina Clearing S.A.
During the last fiscal year, another contract was approved by the CNV: the
Soybean contract, whose underlying assets are FOB export trades, which are
instrumented by a document called Guarantee Shipping Certificate (CEG).
This product is inspired by the contracts traded in Chicago and introduces
the shipping certificate as a settlement mechanism. This contract is called
Soybean Up River (SUR), and its respective underlying asset is represented
by quality soybean according to GAFTA 38, with FOB delivery, represented
by a Guarantee Shipping Certificate (CEG). This contract has not yet been
listed, as it requires for its active trading the modification of the regulation
by the Argentine Central Bank.
ROFEX has designed another innovative product in the local derivatives
market: the Gold Futures Contract. Since the subprime crisis, the gold market has registered new activity records and a marked increase in prices.
Significant trading volumes have been reached in both OTC and institutionalized markets. In this context, and by means of this new contract, market
participants can take price coverage for domestic assets related to gold,
access a new channel of low risk investments that decompress the physical
gold and dollar bill market for saving and offer retail investors access to
an asset historically defined as a store of value. At the date of this annual
report, the contract is still pending for approval by the CNV.
ROFEX and MERVAROS initiate merging process
With the purpose of moving towards the consolidation of Argentine derivatives and capital markets, the Mercado a Término de Rosario S.A. (ROFEX)
and the Mercado de Valores de Rosario S.A. (MERVAROS), have subscribed
a letter of intent to begin a merging process.
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The parties considered the highly positive experiences of market integration, both at regional and international level, which have proven to be successful processes to increase and diversify the products offered to clients
and to their brokers´ lines of business, so as to promote the role of stock
exchanges as efficient and transparent environments for the conjunction
of supply and demand in price discovery mechanisms, to make possible
the generation of income and expenses synergies, providing markets with
liquidity and depth.
This integration between two Argentine markets will become the first case
of integration of derivatives and securities markets in Argentina, a situation that may have a great impact on the positioning of our country in the
market integration process worldwide.
The production of commodities is one of the main economic activities of
the country and the economy’s main generator of foreign currency, implying that the integration of the financial market with that of commodities
derivatives will open unexplored development opportunities in Argentina.
This decision of ROFEX and MERVAROS is aligned with the strategy of the
National Securities Commission to encourage market integration.
Cooperation Agreement with the Rosario Grain Broker Center
On October 29, 2009, ROFEX and the Rosario Grain Broker Center entered
into a Cooperation Agreement, which became effective as of January 1,
2010. This agreement took place within the framework of the mutual interest of generating institutional and operational relationships between both
institutions, adopting mechanisms and/or policies that enable the development of agricultural markets, as well as the access to agricultural futures
trading by participants of the region’s agro- industrial sector, to the benefit
of the above mentioned institutions and its Brokers and associates.
By means of this Agreement, ROFEX and the Grain Broker Center offer the
Center’s associates the financing of the Agricultural Derivatives Division
(DDA) access fee through the payment of 20 consecutive monthly installments of U$S 500. This benefit was intended for that Center’s associates
who expressed their wish to enter as DDA brokers before December 31, 2009
and who complied with all requirements established by ROFEX to acquire
such capacity.
It should be mentioned that, as a result of this Agreement, 18 new brokers
were admitted at the closing of this fiscal year.
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ROFEX launched its Direct Market Access platform (DMA)
In the last two decades, the exchanges and markets in the world have faced
a frenetic change process characterized, among others, by:
• The massive proliferation of ATS (Alternative Trading Systems) and ECN
(Electronic Communication Networks), which became effective competitors
for liquidity.
• The pressure of clients (mainly institutional investors) to obtain more
trading liquidity and speed, lower fees and new products.
• The growing market integration and globalization that generate an effective competence on the previously exclusive national markets.
In order to remain in a competitive business position and survive in this
new environment, exchanges needed to diversify and move towards better
business practices, more business-oriented and based on the improvement
of their systemséfficiency, accessibility and ease of use.
In Argentina, since 1998, ROFEX offers futures electronic trading. This factor, together with the Market’s demutualization process completed in 2006,
allowed ROFEX to concentrate its resources on the development of an open
architecture platform, easily integrated with other markets or networks.
Thus, in 2006, ROFEX opened its electronic trading platform by installing
a new connection point to it (gateway) based on the FIX protocol, the leading communication standard of the world financial industry. This allowed
ROFEX, among other things, to connect with another exchange to enter
into product cross-listing agreements and enabled Brokers to develop and/
or buy their own terminals to trade in the Market.
But, undoubtedly, due to the existence of this open standardized technology, the possibility of providing DMA to the Argentine market began to be
developed for the first time in 2009. Thus, in the second half of the year,
the access schemes that would be supported by ROFEX and its intermediaries were designed, while the approval of such access and distribution models was requested to the CNV.
In March 2010, the CNV authorized ROFEX to offer DMA and in June, issued
Resolution N° 573, included in that organization’s rulebook, where the issue
is broadly regulated for the Argentine market.
DMA is the new electronic trading platform that ROFEX launched on April
28, 2010, to allow the use of new information technologies and facilitate
direct access to the Market. DMA consists of a market or exchange access
model, in which intermediaries (brokers) offer their clients the possibility to:
• Visualize in real time the order book of the exchange’s electronic system.
• Send orders electronically that, upon compliance with certain quantity limits and other parameters established by Brokers and/or markets, are
routed automatically to the central order book of the exchanges or markets.
At present, ROFEX is the only exchange in Argentina that offers Direct Market Access. At the beginning of July 2010, it already had a certified DMA
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vendor and six brokers authorized to offer DMA to their clients.
In this first stage, the technological solution that supports ROFEX´s electronic trading platform allows only futures contracts to be traded via DMA;
however, the Market is working to migrate in a short term a new system
version that will accept other products, such as options contracts.
As regards the technological level, the incorporation of HFT (High Frequency Trading) and co-location agreements represents a huge challenge
for markets, as they will have to invest in and adapt their matching, distribution and publication systems to face the huge message flow generated
by this trading.
In this sense, ROFEX is working as from twelve months in the development of a new high-performance, very low-latency trading platform, programmed in FIX language as from the beginning. This platform will be put
into production as from the second semester and without any doubt will be
fundamental for ROFEX´s business growth in Argentina and its integration
with other market platforms.
Rofex 1909 – 2009 Centennial Celebration
ROFEX celebrated its 100th Anniversary in an important event headed by
Mr. Luis Ossola, President of the Institution. In his speech, he remembered
parts of ROFEX´s history, considering November 19, 1909 as the opening
date and highlighting several milestones that has today positioned ROFEX
as one of the main markets in Argentina and Latin America. More than 600
guests attended the celebration that ended with a cocktail that took place
at the Rosario Board of Trade main room.
