Teleconferencia 4 q13
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Teleconferencia 4 q13

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Teleconferencia 4 q13 Teleconferencia 4 q13 Presentation Transcript

  • COMPANHIA DE GÁS DE SÃO PAULO Financial and Operational Results December 31th, 2013 1
  • Disclaimer The statements contained in this report regarding the outlook on business, estimations on financial and operational results and growth prospects for COMGÁS are merely estimations and, as such, are based exclusively on management expectations regarding future events and tendencies, that affect or may affect the business. These estimations are subject to many risks and uncertainties and are made considering the information currently available, and depend, substancially on market conditions, the Brazilian economys performance, the business sector and international markets, and are therefore subject to change without pior notice. Because of these uncertainties, the investor should not make any investment decisions based on these estimations and declarations on future operations.
  • Operating Highlights  Record volume for the year, 5.4 bi m³, up 43%, 13% and 7%, in the thermal generation, residential and commercial segments respectively;  Record high investment of R$ 852 million for the year, up 38% compared to 2012;  1,629 Km of distribution network added in 2013, up 27% year-over-year, and record high construction of 160 Km of steel network;  Over 13 million men/hour worked, with one incident with leave;  Issue of debentures in the amount of R$ 540 million; the first natural gas distributor to issue infrastructure debentures;  EBITDA, normalized by the regulatory current account, of R$ 1,336 million in 2013, up 14% year-overyear;  Net cash generation impacted by the increase in the gas cost, regulatory current account net of R$ 33 million recovered during the year;  Credit and Collection process more effective, resulting an improvement of 14% in the DSO (days sales outstanding). 3 View slide
  • Clients Highlights  Mark of 1,300,000 customers achieved during the year;  Record in residential customers connections, with over 117,000 homes connected in the year;  Record in commercial sector connections, with over 1,000 customers connected in 2013;  Year-over-year increase of 22% in the score in the “Companies that Respect Consumers the Most” survey;  Customer satisfaction reached 93% according to a survey by ARSESP, the highest score among all concessionaires;  Ombudsman processes and team restructuring, helping the company respond to 100% of the claims received by ARSESP within the agreed deadlines in the second half of the year. 4 View slide
  • Volume Volume in million of m3 14% 2% CAGR (00-13) 22,1% 9.5% 4% 5,259 4,910 5,457 5% 6% 4,835 69% 4,261 5.5 bi m³ Margin 2% 8% 1,676 61% 26% 3% 2000 ... Industrial 5 2009 2010 Cogeneration 2011 Automotive 2012 Residencial 2013 Commercial 0% 1.8 bi R$ Thermal Generation
  • Volume and Customers in thousand m3 4Q13 3Q13 4Q12 2013 2012 2013 x 2012 58,810 65,372 50,469 -10.0% 16.5% RESIDENTIAL 224,726 198,872 13.0% 31,756 31,503 28,274 0.8% 12.3% COMMERCIAL 119,194 111,662 6.7% 916,867 984,268 937,275 -6.8% -2.2% INDUSTRIAL 3,788,277 3,788,744 0.0% 75,547 79,450 89,344 -4.9% -15.4% COGENERATION 323,057 357,530 -9.6% 63,065 61,776 66,759 2.1% -5.5% AUTOMOTIVE 247,937 274,809 -9.8% 1,146,045 1,222,369 1,172,121 -6.2% -2.2% -0.6% 12.5 13.3 12.7 204,668 85,511 256,790 139.3% 1,350,713 1,307,880 1,428,911 1,333,765 1,307,690 1,215,432 6 4Q13 x 3Q13 4Q13 x 4Q12 TOTAL 4,703,191 4,731,617 MMm3 /day 12.9 12.9 -20.3% THERMAL GENERATION 753,764 527,014 43,0% 3.3% -5.5% TOTAL 5,456,955 5,258,631 3.8% 2.0% 9.7% TOTAL CUSTOMERS 1,333,765 1,215,432 9.7%
  • Financial Performance in million of R$ CAGR (00-13) 21,4% 22,1% 1,403 1,363 1,182 EBITDA 1,107 968 928 838 1,336 1,176 716 107 2000 ... 2009 2010 IFRS 2011 2012 2013 Normalized CAGR (00-13) 22,1% 852 616 690 Net Income 406 368 580 405 526 601 370 236 ... 2009 IFRS 7 619 487 413 45 2000 510 2010 Normalized 2011 Capex 2012 2013
  • Regulatory Current Account in million of R$ 500 0.80 0.73 400 0.64 360 362 0.75 381 334 300 0.85 364 351 348 0.65 0.55 200 204 0.48 0.45 150 100 0.35 0 -5 0.25 -128 -100 0.15 -198 -200 -230 0.05 -300 -0.05 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Current Account 8 Sep 12 Dec 12 Gas Cost - R$/m³ Mar 13 Jun 13 Sep 13 Dec 13
  • Investments in million of R$ +38% 852 616 510 406 405 189 100 2000 ... 2009 2010 2011 2012 4Q 209 2013 Projects in the Year Network Extension – Km/year 1,629 Guarulhos São José dos Campos 1,282 Taubaté 1,127 Jundiaí 553 642 363 4Q 459 185 2000 ... 2009 2010 2011 2012 2013 Americana RETAP (Aço) Itaquera São Bernardo do Campo 9
  • Debt Structure in thousand of R$ Dec 13 Short Term Debt Dec 12 384,665 925,305 Long Term Debt 2,247,191 1,435,120 Total Debt 2,631,856 2,360,425 535,957 169,725 (=) Net Debt 2,095,899 2,190,700 EBITDA(*) 1,403,249 967,553 Net Debt/ EBITDA 1.49 2.26 Short Term Debt/ Total Debt 0.15 0.39 (-) Cash Debt Amortization Schedule (R$ mm) 565 385 383 90 218 425 122 165 2014 2015 517 94 Others 8% EIB 24% 357 116 198 443 295 Debt Composition 241 Debentures 22% 423 227 BNDES 46% 2016 Local Currency *EBITDA considering the last 12 months 2017 2018 Foreign Currency 2019 forward
  • Guidance 2013 2014 Actual Min Max Total of clients (thousand) 1,334 1,420 1,450 Total volume (thousand m3) 5,457 5,200 5,700 EBITDA IFRS (R$mm) 1,403 1,300 1,550 852 680 780 CAPEX (R$mm) 11
  • RELAÇÕES COM INVESTIDORES investidores@comgas.com.br ri.comgas.com.br ROBERTO LAGE CFO and IRO ANDRÉ MENEGUETI Investor Relations Manager Phone: +55 11 4504-5065 Av. Pres. Juscelino Kubitschek, nº 1327, 15º andar - Vila Nova Conceição - CEP 04543-011 / São Paulo - SP - Brasil