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Results presentation 1 q12 Presentation Transcript

  • 1. 1Financial and Operational ResultsMarch 31, 2012
  • 2. 2Highlights: March 2012Strong growth in Comgás’ residential client base, about 29 thousand new families connected in the1st quarter of 2012;Growth in residential volume, 24% raise in 1Q12 compared to 1Q11;Investment of R$ 121 million this quarter, 14% above 1Q11;Start of new integrated projects: expansion in the cities of Americana, Hortolândia, Monte Mor andCapivari;Renewal of the short term contract with Petrobras which happens in the form of auction, in whichComgás contracted the quantity of 2.5 millions m3/day for the period of April to July 2012 with alevel of ToP (take or pay) of 60%;ARSESP DELIBERATION Nº 308 (of 17-02-2012): established a mechanism to recover the balance of theregulatory current account due to the price of gas and transportation variations.
  • 3. Firm GSA: The daily quantity of Bolivian gas contracted is 8.75 million m³/day. This quantity will reduce periodically until the volume of 8.10 million m3/day isreached in August 2012.Interruptible Agreement: The daily quantity contracted is of 4.27 million m³/day. This quantity will raise periodically until the volume of 5.22 million m³/dayis reached in August 2012.Firm Flexible Agreement: Under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs incurred due to theconsumption of an alternative fuel. Petrobras may decide to interrupt gas supply, but with no risk of there not being an alternative fuel available for Comgásclients. All financial impacts incurred to Comgás and to clients due to this sort of operation will be covered by Petrobras.Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts3
  • 4. 4SegmentsVolume (in million of m3)CAGR (00-11)10.1%1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835Industrial Segment: Diversified Portfolio (Mar12)1,18823.5%19.2%14.8%9.3%8.8%7.9%7.2%3.8%2.3%2.3%0.7%0.2%CHEMICAL / PETROCHEMICALCERAMICSPAPER AND CELLULOSEDRINKS / FOODGLASS / CRYSTALSMETALS / FOUNDRY AND NON-…AUTOMOTIVE / PNEUMATICTEXTILE / LAUNDRY / DRY…STEEL SECTOROTHERSPHARMACEUTICALELECTRO / ELETCRONIC
  • 5. 5Meters per segment Volume per segment (In thousand of m3)Segments* Excluding Thermal GenerationNote: UDA’s (Householders)840,915 824,457 771,904 2.0% 8.9%1,116,688 1,087,705 1,002,252 2.7% 11.4%10,595 10,381 9,859 2.1% 7.5%1,010 1,002 989 0.8% 2.1%2 2 2 0.0% 0.0%23 23 23 0.0% 0.0%347 357 368 -2.8% -5.7%852,892 836,222 783,145 2.0% 8.9%mar/12∆mar12/dec11INDUSTRIALCOMMERCIALHOUSEHOLDERS*∆mar12/mar11dec/11 mar/11RESIDENTIALNGVCOGENERATIONTHERMAL GENERATION40,882 48,399 32,940 -15.5% 24.1%26,196 27,993 24,449 -6.4% 7.1%934,538 932,850 942,503 0.2% -0.8%86,034 87,553 91,892 -1.7% -6.4%67,679 75,799 66,642 -10.7% 1.6%1,155,329 1,172,594 1,158,426 -1.5% -0.3%12.7 12.7 12.932,218 10,478 38,318 N/A -15.9%1,187,547 1,183,072 1,196,744 0.4% -0.8%COMMERCIALINDUSTRIAL1Q11THERMAL GENERATION1Q12 4Q11TOTALCOGENERATIONNGVMMm³/day*TOTAL∆1Q12/1Q11∆1Q12/4Q11RESIDENTIAL
  • 6. 6Volume x Margin1Q111Q12
  • 7. 7Financial Graphics (in million of R$)IFRSPrevious AccountabilityCAGR (00-11)23.7%NOTE: The calculation of the CAGR is based on the use of previous accountability.1.197 1.1881.6762.2432.9523.4183.8124.3424.7615.0695.2534.2614.9104.7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1T12Volume
  • 8. 8Financial Graphics (in million of R$)CAGR (00-11)24.2%NOTE: The calculation of the CAGR is based on the use of previous accountability.1.197 1.1881.6762.2432.9523.4183.8124.3424.7615.0695.2534.2614.9104.7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1T12VolumeIFRSPrevious AccountabilityIFRSPrevious Accountability
