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Results presentation 3 q12


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Results presentation 3 q12

  1. 1. 1COMPANHIA DE GÁS DE SÃO PAULOFinancial and Operational ResultsSeptember 30th, 2012
  2. 2. 2DisclaimerStatement on Future Declarations:The forward-looking statements in this report related to the outlook on business,estimations on financial and operational results and growth prospects for COMGAS aremerely projections and, as such, are based exclusively on management expectationsregarding future performance. These expectations depend substantially on marketconditions, the performance of the Brazilian economy, the business sector and theinternational markets, and are therefore subject to change without prior notice.
  3. 3. Financial and Operational Highlights
  4. 4. 4Highlights: 3rd Quarter of 2012Residential segment: 90 thousand new households connected since the beginning of the year.Continuous growth in volume: +10.2% (9M12 x 9M11) and +6.6% (3Q12 x 3Q11);Investments: R$ 427 million invested in the first nine months of 2012, 17% above the amountinvested during the same period in 2011;Network extensions: New record of 918 km built since the beginning of the year;Settlement on the long term funding contract with the Brazilian Economic and Social DevelopmentBank (BNDES), in the sum amount of R$ 1.1 billion;Industrial segment: growth of 2.5% compared to the last quarter, demonstrating the upturn of thevolume demanded during the quarter;Market Announcement on 10/26/2012, informing that ARSESP authorized the transfer of 60.1% ofindirect participation held by BG to Cosan Provence Participações S.A. (company controlled by CosanS.A. Indústria e Comércio).
  5. 5. Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts5Daily quantity contracted:approximately 14.3 million m³/day,besides auction contracts.Daily quantity demanded:approximately 13.0 milllion m³/day upuntil September 2012.Contracts TCQ Firm Contract Firm of Energy Auction Weekly GasContract Models Firm Firm Firm of Energy Firm of Short Term Very Short TermGas Source Bolivian Undetermined UndeterminedSurplus of PBs contracts withother distributors / thermalpower plantsSurplus of PBs contractswith other distributors /thermal power plantsDCQEnd of Contract Jun/19 Dec/13 Dec/12 Sep/13 Sep/13Commodity +TransportationFixed Charge +Variable ChargeFixed Charge +Variable ChargeTransportation: annualreadjustment according to USAInflation: CPIFixed Charge: annualreadjustment by IGP-MFixed Charge: annual readjustmentby IGP-MCommodity: quarterly correctionbased on Oil Basket+ Exchange RateVariable Charge: quarterlycorrection based on Oil BasketVariable Charge: quarterlycorrection based on Oil Basketaccording to bidsPrice8.10 MMm3/day for Aug/2012forward5.22 MMm3/day for Aug/2012forward1.0 MMm³/day4.17 MMm3/day until Oct 123.67 MMm3/day until Nov 12According to the bid made by the Auction WinnerNew Petrobras Auction Contracts (electronic platform)Considers the demand presented by the distributors and the maximum inprice each one is willing to pay.1. Distributors insert their order in the system and Petrobras inserts theparameters of volume and price in the system;2. Information on volume of the orders are visualized by all distributors andthe distributors dispute the volume offered;3. Every month, three offers may be released by Petrobras: for 1 month, 2months and 3 months of supply.
  6. 6. SegmentsVolume (in million of m3)CAGR (00-11)10.1%+4.9%1,6762,2432,9523,4183,8124,3424,7615,0695,2534,2614,910 4,8353,8303,6525,016Industrial Segment: Sector Composition622.7%19.1%14.9%12.6%8.9%7.1%6.7%3.9%2.1%1.0%0.7%0.2%CHEMICAL / PETROCHEMICALCERAMICSPAPER AND CELLULOSEMETALS / FOUNDRYAND NONFERROUSGLASS / CRYSTALSDRINKS / FOODAUTOMOTIVE / PNEUMATICTEXTILE / LAUNDRY/ DRYCLEANINGOTHERSSTEEL SECTORPHARMACEUTICALELECTRO / ELECTRONIC
  7. 7. 7MarketsVolume per segment (In thousands of m3)Meters per segment* Thermal Generation not includedNote: UDA’s (Householders)
  8. 8. 79.9%7.1%5.9% 3.7% 2.2% 1.2%56.6%3.3% 2.4%28.4%9.1%0.2%Industrial Cogeneration NGV Residential Commercial ThermalGeneration74.5%7.0%5.4% 3.9% 2.2%7.1%55.2%4.6% 2.8%27.6%8.9%0.9%Industrial Cogeneration NGV Residential Commercial ThermalGenerationVolume MarginVolume x Margin9M119M128Note : Figures in IFRS
