The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
Results presentation 3 q12
1. 1
COMPANHIA DE GÁS DE SÃO PAULO
Financial and Operational Results
September 30th, 2012
2. 2
Disclaimer
Statement 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 are
merely projections and, as such, are based exclusively on management expectations
regarding future performance. These expectations depend substantially on market
conditions, the performance of the Brazilian economy, the business sector and the
international markets, and are therefore subject to change without prior notice.
4. 4
Highlights: 3rd Quarter of 2012
Residential 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 amount
invested 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 Development
Bank (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 the
volume demanded during the quarter;
Market Announcement on 10/26/2012, informing that ARSESP authorized the transfer of 60.1% of
indirect participation held by BG to Cosan Provence Participações S.A. (company controlled by Cosan
S.A. Indústria e Comércio).
5. Fornecimento de Gás Natural: CONTRATOSNatural Gas Supply: Contracts
5
Daily quantity contracted:
approximately 14.3 million m³/day,
besides auction contracts.
Daily quantity demanded:
approximately 13.0 milllion m³/day up
until September 2012.
Contracts TCQ Firm Contract Firm of Energy Auction Weekly Gas
Contract Models Firm Firm Firm of Energy Firm of Short Term Very Short Term
Gas Source Bolivian Undetermined Undetermined
Surplus of PB's contracts with
other distributors / thermal
power plants
Surplus of PB's contracts
with other distributors /
thermal power plants
DCQ
End of Contract Jun/19 Dec/13 Dec/12 Sep/13 Sep/13
Commodity +
Transportation
Fixed Charge +
Variable Charge
Fixed Charge +
Variable Charge
Transportation: annual
readjustment according to USA
Inflation: CPI
Fixed Charge: annual
readjustment by IGP-M
Fixed Charge: annual readjustment
by IGP-M
Commodity: quarterly correction
based on Oil Basket
+ Exchange Rate
Variable Charge: quarterly
correction based on Oil Basket
Variable Charge: quarterly
correction based on Oil Basket
according to bids
Price
8.10 MMm3
/day for Aug/2012
forward
5.22 MMm3
/day for Aug/2012
forward
1.0 MMm³/day
4.17 MMm3
/day until Oct 12
3.67 MMm3
/day until Nov 12
According to the bid made by the Auction Winner
New Petrobras Auction Contracts (electronic platform)
Considers the demand presented by the distributors and the maximum in
price each one is willing to pay.
1. Distributors insert their order in the system and Petrobras inserts the
parameters of volume and price in the system;
2. Information on volume of the orders are visualized by all distributors and
the distributors dispute the volume offered;
3. Every month, three offers may be released by Petrobras: for 1 month, 2
months and 3 months of supply.
12. 528
469
264
153
29
12
-55
-157
-230 -198
-128
-5
150
204
360 362
dec-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-12
Regulatory Current Account Balance Evolution
Balance of Gas Recoverable/ To be Passed On: Cash-Effect
R$million
R$ 156 millions
made
R$ 54 millions
made
R$ 70 millions
made
R$ 2 millions
made
12
13. 650
277
146 113 85
205
117
45 74
53
386
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
forward
Local Currency Foreign Currency
Estrutura de EndividamentoDebt Structure
Debt (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 months
Debt in foreign
currency 100% and
fully hedged.
394
191 187
138
386
855Short Term Debt 854,543 420,822
Long Term Debt 1,296,176 1,406,024
Total Debt 2,150,719 1,826,846
(-) Cash 143,048 172,021
(=) Net Debt 2,007,671 1,654,825
EBITDA(2)
820,388 869,022
Net Debt/EBITDA 2.4 1.9
Short Term Debt/Total Debt 0.4 0.2
EIB
25%
BNDES
39%
Others
36%
13
14. 2.5 2.6 2.9
3.3 3.6 3.9
4.5 4.9 5.1
5.7
6.2
6.9
8.0 7.4
8.9
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Sep11 Sep12
100
229
200
230
276
474
426
397 403 406 405
508
427
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 sep/12
Investimentos
Main Projects:NETWORK EXTENSIONS (In thousands of Km):
Taubaté
São José dos Campos II
Guarulhos
Mogi das Cruzes
Osasco II
São Bernardo do Campo
New projects:
Taboão da Serra
São João da Boa Vista
Investments
14
+ 1,580 KM
built in the last 12
months
Over R$ 4.5 billion invested during the period
R$ million
365
+17%
9M11 x 9M12
9M11
71
municipalities
connected
17. Comgás: uma combinação de competências e princípiosComgás’ Shareholder Strucutre
SHELL BRAZIL
HOLDING BV
6.34%
INTEGRAL
INVESTMENTS
BV
71.91%
SHELL GAS BV
16.49%
BG SÃO PAULO
INVESTMENTS
BV
83.51%
OTHER
SHAREHOLDERS
(free float)
21.75%
SHELL BRAZIL
HOLDING BV
6.34%
INTEGRAL
INVESTMENTS BV
11.86%
SHELL GAS BV
100%
OTHER
SHAREHOLDERS
(free float)
21.75%60.05%
Current Shareholder Strucutre Future Shareholder Structure(1)
17
Listing of Comgás’ shares in the Stock Exchange: As inserted in the Edict of Privatisation and reflected in the Company’s Bylaws, Comgás is
a publicly traded company with it’s shares negotiated in the Stock Exchange, condition which must be maintained during the entire concession
period.
Note (1): As soon as the operation is concluded,, this shareholder structure will be informed to the market
18. Comgás: uma combinação de competências e princípiosComgás’ new controlling shareholder
18
ABOUT 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 of
65 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 Brazil
and 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.