  • 9. 9Financial PerformanceIn thousand of R$1,120,356 1,067,984 925,345 4.9% 21.1%-801,415 -833,143 -643,925 -3.8% 24.5%318,941 234,841 281,420 35.8% 13.3%-95,697 -117,250 -88,424 -18.4% 8.2%-4,516 -1,496 -618 201.9% 630.7%218,728 116,095 192,378 88.4% 13.7%-67,124 -63,437 -57,542 5.8% 16.7%-39,749 -19,234 -31,677 106.7% 25.5%111,855 33,424 103,161 234.7% 8.4%73,553 35,155 68,243 109.2% 7.8%53,916 155,400 32,150 -65.3% 67.7%268,735 270,456 229,692 -0.6% 17.0%109,138 137,719 89,462 -20.8% 22.0%EBITDA∆1Q12/4Q11OPERATIONAL RESULTNET SALESCost of Assets and/or Services RenderedExpenditures with Sales, General and Adm.GROSS BALANCEDepreciation and AmortizationOther Operational Results1Q12 4Q11 1Q11∆1Q12/1Q11Financial ResultsNET INCOMENET INCOMECURRENT ACCOUNTEBITDANormalized by Current Account (unaudited figures)
  • 10. 10Financial Indicators11.0 10.4 12.12.5 1.2 0.61.5 1.5 1.02.7 2.6 1.20.3 0.2 0.30.6 0.6 0.728.5% 22.0% 30.4%6.6% 3.3% 7.4%19.5% 10.9% 20.8%6.5% 3.3% 7.1%22.3% 11.3% 18.9%Normalized by Current Account (unaudited figures)35.4% 39.8% 37.3%10.5% 14.1% 10.5%25.8% 27.7% 26.9%EBITDA Margin (%)Gross Margin (%)Net Margin (%)1Q11Return on Equity (%)Return on Assets (%)Gross Margin (%)Net Margin (%)Current Ratio (x)EBITDA Margin (%)Net Debt over EBITDA (x)Earnings Per Share ($)1Q12Short Term Debt over Total Debt (x)Equity Per Share ($)Net Debt over Equity (x)4Q11
  • 11. 11Regulatory Current Account Balance EvolutionBalance of Gas Recoverable/ To be Passed On: Cash-EffectR$million R$ 54 millionmade R$ 155 millionmade R$ 32 millionpassed on
  • 12. Estrutura de EndividamentoDebt Structure12Debt (1)(R$ thousand) Mar 2012 Dec 11 Debt Amortization Schedule(1)(R$ million)Debt Composition: Short Term/ Long Term Debt Composition(1) Includes Debendetures and Derivatives(2) EBITDA from the last 12 monthsDebt in foreigncurrency 100% andfully hedged.Short Term Debt 708,298 421,104Long Term Debt 1,437,644 1,452,957Total Debt 2,145,942 1,874,060(-) Cash 104,340 41,110(=) Net Debt 2,041,602 1,832,950EBITDA (2)748,554 716,284Net Debt/ EBITDA 2.7 2.6Short Term Debt/ Total Debt 0.3 0.2537296194 187 224708Debt denominated inforeign currency isfully hedged
  • 13. 100229 200 230276474426 397 403 406 4055101212000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12InvestimentosMain Projects:NETWORK EXTENSIONS (In thousands of Km):TaubatéSão Bernardo do CampoGuarulhosMogi das CruzesOsasco IIItaqueraNew Projects:Americana IISanto AndréHortolândiaInvestments13+ 262 KM inthe QUARTERR$ millionOver R$ 4.1 billion invested during the period106+14%1Q11 x 1Q12
  • 14. 14Market Performance (Year of 2012)Financial Volume: Preferred Shares (CGAS5)Ibovespa+11.55%Comgás PNA+9.58%Comgás ON+ 3.34%
  • 15. 15The forward-looking statements in this report related tothe outlook for the business, estimated financial andoperating results and growth prospects of COMGAS aremerely projections and, as such, are based exclusively onmanagement expectations regarding future performance.These expectations depend substantially on marketconditions and the performance of the Brazilian economy,the business sector and the international markets, andare therefore subject to change without prior notice.
  • 16. Investor Relationsinvestidores@comgas.com.brwww.comgas.com.br/en/investorsROBERTO LAGECFO andIROPAULO POLEZITreasury andInvestor RelationsRENATA OLIVAInvestor RelationsRua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil16