The document provides financial results and highlights for Comgás for March 2010. Key points include:
- Over 16 thousand new residential connections in the last quarter, reflecting a focus on expanding in the residential market. Total meters grew 10.3% to 711,642 over 12 months.
- Consistent reduction in the regulatory current account balance, recovering R$456 million since March 2009.
- Moody's assigned investment grade credit ratings to Comgás in February 2010.
- Comgás celebrated the first tranche of €100 million long-term financing from the European Investment Bank in March 2010.
- Net income for 1Q10 was R$102.4 million, an increase of 6
2. 222
Highlights: March 2010
Over 16 thousand residential units in the last quarter, reflecting the aim focus of the Company in
the residential market expansion;
The number of meters grew 10.3% in 12 months, closing the first quarter with 711,642 total
meters;
Consistent Reduction in the Regulatory Current Account: recovering of R$ 456 million since
march 2009;
In February 2010 , Moody's assigned a Baa3 local currency issuer rating on the global scale and
Aa1.br issuer rating on the Brazilian national scale to Comgás, with a stable outlook;
In March 2010, Comgás celebrated the first tranche of € 100 million long-term financing
contract, offered by the European Investment Bank (EIB), in which the total limit is € 200
million;
In March 2010, the Company declared R$ 28,1 million in dividends, related to 2009 results.
3. 333
Natural Gas Supply
CONTRACTS
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;
Interruptible Agreement: under this type of agreement, Comgás may request a given volume of gas and Petrobras may or may not comply with
this request. Once the request has been complied with, however, supply may only be interrupted in order to meet demand for the dispatch of
thermal power.
Contracts TCQ BG Firm Contract Firm of Energy Interruptible Contract Auction
Contract Models Firm Firm Firm Firm of Energy Interruptible Firm of Short Term
Gas Source Bolivian Bolivian Not determinated Not determinated Not determinated
Exceeding contracts of PB with
others distributor / thermal
power plants
DCQ
End of Contract Jun/19 May/11 Dec/12 Dec/12 Dec/10 sep/10
Commodity + Transportation
Fixed Charge +
Variable Charge
Fixed Charge +
Variable Charge
Fixed Charge +
Variable Charge
Fixed Charge +
Variable Charge
Transport: annual adjustment
according to USA Inflation (CPI)
Fixed Charge: annual adjustment
according to USA Inflation (PPI)
Fixed Charge: annual adjusted
by IGP-M
Fixed Charge: annual adjusted
by IGP-M
Fixed Charge: annual adjusted
by IGP-M
Commodity: quarterly adjusted
based on Oil Basket (Brent)
+ Exchange Rate
Variable Charge: monthly
adjusted based on oil basket
(including diesel)
+ Exchange Rate
Variable Charge: quarterly
adjusted based on Oil Basket
Variable Charge: quarterly
adjusted based on Oil Basket
Variable Charge: quarterly
adjusted based on Oil Basket
Price
According to the Auction
Winner
8.75 MMm3
/day until may/2011
8.10 MMm3
/day until jun/2019
0.65 MMm³/day 3.5 MMm³/day 1.0 MMm³/day 0 to 1.5 MMm³/day 2.5 MMm³/day
9. 999
Comgás: Financial Results
R$ Thousand
1Q10 4Q09 1Q09
888,116 958,536 979,593 Net Sales Revenue -7.3% -9.3%
-588,962 -667,796 -683,959 Cost of Goods Sold and/or Services Rendered -11.8% -13.9%
299,154 290,740 295,634 Gross Result 2.9% 1.2%
-68,242 -97,351 -74,178 Selling, General and Adm. Expenses -29.9% -8.0%
230,912 193,389 221,456 EBITDA 19.4% 4.3%
-49,042 -47,629 -38,253 Depreciation and Amortization 3.0% 28.2%
-31,681 -105,868 -37,055 Financial Results -70.1% -14.5%
1 -4,034 -16,119 Other Operating Result -100.0% -100.0%
150,190 35,858 130,028 Operating Result 318.8% 15.5%
102,392 95,806 95,805 Net Income 6.9% 6.9%
D
1Q10/4Q09
D
1Q10/1Q09
Note:
For the Ebitda calculation, Comgás has not considered other operating income, since property, plant and equipment write-offs were considered in the operational results
according to the Law 11.638.
10. 101010
Comgás: Financial Indicators
1Q10 4Q09 1Q09
Equity per Share($) 11.3 10.7 9.2
Earnings per Share ($) 0.9 0.8 0.8
Net Debt per Equity (x) 1.0 1.1 1.5
Net Debt per EBITDA (x) 1.5 1.9 1.8
Current Ratio (x) 0.7 0.7 0.7
Gross Margin (%) 33.7% 30.3% 30.2%
Net Margin (%) 11.5% 10.0% 9.8%
EBITDA Margin(%) 26.0% 20.2% 22.6%
Return on Assets (%) 11.1% 10.0% 9.8%
Return on Equity (%) 30.2% 30.0% 34.7%
Note:
Results achieved for the period were annualized.
11. 111111
529
468
264
153
29
12
dec/08 mar/09 jun/09 sep/09 dec/09 mar/10
D = 61
D = 204
D = 17
R$Million
D = 123
Comgás: Regulatory Current Account Balance Evolution
D = 111
Balance of Gas bill receivables: Cash Effect
12. 121212
Total Shareholders Remuneration
2010: Declared Dividends
R$ 28.1 million related to 2009 results to be paid in March 31st, 2010;
R$ 286.9 million related to the retained earnings of the previous years to be paid in 3 installments in 2010: R$ 76.9 million in June 30th; R$
110.0 million in August 31st; and R$ 100.0 million in November 30th.
In R$ million
---- PAYOUT
28,1
76,9
110
100
2010
13. 131313
Investments
NETWORK EXTENSION:
Mar /08: 5,801 Kms
Mar/09: 6,373 Kms
D: 572 Kms
MAIN PROJECTS:
São Bernardo do Campo
Mogi das Cruzes
Alphaville
Guarulhos
HOUSEHOLDERS ADDED:
97,379
CAPEX
(Million)
Over R$ 3.2 billion invested in the períod
84100
229
200
230
276
474
426
397 403 406
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1T101Q10
1Q09
84
14. 141414
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.