  9. 9. 45 64108 103242319427 4435143684134872012376905802363523802000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 sep/11 sep/12Net Income107 177347 330549668860 9251,035838 9281,1076007041,363 1,1827168379002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 sep/11 sep/12EBITDA9Financial Charts (in million of R$)CAGR (00-11)24.2%IFRSPrevious AccountabilityCAGR (00-11)23.7%EBITDA Net IncomeNote: Calculation of CAGR using previous accountabilitySep11-sep12IFRS +18.1%Prev. Account. +7.9%Sep11-sep12IFRS +17.3%Prev. Account. +7.6%
  10. 10. Financial PerformanceIn thousand of R$10
  11. 11. Financial IndicatorsNOTE: Annualized Indicators (LAJIDA from the last 12 months)11
  12. 12. 5284692641532912-55-157-230 -198-128-5150204360 362dec-08 mar-09 jun-09 sep-09 dec-09 mar-10 jun-10 sep-10 dec-10 mar-11 jun-11 sep-11 dec-11 mar-12 jun-12 sep-12Regulatory Current Account Balance EvolutionBalance of Gas Recoverable/ To be Passed On: Cash-EffectR$million R$ 156 millionsmade R$ 54 millionsmade R$ 70 millionsmade R$ 2 millionsmade12
  13. 13. 650277146 113 8520511745 7453386Year 1 Year 2 Year 3 Year 4 Year 5 Year 6forwardLocal Currency Foreign CurrencyEstrutura de EndividamentoDebt StructureDebt (1)(R$ thousand) Sep 12 Sep 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.394191 187138386855Short Term Debt 854,543 420,822Long Term Debt 1,296,176 1,406,024Total Debt 2,150,719 1,826,846(-) Cash 143,048 172,021(=) Net Debt 2,007,671 1,654,825EBITDA(2)820,388 869,022Net Debt/EBITDA 2.4 1.9Short Term Debt/Total Debt 0.4 0.2EIB25%BNDES39%Others36%13
  14. 14. 2.5 2.6 2.93.3 3.6 3.94.5 4.9 7.48.91999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sep11 Sep12100229200230276474426397 403 406 4055084272000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 sep/12InvestimentosMain Projects:NETWORK EXTENSIONS (In thousands of Km):TaubatéSão José dos Campos IIGuarulhosMogi das CruzesOsasco IISão Bernardo do CampoNew projects:Taboão da SerraSão João da Boa VistaInvestments14+ 1,580 KMbuilt in the last 12monthsOver R$ 4.5 billion invested during the periodR$ million365+17%9M11 x 9M129M1171municipalitiesconnected
  15. 15. Market Performance (Jan - Sept 2012)Financial Volume: Preferred Shares (CGAS5)Ibovespa-4.27%Comgás PNA4.02%Comgás ON- 0.45%15
  16. 16. Appendix
  17. 17. Comgás: uma combinação de competências e princípiosComgás’ Shareholder StrucutreSHELL BRAZILHOLDING BV6.34%INTEGRALINVESTMENTSBV71.91%SHELL GAS BV16.49%BG SÃO PAULOINVESTMENTSBV83.51%OTHERSHAREHOLDERS(free float)21.75%SHELL BRAZILHOLDING BV6.34%INTEGRALINVESTMENTS BV11.86%SHELL GAS BV100%OTHERSHAREHOLDERS(free float)21.75%60.05%Current Shareholder Strucutre Future Shareholder Structure(1)17Listing of Comgás’ shares in the Stock Exchange: As inserted in the Edict of Privatisation and reflected in the Company’s Bylaws, Comgás isa publicly traded company with it’s shares negotiated in the Stock Exchange, condition which must be maintained during the entire concessionperiod.Note (1): As soon as the operation is concluded,, this shareholder structure will be informed to the market
  18. 18. Comgás: uma combinação de competências e princípiosComgás’ new controlling shareholder18ABOUT COSAN Cosan is one of the biggest private economic groups in Brazil, with business in energy and infrastrucutre segments; Rumo Logística, Raízen, Cosan Lubrificantes e Especialidades and Radar Propriedades Agrícolas are companies which are part of the Group; In the energy segment, Cosan forms a joint venture with Shell in Raízen: One of the largest distributors of fuel in Brazil, with 4,600 Shell gas stations Brazil’s largest and one of the world’s largest sugar, ethanol and cogeneration producers with 24 plants and a sugarcane grinding capacity of65 million tons. Largest sugar exporter in the world represented by Rumo Logística; Along with Cosan Lubrificantes e Especialidades, Rumo Logística produces and distributes lubricants with the brands Mobil and Comma in Braziland in 3 other countries in South America and the United Kingdom; With a pioneering iniciative in Brazil, Radar purchases, leases and sells arable land with high potential of valuation in the best regions of Brazil,currently administrating over 150 thousand hectares of land.
  19. 19. Investor LAGECFO andIROPAULO POLEZITreasury andInvestor RelationsRENATA OLIVAInvestor RelationsRua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil19