Results presentation 2 q12

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Results presentation 2 q12

  1. 1. 1COMPANHIA DE GÁS DE SÃO PAULOFinancial and Operational ResultsJune 30, 2012
  2. 2. 2DisclaimerStatement on Future Declarations: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 merelyprojections and, as such, are based exclusively on management expectations regardingfuture performance. These expectations depend substantially on market conditions and theperformance of the Brazilian economy, the business sector and the international markets,and are therefore subject to change without prior notice.
  3. 3. 3Highlights: 1ST Half of 2012Continuous focus in the residential segment, 60 thousand new households connected since thebeginning of the year;Investment of R$ 268 million in the first semester, 20% above 1Q11;New record in network extensions, 555 km built since the beginning of the year;Tariff readjustments made in December 2011 and May 2012 contributed to recuperate the currentaccount balance compensating the increase in the cost of gas;In February 2012, ARSESP established a mechanism to recuperate the graphic account balancebecause of the variation of the price of gas and transportation (ARSESP DELIBERATION Nr. 308);On May 28, 2012, a Relevant Fact was presented informing that a Sale Contract was signed betweenProvence Participações S.A. (controlled by Cosan S.A. Indústria e Comércio) and BG Gas SPInvestments BV, for the sale of 60.1% of indirect participation in Comgás, currently held by BG, forthe total cost of R$3.4 billion. The conclusion of the operation is awaiting ARSESP’s approval andCADE’s analasis.
  4. 4. Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts4Daily quantity contracted:approximately 14.3 million m³/day,besides auction contracts.Daily quantity demanded:approximately 13.0 milllion m³/dayduring the 1st semester in 2012.
  5. 5. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012forecast1S11 1S12Industrial Residential Commercial NGV Cogeneration Thermal Generation5SegmentsVolume (in million of m3)CAGR (00-11)10.1%22.6%19.7%15.2%9.8%8.0%6.7%7.0%3.9%3.8%2.3%0.7%0.2%CHEMICAL / PETROCHEMICALCERAMICSPAPER AND CELLULOSEGLASS / CRYSTALSMETALS / FOUNDRYAND NONFERROUSDRINKS / FOODAUTOMOTIVE / PNEUMATICSTEEL SECTORTEXTILE / LAUNDRY/ DRYCLEANINGOTHERSPHARMACEUTICALELECTRO / ELECTRONIC+4.8%1,6762,2432,9523,4183,8124,3424,7615,0695,2534,2614,910 4,8352,5362,4205,159Industrial Segment: Sector Composition
  6. 6. 6MarketsNote: UDA’s (Householders)Volume per segment (In thousands of m3)50,732 40,882 48,400 24.1% 4.8% 91,614 81,340 12.6%27,899 26,196 27,008 6.5% 3.3% 54,095 51,457 5.1%946,683 934,538 983,661 1.3% -3.8% 1,881,221 1,926,164 -2.3%89,712 86,034 82,779 4.3% 8.4% 175,746 174,671 0.6%70,290 67,679 75,124 3.9% -6.4% 137,969 141,766 -2.7%1,185,316 1,155,329 1,216,972 2.6% -2.6% 2,340,645 2,375,398 -1.5%13.0 12.7 13.4 12.9 13.1162,650 32,218 6,325 N/A N/A 194,868 44,643 336.5%1,347,966 1,187,547 1,223,297 13.5% 10.2% 2,535,513 2,420,041 4.8%2Q12 1Q12 2Q11∆2Q12/1Q12∆2Q12/2Q111H12 1H11∆1S12/1S11RESIDENTIALCOMMERCIALINDUSTRIALCOGENERATIONTOTALNGVTOTALMMm³/day*THERMAL GENERATIONMeters per segment855,988 840,915 790,047 1.8% 8.3%1,147,384 1,116,688 1,031,610 2.7% 11.2%10,855 10,595 10,014 2.5% 8.4%1,006 1,010 998 -0.4% 0.8%2 2 2 0.0% 0.0%23 23 24 0.0% -4.2%338 347 363 -2.6% -6.9%868,212 852,892 801,448 1.8% 8.3%jun/11RESIDENTIALNGVCOGENERATIONTHERMAL GENERATIONjun/12∆jun12/mar12INDUSTRIALCOMMERCIALNUMBER OF UDAs*∆jun12/jun11mar/12* Not considering Thermal Generation
  7. 7. 80%7% 6% 3% 2% 2%60%4% 3%25%8%0%Industrial Cogeneration NGV Residential Commercial ThermalGeneration74%7% 5% 4% 2%8%54%4% 3%28%9%1%Industrial Cogeneration NGV Residential Commercial ThermalGenerationVolume Margin7Volume x Margin1st Semesterof 20111st Semesterof 2012
  8. 8. 107177347 3305496688609251,0358389281,1074133871,3631,1827165255882000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S11 1S12EBITDA8Financial Graphics (in million of R$)CAGR (00-11)23.7%NOTE: The calculation of the CAGR is based on the use of previous accountability.IFRSPrevious Accountability2,375 2,3411,6762,2432,9523,4183,8124,3424,7615,0695,2534,2614,9104,7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S12VolumeIFRS-6%PreviousAccountability+12%(In thousands of m3)
