111FINANCIALRESULTSMarch 2010COMPANHIA DE GÁS DE SÃO PAULO
222Highlights: March 2010Over 16 thousand residential units in the last quarter, reflecting the aim focus of the Company inthe residential market expansion;The number of meters grew 10.3% in 12 months, closing the first quarter with 711,642 totalmeters;Consistent Reduction in the Regulatory Current Account: recovering of R$ 456 million sincemarch 2009;In February 2010 , Moodys assigned a Baa3 local currency issuer rating on the global scale andAa1.br issuer rating on the Brazilian national scale to Comgás, with a stable outlook;In March 2010, Comgás celebrated the first tranche of € 100 million long-term financingcontract, offered by the European Investment Bank (EIB), in which the total limit is € 200million;In March 2010, the Company declared R$ 28,1 million in dividends, related to 2009 results.
333Natural Gas SupplyCONTRACTSFirm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin. the Natural Gas couldn’t beinterrupted;Firm Flexible Agreement: under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs incurred dueto the consumption of an alternative fuel. Gas supply may be interrupted at the discretion of Petrobras, but with no risk of supply cuts for Comgásconsumers. Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in question;Interruptible Agreement: under this type of agreement, Comgás may request a given volume of gas and Petrobras may or may not comply withthis request. Once the request has been complied with, however, supply may only be interrupted in order to meet demand for the dispatch ofthermal power.Contracts TCQ BG Firm Contract Firm of Energy Interruptible Contract AuctionContract Models Firm Firm Firm Firm of Energy Interruptible Firm of Short TermGas Source Bolivian Bolivian Not determinated Not determinated Not determinatedExceeding contracts of PB withothers distributor / thermalpower plantsDCQEnd of Contract Jun/19 May/11 Dec/12 Dec/12 Dec/10 sep/10Commodity + TransportationFixed Charge +Variable ChargeFixed Charge +Variable ChargeFixed Charge +Variable ChargeFixed Charge +Variable ChargeTransport: annual adjustmentaccording to USA Inflation (CPI)Fixed Charge: annual adjustmentaccording to USA Inflation (PPI)Fixed Charge: annual adjustedby IGP-MFixed Charge: annual adjustedby IGP-MFixed Charge: annual adjustedby IGP-MCommodity: quarterly adjustedbased on Oil Basket (Brent)+ Exchange RateVariable Charge: monthlyadjusted based on oil basket(including diesel)+ Exchange RateVariable Charge: quarterlyadjusted based on Oil BasketVariable Charge: quarterlyadjusted based on Oil BasketVariable Charge: quarterlyadjusted based on Oil BasketPriceAccording to the AuctionWinner8.75 MMm3/day until may/20118.10 MMm3/day until jun/20190.65 MMm³/day 3.5 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 2.5 MMm³/day
6663.2%2.4%10.2%76.0%6.4% 2.0%Volumes per SegmentIn MM Cu.M.1Q09 1Q10924 1,119+21.1%2.8%2.0%7.3%80.1%6.3% 1.5%ResidentialCommercialNGVIndustrialCogenerationThermal Generation
7778.1%4.0%6.4%77.5%3.6% 0.5%ResidentialCommercialNGVIndustrialCogenerationThermal Generation8.1%4.1%8.6%73.5%5.1%0.5%Gross Revenue per SegmentR$ Thousand1Q09 1Q101,242 1,124-9.4%
888Margin per SegmentR$ thousand17.3%7.4%4.4%67.1%3.6%0.2%1Q09 1Q10306 305-0.3%20.,1%7.7%3.7%66.3%2.1%0.1%ResidentialCommercialNGVIndustrialCogenerationThermal Generation
999Comgás: Financial ResultsR$ Thousand1Q10 4Q09 1Q09888,116 958,536 979,593 Net Sales Revenue -7.3% -9.3%-588,962 -667,796 -683,959 Cost of Goods Sold and/or Services Rendered -11.8% -13.9%299,154 290,740 295,634 Gross Result 2.9% 1.2%-68,242 -97,351 -74,178 Selling, General and Adm. Expenses -29.9% -8.0%230,912 193,389 221,456 EBITDA 19.4% 4.3%-49,042 -47,629 -38,253 Depreciation and Amortization 3.0% 28.2%-31,681 -105,868 -37,055 Financial Results -70.1% -14.5%1 -4,034 -16,119 Other Operating Result -100.0% -100.0%150,190 35,858 130,028 Operating Result 318.8% 15.5%102,392 95,806 95,805 Net Income 6.9% 6.9%D1Q10/4Q09D1Q10/1Q09Note:For the Ebitda calculation, Comgás has not considered other operating income, since property, plant and equipment write-offs were considered in the operational resultsaccording to the Law 11.638.
101010Comgás: Financial Indicators1Q10 4Q09 1Q09Equity per Share($) 11.3 10.7 9.2Earnings per Share ($) 0.9 0.8 0.8Net Debt per Equity (x) 1.0 1.1 1.5Net Debt per EBITDA (x) 1.5 1.9 1.8Current Ratio (x) 0.7 0.7 0.7Gross Margin (%) 33.7% 30.3% 30.2%Net Margin (%) 11.5% 10.0% 9.8%EBITDA Margin(%) 26.0% 20.2% 22.6%Return on Assets (%) 11.1% 10.0% 9.8%Return on Equity (%) 30.2% 30.0% 34.7%Note:Results achieved for the period were annualized.
1111115294682641532912dec/08 mar/09 jun/09 sep/09 dec/09 mar/10D = 61D = 204D = 17R$MillionD = 123Comgás: Regulatory Current Account Balance EvolutionD = 111Balance of Gas bill receivables: Cash Effect
121212Total Shareholders Remuneration2010: Declared DividendsR$ 28.1 million related to 2009 results to be paid in March 31st, 2010;R$ 286.9 million related to the retained earnings of the previous years to be paid in 3 installments in 2010: R$ 76.9 million in June 30th; R$110.0 million in August 31st; and R$ 100.0 million in November 30th.In R$ million---- PAYOUT28,176,91101002010
131313InvestmentsNETWORK EXTENSION:Mar /08: 5,801 KmsMar/09: 6,373 KmsD: 572 KmsMAIN PROJECTS:São Bernardo do CampoMogi das CruzesAlphavilleGuarulhosHOUSEHOLDERS ADDED:97,379CAPEX(Million)Over R$ 3.2 billion invested in the períod84100229200230276474426397 403 406802000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1T101Q101Q0984
141414The forward-looking statements in this report relatedto the outlook for the business, estimated financialand operating results and growth prospects ofCOMGAS are merely projections and, as such, arebased exclusively on management expectationsregarding future performance. These expectationsdepend substantially on market conditions and theperformance of the Brazilian economy, the businesssector and the international markets, and aretherefore subject to change without prior notice.
151515Investor Relationsinvestidores@comgas.com.brwww.comgas.com.br/en/investorsROBERTO LAGECFO andIROPAULO POLEZITreasury andInvestor RelationsRENATA OLIVAInvestor RelationsRua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil