Results presentation 4 q10

198 views

Published on

Published in: Technology, Business
  • Be the first to comment

  • Be the first to like this

Results presentation 4 q10

  1. 1. COMPANHIA DE GÁS DE SÃO PAULOInstitutional PresentationFinancial Results - December 2010
  2. 2. 222HistóricoHistóricoHistóricoSales 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 Companysexpansion;Comgás adopted International Financial Reporting Standards (IFRS) beginning in 2Q10;Highlights: December 2010
  3. 3. 333HistóricoHistóricoHistóricoVolume per SegmentIn thousand M3* Excluding Thermal Generation4Q10 3Q10 4Q09∆4Q10/3Q10∆4Q10/4Q0912M10 12M09∆12M10/12M0942,956 46,958 37,209 -8.52% 15.44% RESIDENTIAL 162,849 143,980 13.11%26,679 26,396 26,395 1.07% 1.08% COMMERCIAL 101,169 95,399 6.05%907,780 946,874 898,656 -4.13% 1.02% INDUSTRIAL 3,688,066 3,313,937 11.29%138,897 117,238 123 18.47% N,A, THERMAL GENERATION 307,620 20,706 N,A,93,870 91,217 86,815 2.91% 8.13% COGENERATION 332,581 318,139 4.54%77,051 76,594 92,953 0.60% -17.11% NGV 317,675 368,804 -13.86%1,287,234 1,305,277 1,142,151 -1.38% 12.70% 4,909,960 4,260,965 15.23%12,5 12,9 12,4 -3.34% 0.55% Mi m³/day* 12,6 11,6 8.54%
  4. 4. 444HistóricoHistóricoHistórico* UDAs (Householders)Meters per Segmentdec/10 set/10 dec/09∆dec10/set10∆dec10/dez09756,080 735,967 692,448 RESIDENTIAL 2.73% 9.19%977,750 945,327 869,138 UDAs* 3.43% 12.50%9,760 9,568 9,265 COMMERCIAL 2.01% 5.34%982 974 973 INDUSTRIAL 0.82% 0.92%2 2 2 THERMAL GENERATION 0.00% 0.00%23 20 23 COGENERATION 15.00% 0.00%367 373 373 NGV -1.61% -1.61%767,214 746,904 703,084 2.72% 9.12%
  5. 5. 555HistóricoHistóricoHistóricoVolume per Segment201020094,261 4,91015.23%In Mi M3
  6. 6. 666HistóricoHistóricoHistóricoGross Revenue per SegmentIn R$ Thousand201020094,820,1894,911,218-1.85%9,1%4,1%74,3%0,2%4,6%7,7%RESIDENTIALCOMMERCIALINDUSTRIALTHERMAL GENERATIONCOGENERATIONNGV9,9%4,1%73,8%2,0%4,5%5,7%
  7. 7. 777HistóricoHistóricoHistóricoMargin per Segment-8.88%201020091,663,231 1,515,468In R$ Thousand
  8. 8. 888HistóricoHistóricoHistóricoCONTRACTSNatural 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 Comgásconsumers, Petrobras will also bear the cost of the financial impacts incurred by Comgás and the clients in question;
  9. 9. 999HistóricoHistóricoHistóricoFinancial ResultsIn R$ Thousand4Q10 3Q10 4Q09∆4Q10/3Q10∆4Q10/4Q0912M10 12M09∆12M10/12M091,050,216 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 ServicesRendered-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. 10. 101010HistóricoHistóricoHistóricoComgás: Financial Indicators4Q10 3Q10 4Q09 12M10 12M0911.5 11.7 10.9 Equity per Share ($) 11.5 10.91.1 1.6 1.5 Earnings per Share ($) 4.8 5.81.0 1.0 1.1 Net Debt per Equity (x) 1.0 1.11.1 1.1 1.0 Net Debt per EBITDA (x) 1.1 1.00.7 0.8 0.7 Current Ratio (x) 0.7 0.735.5% 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. 11. 111111HistóricoHistóricoHistóricoIndebtedness StructureIn R$ millionTotalIndebtednessLongtermDebts-Aging In R$ millionBNDESOutrosIndebtedness CompositionShort Term Long Term1,453282309234 2165410665 27172230922011 2012 2013 2014 2015 2016 andbeyondIn Foreign Currency In Nacional Currency6033471,0161,106dec/09 dec/1037%24%63% 76%1,619
  12. 12. 121212HistóricoHistóricoHistóricoD = 61D = 204D = 17R$MillionD = 123D = 68D = 111Comgás: Regulatory Current Account Balance EvolutionBalance of Gas bill receivables: Cash EffectD = 102D = 73
  13. 13. 131313HistóricoHistóricoHistóricoTotal Shareholder Remuneration11 16 27 25303330 334275 2684272001 2002 2003 2004 2005 2006 2007 2008 2009 2010In R$ million2010 YEARDividends: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 August31; 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
  14. 14. 141414HistóricoHistóricoHistóricoNetwork Extension (in thousand):Dec/09: 6,257 KmDec/10: 6,900 KmD: 643 Km100229 200 230276474426 397 403 409 4052000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102.5 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 2010InvestmentsOver R$ 3.5 billion invested in the periodNOTE: UDA’s Added (in 12 months): 108,612187In R$ MillionTaubatéCampinasAmericanaGuarulhosSantosJundiaíSanto AndréPiracicabaHortolândiaMain Projects: New Projects:*Note: From 2009 amounts accounted on IFRS
  15. 15. 151515HistóricoHistóricoHistóricoThe 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. 161616HistóricoHistóricoHistóricoInvestor Relationsinvestidores@comgas.com.brwww.comgas.com.br/en/investorsROBERTO LAGECFO andIROPAULO POLEZITreasury andInvestor RelationsRENATA OLIVAInvestor RelationsALEXANDRE PALHARESInvestor RelationsRua Olimpíadas nº 205 10º floor – Vila Olímpia – CEP 04551-000 / São Paulo – SP -Brazil

×