111COMPANHIA DE GÁSDE SÃO PAULOFinancial Results forSecond Quarter2008
222Highlights: First Half 2008 Volume sold of 1.3 billion in 2Q08 and 2.7 billion Cu.M. in 1H08, increase of 7.8% related...
333Contracts:Natural Gas Supply – Year 2008• DCQ: 0.6 MM Cu.M./day• Contract Expiration: May 2011 Commodity:Oil Basket (B...
444Type of Contracts:Natural Gas Supply – Year 2008 For the Firm GSA (“Contrato Firme”), the business model is the tradit...
555Comgás: Sales by SegmentIn thousand Cu.M.* MM Cu.M./day excluding thermal generation2Q08 1Q08 2Q07D2Q08/1Q08D2Q08/2Q07 ...
666Comgás: Meters by Segments* UDAs (Householders).Jun-08 Mar-08 Jun-07DJun08/Mar08DJun08/Jun07588,708 574,435 531,212 Res...
777Volume per SegmentMM Cu.M.2,441 2,715+ 11.2%80.2%72.6%2.2%2.3%1.9%1.8%11.6%10.1%4.1%5.7%0.0%7.6%0%10%20%30%40%50%60%70%...
888Gross RevenueR$ thousand+ 17.0%1,921,809 2,247,62475.4% 72.5%8.3%8.4%4.1%3.7%9.4%8.5%2.8%4.2%0.0% 2.6%0%10%20%30%40%50%...
999Margin per SegmentR$ thousand558,569 661,041+ 18.3%66.0% 65.2%18.7% 18.6%7.7% 7.0%5.6% 5.2%2.0% 3.0%0.0% 1.0%0%10%20%30...
101010Comgás: Financial ResultsR$ thousand13.5%429,363487,309EBITDA4.8%1.8%234,600241,532245,77815.0%211,962243,689Net Inc...
111111Comgás: Financial IndicatorsNote:(1) Results achieved during the period were annualized(2) Note: In relation to Net ...
121212Dividends Paid(c) Intermediate dividends over retained earnings(b) Dividends referring to previous year(a) Interpola...
1313131002292002302764744263971872000 2001 2002 2003 2004 2005 2006 2007 1S08Investments – 2000 to Jun08Over R$ 2.5 billio...
141414Investor RelationsCompanhia de Gás de São Paulo – COMGÁSwww.comgas.com.br/en/investors/Roberto LageCFO and IROPatric...
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Results presentation 2 q08

  1. 1. 111COMPANHIA DE GÁSDE SÃO PAULOFinancial Results forSecond Quarter2008
  2. 2. 222Highlights: First Half 2008 Volume sold of 1.3 billion in 2Q08 and 2.7 billion Cu.M. in 1H08, increase of 7.8% related to 2Q07 and 11.2%related to 1H07; Net Revenue of R$ 961 million in 2Q08 and R$ 1,804 million in the first half, growth of 21.9% and 18.8%when compared to 2Q07 and 1H07 respectively; Net Income of R$ 124 million in 2Q08 and R$ 244 in 1H08, 2.7% and 15.0% of growth in 2Q07 and 1H07respectively; EBITDA of R$ 246 million in 2Q08 and R$ 487 million in the first half, increase of 4.8% related to 2Q07 and13.5% related to 1H07; Over 700 thousand clients achieved with attending more than 39 thousands additional residential units inthe first half of 2008, reflecting the focus of the company in the expansion of residential market; R$ 275.4 million in dividends declared to 2008, related to 2007 results, in which R$ 150 million was paid inJun/08.
  3. 3. 333Contracts:Natural Gas Supply – Year 2008• DCQ: 0.6 MM Cu.M./day• Contract Expiration: May 2011 Commodity:Oil Basket (Brent)+ Exchange Rate Transport:USA Inflation (CPI) TCQ CONTRACT: Natural Gas coming from Bolivia• DCQ: 8.7 MM Cu.M./day• Contract Expiration: July 2019 BG CONTRACT: Natural Gas coming from BoliviaFIRM GSA “NOVO CONTRATO FIRME”• DCQ: 3.5 MM Cu.M./day• Contract Expiration : December 2012 70%Oil Basket (Brent) +Exchange Rate 30%Brazilian PPI (IGPM)FIRM ENERGY GSA “CONTRATO FIRME FLEXÍVEL”• DCQ: 1.0 MM Cu.M./day•Contract Expiration: December 2012PREFERENCIAL GSA “CONTRATO INTERRUPTÍVEL”• DCQ: 0 to 1.5 MM Cu.M./day• Contract Expiration: December 2010PRICE: 70%Oil Basket (Brent) +Exchange Rate 30%Brazilian PPI (IGPM)FIRM
  4. 4. 444Type of Contracts:Natural Gas Supply – Year 2008 For the Firm GSA (“Contrato Firme”), the business model is the traditional one: Comgás buys natural gas from Petrobras anddistributes to existing markets receiving its distribution margin. Natural Gas distribution couldn’t be interrupted. In Firm Energy GSA (“Contrato Firme Flexível”) model, customer has the guarantee of operational continuity, once the gassupply interruption will only happen after Oil Distribution Company delivers an alternative fuel at customer installation. Beyondthis guarantee, customer does not take the risk of fuel alternative additional costs related to natural gas. Petrobras will bear thosecost. Under this agreement, gas can be interrupted by power plant dispatch, technical restriction and major force affecting thegas system. A government measures is not applicable in this case Comgás will manage gas supply interruption and alternativesupply by Oil Distribution Company, receiving its distribution margin for this service as if there was the continuity of natural gassupply. In this modality, customer interruption produces only the operational conversion to the alternative fuel. Two businessstructures were analyzed to make viable the implementation of such agreement and the more adherent to the Comgás realityrelies on the above-explained option. For the Preferential GSA, (“Contrato Interruptível”) the business model is based on a call for Comgás to interrupt the gas flowby Petrobras upon any power plant dispatch called by ONS (Electricity National Grid Operator) in area of influence of the gaspipeline system (West, South and Southeast regions). This is the unique situation where Petrobras can limit molecule flow toComgás under this agreement. In case of interruption, Comgás must reduce market demand accordingly to avoid penalties andinterrupted customers must revert to alternative fuel with no financial compensation either by Comgás or Petrobras. In case ofnon-availability of the alternative in the market, the risk is only and exclusively of the customers.
  5. 5. 555Comgás: Sales by SegmentIn thousand Cu.M.* MM Cu.M./day excluding thermal generation2Q08 1Q08 2Q07D2Q08/1Q08D2Q08/2Q07 1H08 1H07D1H08/1H0734,041 27,571 29,701 23.5% 14.6% Residential 61,612 53,822 14.5%24,742 23,375 24,322 5.8% 1.7% Commercial 48,117 46,963 2.5%1,004,294 965,472 1,007,124 4.0% -0.3% Industrial 1,969,766 1,957,694 0.6%72,414 133,988 152 -46.0% N.A. Thermal Generation 206,402 941 N.A.78,547 77,419 46,310 1.5% 69.6% Cogeneration 155,966 99,402 56.9%138,015 135,067 147,074 2.2% -6.2% NGV 273,081 282,530 -3.3%1,352,053 1,362,892 1,254,683 -0.8% 7.8% 2,714,944 2,441,352 11.2%14.1 13.5 13.8 MM Cu.M./day* 13.8 13.5
  6. 6. 666Comgás: Meters by Segments* UDAs (Householders).Jun-08 Mar-08 Jun-07DJun08/Mar08DJun08/Jun07588,708 574,435 531,212 Residential 2.5% 10.8%723,271 700,782 643,153 Number of UDAs * 3.2% 12.5%8,662 8,567 8,441 Commercial 1.1% 2.6%1,005 992 982 Industrial 1.3% 2.3%2 2 2 Thermal Generation 0.0% 0.0%19 16 12 Cogeneration 18.8% 58.3%396 391 370 NGV 1.3% 7.0%598,792 584,403 541,019 2.5% 10.7%
  7. 7. 777Volume per SegmentMM Cu.M.2,441 2,715+ 11.2%80.2%72.6%2.2%2.3%1.9%1.8%11.6%10.1%4.1%5.7%0.0%7.6%0%10%20%30%40%50%60%70%80%90%100%1H07 1H08Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  8. 8. 888Gross RevenueR$ thousand+ 17.0%1,921,809 2,247,62475.4% 72.5%8.3%8.4%4.1%3.7%9.4%8.5%2.8%4.2%0.0% 2.6%0%10%20%30%40%50%60%70%80%90%100%1H07 1H08Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  9. 9. 999Margin per SegmentR$ thousand558,569 661,041+ 18.3%66.0% 65.2%18.7% 18.6%7.7% 7.0%5.6% 5.2%2.0% 3.0%0.0% 1.0%0%10%20%30%40%50%60%70%80%90%100%1H07 1H08Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  10. 10. 101010Comgás: Financial ResultsR$ thousand13.5%429,363487,309EBITDA4.8%1.8%234,600241,532245,77815.0%211,962243,689Net Income2.7%3.3%120,496119,890123,80010.3%-26,805-29,567Non Operating Result16.0%4.8%-13,039-14,440-15,12716.5%315,389367,449Operating Income5.0%1.5%176,309182,392185,058-11.6%-62,338-55,086Financial Results-13.3%0.1%-31,799-27,524-27,56225.4%-51,636-64,774Depreciation and Amortization25.2%4.9%-26,492-31,616-33,15818.9%-180,891-215,158Selling, General and Administrative Expenses28.8%23.8%-92,426-96,155-119,00214.2%558,618637,693Gross Income10.3%8.3%300,534306.071331.62221.4%-960,394-1,166,347Cost of Goods Sold and/or ServicesRendered29.0%17.3%-487,921-536,694-629,65318.8%1,519,0121,804,040Net Sales Revenue21.9%14.1%788,455842,765961,2752Q08 2Q071Q08D1H08/1H07D2Q08/1Q081H08 1H07D2Q08/2Q07
  11. 11. 111111Comgás: Financial IndicatorsNote:(1) Results achieved during the period were annualized(2) Note: In relation to Net Income per Thousand Shares, it is worth highlighting that from October 2, 2007, the shares started being traded grouped at the ratio of 100 to 1.This grouping was used to calculate the pro-forma value of the Net Income per Share in the 2Q07 and 1H07.2Q08 1Q08 2Q07 1H08 1H078.3 7.3 8.5 Equity per share ($) 8.3 8.51.0 1.0 1.0 Earnings per share ($) 2.0 1.8142.3% 145.2% 106.2% Net Debit / Equity (%) 142.3% 106.2%0.7 0.6 0.8 Current Ratio (x) 0.7 0.834.5% 36.3% 38.1% Gross Margin (%) 35.3% 36.8%12.9% 14.2% 15.3% Net Margin (%) 13.5% 14.0%25.6% 28.7% 29.8% EBITDA Margin (%) 27.0% 28.3%14.2% 14.8% 16.1% Return on Assets (%) 13.9% 14.2%49.5% 54.7% 47.1% Return on Equity (%) 48.7% 41.4%
  12. 12. 121212Dividends Paid(c) Intermediate dividends over retained earnings(b) Dividends referring to previous year(a) Interpolate dividends over the current year resultAlso declared to be paidin Aug/08 and Nov/08.R$ MM153(b)100(c)50(a)152(b)178(a)120(b)59.5(b)46(a)59.4(b)49(a)150(b)10% 77%95%26%15%17% 75% PAYOUT62.7(b)62.7(b)
  13. 13. 1313131002292002302764744263971872000 2001 2002 2003 2004 2005 2006 2007 1S08Investments – 2000 to Jun08Over R$ 2.5 billion invested in the periodNetwork Extension:Jun/07: 4,933 km’sJun/08: 5,464 km’sMain Projects:Campinas ProjectCastelo Branco ProjectSantos/ São Vicente Project1531H07CAPEXR$ MMCAPEXCAPEX1H08
  14. 14. 141414Investor RelationsCompanhia de Gás de São Paulo – COMGÁSwww.comgas.com.br/en/investors/Roberto LageCFO and IROPatricia SonageriTreasury and Investor RelationsRenata OlivaInvestor RelationsRua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil

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