As part of the celebration, a Capital Market and Derivatives Seminar was
developed, in which national and international well-known financial experts made presentations. It should be mentioned, among others, Mr. Carlos
Zarazaga, Chief Economist and Advisor for Latin America Economic Affairs
from the Federal Reserve-Dallas Branch; Mr. Alejandro Vanoli, President of
the National Securities Commission and Mr. Paulo Oliveira Jr, BMF (Bovespa) Business Development Director.
Additionally, the Rofex 100th Anniversary Golf Tournament was organized
at the Rosario Golf Club. After the tournament, a dinner was offered to the
participants at the Mercurio Restaurant of the Rosario Board of Trade where
the winners received their prizes.
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Participation in national and international events
During this fiscal year, ROFEX’s authorities and representatives have actively participated in local and international events. In September 2009, the
30th Bürgenstock International Conference, organized by the Swiss Futures
and Options Association (SFOA) was held in Interlaken, Switzerland. In this
traditional event a panel dedicated to Derivatives markets in Latin America
was organized for the first time. Mr. Ismael Caram, Operations Manager and
Mr. Luis B. Ossola, President, participated in the panel representing ROFEX.
From October 20 to 22, 2009, the 25th Annual Exposition of Futures and
Options, organized by the Futures Industry Association (FIA) was held in
Chicago, USA. This is one of the most important events in the derivatives
world. Mr. Ismael Caram, Operations Manager, attended the Exposition on
behalf of ROFEX, sharing during the three-day event experiences with representatives of the most important world markets.
Another event where ROFEX participated was the 4th Financial and Capital
Markets International Congress, annually organized by BMF Bovespa, in
Campos do Jordao, Brazil. Mr. Alejandro Bour and the Directors Mr. Andrés
Ponte and Pedro Amuchástegui attended the Congress, in representation
of ROFEX.
Rofex also participated in the HIGH TECH event, organized by the IberoAmerican Federation of Boards of Trade, held at the Buenos Aires Board
of Trade on April 21 and 22, 2010. Mr. Sebastián Ferro, IT Manager and
Mr. Ismael Caram, Operations Manager, participated in panels representing
ROFEX.
Besides, ROFEX participated in the VIII World Soybean Conference, held
in Beijing, China. Mr. Pablo Torti, ROFEX’s Director, attended the event
together with authorities of the Rosario Board of Trade. Several meetings
were held to strengthen institutional relations with that country.
Corporate Social Responsibility
The General Manager proposed a Corporate Social Responsibility Plan with
the objective of fostering the professional development and further incorporation to the labor world, of young people of scarce resources, training
them to develop skills to allow them to access ROFEX´s dynamic market.
The project will also contribute to improve conditions in Rosario and the
region. An agreement with the A.R.A.S. Foundation (Rosario Association
for Solidarity Assistance) was evaluated, as this Foundation has established
solid relationships with regional, national and foreign solidarity institutions that provide funds and support to educational projects. ROFEX has
also work agreements with, among others, the Federal Ministry of Labor,
the Provincial Ministries of Social Action and Education, Rosario and Pérez
Municipalities, Los Pinos Educational Center (Uruguay), Elis Center (Italy),
Rhein Donau Foundation (Germany), the Ministry of Social Development
(Germany) and Casatejada Foundation (Spain).
Based on the proposal to reach an agreement with A.R.A.S. Foundation, in
ROFEX´s Board of Directors meeting held on March 2, 2010, it was unanimously approved to provide scholarships to complement formal studies
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through school support and intensive training in IT and English language in
the Centro Educativo 4 Vientos (Four Winds Educational Center) where the
above mentioned Foundation has been working from a decade. The total
contribution committed by Rofex during 2010 would reach $60,000 pesos.
Training
Important changes were performed during 2010 in the program training
offered by ROFEX´s Training area.
tional University of Rosario (UNR). This year inscriptions largely exceeded
those of last year, reaching a total of 24 attendees, accounting for a 50%
increase as compared to previous year.
Distribution of fiscal year income
According to the Income Statement, the fiscal year ended with a net profit
of $9,345,428.- which the Board of Directors proposes to distribute as follows:
The regular courses program adopted a new name: ROFEX Professional
Trader Program (POP), integrated by several courses -more than 22- delivered throughout the year, aimed at developing future and options experts
with a complete knowledge of market derivatives.
To legal reserve
$ 467,271.To cash dividends$ 2,100,000.To next fiscal year
$ 6,778,157.-
POP courses are divided into four sub programs: an introductory program
(Futures and Options Training Program); an exclusive options program (Options Advanced Program); a program dedicated to agricultural products
(Agro Program) and a specialized risk program (Risk Program). This sub
division was created to respond to the demand from those willing to be
trained in more focused subjects, such as commodities options and futures.
Also, the amount of $ 390,000.- is proposed to be assigned to Directors and
Syndic’s fees, which has been included in the Income Statement through a
provision duly registered at year-end.
This new program structure allows developing in depth certain contents
and adding new courses, following the suggestions received every year
from our participants.
In the 44 courses organized and delivered at ROFEX´s offices in Buenos
Aires during the fiscal year ended on 31 July 2010, the number of participants was of 674 while 54 participants attended tailor made courses at the
Market’s offices.
During this fiscal year, free presentations were delivered in the most important Rosario universities and business schools aimed at spreading the future
market and encouraging the study of this subject in the academic community. Around 380 people participated in this activity, among students and
professors.
In the same period, many requests for courses and programs were received
from country side cities, due to the lack of training on market derivatives.
Answering those claims, several seminars were carried out to satisfy requests in the following provinces: Cordoba, Mendoza, Tucumán, Salta and
Santiago del Estero.
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ROFEX´s training staff again participated in the Financial Specialization
Program (PEF) of the Argentine Central Bank (BCRA), delivering the subjects of “Corporate Finance” and “Finance Derivatives”. 41 employees of
BCRA and other public institutions are registered in the PEF.
In March 2010, the 5th Edition of the Specialization and Master in Finance
courses was held at ROFEX’s offices in Buenos Aires, together with the Na-
Outlook for next fiscal year
Financial Derivatives Division (DDF): As in the previous fiscal years, trading
volume is expected to continue growing. However, grow rates would probably be slightly lower as compared to previous years, despite the natural
relationship between volumes and prices volatility that the market (especially the exchange market) will register in the future.
Agricultural Derivatives Division (DDA): The growth registered during last
year, higher than 80%, make us optimistic as regards business evolution in
this current year. Nevertheless, last year’s high growth rate was due to the
recovery after the crisis between the Government and the agricultural sector. This year growth rate will be lower and will be boosted by the increase
in Soybean for crushing contracts.
Direct Market Access (DMA): Perspectives for this fiscal year allows us to
be optimistic about the evolution of this new execution method. However,
DMA evolution will depend on the adoption speed of this technology by
Brokers and the incorporation of new products by ROFEX, making this alternative more attractive for investors.
Acknowledgments
Finally, the Board of Directors wants to express its gratitude for the continuous cordiality and efficiency shown by the officials and managers of
the National Securities Commission, the Argentine Central Bank and the
Argentine Ministry of Agriculture, Livestock and Food. Furthermore, the
Board wishes to thank all staff members for the professionalism and permanent dedication shown as well as the authorities and officials of the Rosario
Board of Trade for the constant institutional support given to the Company.
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Board of Directors:
MERCADO A TÉRMINO DE ROSARIO S.A.
Chairman
Vicechairman
Luis B. Ossola
Fabio J. Bini
Secretary
Leandro Salvatierra
Treasurer
Pedro Amuchástegui
Regular Members
Jaime Abut
Jorge E. Weskamp
Pablo L. Torti
Andrés E. Ponte
Gustavo Cortona
Alternate Members
Edgardo J. Noviski
Pablo Scarafoni
Horacio Angeli
Ricardo O. Fernández
Regular Syndic
Fernando R. Viñals
Alternate Syndic
Miguel C. C. Araya
General Manager
Diego G. Fernández
External Auditors
Vigna, Santoni y Asociados
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Company´s Data
Expiry of the company´s life:
Paraguay 777 15º Floor - Rosario - Province of Santa Fe
August 15, 2089
Registered with the corporation control authority under number:
Company´s Main Activity:
226
Registration of futures trades on national agricultural, horticultural, livestock and
mining products and representative indexes and options contracts
Balance Sheet
Corresponding to fiscal year Nº 101
Registration date on the Commercial Registry:
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Of Bylaws:
February 22, 1910
Of Amendments:
November 24, 1919
May 13, 1921
June 11, 1926
November 29, 1932
November 30, 1940
May 4, 1945
April 6, 1953
December 27, 1978
January 11, 1983
August 15, 1990
February 21, 1994
August 22, 1997
December 23, 1998
June 26, 2000
August 30, 2001
December 26, 2002
August 12, 2003
November 6, 2006
May 30, 2007
June 4, 2010
Commenced: August 1, 2009
Ended: July 31, 2010
(Compared to previous fiscal year)
Capital Status (Note 5)
Subscribed
Paid up
10,000 Class A ordinary shares
with a nominal value of $1,000
$10,000,000
$ 10,000,000
500 Class B ordinary shares
with a nominal value of $1,000
$ 500,000
$ 500,000
$ 10,500,000
$10,500,000
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Contadores Públicos Nacionales
(Nuestro informe se extiende por separado)
Fernando R. J. Viñals
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Balance Sheet
at Julyl 31, 2010
LIABILITIES
ASSETS
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
2.347.790 1.044.139
14.907.229 14.604.365
Receivables for services (Note 3-c) 2.726.535 2.749.462
Other receivables (Note 3-d)
1.838.555 1.270.023
-
4.628
Investments (Note 3-b) Other assets (Note 3-e)
Total Current Assets
21.820.109 19.672.617
Non-Current Assets
2.901.105
814.532 635.263
1.098.706 2.195.229
98.722 -
5.929.626 5.731.597
Other liabilities (Note 3-i)
900 900
Total Non-current Liabilities 900 900
5.930.526 5.732.497
Taxes payable (Note 3-h)
Other liabilities (Note 3-i)
Total Current Liabilities Non-current Liabilities
Total Liabilities
Investments (Annex C)
2.549.630 2.226.121
Other receivables (Note 3-d) 5.943.344 1.044.854
699.827 819.174
Fixed assets (Annex A)
Intangibles (Annex B) 180.533 315.092
Other assets (Note 3-e)
1.115.372 -
Total Non-current Assets 10.488.706 4.405.241
Total Assets
32.308.815 24.077.858
07/31/09 ($)
3.917.666 Salaries and social security liabilities (Note 3-g)
Cash and equivalents (Note 3-a) Fiscal year ended
07/31/10 ($)
Current Liabilities
Accounts payable (Note 3-f) Current Assets
Fiscal year ended
SHAREHOLDERS´ EQUITY
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
(Per corresponding statement)
26.378.289 18.345.361
Total Liabilities and Shareholders´ Equity 32.308.815 24.077.858
The accompanying notes and annexes are an integral part of these financial statements.
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Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Income Statement
Statement of changes in shareholders´ equity
Corresponding to fiscal year ended July 31, 2010
Net income from services
Expenses (Annex H) Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
25.473.115 18.836.761
(15.652.137) (14.288.507)
Operating income
9.820.978 Financial and holding results:
Generated by assets:
Gain on mutual funds
Gain on public bonds
Gain on fiduciary bonds
Exchange
Interests
Cash dividends
Other results
Generated by liabilities:
Interests
Gain on investments
in related companies (Note 3-j)
Other income and expenses (Note 3-l)
Income before taxes
Income Tax (Note 5)
Net income for the year
4.548.254
Owners´ Contributions
Captions
Balances
at August 1, 2008
(1.752.525)
(1.743.231)
9.345.428 5.131.540
$
$
$
$
$
$
10.500.000 524.344 493.390 141.721 1.554.366 13.213.821
- - -
Legal Reserve
6.874.771
Total
- (224.079)
11.097.953 Retained
earnings
- 77.718 (77.612)
(20,079)
Legal
Reserve
- Net income for the
fiscal year
ended
07/31/09
16,685 Guaranty
Fund
- (219.780)
313.019
57.471
1.571.290
286.210
25.000
33.538
483.848
Surplus
Assigned to Legal
Reserve by resolution
of Ordinary Meeting
of Shareholders
dated
11/20/2008
838 13.381 25.767 300.424 549.292 12.500 128.877 323.508 Accrued Results
Share
capital
Balances
at July 31, 2009
10.500.000 524.344 (77.718)
-
- 5.131.540 5.131.540
493.390 219.439 6.608.188 18.345.361
Assigned by resolution
of Ordinary and
Extraordinary Meeting
of Shareholders
dated 10/27/2009 to:
- - - 256.577 (256.577)
-
Cash dividends
- - - - (1.312.500)(1.312.500)
Income for the fiscal
year ended 07/31/10
according to
Income
Statement
- - - - 9.345.4289.345.428
Balances
at July 31, 2010
10.500.000 524.344 -
493.390 476.016 14.384.539 26.378.289
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81
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Statement of Cash Flows
Notes to the Financial Statements
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
Changes in cash
Cash at beginning of the year
Cash at end of the year (Note 3-k)
15.622.805 17.241.761 10.160.631
15.622.805
Cash net increase
1.618.956 5.462.174
Reasons for changes in cash
Operating activities
Services collection
Payment of expenses
Financial and holding results generated
by collected receivables Financial and holding results generated
by paid liabilities
Net increase in traders´ credit balances
Income tax payments
Net increase in other receivables
Net increase in other assets
Net increase (decrease) in tax liabilities
25.496.042 (14.288.734)
17.683.434
(13.067.263)
807.472 2.008.146
(77.612)
342.280 (2.842.071)
(5.295.102)
(1.000.000)
(138.543)
(8.297)
1.249.352
(399.501)
(1.002.560)
174.243
3.003.732 6.637.554
Net cash flow generated by operating activities
Investment activities
Payments for purchase of fixed assets
Payments for purchase and development of intangibles
Net increase in non-current investments
Net cash flow used in investment activities
(143.334)
(27.664)
- (170.998)
(601.952)
(12.168)
(390)
(614.510)
Financing activities
Net decrease in bank loans
Payment of cash dividends
- (1.213.778)
Net cash flow generated by financing activities
Cash net increase (1.213.778)
1.618.956 (560.870)
-
(560.870)
5.462.174
82
Síndico
Basis of Accounting and Presentation
1.The financial statements have been prepared in accordance with resolutions of the
National Securities Commission (CNV) for which:
a) they have been valued in accordance with criteria established by the Accounting Principles Nº 16 to 21 of the Argentine Federation of Professional Councils in Economic Sciences (F.A.C.P.C.E.), with the amendments introduced by
the Professional Council in Economic Sciences of the Autonomous City of
Buenos Aires; the main criteria used are described in Note 2; b) they have been re-expressed in uniform currency up to February 28, 2003
through the application of the adjustment method of Accounting Principle
Nº 6 of the F.A.C.P.C.E.; with this purpose, the quotients used for adjustment
have been determined according to the evolution of the internal price index
published by INDEC; as from March 1, 2003 and in compliance with General
Resolution Nº 441/2003 of the National Securities Commission, the company
discontinued the application of such adjustment method without producing
significant distortions in the financial statements;
c) the financial statements have been prepared according to the guidelines prescribed by Accounting Principles Nº 8 and Nº 9 of the F.A.C.P.C.E.
2. Valuation Criteria
a) National currency assets and liabilities
Cash, receivables and debts in national currency are expressed in their nominal values. Such concepts do not include significant implicit financial components subject to segregation. The contributions to the Reciprocal Guarantee Company are included net of
bad debt provision estimated from the contingent risk fund.
b) Foreign currency assets and liabilities
Foreign currency cash and investments have been valued at year-end exchange
rates. Details are exposed in Annex G.
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
83
c) Investments
• Mutual funds, corporate bonds, postdated checks and public and fiduciary
bonds: at their net realizable value at the closing of the fiscal year.
• Fixed-term deposits in national currency: at the original allocated value
plus interest accrued through year-end.
• Investments abroad: at their net realizable value at the closing of the fiscal
year, converted into pesos by the application of the exchange rates mentioned
in Note 2.b).
• Participation in Rosario Administradora Sociedad Fiduciaria S.A.: at the
value estimated by the equity method in accordance with the financial statements as of June 30, 2010 of such company without significant transactions
or events affecting the issuer’s financial statements between that date and
July 31, 2010. The accounting standards used by Rosario Administradora Sociedad Fiduciaria S.A. to prepare its financial statements are the same as those used by the Company. The Mercado a Término de Rosario S.A. holds a 42.5
% participation in the capital and votes of Rosario Administradora Sociedad
Fiduciaria S.A.
• Other non-current shares: at their cost value.
d) Fixed assets and intangibles
Acquisition values have been restated up to February 28, 2003 according to
the date of origin of the items that make up the balances at year-end and in
accordance with the variations of the Index mentioned in Note 1.b). Purchases
after that date have been included by their acquisition value without being
updated. Depreciations and amortizations have been calculated on the basis of such
values and by the straight line method.
The residual values taken as a whole do not exceed their respective recoverable values.
e) Other assets
The fixed-term deposits in national currency that make up the guarantee
fund of the deposit contract concluded with Argentina Clearing S.A. have
been valued according to the same criteria indicated for investments in Note
2.c).
84
f) Income tax and tax on minimum presumed income
The Company recognized the income tax charge according to the deferred
tax method, which basically consists of recognizing the temporary differences between the measurements of accounting and taxable assets and liabilities. The calculation is exposed in Note 5.
Síndico
In order to determine deferred assets and liabilities, the tax rate expected to
prevail at the time of reversal or use was applied to the temporary differences
detected and to the tax losses, considering the laws enacted at the date of
issuing these financial statements. The assets generated by the application
of the deferred tax method have been expressed in their nominal values. The
differences generated by the results of the related company are considered
permanent.
The Company also determines the tax on minimum presumed income (IGMP),
applying the current rate of 1 % to computable assets as of year-end. This
tax is supplementary to the income tax. The Company’s tax obligation in
each fiscal year shall be the higher of both taxes. However, should the IGMP
be higher than the income tax in any given fiscal year, such excess can be
considered as a prepayment on account of the income tax that may arise in
any of the ten subsequent fiscal years. g) Shareholders´ equity
Except for the Share Capital, which has to be stated at its nominal value according to legal provisions, the balances of the remaining accounts have been
re-expressed up to February 28, 2003 by the application of the adjustment
quotients set forth in Note 1.b).
h) Results
The profit and loss accounts are disclosed at their nominal values, except for
the depreciation of fixed assets and the amortization of intangibles, which
have been determined according to the values of such assets. These balances do not include significant implicit financial components subject to segregation.
