Upload
comgasri
View
79
Download
5
Tags:
Embed Size (px)
Citation preview
1
INSTITUTIONAL PRESENTATION
Financial and Operational Results
March 31st, 2013
Disclaimer
The statements contained in this report regarding the outlook on business,
estimations on financial and operational results and growth prospects for COMGÁS
are merely estimations and, as such, are based exclusively on management
expectations regarding future events and tendencies, that affect or may affect the
business. These estimations are subject to many risks and uncertainties and are
made considering the information currently available, and depend, substancially on
market conditions, the Brazilian economys performance, the business sector and
international markets, and are therefore subject to change without pior notice.
Because of these uncertainties, the investor should not make any investment
decisions based on these estimations and declarations on future operations.
Company Overview
4
HistóricoThe Company’s Course– Over 100 years of history
The British company San Paulo Gas receives authorization to
explore the concession of public services of ilumination in São
Paulo;
Cosan aquires60.1% of Comgás’
social capital from British Gas (BG)
2012
2011
Comgás reached customer
1,000,000;
1996
The company goes public and is traded on the São Paulo Stock Exchange (Bovespa) beginning in 1997;
1959
The company is nationalized and renamed CompanhiaPaulista de Serviçosde Gás (Comgás);
1872
1912The Canadian company Light assumes ownership;
1999
Privatization: The consortium formed by British Gas and Shell obtain a controlling stake in Comgás;
Comgás is consolidated as Brazil’s largest natural gas distributor responsible for more than 30% of the sales of natural gas in the country;
2010
Regulada ...
5
Comgás’ Highlights
Diversified clientbase
Impressive trackrecord: Significant
growth with profibilityand sound capital
structure
Solid regulatoryframework and
transparent concessionscheme
Favorableprospects for natural gas in
Brazil
Premium assetlocated in a strategic
concession area
Substantial growth in the residential
segment
314,034
899,789
1999 2012
# Meters
17
71
1999 2012
# Municipalities
2,500
9,308
1999 2012
Network
1.3
5.3
1999 2012
Volume bi m³
341
5,280
1999 2012
Net Revenue R$ mm
6
Growth since Privatization
50
616
1999 2012
CAPEX R$ mm
Comgás: uma combinação de competências e princípios
7
SHELL BRAZIL HOLDING BV
6.34%
INTEGRAL INVESTMENTS BV
11.86%
SHELL GAS BV
100%
OTHER SHAREHOLDERS
(free float)
21.75%60.05%
Note: On November 5th, 2012, Cosan concluded the acquisition of a 60,05% of participation in Comgás from the BG Group for the
sum amount of R$ 3.4 billion.
Comgás’ Shareholder StructureCurrent Shareholder Structure
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 its shares negotiated in the Stock Exchange, condition which must be maintained during the entire concession period.
177 Cities
27% of Brazil’s GDP
Área de concessão
Segments (March 2013)
Residential: 1,230 thousand householders
Commercial: 11.4 thousand meters
Industrial: 1,011 meters
Cogeneration : 25 meters
Thermal Generation : 2 plants
NGV: 318 gas stations
Gas Brasiliano
PresidentePresidentePrudentePrudente
AraçatubaAraçatuba
S.J. Rio S.J. Rio PretoPreto
MaríliaMaríliaBauruBauru
CentralCentral(Araraquara)(Araraquara)
RibeirãoRibeirãoPretoPreto
FrancaFrancaBarretosBarretos
Natural GasSPS
RegistroRegistro
SorocabaSorocabaCOMGÁS
8
Concession Area Advantages
Pipeline intersection (GASBOL, GASAN, GASPAL)
Short distance to supply (Santos Basin)
High demographic density
Population 29.6 Mi
Homes 9.2 Mi
Vehicles 10.0 Mi
POTENTIAL (approximate data)
Concession Area
9
Note: With the opening trading, in 2011, the users with consumption over 300,000 m3/month are considered potentiallyfree.
