2. Customer connection 1,000,000;
More than 24,000 housing units added in the last quarter, reflecting the Company's
focus on maintaining the expansion of the residential market;
The number of meters grew 11.4% in 12 months, reaching the milestone of 783,145 in
March 2011;
Schedule of Investments totaled R $ 106 million in the first quarter of 2011, 36% more
than the same period last year;
On 12 Feb/10 ratings agency Moody's has ratified the Baa3 issuer in local currency on a
global scale issuer rating and Aa1.br national scale to Comgás;
Highlights: March 2011
3. Firm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin, the Natural Gas
couldn’t be interrupted;
Firm Flexible Agreement: under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs
incurred due to the consumption of an alternative fuel, Gas supply may be interrupted at the discretion of Petrobras, but with no risk
of supply cuts for Comgás consumers, Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in
question;
Natural Gas Supply
CONTRACTS
9. 1Q11 4Q10 1Q10
∆
1Q11/4Q10
∆
1Q11/1Q10
925,345 1,050,216 940,057 Net Sales Revenue -11.89% -1.57%
-643,925 -677,148 -622,478
Cost of Goods Sold and/ or Services
Rendered
-4.91% 3.45%
281,420 373,068 317,579 GROSS RESULT -24.57% -11.39%
-88,424 -102,752 -68,243 Selling General and Adm. Expenses -13.94% 29.57%
192,996 270,316 249,336 EBTIDA -28.60% -22.60%
-57,542 -53,976 -50,951 Depreciation and Amortization 6.61% 12.94%
-31,677 -33,900 -33,133 Financial Results -6.56% -4.39%
-616 -1,483 1 Other operating Result -58.46% -61700.00%
103,161 180,957 165,253 OPERATING RESULT -42.99% -37.57%
68,244 127,322 112,333 NET INCOME -46.40% -39.25%
According to the last accountability legislation
(unauditaed figures)
32,150 -72,211 -16,973 Current Account -144.52% -289.42%
230,311 202,628 230,911 EBTIDA 13.66% -0.26%
90,403 80,281 102,391 NET INCOME 12.61% -11.71%
In R$ Thousand
Financial Results
10. Note:
Results achieved for the
period were annualized.
Financial Indicators
1Q11 4Q10 1Q10
Equity per Share ($) 12.1 11.5 11.6
Earnings per Share ($) 0.6 1.1 0.9
Net Debt per Equity (x) 1.0 1.0 1.0
Net Debt per EBITDA (x) 1.2 1.1 1.1
Current Ratio (x) 0.7 0.7 0.7
Gross Margin (%) 30.4% 35.5% 33.8%
Net Margin (%) 7.4% 12.1% 11.9%
EBITDA Margin (%) 20.9% 25.7% 26.5%
Return on Assets (%) 7.1% 13.2% 12.1%
Return on Equity (%) 18.9% 37.0% 32.3%
According to the last accountability legislation (unauditaed figures)
Gross Margin (%) 37.3% 31.8% 33.7%
Net Margin (%) 10.6% 8.4% 11.5%
EBITDA Margin (%) 27.0% 21.1% 26.0%
11. 24% 25%
76% 75%
0%
10%
20%
30%
40%
50%
60%
70%
80%
dec/10 mar/11
Short Term Long Term
BNDES
Outros
37%
1,4581,453
1,419
1,352 1,360
1,308
1,412
1.07 1.10 1.10 1.10
1.25
1.02
1.08
0.97
0.95
1.01
1Q10 2Q10 3Q10 4Q10 1Q11
Net Debt Net Debt / EBITDA Net Debt / Equity
In R$ million
In R$ million
Indebtedness Composition
BNDES
76%
Others
11%
EIB
13%
LongtermDebts-Aging
Indebtedness Structure
295
252 251 233
71
107
64
8 6
23
31
116
2011 2012 2013 2014 2015 2016 and
beyondIn Foreign Currency In Nacional Currency
12. D = 111
Balance of Gas bill receivables: Cash Effect
D = 102
D = 73
D = 61
D = 204
D = 17
InMillionsofR$
D = 123
D = 68
D = 32
Regulatory Current Account Balance Evolution
dec-08 mar-09 jun-09 sep-09 dec-09 mar-10 jun-10 sep-10 dec-10 mar-11
13. Total Shareholder Remuneration
11 16 27 25
303
330 334
275 268
427
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
In R$ million
2010 YEAR
Dividends:
R$ 28.1 million related to 2009 results, paid on May 31, 2010;
R$ 286.9 million related to the retained earnings of the previous years, paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0
million on August 31; and R$ 100.0 million paid on November 30,
R$ 50 million related to 2009 retained earnings, paid on December 17, 2010,
Interest on Equity:
R$ 34.4 million from 2010 results, paid on July 30, 2010;
R$ 9.5 million from 2010 results, paid on September 30, 2010;
R$ 9.5 million from 2010 results, paid on November 30, 2010;
R$ 8.9 million from 2010 results, paid on January 31, 2011,
17% 15%
26%
10%
95%
77% 75%
53%
73% 74%
---- PAYOUT
14. OBS: UDA’ s ADICIONADAS (em 12 meses): 117.058
In Millions of R$
NETWORK EXTENSION (in thousands):
Dez/10: 6.900 Km
Mar/11: 7066 Km
D: 166 Km
*Note: From 2009 amounts accounted on IFRS
1Q10
Taubaté
Campinas
Americana
Guarulhos
Santos
Jundiaí
Santo André
Piracicaba
Hortolândia
Main Projects: New Projects:
Investments
Over R$ 3.6 billion invested in the period
15. The forward-looking statements in this report
related to the outlook for the business, estimated
financial and operating results and growth prospects
of COMGAS are merely projections and, as such, are
based exclusively on management expectations
regarding future performance. These expectations
depend substantially on market conditions and the
performance of the Brazilian economy, the business
sector and the international markets, and are
therefore subject to change without prior notice.
