Results presentation 3 q10

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Results presentation 3 q10

  1. 1. 111COMPANHIA DE GÁS DE SÃO PAULOResults Presentation3rd Quarter 2010
  2. 2. 222Comgás adopted International Financial Reporting Standards (IFRS) beginning in 2Q10;Continuous growth in the residential segment: over 76 thousand new residential connections sincethe beginning of the year;The number of meters grew by 10.2% between 9M09 and 9M10 to reach 746,904 in September2010;Sales volume reached 3,622.7 million M3, an 16.2% increase year on year;As of September 30, a total of R$ 418.4 million had been declared in dividends and interest onequity, to be paid during 2010;First tranche of € 100 million, of a long-term loan of € 200 million granted by the EuropeanInvestment Bank (EIB), was already paid in full, in which € 68.9 million (R$ 155 million) was disbursedin June, and the remaining € 31.1 million (R$ 69.6 million) was disbursed in September.Highlights: September 2010
  3. 3. 333CONTRACTSNatural Gas SupplyFirm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin ,the Natural Gas couldn’t beinterrupted;Firm Flexible Agreement: under this type of agreement Petrobras supplies natural gas or indemnifies clients for the additional costs incurred dueto the consumption of an alternative fuel, Gas supply may be interrupted at the discretion of Petrobras ,but with no risk of supply cuts for Comgás,consumers. Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in question;Interruptible Agreement: under this type of agreement. Comgás may request a given volume of gas and Petrobras may or may not comply withthis request. Once the request has been complied with. However supply may only be interrupted in order to meet demand for the dispatch ofthermal power.Contracts TCQ Firm Contract Firm of Energy Interruptible Contract AuctionContract Models Firm Firm Firm of Energy Interruptible Firm of Short TermGas Source Bolivian Not determinated Not determinated Not determinatedExceeding contracts of PB withothers distributor / thermalpower plantsDCQEnd of Contract Jun/19 Dec/13 Dec/12 Dec/10 Nov/10Commodity + TransportationFixed Charge +Variable ChargeFixed Charge +Variable ChargeFixed Charge +Variable ChargeTransport: annual adjustmentaccording to USA Inflation (CPI)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: 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/20194.15 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 2.5 MMm³/day
  4. 4. 444Volume per SegmentIn thousand M3* Excluding Thermal Generation46,958 42,090 41,409 11.57% 13.40% 119,893 106,770 12.29%26,396 25,240 23,774 4.58% 11.03% 74,490 69,005 7.95%946,874 937,125 914,757 1.04% 3.51% 2,780,285 2,415,280 15.11%117,238 35,088 101 N.A 168,723 20,58491,217 76,686 93,649 18.95% -2.60% 238,711 231,325 3.19%76,594 82,279 88,784 -6.91% -13.73% 240,622 275,852 -12.77%1,305,277 1,198,508 1,162,474 8.91% 12.28% 3,622,724 3,118,816 16.16%12.9 12.8 12.6 1.01% 2.21% 12.7 11.3 11.48%COGENERATIONNGVRESIDENTIALCOMMERCIALINDUSTRIALTHERMAL GENERATION3Q109M10/9M099M099M102Q10∆3Q10/2Q103Q093Q10/3Q09Mi m3/day*∆ ∆N.A N.A.
  5. 5. 555* UDAs (Householders)Meters per Segment735,967 718,743 667,151 2.40% 10.31%945,327 910,379 834,303 3.84% 13.31%9,568 9,425 9,123 1.52% 4.88%974 971 988 0.31% -1.42%2 2 2 -20 20 22 -9.09%373 375 375 -0.53% -0.53%746,904 729,536 677,661 2.38% 10.22%sep10/jun10 sep10/sep09sep/10 jun/10 sep/09RESIDENTIALNGVCOGENERATIONTHERMAL GENERATIONINDUSTRIALCOMMERCIALUDAs*∆ ∆ ∆--
  6. 6. 6663.3%2.1%76.7%4.7%6.6%6.6%3.4%2.2%77.4%0.7%7.4%8.8%RESIDENTIALCOMMERCIALINDUSTRIALTHERMAL GENERATIONCOGENERATIONNGVVolume per Segment9M10In Mi m39M093,119 3,62316.2%
  7. 7. 7779.2%4.0%74.1%0.2%4.7%7.8% RESIDENTIALCOMMERCIALINDUSTRIALTHERMAL GENERATIONCOGENERATIONNGV9.7%4.0%74.7%1.4%4.3%5.8%Gross Revenue per SegmentIn R$ Thousand9M109M093,697,496 3,618,467-2.1%
  8. 8. 88819.1%6.8%66.7%0.5% 2.7%4.2%16.7%6.4%67.4%3.7% 5.9% RESIDENTIALCOMMERCIALINDUSTRIALTHERMAL GENERATIONCOGENERATIONNGVMargin per Segment-8.28%9M109M091,247,578 1,144,322In R$ Thousand
  9. 9. 999Financial ResultsR$,Thousand1,084,078 1,020,993 1,019,461 6.18% 6.34% 3,045,127 3,083,459 -1.24%-642,142 -633,792 -601,108 1.32% 6.83% -1,898,412 -1,827,544 3.88%441,936 387,201 418,353 14.14% 5.64% 1,146,715 1,255,915 -8.69%-85,822 -74,993 -72,509 14.44% 18.36% -229,056 -211,467 8.32%356,114 312,209 345,844 14.06% 2.97% 917,659 1,044,448 -12.14%-52,392 -52,383 -46,018 0.02% 13.85% -155,726 -128,097 21.57%-37,032 -30,526 -44,614 21.31% 16.99% -100,690 -136,619 -26.30%-4,969 6 0 - -4,963 -26,456 -81.24%261,721 229,305 255,212 -14.14% 2.55% 656,280 753,276 -12.88%188,335 151,990 169,210 23.91% 11.30% 452,658 514,065 -11.95%-102,147 -67,677 -111,212 50.93% -8.15% -186,797 -375,604 -50.27%255,966 244,634 229,510 4.63% 11.53% 731,511 644,850 13.44%121,536 108,583 96,577 11.93% 25.84% 332,511 272,061 22.22%NET INCOMENET INCOMEEBTIDANet Sales RevenueCost of Goods Sold and/or Services RenderedSelling General and Adm. Expenses9M10/9M09Other operating Result3Q10 2Q10 3Q09 9M10 9M09Depreciation and AmortizationFinancial ResultsEBTIDAOPERATING RESULTGROSS RESULTCurrent Account-D3Q10/2Q10D3Q10/3Q09D DAccording to the last accountability legislation (unaudited figures)In R$ Thousand
  10. 10. 101010Comgás: Financial Indicators11.7 10.5 10.2 11.7 10.21.6 1.3 1.4 3.8 4.31.0 1.1 1.3 1.0 1.31.0 1.1 1.2 1.3 1.10.8 0.7 0.6 0.8 0.640.8% 37.9% 41.0% 37.7% 40.7%17.4% 14.9% 16.6% 14.9% 16.7%32.8% 30.6% 33.9% 30.1% 33.9%19.2% 15.8% 18.2% 15.4% 18.5%53.8% 48.4% 55.3% 43.1% 56.0%33.6% 33.2% 31.5% 33.5% 29.3%12.0% 11.3% 10.1% 11.6% 9.3%25.2% 25.4% 23.9% 25.5% 22.0%(%)($)(%)(x)(%)(x)3Q10 2Q10 3Q09 9M10 9M09According to the last accountability legislation (unaudited figures)Note: Results achieved for the period were annualizedEquity per Share ($)Earnings per ShareNet Debt per Equity (x)Net Debt per EBITDACurrent RatioGross Margin (%)Net MarginEBITDA MarginReturn on AssetsReturn on Equity (%)EBITDA Margin (%)Gross Margin (%)Net Margin (%)
  11. 11. 11111127821918285 10430191735111de 09/11 até09/12até 09/13 até 09/14 até 09/15 até 09/16Em moeda estrangeira Em moeda local367 3851,163 1,180jun/10 set/10Indebtedness StructureIn R$ millionTotalIndebtednessLongtermDebts-Aging In R$ millionBNDESOutrosIndebtedness Composition75%24%76%1,5711,425 1,4191,352 1,3601.141.121.421.080.951.281.091.021.080.973Q09 4Q09 1Q10 2Q10 3Q10Net Debt Net Debt / EBITDA Net Debt/ Equity25%From 09/11until 09/12until 09/13 until 09/14 until 09/15 until 09/16BNDES72%EIB15%Others13%Curto Prazo Longo Prazo
  12. 12. 121212528 4692641532912 -55-157D = 61D = 204D = 17R$MillionD = 123D = 68D = 111Comgás: Regulatory Current Account Balance EvolutionBalance of Gas bill receivables: Cash Effectdec/08 dec/09sept/09mar/09 mar/10D = 102jun/09 jun/10 sep/10
  13. 13. 131313Total Shareholder Remuneration2010 YEARDividends also declared :R$ 28.1 million related to 2009 results paid on May 31, 2010;R$ 286.9 million related to the retained earnings of the previous years to be paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0million on August 31; and R$ 100.0 million on November 30.R$ 50 million related to 2009 retained earnings to be paid on December 17, 2010.Interest on Equity also declared:R$ 34.4 million from 2010 results, paid on July 30, 2010;R$ 9.5 million from 2010 results, paid on September 30, 2010;R$ 9.5 million from 2010 results, to be paid on November 30, 2010.11 16 27 25303330 334275 2684182001 2002 2003 2004 2005 2006 2007 2008 2009 201017% 15%26%10%95%77% 75%53%73%9M1010028.176.911034.49,59.550In R$ million---- PAYOUT
  14. 14. 1414142.5 2.6 2.93.3 3.6 3.94.5 4.9 5.15.76.26.71999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010100229200230276474426397 403 4062872000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M10InvestmentsOver R$ 3,4 billion invested in the periodNOTE: UDA’s Added (in 12 months): 111,024187CAPEX in R$ million9M099M10*Since 2009 values are in IFRSTaubatéCampinasAmericanaGuarulhosSantosJundiaíSanto,AndréPiracicabaHortolândia290Network Extension (in thousand):Sep/09: 6,098 KmSep/10: 6,708 KmD: 610 KmMain Projects: New Projects:
  15. 15. 151515The 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.
  16. 16. 161616Investor 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 -Brazil

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