Market CustomersResidential and Commercial
(small volumes)
Trading and distribution during the concession period
Other Markets Customers (large volumes)
Trading up to 12 years (starting on contract subscription date)
and distribution for the entire concession period
Production and Transportation:
ANP (Federal Parts)
..................
Distribution:
ARSESP (Government Parts)
www.arsesp.sp.gov.br
As a public service provider, Comgás’ activities
are regulated by ARSESP, a government
institution of São Paulo State, which delegated
to Comgás a 30-year term, starting in May
1999 for public service exploration with a one-
time renewal possibility for 20 more years.
REGULATED PRICES AND TARIFFS RULES
Regulated FrameworkComgás is a Regulated Company
The Concession Agreement forcees tariff reviews every 5 years
10
Maximum MarginReview
•Considering the WACC
over the Regulatory Asset
Base + Investments
•Operational Costs
•Depreciation
•Sales Volume
Maximum Pre-defined Tariffs
(discounts may be applied)
•Initial Tariff Structure
includes:
TariffsReadjustments
•Annual Margin adjustment
by inflation index (IGPM)
excluding the X Factor and
the K Factor:
•Gas Costs pass through
(comoddity & transport)
every May 31st (or
eventually before, as
defined by the regulator).
In Tariff Reviews, TheX Factor and The K
Factor are also Defined
• X Factor: Fixed efficiency
factor to be considered in the
PO annual update. In this 3rd
tariff cycle, the X Factor was
set at 0.82% per year.
•K Factor: Adjustment factor
that compensates deviations
from the maximum margin
earned regarding the
maximum margin permitted.
The K Factor was set at
0.009991 R$/m3 in the 4th
year of the 3rd cycle.
P gas + P transport +
Maximum Margin Average (P0)
= TariffP0 * (IGPM – X Factor) + K Factor
Tariff review for the 3rd Cycle (2009-2014):
P0 established in 0.3052 R$/m3
Commercialization Margin set at 1.9%
= + +
Tariff Settlement Process
Santos Basin Pre-Salt
CurrentExpansion
Comgás’ Concession Area
Expansion activities simultaneously progressing in the cities inside the concession area
Targets for 2009-2014 period:
5,000km of network to be established
282km of network renewal
500k+ clients to be connected
15 working fronts simultaneously
1,000 direct employees and more than 4,000 indirect working on the expansion
Aims for excellence in operational safety and integrity of the distribution network
Extensive field analysis and selection of the best opportunities considering:
Distance from existing network
Demographic density
Economic profile and propensity for consumption
Perspective of future development
Potential for integration of various market segments
11
Business PlanGeographic Expansion
1Q12 1Q13
68%
6%
4%
3%
2%17%
66%
5%0%
20%
7%
2%
+15%
12
Volumein million of m3
1,187
1,367
413.7 mi R$
1.4 bi m³
Margin
Volume
72,0%
6,8%
5,2%
3,8%
2,1%
10,0%
Industrial Cogeneration NGV Residential Commercial Thermal Generation
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Industrial Segment: Sector Composition
CAGR (00-12)
10.0%
1,676
2,243
2,952
3,418
3,812
4,342
4,761
5,069
4,261
5,253 5,259
4,8354,910
+8.8%
13
Volumein million of m3
72,0%
6,8%
5,2%
3,8%
2,1%
10,0%
Industrial Cogeneration NGV Residential Commercial Thermal Generation
22.7%
19.0%
14.4%
12.3%
10.1%
7.6%
6.4%
3.4%
2.2%
1.0%
0.7%
0.2%
CHEMICAL / PETROCHEMICAL
CERAMICS
PAPER AND CELLULOSE
METALS / FOUNDRY AND NON
FERROUS
GLASS / CRYSTALS
DRINKS / FOOD
AUTOMOTIVE / PNEUMATIC
TEXTILE / LAUNDRY / DRY
CLEANING
OTHERS
STEEL SECTOR
PHARMACEUTICAL
ELECTRO / ELECTRONIC
Fornecimento de Gás Natural: CONTRATOS
14
Daily quantity contracted:
approximately 13.3 millions of m³/day, besides auction contracts.
Daily quantity demanded:
approximately 12.9 millions of m³.
