Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Results presentation 3 q09

231 views

Published on

Published in: Business
  • Be the first to comment

  • Be the first to like this

Results presentation 3 q09

  1. 1. 111COMPANHIA DE GÁS DE SÃO PAULOCOMGÁSFinancial Results- September 2009 -
  2. 2. 222Highlights: September 2009Consistent increase in the residential market: over 89 thousand residential units added in the last12 months;Investment Program Continuity: R$ 290 MM invested in 2009;Short-Term agreement with Petrobrás through an auction in which Comgás contracted quantitiesvarying from 1.5 to 2.0 MM Cu.M./day between May 2009 to March 2010.
  3. 3. Contracts:Natural Gas SupplyContracts TCQ BG Firm Contract Firm of Energy Interruptible Contract AuctionContract Models Firm Firm Firm Firm of Energy Interruptible Firm of Short TermGas Source Bolivian Bolivian Not determinated Not determinated Not determinatedExceeding contracts of PB withothers distributor / thermalpower plantsDCQEnd of Contract Jun/19 May/11 Dec/12 Dec/12 Dec/10 Mar/10Commodity + TransportationFixed Charge +Variable ChargeFixed Charge +Variable ChargeFixed Charge +Variable ChargeFixed Charge +Variable ChargeTransport: annual adjustmentaccording to USA Inflation (CPI)Fixed Charge: annual adjustmentaccording to USA Inflation (PPI)Fixed Charge: annual adjustedby IGP-MFixed Charge: annual adjustedby IGP-MFixed Charge: annual adjustedby IGP-MCommodity: quarterly adjustedbased on Oil Basket (Brent)+ Exchange RateVariable Charge: monthlyadjusted based on oil basket(including diesel)+ Exchange RateVariable Charge: quarterlyadjusted based on Oil BasketVariable Charge: quarterlyadjusted based on Oil BasketVariable Charge: quarterlyadjusted based on Oil BasketPriceAccording to the AuctionWinner8.75 MMm3/day until may/20118.10 MMm3/day until jun/20190.65 MMm³/day 3.5 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 1.8 MMm³/day
  4. 4. 444Type of Contracts:Natural Gas Supply For the Firm GSA, the business model is the traditional one: Comgás buys natural gas from Petrobras and distributes to existingmarkets receiving its distribution margin. Natural Gas distribution couldn’t be interrupted.Firm Flexible Agreement for the Purchase and Sale of Natural Gas: under this type of agreement, Petrobras supplies natural gasor indemnifies clients for the additional costs incurred due to the consumption of an alternative fuel. Given this distinction, thenumber of clients involved is restricted and their chief characteristic is their fuel flexibility (bi-fuel). Gas supply may be interruptedat the discretion of Petrobras, but with no risk of supply cuts for Comgás consumers. Petrobras will also bear the cost of thefinancial impacts incurred by Comgás and the clients in question;Interruptible Agreement for the Purchase and Sale of Natural Gas: under this type of agreement, Comgás may request a givenvolume of gas and Petrobras may or may not comply with this request. Once the request has been complied with, however, supplymay only be interrupted in order to meet demand for the dispatch of thermal power.General Provisions Contract: establishes the operational and legal rules to be applied to any and all agreements enteredbetween Comgás and Petrobras.
  5. 5. 555Comgás: Sales per SegmentIn thousand Cu. M.* Excluding Thermal Generation3Q09 2Q09 3Q08D3Q09/2Q09D3Q09/3Q089M09 9M08D9M09/9M0841,409 36,150 38,334 14.5% 8.0% Residential 106,770 99,946 6.8%23,774 23,423 26,087 1.5% -8.9% Commercial 69,005 74,204 -7.0%914,757 798,173 1,003,070 14.6% -8.8% Industrial 2,415,280 2,972,836 -18.8%101 2,232 55,439 -95.5% -99.8% Thermal Generation 20,584 261,841 -92.1%93,649 78,909 75,028 18.7% 24.8% Cogeneration 231,325 230,994 0.1%88,784 93,202 127,288 -4.7% -30.2% NGV 275,852 400,369 -31.1%1,162,474 1,032,089 1,325,246 12.6% -12.3% 3,118,816 4,040,190 -22.8%12.6 11.3 13.8 MMm3/day* 11.3 13.8
  6. 6. 666Comgás: Meters by Segment* UDAs (Householders)Sep/09 Jun/09 Sep/08DSep09/Jun09DSep09/Sep08667,151 651,911 604,430 Residential 2.3% 10.4%834,303 816,212 745,144 Number of UDAs* 2.2% 12.0%9,123 9,002 8,755 Commercial 1.3% 4.2%988 991 1,011 Industrial -0.3% -2.3%2 2 2 Thermal Generation 0.0% 0.0%22 22 19 Cogeneration 0.0% 15.8%375 383 403 NGV -2.1% -6.9%677,661 662,311 614,620 2.3% 10.3%
  7. 7. 777Volumes per SegmentMM Cu.M.4,040 3,119-22.8%73.6% 77.4%2.5%3.4%1.8%2.2%9.9%8.8%5.7%7.4%6.5% 0.7%9M08 9M09Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  8. 8. 888Gross Revenue per SegmentR$ thousand+ 0.9%3,669,787 3,703,56473.1% 74.1%8.7% 9.2%3.8% 4.0%8.4% 7.8%3.9% 4.7%2.1% 0.2%9M08 9M09Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  9. 9. 999Margin per SegmentR$ thousand1,076,255 881,234-18.1%65.7%61.5%19.1%23.0%6.9% 7.9%4.7% 3.9%2.8% 3.5%0.8% 0.0%9M08 9M09Thermal GenerationCogenerationNGVCommercialResidentialIndustrial
  10. 10. 101010Comgás: Financial ResultsR$ Thousand3Q09 2Q09 3Q08D3Q09/2Q09D3Q09/3Q089M09 9M08D9M09/9M08959,708 986,585 1,130,233 -2.7% -15.1% Net Revenue 2,925,886 2,934,273 -0.3%-657,692 -727,918 -727,908 -9.6% -9.6% Cost of Goods and/or Services Rendered -2,069,569 -1,894,255 9.3%302,016 258,667 402,325 16.8% -24.9% Gross Income 856,317 1,040,018 -17.7%-116,648 -104,831 -115,218 11.3% 1.2% Selling, General and Administrative Expenses -333,912 -330,376 1.1%-44,141 -40,051 -34,772 10.2% 26.9% Depreciation and Amortization -122,445 -99,546 23.0%-40,204 -32,085 -32,199 25.3% 24.9% Financial Results -109,344 -87,285 25.3%0 -10,338 -16,816 -100.0% -100.0% Other Operating Income -26,457 -46,383 -43.0%145,164 111,413 238,092 30.3% -39.0% Operating Income 386,604 575,974 -32.9%96,577 79,679 167,550 21.2% -42.4% Net Income 272,061 411,239 -33.8%229,509 193,887 321,879 18.4% -28.7% EBITDA 644,850 809,188 -20.3%Note:For the Ebitda calculation, Comgás has not considered other operating income, since property, plant and equipment write-offs were considered in the operational resultsaccording to the Law 11.638.
  11. 11. 1111115294682641532008 1Q09 2Q09 3Q09D = 61D = 204D = 111R$MillionComgás: Regulatory Current Account Balance EvolutionBalance of Gas bill receivables: Cash Effect
  12. 12. 121212Comgás: Financial Indicators3Q09 2Q09 3Q08 9M09 9M0810.7 9.9 9.7 Equity per Share($) 10.7 9.70.8 0.7 1.4 Earnings per Share($) 2.3 3.41.1 1.3 1.1 Net Debt per Equity (x) 1.1 1.11.6 1.9 1.0 Net Debt per EBITDA (x) 2.3 1.60.7 0.7 0.8 Current Ratio (x) 0.7 0.831.5% 26.2% 35.6% Gross Margin (%) 29.3% 35.4%10.1% 8.1% 14.8% Net Margin (%) 9.3% 14.0%23.9% 19.7% 28.5% EBITDA Margin(%) 22.0% 27.6%10.0% 8.5% 18.2% Return on Assets (%) 9.7% 15.7%30.2% 26.9% 57.4% Return on Equity (%) 28.3% 47.0%Note:Results achieved the period were annualized.
  13. 13. 131313Dividends PaidR$ MM---- PAYOUT11 16 27 25303330 3342752002001 2002 2003 2004 2005 2006 2007 2008 9M0917%15%26%10%95%77% 75%53%2009 - Dividends of R$ 200 million declared to be paid in 3 installments during the year:June 31st, 2009: R$ 100 million (already paid)August 31st, 2009: R$ 50 million (already paid)November 30th, 2009: R$ 50 million
  14. 14. 141414100229200230276474426397 4032902000 2001 2002 2003 2004 2005 2006 2007 2008 9M09Investments – 2000 to 9M09Over R$ 3.0 billion invested in the periodNetwork Extension:Sep /08: 5,590 KmsSep/09: 6,098 KmsD: 508 KmsMain Projects:São Bernardo do CampoSantosCampinasHouseholders Added:89,159CAPEXR$ MM2959M08
  15. 15. 151515Investor RelationsCompanhia de Gás de São Paulo – COMGÁSwww.comgas.com.br/en/investorsRoberto LageCFO and IROPaulo PoleziTreasury and Investor RelationsRenata OlivaInvestor RelationsRua Olimpíadas, nº 205, 10º andar - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil

×