i) Accounting estimates
The preparation of financial statements requires the Company´s Management
to make estimations and valuations impacting on the amount of assets and
liabilities registered at a specific date, and of the contingent assets and liabilities disclosed as of such date, as well as income and expense registered
in the fiscal year. The Company´s Management makes estimates to calculate
at a given time, for example, the recoverable value of assets, the terms of
collection and debt and credit cancellation, the income tax charge and the
provisions for contingencies. Actual future results may differ from the estimations and evaluations made as of the date of preparation of these financial
statements. 85
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
3.Breakdown of the main accounts
The breakdown of the main accounts is as follows
a)Cash and equivalents
Petty cash
Foreign currency (Annex G)
Bank accounts in national currency Bank accounts in foreign currency (Annex G)
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
9.200 4.884 143.317 2.190.389 2.347.790 9.900
5.616
232.101
796.522
1.044.139
b) Investments (current)
Public bonds and corporate bonds (Annex C) 829.629 Other investments (Annex D)
14.077.600 14.907.229 14.604.365
14.604.365
c) Receivables for services
Current
Services receivable
50.676 7.351
Traders
2.675.859 2.742.111 2.726.535 2.749.462
86
d) Other receivables
Current
Prepaid expenses
Loans to the staff
Shareholders
Recoverable expenses
Contrib. to Reciprocal Guarantee Company
Miscellaneous
Non current
Loans to the staff
Deferred income tax Contributions to Reciprocal
Guarantee Company
Síndico
228.862 66.333 16.371 75.589 1.414.213 37.187 1.838.555 90.183 53.161 5.800.000 5.943.344 85.412
30.066
33.147
75.589
1.033.538
12.271
1.270.023
42.938
1.916
1.000.000 1.044.854
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
e) Other assets
Current
Advertising material
- 4.628
- 4.628
Non Current
Deposits-Argentina Clearing S.A. (Note 7)
1.115.372 1.115.372 -
f) Accounts payable
Current
Suppliers
2.008.821 1.334.540
Traders
1.908.845 1.566.565 3.917.666 2.901.105
g) Salaries and social security liabilities
Current
Social security liabilities payable
Allowances
h) Taxes payable
Current
Value Added Tax
Provision for income tax (Note 5)
Income tax prepayments and withholdings Income tax withholdings Turnover tax and stamp tax withholdings
City rates Miscellaneous
111.731 702.801 814.532 96.344 1.803.770 (1.450.640)
6.108 - 642.952 172 1.098.706 84.148
551.115 635.263
231.066
1.744.369
(352.938)
9.802
299
562.631
2.195.229
i) Other liabilities
Current
Cash dividends to be paid
98.722 98.722 Non current
Directors´ guarantee deposit
900 900
87
900 900 Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
j) Gain on investments in related companies
Rosario Administradora Sociedad Fiduciaria S.A .
323.508 323.508 k) Cash determination at year-end
Balances in Cash and equivalents (Note 3-a)
Public Bonds and corporate bonds (Annex C)
Other temporary liquid investments (Annex D)
2.347.790 829.629 14.064.342 17.241.761 483.848
483.848
1.044.139
14.578.666 15.622.805 l) Breakdown of receivables and debts expiration dates
and information about interest accruing
Receivables ($)
Maturing in the following 3 months
Maturing in the following 6 months
Maturing in the following 9 months Maturing in the following 12 months
Maturing in the fiscal year 2011/2012
Maturing in the fiscal year 2012/2013
Unspecified term
Interest accruing
Non-interest accruing
2.864.350 85.334 62.961 46.272 61.865 28.318 7.359.334 10.508.434 Debts ($)
2.310.412
617.576
3.002.538 5.930.526
7.214.213 3.294.221 612.273
5.318.253
10.508.434 5.930.526
4.Share capital increase and amendments to by-laws
The General Extraordinary Meeting of Shareholders held on December 27, 2006
resolved to increase the share capital by $ 10,185,000 through the capitalization
of the entire balance of the “Overall adjustment of share capital” account for an
amount of $ 644,344 and the capitalization of the partial balance of the “Surplus”
account for an amount of $ 9,540,656. The same Meeting resolved to increase
the nominal value of the current book-entry ordinary class A and B shares of $30
by $970 each, keeping the same number of shares issued. The share capital thus
amounts to $ 10,500,000 represented by 10,000 Class A ordinary shares and 500
Class B ordinary shares, with a nominal value of $ 1,000 each, with the right to one
vote per share. Moreover, the abovementioned Meeting resolved to increase the share capital by
$ 20,000,000 through the issue of 20,000 Class A ordinary shares with a nominal
value of $ 1,000 each and a share premium of $ 1,480 per share, delegating to the
Board of Directors the time, subscription and payment conditions for the shares
corresponding to this increase. In view of the foregoing, the Company’s share capital is set at $ 30,500,000 represented by 30,000 Class A ordinary shares and 500
Class B ordinary shares, with a nominal value of $ 1,000 each, with the right to one
vote per share, with the consequent amendment of section 5° of by-laws. Afterwards, the Ordinary and Extraordinary Meeting of Shareholders held on October 27, 2009 resolved to revoke the share capital increase of $ 20,000,000 mentioned in the previous paragraph and the consequent amendment of section 5°
of by-laws, setting the new share capital at $ 10,500,000, represented by 10,000
Class A ordinary shares and 500 Class B ordinary shares, with a nominal value of $
1,000 each.
The Bylaws´partial amendments resolved by the abovementioned Meetings were
approved by the Corporation Control Authority of the Province of Santa Fe through
Resolution Nº 1.090 on December 3, 2009 and registered in the Commercial Registry of the City of Rosario on June 4, 2010, at Volume 91, Folio 5941, Nº 304. 88
89
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
5. Income Tax
Set out below is a reconciliation between the Income tax charged to income and
the tax that would result from applying the prevailing tax rate to the accounting
income before tax and the tax of the year determined for fiscal purposes: Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
Profit for the year before income tax
11.097.953 Current tax rate
35%
Results of the year at tax rate
3.884.284 Permanent differences at tax rate:
Contributions to Reciprocal
Guarantee Company (2.030.000)
Gain on Austrian Bonds
- Cash dividends
(4.375)
Income from investments in related companies
(113.228)
Non-deductible expenses
15.844 Total income tax charge
according to Income Statement
1.752.525 Temporary differences at tax rate:
Depreciation of fixed assets
1.138 Other gain on financial investments
50.107 Tax of the year for fiscal purposes
1.803.770 6.874.771
35%
2.406.170
6.Memorandum Accounts
The breakdown of memorandum accounts is as follows: Trust Funds (Clearing Members Trustors)
1.743.231
1.138
1.744.369
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
Allaria Ledesma
8.099.818 -
BCRA Argentine Central Bank)
51.198.179 60.893.023
Banco de Galicia y Buenos Aires
1.391.656 2.252.916
34.737 35.572
11.818.525 29.882.668
Banco de Valores Banco Itaú Buen Ayre
(350.000)
(137.697)
(8.750)
(169.347)
2.855
Fiscal year ended
Banco Macro S.A.