Contracts
Natural Gas Supply
Contracts TCQ Firm Contract Auction Thermoelectric
Contract Models Firm Firm Firm of Short Term Back to Back
Gas Source Bolivian UndeterminedSurplus of PB's contracts with other
distributors / thermal power plantsUndetermined
End of Contract Jun/19 Dec/13 Sep/13 Dec/13
Commodity + TransportationFixed Charge +
Variable Charge
Transportation: annual
readjustment according to USA
Inflation: CPI
Fixed Charge: annual readjustment
by IGP-M
Commodity: quarterly correction
based on Oil Basket
+ Exchange Rate
Variable Charge: quarterly
correction based on Oil Basket
2.76 MMm3/day
PPI + IGPM and exchange
variation according to the
American dollar
DQC
Price
8.10 MMm3/day 5.22 MMm3/day according to bids
According to the bid made by the
Auction Winner
Key growth strategy for Comgás:
Geographic expansion, capturing the existing potential and connecting around 100.000 clients per year
Increase average unit consumption by optimizing and expanding customer base
High potential market, with growth driven by:
New real estate developments
Gas conversions in built residences
Large customer base with more than 1 million residential clients
Alternative for LPG and electricity
Concession Area Potential(1)
15
+ 47 thousand new buildings (launches/developments) to be captured
ResidentialDescription
Note(1): MM of households
Casas7.5
Apart.1.7
31.2%
65.5%
3.3%
87.8%
10.9%
1.3%customers to be captured
market to be studied
already connected to NG
16
IndustrialDescription
Comgás is present in all of the relevant industries in the concession area;
A diversified customer base with more than 1,000 corporate clients;
A multi-use product: from the production of heat and low-pressure steam to more
complex processes;
Many advantages compared to other fuels:
No storage requirements
Environmental issues
Guarantee of supply
Low operational costs
Growth Strategy:
Maintain a strong consumer base with future growth in line with growth in GDP / industrial
production
Approach small and medium enterprises (SMEs) to anchor expansion projects
Bring new industrial corporate clients into the concession area
Natural gas vehicle (NGV) may be used as fuel for both individual and mass
transportation;
Stands out for savings and environmental benefits:
Currently, it is more cost competitive than gasoline and ethanol
Strong economic benefit for heavy users
Comgás is currently working with the government to implement public policies that
should benefit the sector:
Fiscal incentives (IPVA reduction)
Public transportation policy
Growth Strategy:
Project in development: use of NGV in public transportation and other heavy users
17
Natural Gas Vehicle- NGVDescription
Over 11.1 thousand clients;
Focus on medium and large establishments;
Growth platform integrated with the expansion of the residential segment;
New applications have a high development potential:
Emerging market with high consumption potential
Structure dedicated in developing non conventional application development: acclimatization,
commercial cogeneration and generation during peak hours
18
CommercialDescription
Cogeneration:
Industrial strategic decision aiming efficiency and energy security in the medium and
long term
Sustainable growth depends on firm gas supply and price visibility vis-a-vis electricity
Market with a high potential development
Thermal Generation:
Demand depends on the level of thermal dispatch (determined by the government)
Back to back gas contracts
19
Cogeneration and Thermal GenerationDescription
Financial and Operational Highlights
21
Highlights1Q13
Total volume of 1,367mm³ during 1Q13, 15% above that of 1Q12;
Growth of 44% in investments compared to 1Q12, summing R$ 175mm in 1Q13;
EBITDA of R$ 314mm, variation of +43% compared to 1Q12, due to the regulatory current account;
Network extension of 300 km during the quarter, 15% above that of the same period in 2012;
Third issuance of the Company’s promissory notes in the value of R$ 400mm.
