2. 2
Highlights: March 2012
Strong growth in Comgás’ residential client base, about 29 thousand new families connected in the
1st quarter of 2012;
Growth in residential volume, 24% raise in 1Q12 compared to 1Q11;
Investment of R$ 121 million this quarter, 14% above 1Q11;
Start of new integrated projects: expansion in the cities of Americana, Hortolândia, Monte Mor and
Capivari;
Renewal of the short term contract with Petrobras which happens in the form of auction, in which
Comgás contracted the quantity of 2.5 millions m3/day for the period of April to July 2012 with a
level of ToP (take or pay) of 60%;
ARSESP DELIBERATION Nº 308 (of 17-02-2012): established a mechanism to recover the balance of the
regulatory current account due to the price of gas and transportation variations.
3. Firm GSA: The daily quantity of Bolivian gas contracted is 8.75 million m³/day. This quantity will reduce periodically until the volume of 8.10 million m3/day is
reached in August 2012.
Interruptible Agreement: The daily quantity contracted is of 4.27 million m³/day. This quantity will raise periodically until the volume of 5.22 million m³/day
is reached in August 2012.
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. Petrobras may decide to interrupt gas supply, but with no risk of there not being an alternative fuel available for Comgás
clients. All financial impacts incurred to Comgás and to clients due to this sort of operation will be covered by Petrobras.
Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts
3
7. 7
Financial Graphics (in million of R$)
IFRS
Previous Accountability
CAGR (00-11)
23.7%
NOTE: The calculation of the CAGR is based on the use of previous accountability.
1.197 1.188
1.676
2.243
2.952
3.418
3.812
4.342
4.761
5.069
5.253
4.261
4.910
4.779
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1T12
Volume
8. 8
Financial Graphics (in million of R$)
CAGR (00-11)
24.2%
NOTE: The calculation of the CAGR is based on the use of previous accountability.
1.197 1.188
1.676
2.243
2.952
3.418
3.812
4.342
4.761
5.069
5.253
4.261
4.910
4.779
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1T12
Volume
IFRS
Previous Accountability
IFRS
Previous Accountability
9. 9
Financial Performance
In thousand of R$
1,120,356 1,067,984 925,345 4.9% 21.1%
-801,415 -833,143 -643,925 -3.8% 24.5%
318,941 234,841 281,420 35.8% 13.3%
-95,697 -117,250 -88,424 -18.4% 8.2%
-4,516 -1,496 -618 201.9% 630.7%
218,728 116,095 192,378 88.4% 13.7%
-67,124 -63,437 -57,542 5.8% 16.7%
-39,749 -19,234 -31,677 106.7% 25.5%
111,855 33,424 103,161 234.7% 8.4%
73,553 35,155 68,243 109.2% 7.8%
53,916 155,400 32,150 -65.3% 67.7%
268,735 270,456 229,692 -0.6% 17.0%
109,138 137,719 89,462 -20.8% 22.0%
EBITDA
∆
1Q12/4Q11
OPERATIONAL RESULT
NET SALES
Cost of Assets and/or Services Rendered
Expenditures with Sales, General and Adm.
GROSS BALANCE
Depreciation and Amortization
Other Operational Results
1Q12 4Q11 1Q11
∆
1Q12/1Q11
Financial Results
NET INCOME
NET INCOME
CURRENT ACCOUNT
EBITDA
Normalized by Current Account (unaudited figures)
10. 10
Financial Indicators
11.0 10.4 12.1
2.5 1.2 0.6
1.5 1.5 1.0
2.7 2.6 1.2
0.3 0.2 0.3
0.6 0.6 0.7
28.5% 22.0% 30.4%
6.6% 3.3% 7.4%
19.5% 10.9% 20.8%
6.5% 3.3% 7.1%
22.3% 11.3% 18.9%
Normalized by Current Account (unaudited figures)
35.4% 39.8% 37.3%
10.5% 14.1% 10.5%
25.8% 27.7% 26.9%EBITDA Margin (%)
Gross Margin (%)
Net Margin (%)
1Q11
Return on Equity (%)
Return on Assets (%)
Gross Margin (%)
Net Margin (%)
Current Ratio (x)
EBITDA Margin (%)
Net Debt over EBITDA (x)
Earnings Per Share ($)
1Q12
Short Term Debt over Total Debt (x)
Equity Per Share ($)
Net Debt over Equity (x)
4Q11
11. 11
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million
R$ 54 million
made
R$ 155 million
made
R$ 32 million
passed on
12. Estrutura de EndividamentoDebt Structure
12
Debt (1)
(R$ thousand) Mar 2012 Dec 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 months
Debt in foreign
currency 100% and
fully hedged.
Short Term Debt 708,298 421,104
Long Term Debt 1,437,644 1,452,957
Total Debt 2,145,942 1,874,060
(-) Cash 104,340 41,110
(=) Net Debt 2,041,602 1,832,950
EBITDA (2)
748,554 716,284
Net Debt/ EBITDA 2.7 2.6
Short Term Debt/ Total Debt 0.3 0.2
537
296
194 187 224
708
Debt denominated in
foreign currency is
fully hedged
13. 100
229 200 230
276
474
426 397 403 406 405
510
121
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q12
Investimentos
Main Projects:NETWORK EXTENSIONS (In thousands of Km):
Taubaté
São Bernardo do Campo
Guarulhos
Mogi das Cruzes
Osasco II
Itaquera
New Projects:
Americana II
Santo André
Hortolândia
Investments
13
+ 262 KM in
the QUARTER
R$ million
Over R$ 4.1 billion invested during the period
106
+14%
1Q11 x 1Q12
15. 15
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.
