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Results presentation 4 q11
 

Results presentation 4 q11

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    Results presentation 4 q11 Results presentation 4 q11 Presentation Transcript

    • 1Financial and Operational ResultsDecember 31, 2011
    • 2Highlights – December 2011Record Expansion: More than 1.1 thousand kilometers of network installed during the period;Strong growth in Comgás client base, more than 69 thousand meters connected in 2011;Record investments of R$ 510 millions during the year;R$ 450 millions were declared throughout the year in the form of dividends and interest on equity;The rating agency, Moody’s, confirmed a Baa3 issuer rating in local currency on the global scale andAa1.br issuer rating on the national scale;Possibility of migration to Bovespas Novo Mercado, corporate governance highest, which wasannounced by the Company at the end of the year through a Relevant Fact;Extraordinary Readjustment: ARSESP (Regulatory Agency), readjusted Comgás’ tariff’s from 3.27% to11.20% according to the segment and consumed volume. There was no tariff readjustment forresidential costumers.
    • 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
    • Operational Performance4 Continuous growth in the residential segment,more than 109 thousand householdersconnected this year; Complete range of natural gas applications inthe commercial segment (air conditioning); Sales volume reached an average distributionof 13 million m³/day; Total volume grew 3.8% without consideringthe thermal generation segment (back to backcontracts).3.8%2.1%Volume without ThermalGeneration (in millions of m3)4Q10 4Q11 2010 2011
    • 5SegmentsVolume (in millions of m3)CAGR10.1%Industrial Segment: Diversified Portfolio (2011)1,676 2,243 2,952 3,418 3,812 4,342 4,761 5,069 5,253 4,261 4,910 4,835
    • 756,080977,7509,760 982 2 23 367767,214824,4571,087,70510,381 1,002 2 23 357836,222RESIDENTIAL UDAs COMMERCIAL INDUSTRIAL THERMALGENERATION COGENERATION AUTOMOTIVE TOTAL2010 20119.0%11.2%6.4% 2.0% 0% 0% -2.7%9.0%6Meters per Segment(Householders)
    • 7Volume per Segment (In thousands of m³)*Excluding Thermal Generation
    • 8Volume x Margin20102011
    • 107177347 3305496688609251,0358389281,1071,3631,1827162000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011EBITDA9Financial Graphics (in millions of R$)NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability1.6762.2432.9523.4183.8124.3424.7615.0695.2534.2614.9104.7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011VolumeIFRSPrevious AccountabilityCAGR23.7%
    • 10Financial Graphics (in millions of R$)NOTE: The Calculation of the CAGR is Based on the Use of Previous Accountability1.6762.2432.9523.4183.8124.3424.7615.0695.2534.2614.9104.7792000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011VolumeIFRSPrevious AccountabilityIFRSPrevious AccountabilityCAGR24.2%107177347 3305496688609251,0358389281,1071,3631,1827162000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011EBITDA
    • 11Financial PerformanceIn thousands of R$1,067,984 1,097,862 1,050,216 -2.7% 1.7% 4,102,660 4,095,343 0.2%-833,143 -814,483 -677,148 2.3% 23.0% -2,996,617 -2,575,560 16.3%234,841 283,379 373,068 -17.1% -37.1% 1,106,043 1,519,783 -27.2%-117,250 -96,867 -102,752 21.0% 14.1% -387,744 -331,809 16.9%-1,496 219 -1,483 -783.1% 0.9% -2,015 -6,446 -68.7%116,095 186,731 268,833 -37.8% -56.8% 716,284 1,181,528 -39.4%-63,437 -60,860 -53,976 4.2% 17.5% -240,595 -209,702 14.7%-19,234 -66,174 -33,900 -70.9% -43.3% -159,960 -134,590 18.8%33,424 59,697 180,957 -44.0% -81.5% 315,729 837,236 -62.3%35,155 40,397 127,322 -13.0% -72.4% 236,139 579,980 -59.3%155,400 122,703 -72,391 26.6% -314.7% 380,205 -259,594 -246.5%270,456 312,169 201,146 -13.4% 34.5% 1,107,120 927,693 19.3%137,719 121,381 79,544 13.5% 73.1% 487,075 408,648 19.2%EBITDA2011OPERATIONAL RESULTNET SALESCost of Assets and/or Services RenderedExpenditures with Sales, General and Adm.GROSS BALANCEDepreciation and AmortizationOther Operational Results4Q11 3Q11 4Q10∆4Q11/3Q11∆4Q11/4Q10∆ 2011/20102010Financial ResultsNET INCOMENET INCOMECURRENT ACCOUNTEBITDANormalized by Current Account (unaudited figures)
    • 12Financial Indicators10.4 10.4 11.5 10.4 11.51.2 1.3 4.3 2.0 4.81.5 1.3 1.0 1.5 1.03.9 2.2 1.3 2.6 1.10.2 0.2 0.3 0.2 0.30.6 0.7 0.7 0.6 0.722.0% 25.8% 35.5% 27.0% 37.1%3.3% 3.7% 12.1% 5.8% 14.2%10.9% 17.0% 25.6% 17.5% 28.9%3.3% 3.8% 13.2% 5.5% 15.1%11.3% 13.0% 37.0% 18.9% 42.1%Normalized by Current Account (unaudited figures)39.8% 40.3% 31.8% 39.6% 33.1%14.1% 12.0% 8.3% 12.9% 10.7%27.7% 30.8% 21.0% 29.3% 24.2%EBITDA Margin (%)Gross Margin (%)Net Margin (%)4Q10Return on Equity (%)Return on Assets (%)Gross Margin (%)Net Margin (%)Current Ratio (x)EBITDA Margin (%)Net Debt over EBITDA (x)Earnings per Share ($)4Q11 3Q11Short Term Debt over Total Debt (x)Equity per Share ($)Net Debt over Equity (x)2011 2010
    • 13Regulatory Current Account Balance EvolutionBalance of Gas Recoverable/ To be Passed On: Cash-EffectR$million
    • Estrutura de EndividamentoDebt Structure14Debt (1)(R$ thousand) 2011 2010 Debt Amortization Schedule(1)(R$ million)Debt Composition: Short Term/Long Term Debt Composition(1) Includes Debentures and Derivatives421513343168429Debt denominatedin foreign currency isfully hedged
    • InvestimentosMain Projects:EXTENSÃO DE REDE (Em Mil Km):TaubatéCampinasSão Bernardo do CampoGuarulhosSantosMogi das CruzesNew Projects:JundiaíSanto AndréPiracicabaHortolândiaInvestments15+16%NETWORK EXTENSIONS (In thousands of Km):R$ million +26%* Since 2009 values are in IFRSOver R$ 4.0 billion invested during the period
    • 16Shareholder Remuneration (in millions of R$)PAY OUTPreviousAccountingPAY OUT IFRSNOTE: Payout calculated based on remuneration declared by the Company during the period.11 1627 25303 330 334275 268427 4502001 2002 2003 2004 2005 2006 2007 2008 2009 2010 201117% 15%26%10%95%77% 75%53%73%104%92%74%190%
    • 17Market Performance (Year of 2011)Comgás ON+14.5%Comgás PNA+8.2%-18.1%IbovespaFinancial Volume: Preferred Shares (CGAS5)
    • 18The 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.
    • 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 - Brazil19