Meters
22
Total per Segment
*UDA’s (Unidade Domiciliar Autônoma)
897,974 887,162 840,915 1.2% 6.8%
1,229,713 1,202,805 1,116,668 2.2% 10.1%
11,435 11,268 10,595 1.5% 7.9%
1,011 1,008 1,010 0.3% 0.1%
2 2 2 0.0% 0.0%
25 25 23 0.0% 8.7%
318 324 347 -1.9% -8.4%
910,765 899,789 852,892 1.22% 6.79%
1,242,504 1,215,432 1,128,645 2.2% 10.1%
1Q13 4Q12 1Q12 1Q13 x 1Q12
RESIDENTIAL
NUMBER OF UDA's*
COMMERCIAL
INDUSTRIAL
1Q13 x 4Q12
THERMAL GENERATION
COGENERATION
AUTOMOTIVE
TOTAL METERS
TOTAL CUSTOMERS
23
Volume per Segmentin thousands of m3
*Excluding Thermal Generation
41,815 50,469 40,882 -17.1% 2.3% 198,872 183,028 8.7%
25,793 28,274 26,196 -8.8% -1.5% 111,662 108,272 3.1%
928,145 937,275 934,538 -1.0% -0.7% 3,788,744 3,850,930 -1.6%
82,659 89,344 86,034 -7.5% -3.9% 357,530 345,754 3.4%
59,961 66,759 67,679 -10.2% -11.4% 274,809 290,878 -5.5%
1,138,373 1,172,121 1,155,329 -2.88% -1.47% 4,731,617 4,778,862 -1.0%
12.6 12.7 12.7 12.9 13.1
527,014 55,884 843.0%
1,367,015 1,428,911 1,187,547 -4.33% 15.11% 5,258,631 4,834,746 8.8%
228,642 256,790 32,218 -11.0% 609.7%
TOTAL
MMm³/day*
THERMAL GENERATION
TOTAL
INDUSTRIAL
COGENERATION
AUTOMOTIVE
RESIDENTIAL
COMMERCIAL
2012 2011 2012 x 20111Q13 4Q12 1Q12 1Q13 x 4Q12 1Q13 x 1Q12
75
129 122
1Q12 4Q12 1Q13
220258
314
1Q12 4Q12 1Q13
269 270 262
1Q12 4Q12 1Q13
110143
92
1Q12 4Q12 1Q13
22%
43%
-5%
63%
-3%
-3%
-36%
-16%
EBITDA
in million of R$
Normalized IFRS
Net Income
Financial Performance
24
25
Financial Performancein thousand of R$
1,447,744 1,467,168 1,120,356 -1.3% 29.2% 5,279,523 4,102,660 28.7%
-1,032,376 -1,083,253 -801,415 -4.7% 28.8% -3,881,871 -2,996,617 29.5%
415,368 383,915 318,941 8.2% 30.2% 1,397,652 1,106,043 26.4%
-99,656 -124,929 -94,249 -20.2% 5.7% -426,442 -387,744 10.0%
-1,358 -1,520 -4,516 -10.7% -69.9% -9,450 -2,015 369.0%
314,354 257,466 220,176 22.1% 42.8% 961,760 716,284 34.3%
-79,702 -73,438 -67,124 8.5% 18.7% -290,008 -240,595 20.5%
-50,023 -28,957 -39,749 72.7% 25.8% -163,650 -159,960 2.3%
184,629 155,071 113,303 19.1% 63.0% 508,102 315,729 60.9%
121,591 129,280 74,509 -5.9% 63.2% 366,655 236,139 55.3%
Normalized by Current Account (unaudited figures)
-46,420 18,757 53,916 -347.5% -186.1% 230,528 380,025 -39.3%
262,013 269,935 268,735 -2.9% -2.5% 1,169,892 1,107,120 5.7%
91,893 142,598 110,077 -35.6% -16.5% 522,561 490,712 6.5%NET INCOME
Financial Results
OPERATIONAL RESULT
NET INCOME
CURRENT ACCOUNT
EBITDA
Cost of Assets and / or Services Rendered
GROSS MARGIN
Expenditures with Sales, General and Adm.
Other Operational Results
EBITDA
Depreciation and Amortization
2012 2011 2012 x 2011
NET SALES
1Q13 4Q12 1Q12 1Q13 x 4Q12 1Q13 x 1Q12
26
Financial IndicatorsAnnualized figures
19.15 18.84 11.02
4.06 4.32 2.49
0.99 0.97 1.55
2.15 2.27 2.74
0.40 0.39 0.33
0.68 0.58 0.62
28.7% 26.2% 28.5%
21.7% 17.5% 19.7%
8.4% 8.8% 6.7%
7.8% 8.7% 6.6%
21.2% 22.9% 22.6%
Normalized by Current Account (unaudited figures)
27.6% 30.1% 35.4%
19.9% 20.5% 25.8%
7.0% 10.8% 25.8%
1Q13 4Q12 1Q12
Gross Revenue (%)
Equity per share ($)
Earnings per share ($)
Net Debt over Equity (x)
Net Debt over EBITDA (x)
Short Term Debt over Total Debt (x)
Current Ratio (x)
Gross Revenue (%)
EBITDA Margin (%)
Net Margin (%)
Return on Assets (%)
Return on Equity (%)
Net Margin (%)
EBITDA Margin (%)
27
Current Accountin million of R$
29 12
-55
-157
-230
-198
-128
-5
150
204
360 362 381
334
dec.09 mar.10 jun.10 sep.10 dec.10 mar.11 jun.11 sep.11 dec.11 mar-12 jun.12 sep.12 dec.12 mar.13
751
244 162 186 101 188
297
55 94 99 276 147
2013 2014 2015 2016 2017 2018 forward
Local Currency Foreign Currency
Estrutura de Endividamento
299256 285
377335
1,048
Debt Structurein thousands of R$
Debt Amortization Schedule (R$ mm) Debt Composition – Mar/13
*EBITDA considering the last 12 months
Short
Term40%
Long
Term60%
EIB20%
BNDES
41%
Others
38%
Debt Mar 13 Mar 12
Short Term Debt 1,048,314 708,298
Long Term Debt 1,551,233 1,437,644
Total Debt 2,599,547 2,145,942
(-) Cash 327,504 104,341
(=) Net Debt 2,272,044 2,041,601
EBITDA 1,057,385 744,082
Net Debt / EBITDA 2.15 2.74
Short Term Debt / Total Debt 0.40 0.33
Investimentos
29
Investmentsin million of R$
121
175
mar/12 mar/13
+44%
262300
mar/12 mar/13
Network Extension (in thousands of km)
São João da Boa Vista
Hortolândia
Monte Mor
Capivari
Taubaté
Piracicaba
Osasco II
Rio Claro
Main Projects
+15%
2.6 2.93.3 3.6 3.9
4.54.9 5.1
5.76.2
6.9
8.0
9.3
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
100
229200
230
276
474
426397 403 406 405
510
616
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Investimentos
Main Projects:Network Extension (in thousand of km):
Mogi das CruzesTaubatéOsasco IIGuarulhos
São José dos CamposItaquera
São Bernardo do CampoRio Claro
Jabaquara IIHortolândiaCampinas IIPiracicaba
New Projects:
SJBV / AguaíTaboão da Serra
Santo AndréSantos Noroeste
30
71 municipalities
connected
Investmentsin million of R$ +21%
31
PAY OUT Previous Accountability
PAY OUT IFRS
Shareholder Remunerationin million of R$
Nota: Payout calculated based on remuneration deliberated by the Company during the period
11 1627 25
303330 334
275 268
427450
200
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
17% 15%26%
10%
95%77% 75%
53%
73%
105%92%
38%
74%
190%
55%
32
Market Performance(Jan – Mar 2013)
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
80
85
90
95
100
105
Volume CGAS5 IBOV
CGAS5Dec 12 = R$ 58.50Mar 13 = R$ 56.00Var = -4.27%
IBOVDec 12 = 60,952Mar 13 = 56,352Var = -8.16%
Base 100 Vol CGAS5 (R$ 000)
INVESTOR RELATIONS
www.comgas.com.br/en/investors
ROBERTO LAGE CFO and
IRO
ANDRÉ SALGUEIROInvestor Relations
Rua Olimpíadas, nº 205, 10º floor - Vila Olímpia - CEP 04551-000 / São Paulo - SP - Brazil33