1. COMPANHIA DE GÁS DE SÃO PAULO
Institutional Presentation
Financial Results - December 2010
2. 222
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Sales volume reached 4.9 M³ in 2010, an increase of 15.2% compared to 2009;
Continuous growth in the residential segment: over 108 thousand new residential connections in the year;
The number of meters grew by 9.12% over the year, to reach 767,214;
In the year 2010 were declared R$ 427 million in dividends and interest on equity;
Year of strong appreciation of Comgás stocks, the preferred (CGAS5) increase of 19.08% and 22.03%
appreciation of the ordinary (CGAS3),
The company ended the year with a negative Regulatory Current Account of $ 230 million;
Comgás investments reached R$ 405 million in 2010;
Signing contracts with European Investment Bank (EIB), totaling € 200 million, for the Company's
expansion;
Comgás adopted International Financial Reporting Standards (IFRS) beginning in 2Q10;
Highlights: December 2010
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CONTRACTS
Natural Gas Supply
Firm GSA: Comgás buys natural gas from Petrobras and distributes to existing markets receiving its distribution margin, the Natural Gas couldn’t be
interrupted;
Firm Flexible Agreement: under this type of agreement, Petrobras supplies natural gas or indemnifies clients for the additional costs incurred due
to 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;
9. 999
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HistóricoFinancial Results
In R$ Thousand4Q10 3Q10 4Q09
∆
4Q10/3Q10
∆
4Q10/4Q09
12M10 12M09
∆
12M10/12M09
1,050,216 1,084,078 1,032,820 -3.12% 1.68% Net Sales Revenue 4,095,343 4,116,279 -0.51%
-677,148 -642,142 -616,456 5.45% 9.85%
Cost of Goods Sold and/ or Services
Rendered
-2,575,560 -2,444,000 5.38%
373,068 441,936 416,364 -15.58% -10.40% GROSS RESULT 1,519,783 1,672,279 -9.12%
-102,753 -85,822 -97,352 19.73% 5.55% Selling General and Adm, Expenses -331,809 -308,818 7.45%
270,315 356,115 319,012 -24.09% -15.26% EBTIDA 1,187,974 1,363,461 -12.87%
-53,976 -52,392 -49,505 3.02% 9.03% Depreciation and Amortization -209,702 -177,602 18.07%
-33,900 -37,032 -39,112 -8.46% -13.33% Financial Results -134,590 -175,731 -23.41%
-1,483 -4,969 -4,034 -70.15% -63.24% Other operating Result -6,446 -30,491 -78.86%
180,956 261,721 226,361 -30.86% -20.06% OPERATING RESULT 837,236 979,637 -14.54%
127,322 188,335 176,329 -32.40% -27.79% NET INCOME 579,980 690,394 -15.99%
According to the last accountability legislation (unauditaed figures)
-72,211 -102,147 -123,336 -29.31% -41.45% Current Account -259,008 -498,940 -48.09%
202,628 255,966 193,389 -20.84% 4.78% EBTIDA 934,139 838,239 11.44%
80,281 121,536 95,806 -33.94% -16.20% NET INCOME 412,792 367,867 12.21%
10. 101010
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HistóricoComgás: Financial Indicators
4Q10 3Q10 4Q09 12M10 12M09
11.5 11.7 10.9 Equity per Share ($) 11.5 10.9
1.1 1.6 1.5 Earnings per Share ($) 4.8 5.8
1.0 1.0 1.1 Net Debt per Equity (x) 1.0 1.1
1.1 1.1 1.0 Net Debt per EBITDA (x) 1.1 1.0
0.7 0.8 0.7 Current Ratio (x) 0.7 0.7
35.5% 40.8% 40.3% Gross Margin (%) 37.1% 40.6%
12.1% 17.4% 17.1% Net Margin (%) 14.2% 16.8%
25.7% 32.8% 30.9% EBITDA Margin (%) 29.0% 33.1%
13.2% 19.2% 18.8% Return on Assets (%) 15.1% 18.4%
37.0% 53.8% 54.1% Return on Equity (%) 42.1% 53.0%
According to the last accountability legislation (unaudited figures)
31.8% 33.6% 30.3% Gross Margin (%) 33.1% 29.5%
8.4% 12.0% 10.0% Net Margin (%) 10.8% 9.5%
21.1% 25.2% 20.2% EBITDA Margin (%) 24.4% 21.6%
11. 111111
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HistóricoIndebtedness Structure
In R$ millionTotalIndebtednessLongtermDebts-Aging In R$ million
BNDES
Outros
Indebtedness Composition
Short Term Long Term
1,453
282
309
234 216
54
106
65 27
17
22
30
92
2011 2012 2013 2014 2015 2016 and
beyond
In Foreign Currency In Nacional Currency
603
347
1,016
1,106
dec/09 dec/10
37%
24%
63% 76%
1,619
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D = 61
D = 204
D = 17
R$Million
D = 123
D = 68
D = 111
Comgás: Regulatory Current Account Balance Evolution
Balance of Gas bill receivables: Cash Effect
D = 102
D = 73
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HistóricoTotal Shareholder Remuneration
11 16 27 25
303
330 334
275 268
427
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
In R$ million
2010 YEAR
Dividends:
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, paid in 3 installments in 2010: R$ 76.9 million on June 30th; R$ 110.0 million on August
31; and R$ 100.0 million paid on November 30,
R$ 50 million related to 2009 retained earnings, paid on December 17, 2010,
Interest on Equity:
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, paid on November 30, 2010;
R$ 8.9 million from 2010 results, paid on January 31, 2011,
17% 15%
26%
10%
95%
77% 75%
53%
73% 74%
---- PAYOUT
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Network Extension (in thousand):
Dec/09: 6,257 Km
Dec/10: 6,900 Km
D: 643 Km
100
229 200 230
276
474
426 397 403 409 405
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2.5 2.6 2.9
3.3 3.6 3.9
4.5 4.9 5.1
5.7
6.2
6.7
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Investments
Over R$ 3.5 billion invested in the period
NOTE: UDA’s Added (in 12 months): 108,612
187
In R$ Million
Taubaté
Campinas
Americana
Guarulhos
Santos
Jundiaí
Santo André
Piracicaba
Hortolândia
Main Projects: New Projects:
*Note: From 2009 amounts accounted on IFRS
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The forward-looking statements in this report related to
the outlook for the business, estimated financial and
operating results and growth prospects of COMGAS are
merely projections and, as such, are based exclusively on
management expectations regarding future performance,
These expectations depend substantially on market
conditions and the performance of the Brazilian economy,
the business sector and the international markets, and
are therefore subject to change without prior notice,