  9. 9. 9Financial Graphics (in million of R$)CAGR (00-11)24.2%NOTE: The calculation of the CAGR is based on the use of previous accountability.IFRSPrevious Accountability2,375 2,3411,6762,2432,9523,4183,8124,3424,7615,0695,2534,2614,9104,7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S12Volume107177347 3305496688609251,0358389281,1074133871,3631,1827165255882000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1S11 1S12EBITDAIFRS-32%PreviousAccountability+9%(In thousands of m3)
  10. 10. 10Financial PerformanceIn thousand of R$1,278,522 1,120,356 1,011,469 14.1% 26.4% 2,398,878 1,936,814 23.9%-1,007,191 -801,415 -705,066 25.7% 42.9% -1,808,606 -1,348,991 34.1%271,331 318,941 306,403 -14.9% -11.4% 590,272 587,823 0.4%-101,377 -95,697 -85,203 5.9% 19.0% -197,074 -173,628 13.5%-1,197 -4,516 -120 -73.5% 897.5% -5,713 -738 674.1%168,757 218,728 221,080 -22.8% -23.7% 387,485 413,457 -6.3%-72,153 -67,124 -58,756 7.5% 22.8% -139,277 -116,297 19.8%-47,632 -39,749 -42,875 19.8% 11.1% -87,381 -74,552 17.2%48,972 111,855 119,449 -56.2% -59.0% 160,827 222,608 -27.8%36,733 73,553 92,344 -50.1% -60.2% 110,286 160,587 -31.3%155,369 53,916 70,201 188.2% 121.3% 209,285 102,060 105.1%318,874 268,735 294,800 18.7% 8.2% 587,609 525,234 11.9%140,216 110,077 139,614 27.4% 0.4% 250,293 230,017 8.8%EBITDANET INCOMEFinancial ResultsOPERATIONAL RESULTNET INCOMENormalized by Current Account (unaudited figures)CURRENT ACCOUNTCost of Assets and / or Services RenderedGROSS BALANCEExpenditures with Sales, General and Adm.Other Operational ResultsEBITDADepreciation and Amortization1S12 1S11∆1S12/1S11NET SALES2Q12 1Q12 2Q11∆2Q12/1Q12∆2T12/2T11
  11. 11. 11Financial Indicators11,32 11,02 10,04 11,32 10,041,23 2,46 3,08 1,84 2,681,53 1,55 1,28 1,53 1,283,01 2,73 1,49 3,01 1,490,37 0,33 0,24 0,37 0,240,56 0,62 0,57 0,56 0,5721,2% 28,5% 30,3% 24,6% 30,3%2,9% 6,6% 9,1% 4,6% 8,3%13,2% 19,5% 21,9% 16,2% 21,3%3,1% 6,5% 9,4% 4,6% 8,1%10,8% 22,3% 30,7% 16,3% 26,7%Normalized by Current Account (unaudited figures)35,9% 35,4% 40,7% 35,6% 39,1%11,9% 10,5% 13,8% 11,3% 10,8%27,1% 25,8% 29,2% 26,5% 24,4%2Q12 1Q12 2Q11 1H12 1H11Equity Per Share($)Earnings Per Share ($)Net Debt over Equity (x)Net Debt over EBITDA (x)Short Term Debt over Total Debt (x)Current Ratio (x)Gross Margin (%)Net Margin (%)EBITDA Margin (%)Return on Assets (%)Return on Equity (%)Gross Margin (%)Net Margin (%)EBITDA Margin (%)NOTE:Annualized Indicators (LAJIDA from the last 12 months).
  12. 12. 5284692641532912-55-157-230 -198-128-5150204360dec-08 mar-09 jun-09 sep-09 dec-09 mar-10 jun-10 sep-10 dec-10 mar-11 jun-11 sep-11 dec-11 mar-12 jun-1212Regulatory Current Account Balance EvolutionBalance of Gas Recoverable/ To be Passed On: Cash-EffectR$million R$ 156 millionsmade R$ 54 millionsmade R$ 70 millionsmade
  13. 13. 725277212113 113782243864 75 2352012 2013 2014 2015 2016 2017forwardLocal Currency Foreign CurrencyEstrutura de EndividamentoDebt Structure13Debt (1)(R$ thousand) Jun 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.501250177 188235803Short Term Debt 803,540 421,104Long Term Debt 1,350,925 1,452,957Total Debt 2,154,465 1,874,061(-) Cash 79,544 41,110(=) Net Debt 2,074,921 1,832,951EBITDA (2)690,311 716,284Net Debt/EBITDA 3.0 2.6Short Term Debt/Total Debt 0.4 0.2Jun 12 Dec 11ShortTerm37%LongTerm63%ShortTerm22%LongTerm78%EIB25%BNDES44%Others31%
  14. 14. 2.5 2.6 2.93.3 3.6 3.94.5 4.9 5.15.76.26.98.0 7.4 8,61999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jun11 Jun12100229200230276474426397 403 406 4055092682000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 jun/12InvestimentosMain Projects:NETWORK EXTENSIONS (In thousands of Km):TaubatéSão José dos Campos IIGuarulhosMogi das CruzesOsasco IIItaqueraNew projects:Diadema ITucuruviInvestments14+ 1,200 KMbuilt in the last 12monthsOver R$ 4.2 billion invested during the periodR$ million223+20%2Q11 x 2Q121S11
  15. 15. 15Market Performance (June 2012)Financial Volume: Preferred Shares (CGAS5)Ibovespa-4.23%Comgás PNA-0.69%Comgás ON- 9.41%
  16. 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

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