- 150.000
Banco Santa Fe
- 2.000.000
Banco Santander Río
12.681.728 11.084.795
Banco Standard Bank
11.240.000 -
Bank of América - New York
73.031.553 332.016.641
172 765
Caja de Valores (National Security Depository) 524.366.513 543.757.234
BBVA Banco Francés Center for Registration and Settlement of Public
Liabilites and Financial Trusts
473.408.961 1.662.662.796
Compass group
4.001.602 -
220.000 220.000
8.839.993 8.629.811
HSBC Bank Argentina 117.773.016 216.163.630
Merrill Lynch 19.356.252 53.041.271
762.872 10.177.504
28.385.194 25.482.052
Fidus
Gainvest
Nuevo Banco Bisel
Raymond James
Standard Chartered
- 170.000
5.000.000 1.351.610.771 2.958.620.678
Warrant SGS Argentina S.A.
90
91
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Luis B. Ossola
Presidente
Tesorero
Pedro Amuchástegui
Síndico
1.556.749 143.334 1.700.083 737.575 262.681 1.000.256 699.827 819.174
Total
34.735
24.169 27.484 7.251 51.653 16.918 - 51.653 Vehicles
20%
71.039 124.479 253.749 324.788
Vs.
- 378.228 53.440 Improvements in third parties´
real estate
378.228 2.128
1.168 31.997 960 Vs.
31.037 - 33.165 - - 62.286 - 62.286 - 62.286 33.165 $
Training
courses equipment
92
$
Increases
At the
beginning
of fiscal year
Captions
Original values
The National Securities Commission has established by General Resolution N°562,
the application of the Accounting Principle N° 26 of the Argentine Federation
of Professional Councils in Economic Sciences, which adopts, for certain entities
included in the public offer regime of Law 17.811, either for their capital or for
their corporate bonds, or which have requested authorization to be included in
said regime, the international rules for financial information (NIIF) issued by the
IASB (International Accounting Standards Board). On August 3, 2010, the Board of
Directors resolved the optional application of NIIF rules and approved the specific
implementation plan, so that such rules will be applied to the Company as from
the fiscal year beginning on August 1, 2012. $
$
8. International Rules About Financial Information
62.286 -
Electronic
Market equipment
1.115.372 1.031.417 143.334 1.174.751 573.894 $
-
Rate
1.115.372 For the year
Fixed-term deposits in national currency
At the
Accumulated
end of
at beginning
fiscal year of fiscal year
31/07/09 ($)
Depreciations
31/07/10 ($)
Amount
$
Accumulated
at end of
fiscal year
The composition of the guarantee fund before a Clearing Member´s potential default is as follows:
Vs. 183.431 757.325 417.426 457.523
Balance Sheet at July 31, 2010
Furniture, fittings
and computer equipment
In order to increase the strength of the guarantee system of the trades carried out
in Mercado a Término de Rosario S.A. and registered in Argentina Clearing S.A.
and to reinforce the equity support of the Clearinghouse, a deposit contract was
concluded on July 30, 2009. The depositor is the Mercado a Término de Rosario
S.A. and the depositary, Argentina Clearing S.A. The contract has a duration of 10
years.
Annex A. Fixed Assets
Net
Net
Balance at Balance at
07/31/10 07/31/09
$
$
7. Deposit contract to reinforce the guarantees of Futures and Options Trades
carried out In ROFEX and Registered in Argentina Clearing S.A.
93
Rosafe Soybean
Index Development
Business Plan Development
$
- - - 293.040 77.339 10.923 $
10.923 77.339 - 444.093 222.756 - 10.923 - 77.339 - 293.040 293.040 - 239.027 239.027 -
-
-
-
- 25%
- - - - Vs.
Rate
- 46.354
- - 175.471
175.471
Share
capital
Results
Sharehol%
ders´ Equity share
- business
Date
Last financial statements
Issuer information
Presidente
Luis B. Ossola
162.223 1.514.264 180.533 315.092
221.337 Book-entry
174.908
- - 654.158
Ordinary
400
400
10.000 16.685
600
- - - - 2.531.945
600
- 400
- 16.685
- (2) 30/06/2009
12.000
400
Síndico
Tesorero
Pedro Amuchástegui
Presidente
Luis B. Ossola
(1) Fiduciary Company; (2) Information systems consulting services; (3) Securities, Commodities and Futures Exchange; (4) Granting guarantees to members partners by entering into mutual
guarantee agreements; (5) Figures of Share Capital, Results and ShareholdersÉquity expressed in thousands of Brazilian Reales.
-
-
1.146.401 5,0%
5.957.517 42,5%
282.601 19.915.506
308.113
761.196
(4) 31/12/2009 8.334.891 7.203.823 224.988.157
16.685 (3) (5)31/03/2010 2.540.239
600
(1) 30/06/2010 3.200.000
- - 2.531.9452.208.436
654.158
Subtotal2.549.6302.226.121
Total3.379.2592.226.121
Garantizar S.G.R.
Book-entry
600
Ordinary
Bolsa de Valores,
Mercadorias & Futuros
(BM&FBOVESPA S.A.)
Primary Brokers S.A.
Other shares
1.360
Rosario Administradora
Sociedad Fiduciaria S.A. Book-entry
Companies Section 33 Law 19.550
Non Current Investments
Subtotal829.629
(OYPF3) (Annex G)
O.N. YPF S.A. Class 3 U$S
-
-
-
-
93.755
Corporate bonds
Bonds from the Province of
Cordoba (BONCOR 2017) (Annex G)
Current Investments
Public bonds
Class
Tesorero
Pedro Amuchástegui
Amount
Net
Value
Value
Cost estimated by realizable recorded recorded
the
equity
value
value at 07/31/10 at 07/31/09 Principal
line of
method
$
$
Síndico
- - - - 111.023 333.779 110.314 - 10.923 - 77.339 - 293.040 - 239.027 51.200 560.156 70.219 $
Net
Net
Balance at Balance at
07/31/10 07/31/09
$
$
Nominal
value
$
Amount
Accumulated
at end of
fiscal year
Annex B. Intangibles
Securities
Issuer and
characteristics
$
1.682.597 27.664 (15.464)1.694.797 1.367.505 (15.464)
- - 444.093 $
For the year
Amortization
At the
Accumulated Disposals
end of
at beginning
fiscal year of fiscal year
27.664 (15.464) 630.375 524.420 (15.464)
$
Disposals
239.027 618.175 $
Brands
Total
Financial Derivatives
Division Development
94
Electronic
Market Development
Software
Captions
Increases
Original values
At the
beginning
of fiscal year
Annex C. Investments, Stocks, other securities
and participation in other companies
95
Annex D. Other Investments
Annex G. Foreign currency Assets and Liabilities
Main account and characteristics
Book Value
Book Value
at 07/31/10 ($)
at 07/31/09 ($)
Current Investments
(Temporary liquid investments)
Captions
Mutual funds:
Assets
HF Pesos Plus
- Super Gestión Mix VI
2.299.713 907
-
In foreign currency:
Other mutual funds (Annex G)
1.003 Fixed-term deposits in national currency
Investments abroad in foreign currency (Annex G)
- 10.873.201 1.011
3.848.322
10.459.757
Fiduciary bonds in national currency:
Fideicomiso financiero Grancoop III
184.225 Postdated checks in national currency
698.769 -
Other available funds:
In national currency
7.431 200.209
In foreign currency (Annex G)
- 68.460
Subtotal Temporary liquid investments
14.064.342 14.578.666
Other investments
12.500 758
25.000
699
Subtotal Other investments
13.258 25.699
14.077.600 14.604.365
Total
Current
exchange
rate
Amount in
Amount and type of
local currency
foreign currency
Amount
in local
currency
Foreign currency (Note 3-a)
U$S
520 3,920
2.037 U$S
506 1.930
Real
106 2,170
229 Real
492 984
Swiss F.
9
3,650
Euro
392 5,100
Urug
510 0,191
Pound
79 6,200
Bank accounts (Note 3-a)
U$S 558.773 3,920
Síndico
33 Swiss F.
1.999 Euro
97 - 9
31
392 2.137
- 489 Pound
83 534
2.190.389 U$S 208.787 796.522
Subtotal
2.195.273 802.138
Investments
Public bonds (Annex C)
U$S
46.354 3,785
175.471 - 3,740
654.158 - Corporate bonds (Annex C)
U$S 174.908 Mutual funds (Annex D)
C.P.
485 Vs.
Investments
abroad (Annex D)
U$S 2.773.776 3,920
Other available
funds (Annex D)
- Cash dividends
receivable (Annex D)
Real - 350 - 2,170
- - 1.003 C.P.
446 1.011
10.873.201 U$S 2.741.745 10.459.757
- U$S
758 17.945 68.460
350 699
Real Subtotal 11.704.591
Total Assets
Cash dividends receivable
In national currency
In foreign currency (Annex G)
Amount and type of
foreign currency
At July 31, 2009
Cash and equivalents
In national currency:
96
At July 31, 2010
1
0.529.927
13.899.86411.332.065
97
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Annex H. Expenses
Informative Report
Information called for under Section 64 (b), Law 19.550
Company´s activity in the fiscal year
1.During the fiscal year under analysis, the traded volume amounted to 56,904,748 contracts,
Captions
Directors´ and Syndic´s fees Fees and services compensation Salaries
Non remunerative payments
Social security liabilities
Indemnities
Insurance
Bank fees and expenses
Fixed asset depreciation (Annex A)
Intangibles amortization (Annex B)
Training, study and research
Maintenance and cleaning expenses
Advertising and distribution expenses
Electronic system operation and maintenance
Market development
Taxes and rates
Printed matter, supplies and publications
Communication systems and networks
Telephone
Offices´ rents and services
Travel expenses
Miscellaneous
Total
Fiscal year ended
Fiscal year ended
07/31/10 ($)
07/31/09 ($)
390.000 901.993 3.571.535 - 742.792 - 16.034 258.848 262.681 162.223 336.342 72.351 1.338.937 2.316.422 2.520.200 400.428 83.039 433.014 45.305 1.246.422 289.349 264.222 15.652.137 600.255
2.843.792
8.702
595.115
10.242
13.419
202.558
195.422
194.608
273.370
172.827
858.670
2.467.828
3.412.135
609.842
72.040
395.621
31.315
881.237
264.120
185.389
14.288.507
98
which represents a 24.12% increase as compared to the volume traded in the fiscal year
ended on July 31, 2009. The contracts traded in the Financial Derivatives Division (DDF) reached again 99% of total
traded volume; during the fiscal year under analysis, 56,577,095 US dollar futures contracts
and 9,993 US dollar options contracts were registered. The open interest at 07/31/2010
reached 1,550,851 contracts, reaching a maximum of 3,080,898 contracts during August. The futures and options exchange on agricultural products, the Agricultural Derivatives
Division (DDA), registered a 99.20% increase in its traded volume as compared to the
previous fiscal year. A total number of 291,056 contracts were registered, accounting for
7,432,415 tonnes. In this market, the most important contract, the Rosafe Soybean Index,
reached 170,.294 futures contracts and 47,844 options contracts as compared to 94,555
futures contracts and 25,919 options contracts registered in the previous fiscal year. As
regards volume measured in tonnes, the fiscal year registered an increase of 85.40 % as
compared to previous fiscal year.
On March 15, 2010, the Board of Directors of the Mercado a Término de Rosario S.A. (ROFEX) and of the Mercado de Valores de Rosario S.A. (MERVAROS), with the Rosario Board
of Trade´s approval, subscribed a Letter of Intent, in which both institutions expressed their
interest in initiating a merging process between ROFEX and MERVAROS, in order to complement the tools that are currently available for participants in both Markets. This decision
was based on the highly positive experiences of market integration, both at regional and
international level, and ultimately, to promote the consolidation of capital and derivatives
markets. At the date of writing this informative report, the Board of Directors of ROFEX and
MERVAROS approved the hiring of Deloitte to assist in the merging process. As it was informed in last fiscal year´s report as regards the hiring of the consulting firm
INFUPA S.A. together with MATba to carry out a study to evaluate the possible benefits
brought by an eventual integration of the trades of both futures markets, such consulting
firm submitted the definitive final report, which is available to all Shareholders. It was
agreed with MATba directors to suspend the decision regarding a future integration until
the merging process with MERVAROS is completed. On July 30, 2009, an agreement was concluded with Argentina Clearing S.A. by means of
which a Guarantee Fund was constituted for an amount of $ 1,000,000 in order to increase
the strength of the guarantee system and reinforce the Clearinghouse´s equity support. The
term of this contract is 10 years.
99
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
2.Comparative balance sheet structure (in $)
Caption
4.Statistics (traded volume in number of contracts)
07/31/1007/31/0907/31/0807/31/0707/31/06
Current Assets
Non Current Assets
21.820.109 19.672.617 12.005.839 11.142.100 1.900.297
10.488.706 4.405.241 3.686.656 2.263.923 1.850.618
Total
32.308.815 24.077.858 15.692.495 13.406.023 3.750.915
Current Liabilities
5.929.626 5.731.597 2.477.774 1.756.894 1.890.670
Non Current Liabilities
900 900 900 900 Subtotal
5.930.526 5.732.497 2.478.674 1.757.794 1.890.670
ShareholdersÉquity 26.378.289 18.345.361 13.213.821 11.648.229 1.860.245
Total
32.308.815 24.077.858 15.692.495 13.406.023 3.750.915
Month
August
September
October
November
December
January
February
March
April
May
June
July
Total
07/31/1007/31/0907/31/0807/31/0707/31/06
3.380.079 3.310.943 2.868.108 2.004.040 1.534.557
4.890.849 4.904.531 2.884.319 1.551.257 1.253.027
4.991.623 4.893.126 3.034.815 1.456.445 1.383.097
4.696.700 2.282.330 1.723.458 1.688.742 1.928.915
5.466.370 2.396.359 1.346.942 1.294.095 1.571.356
4.569.047 2.950.737 2.316.263 1.730.945 1.308.825
4.190.867 2.965.431 2.242.849 1.579.255 925.321
4.879.994 4.843.405 2.728.763 1.983.338 1.703.792
3.597.234 3.568.240 6.060.408 1.277.181 1.356.562
5.228.885 3.267.719 4.136.449 2.433.427 2.152.818
5.769.825 5.281.213 3.607.715 1.896.871 1.384.057
5.243.275 5.181.571 3.381.584 2.662.395 1.386.746
56.904.748 45.845.605 36.331.673 21.557.991 17.889.073
3.Comparative income structure (in $)
6.
Caption
07/31/1007/31/0907/31/0807/31/0707/31/06
Caption
Ordinary
Operating Income
9.820.978 4.548.254 1.305.801 182.661 953.467 1.842.669 Results On
Investments Comp.
Section 33 Law 19.550
323.508 483.848 Other Income
and Expenses
- 467.771 408.446 104.063 (42.949)
190.209 86.364
- 16.685,00 (20.079)
54
Ordinary Net Income 11.097.953 6.874.771 1.894.320 761.237 1.037.780
Taxes
(1.752.525)(1.743.231) (328.728) (201.000) (338.000)
Total
9.345.428 5.131.540 1.565.592 560.237 699.780
100
Síndico
07/31/1007/31/0907/31/0807/31/0707/31/06
994.311
Liquidity
Financial and
Holding Results
5.Ratios
Solvency
3,683,434,856,341,01
444,79%320,02% 533,10%662,66% 98,39%
Fixed Assets
to Total Assets
32,46%
Profitability
41,79%32,52% 12,59% 8,29%46,34%
18,30%
23,49%
16,89%
49,34%
6.Outlook
Financial Derivatives Division (DDF): As in the previous fiscal years, trading volume
is expected to continue growing. Agricultural Derivatives Division (DDA): DDA traded volumes increased remarkably
as compared to the previous fiscal year. This trend is expected to continue throughout the current fiscal year. Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
Síndico
Pedro Amuchástegui
Luis B. Ossola
Tesorero
Presidente
101
Auditors´ Report
d) Statements of Cash Flows corresponding to fiscal years ended on July 31,
2010 and 2009.
e) Notes 1 to 8 and Annexes A, B, C, D, G and H
2.Audit scope.
To the Chairman and Directors of
In our capacity as independent Public Accountants, we inform that we have audited the financial statements of Mercado a Término de Rosario S.A., which are set
out below
1.Audited financial statements.
We conducted our audits of the financial statements stated in 1 in accordance with
the auditing standards of Accounting Principle Nº 7 of the Argentine Federation
of Professional Councils in Economic Sciences. These standards require that the
auditor should plan and perform the audit to form an opinion about the fairness of
the significant information included in the financial statements taken as a whole.
An audit includes examining, on a test basis, evidence supporting the disclosed
information in the financial statements, assessing the accounting standards used
and, as part of it, the fairness of the estimates made by the Board of Directors.
a) Balance Sheets at July 31, 2010 and 2009, whose figures are the following:
3.Conclusion.
Assets
Liabilities
Shareholderséquity 07/31/10 ($)
07/31/09 ($)
32,308,815
5,930,526
26,378,289
24,077,858
5,732,497
18,345,361
b) Income Statements corresponding to fiscal years ended on July 31, 2010
and 2009, which show the following results:
07/31/10 ($)
Net Profit
$
9,345,428
07/31/09 ($)
$ 5,131,540
c) S tatements of Changes in Shareholderséquity corresponding to fiscal years
ended on July 31, 2010 and 2009.
102
In our opinion, the audited financial statements present fairly, in all its main aspects, the financial position of Mercado a Término de Rosario S.A. at July 31, 2010
and the results, the changes in its shareholders´ equity and the statement of cash
flows corresponding to the fiscal year then ended, in accordance with professional
accounting standards.
4. Special information required by legal provisions.
a) The audited financial statements have been prepared in accordance with Law
Nº 19550 and Resolutions of the National Securities Commission.
b) The financial statements at 07-31-10 and 07-31-09 are recorded in the “Inventories and Financial Statements” book and their figures match the accounting records of the Company, which, in our opinion, complied with legal
provisions.
Certified Public Accountants
Humberto D. Santoni
Humberto D. Santoni
Contador Público Nacional
Mat. Nº 5727 - Ley 8738
C.P.C.E. Provincia de Santa Fe
Mat. Nº 5727 - Ley 8738
103
c)Our task included the revision of the Informative Report, about which we
state that:
• the information included in the comparative balance sheet structure, comparative income structure and ratios arise from the basic financial statements
set out in 1;
• points 1, 4 and 6 include all the facts and circumstances which are of our
knowledge, having no comments to make.
d) At July 31, 2010 and in accordance with the accounting records of the Company, the liability accrued in favour of the National System of Social Security
amounted to $95,341, which was not claimable at that date.
e) At July 31, 2010 and in accordance with the accounting records of the Company, there was no liability accrued in favour of the Provincial Tax Administration of the Province of Santa Fe as regards turnover tax.
Syndic´s Report
To the Shareholders of
I hereby inform the Shareholders that the Board of Directors has submitted for my
consideration the Annual Report, Inventory, Balance Sheet, Income Statement,
Statement of Changes in Shareholders´ Equity, Statement of Cash Flows, Notes,
Annexes and Informative Report corresponding to fiscal year ended on July 31,
2010, in compliance with what is set out in paragraph 5, section 294, Law 19.550.
I have examined the above mentioned documents and received all necessary explanations and clarifications, having no comments to make.
Likewise, I state that I have performed during the fiscal year the corresponding
remaining tasks established in Section 294 of Law Nº 19.550.
Rosario, 28 de septiembre de 2010.
I recommend the approval of these documents to the Meeting of Shareholders, as
they have been prepared according to current legal provisions and they present
fairly the economic and financial situation of the Company at July 31, 2010. The
Annual Report complies with what is set forth in Section 66 of Law Nº 19.550.
Sincerely,
Rosario, September 28, 2010.
104
105
Miguel C. C. Araya
Syndic
Humberto D. Santoni
Mat. Nº 5727 - Ley 8738

July 2010

Transcripción

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